Multifamily

Quadrangle, Wilkes Break Ground on Apartment Development in D.C.

by John Nelson July 12, 2016

WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Co. have started construction on The Lydian, a 324-unit luxury apartment building located at 400 K St. N.W. in Washington, D.C. Situated within the heart of Mount Vernon Triangle, The Lydian is located adjacent to another Quadrangle/Wilkes K Street apartment development, Lyric 440K. The Lydian will be the Quadrangle/Wilkes development team’s seventh building in its 2 million-square-foot, mixed-use Mount Vernon Place community. The first floor of The Lydian will have 13,410 square feet of shop and restaurant spaces, featuring 14-foot finished ceilings with floor-to-ceiling windows fronting the sidewalks of K Street. Designed by Davis, Carter, Scott, apartments at The Lydian will include 26 studios, 220 one-bedroom, 26 one-bedroom/den and 52 two-bedroom units on 14 floors. Amenities will include a rooftop pool and spa, cyber café with free Wi-Fi, rooftop clubroom with panoramic views, second-floor garden, fitness center, pet washing and grooming areas, underground parking garage and a bike repair and storage room.

July 12, 2016

Illinois Midwest Multifamily Seniors Housing

Illinois St. Andrew Society Adds 20-Unit Memory Care Facility to Community Near Chicago

by Christina Cannon July 12, 2016

NORTH RIVERSIDE, ILL. — The Illinois St. Andrew Society has completed construction of The Caledonian House, a 20-unit memory care building in the Chicago suburb of North Riverside. The St. Andrew Society is the nonprofit operator of The Scottish Home assisted living and skilled nursing community. The Caledonian House is located on the community’s five-acre campus and will offer the first memory care services at the community.

July 12, 2016

Illinois Midwest Multifamily

Marcus & Millichap Brokers $1.6M Sale of Apartment Property in Downtown Chicago

by Christina Cannon July 12, 2016

CHICAGO — Marcus & Millichap has brokered the sale of a seven-unit apartment building in downtown Chicago for $1.6 million. A private owner sold the asset, which is located at 1953 N. Cleveland Ave., to Laramar Group. The property features hardwood floors, French doors, porches and a new water heater and boiler. Kyle Stengle and Joseph Bergman of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

July 12, 2016

Multifamily New York Northeast Top Stories

Fairstead Capital Acquires Savoy Park Apartments in Harlem for $315M

by Christina Cannon July 12, 2016

NEW YORK CITY — Fairstead Capital has acquired Savoy Park Apartments, a 1,790-unit multifamily campus in the Central Harlem neighborhood of Manhattan, for $315 million. An investor group that includes L+M Development Partners and Savanna sold the property, which is situated on 10.5 acres. Savoy Park consists of seven 16-story buildings, and is 100 percent rent-stabilized. Under the terms of the deal, Fairstead Capital will maintain the apartments as affordable housing until at least 2052. Fairstead Capital plans to upgrade the complex with renovations to interior common spaces, landscaping, public spaces and security systems. Savoy Park offers studio, one- and two-bedroom units and includes amenities such as walking paths, courtyards, playgrounds, laundry facilities, on-site parking and on-site maintenance and management. The complex, built in 1959, was last renovated in 2005. A real estate fund created by Citigroup and L+M purchased the complex, formerly known as Delano Village, in 2012, according to Real Estate Weekly. The deal, which prevented the property from going into foreclosure, was valued at $210 million. Savills Studley’s Jeffrey Baker and Graham Hobbs, along with Ariel Property Advisors’ Victor Sozio and Shimon Shkury, brokered the deal. Fairstead Capital is a real estate investor and manager specializing in …

July 12, 2016

California Multifamily Western

Greystar Equity Partners Buys Two LA Apartment Communities for $178M

by Nellie Day July 11, 2016

LOS ANGELES — Greystar Equity Partners has purchased two apartment communities in Los Angeles for a total of $178 million. The properties contain a total of 374 units. The assets were purchased through Greystar Equity Partners IX LP (GEP IX). The transactions include the 195-unit Gardens at Wilshire Center at 3675 Wilshire Blvd. in Koreatown, along with the 215-unit Villas at Rancho Palos Verdes at 6600 Beachview Drive in Ranchos Palos Verdes. The communities were purchased from two different sellers, which were not disclosed. GEP IX is part of Greystar’s flagship, value-add fund series.

July 11, 2016

Loans Multifamily Seniors Housing Utah Western

Love Funding Secures $6.6M Bridge Loan for Construction of Assisted Living Community in Utah

by Nellie Day July 11, 2016

ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.

July 11, 2016

Multifamily Texas

SVN Arranges Sale of Apartment Community in Irving

by Haisten Willis July 11, 2016

IRVING, TEXAS — SVN has arranged the sale of the Treehouse Apartments in Irving, a 160-unit garden-style community located at 3203 W. Walnut Hill Lane in Irving. Jon Krebbs of SVN brokered the sale. The unnamed new owner plans to upgrade the property to compete with other complexes in the immediate area.

July 11, 2016

Multifamily Texas

FourPoint Multifamily Investments Brokers Apartment Sale in Houston

by Haisten Willis July 11, 2016

HOUSTON — FourPoint Multifamily Investments has brokered the sale of Villas de Palmas, a 659-unit apartment community located in Houston’s Sharpstown District. Sharpstown has seen significant revitalization and positive growth over the last 15 years. Kevin Dufour of FourPoint brokered the sale between seller, Thrive/ Jevan Capital/Comunidad Realty Partners, and buyer, Nimes Capital. Dufour procured both the buyer and seller. At the time of sale, the seller had already completed partial upgrades to the exterior/commons areas of the property and interior upgrades to approximately 20 percent of the units. The buyer plans to complete the remainder of the renovations throughout the property and continue to enhance the asset, which was built in the late 1970s.

July 11, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $14.4M Sale of Three Multifamily Properties in Brooklyn

by Amy Works July 11, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of three multifamily buildings located at 257 Quincy St., 570 Jefferson Ave. and 308 Stuyvesant Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. The Mann Group sold the properties to an undisclosed buyer for $14.4 million, or $313,043 per unit. The 17,650-square-foot Quincy Street property features 21 units, the 7,364-square-foot Jefferson Avenue property offers nine units, and the 8,320-square-foot Stuyvesant Avenue building contains 16 units.

July 11, 2016

Georgia Loans Multifamily Southeast

Capital One Arranges $7.5M CMBS Acquisition Loan for Apartment Complex in Georgia

by John Nelson July 11, 2016

NEWNAN, GA. — Capital One has arranged a $7.5 million acquisition loan for Brighton Farms Apartments, a 134-unit multifamily property in Newnan. Chad Thomas Hagwood of Capital One Multifamily Finance’s Birmingham, Ala., office originated the 10-year, fixed-rate loan on behalf of the borrower, a three-entity tenants-in-common ownership headed by Engel Realty Co. The financing features two years of interest-only payments followed by a 30-year amortization schedule. Charles Craig of Capital One Multifamily Finance managed the closing of the financing.

July 11, 2016

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