Multifamily

Nottingham Construction Breaks Ground on 118-Unit Senior Living Community Near Minneapolis

by Christina Cannon June 16, 2016

LITTLE CANADA, MINN. — Nottingham Construction has broken ground on Cardigan Ridge, a 118-unit senior living community in Little Canada, approximately 15 miles northwest of Minneapolis. The four-story facility, located at 3300 Rice St., will provide independent living, assisted living and memory care units. Construction on the 158,000-square-foot building is slated for completion by May 2017. Amenities at Cardigan Ridge will include overnight guest rooms, underground parking, a community room, private dining room, movie theater, fitness center, hair salon, spa tub room, workshop and craft room and library with computer access. Heart Development will own the property, and Ebenezer Management Services will manage the community. Kaas Wilson Architects is designing the project.

June 16, 2016

Loans Michigan Midwest Multifamily

Bernard Financial Arranges $6M Loan for 235-Unit Apartment Property in Taylor, Michigan

by Christina Cannon June 16, 2016

TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.

June 16, 2016

Multifamily New York Northeast

Cape Advisors Launches Sales at 30 Warren Condo Development in Tribeca

by Amy Works June 16, 2016

NEW YORK CITY — Cape Advisors has launched sales at 30 Warren, a 12-story multifamily building in Tribeca. Designed by Post-Office Architectes, the 12-story development features 23 condominiums ranging from one- to three-bedroom homes, including three full-floor penthouses with direct elevator entry and library areas. Residences range from 1,000 square feet to more than 2,500 square feet, with prices ranging from $2 million to $8 million. On-site amenities include an attended lobby, fitness center, children’s playroom, bicycle storage and private storage. The project is slated for completion in the fall of 2017.

June 16, 2016

Multifamily New York Northeast

Besen & Associates Arranges $9.2M Sale of Two Residential Properties in Manhattan

by Amy Works June 16, 2016

NEW YORK CITY — Besen & Associates has arranged the sale of two contiguous three-story residential buildings located at 316 and 318 E. 81st St. on Manhattan’s Upper East Side. An undisclosed buyer acquired the assets for $9.2 million, or $750 per buildable square foot. With a total of 12,232 buildable square feet, the buyer plans to develop the properties in luxury residential housing. The asset at 316 E. 81st St. is a single-family property and the property at 318 E. 81st St. is a seven-unit multifamily building. Jess Cirolli-Quinones of Besen & Associates represented the buyer, while Rolfe Haas, also of Besen & Associates, represented the undisclosed seller.

June 16, 2016

Multifamily Texas

KWA Construction Breaks Ground on Oleander Apartments in Fort Worth

by Haisten Willis June 16, 2016

FORT WORTH, TEXAS — KWA Construction has broken ground on Oleander Apartments, a 327-unit multifamily development located in Fort Worth’s hospital district. Dallas-based developer Lang Partners selected KWA to build the 279,114-square-foot apartment complex. Designed by JHP Architects, the project will be built on two city blocks along West Rosedale and Oleander streets and connected by a bridge over Seventh Avenue. Construction will entail connecting a five-story, wood-frame building via a skybridge to another five-story, wood-frame building wrapped around a six-level parking garage. With plans to be connected on the third and fourth floor levels, the bridge will provide a crossover to the apartments’ garage, clubhouse, pool and other shared amenity areas. Rent will range from $1,100 to $2,800 per month. For the project, Lang Partners has received approval for $1.2 million in funding from the local tax increment finance district for public right-of-way and easement improvements, utility work and streetscape improvements. Oleander Apartments is expected to complete construction in summer 2017.

June 16, 2016

Multifamily Office Retail Texas

Joint Venture to Develop 729-Acre, Master-Planned Community in Frisco

by Haisten Willis June 16, 2016

FRISCO, TEXAS — American Newland Communities and joint venture partner North America Sekisui House (NASH) have acquired 729 acres for a master-planned community in Frisco. The property is located north of the Sam Rayburn Tollway, about 30 miles north of downtown Dallas and five miles east of the Dallas North Tollway. Newland and NASH have completed a due-diligence period with the previous landowners and closed on the purchase June 15. When fully complete, the community will include 1,800 single-family homes and up to 1,400 apartment units, along with retail and office space. Construction will begin later this year, with plans to make the first 253 home sites available for purchase by builders in 2017 with a grand opening in 2018.

June 16, 2016

Multifamily Student Housing Texas

Lincoln Ventures to Develop Student Housing Near the University of Texas at Austin

by Haisten Willis June 16, 2016

AUSTIN, TEXAS — Austin-based developer Lincoln Ventures plans to build a Class A student housing development two blocks west of the University of Texas at Austin campus. The Ruckus, located at 2502 Nueces St., will be a seven-story project totaling 45 units with a mix of two to five bedrooms, totaling 160 beds. Amenities at The Ruckus will include a sky gym/fitness center and terrace, cyber café, gaming area, 24-hour study lounges and conference rooms, package concierge, secure access and parking and a coffee bar. The development will include car-sharing options, such as Zip Car and car-2-go, and a bike-sharing program. Individual units will come fully furnished and offer nine-foot ceilings, high-speed internet, stainless-steel appliances, washers and dryers. Select units will offer views of the UT Tower and downtown Austin.

June 16, 2016

Florida Mixed-Use Multifamily Southeast

Suffolk Construction Completes Residential Tower in Downtown Miami

by John Nelson June 16, 2016

MIAMI — Suffolk Construction has completed construction on Monarc, a 462-unit residential tower in downtown Miami developed by MDM Development and ZOM USA. The tower is the residential portion of Met 3, which includes an 11-story retail and parking podium featuring a Whole Foods Market and 1,442 parking spaces. The retail and parking podium has been open since January 2015 and remained fully operational throughout Monarc’s construction. In addition to Met 3, Suffolk is managing several other construction projects in South Florida including the Brightline’s MiamiCentral Station, Jade Signature and Met Square.

June 16, 2016

Florida Multifamily Southeast

IPA Brokers $77M Sale of Apartment Community in Boca Raton

by John Nelson June 16, 2016

BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $77 million sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community located at 9817 Arbor Oaks Lane in Boca Raton. Built in 1995 by Altman Development Corp., the gated complex features a clubhouse and 18 residential buildings surrounding a lake. The property features a mix of one-, two- and three-bedroom apartments, including flats and townhomes. The average unit size is 1,105 square feet. Still Hunter III, Steve Witten and Victor Nolletti of IPA represented the seller and procured the buyer in the transaction.

June 16, 2016

Georgia Multifamily Southeast

Berkadia Brokers Sales of Two Multifamily Communities in Metro Atlanta Totaling $28.8M

by John Nelson June 16, 2016

ATLANTA AND NORCROSS, GA. — Berkadia has arranged the sales of two apartment communities in metro Atlanta totaling $28.8 million. The transactions included the $14 million sale of The Retreat located at 3475 Pleasantbrook Village Lane in Atlanta and the $14.8 million sale of Huntington Ridge located at 2400 Windsor Woods Lane N.W. in Norcross. Atlanta-based Marquis Investments purchased The Retreat from Atlanta-based Rosdev Group, and Atlanta-based Sabra Associates bought Huntington Ridge from Atlanta-based Greentree Real Estate Services. Paul Vetter, Andrew Mays and Judy MacManus of Berkadia’s Atlanta office brokered both deals.

June 16, 2016

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