Multifamily

Mill Creek Residential to Develop Mixed-Use Project in Atlanta’s Vinings Neighborhood

by John Nelson May 25, 2016

SMYRNA, GA. — Mill Creek Residential plans to develop Modera by Mill Creek-Vinings, a mixed-use multifamily project in Smyrna’s Vinings neighborhood. Designed by Lord Aeck Sargent, the property will feature 269 luxury apartment homes, below-grade parking, upscale amenities, retail space and a chef-driven restaurant. Mill Creek Residential purchased the 3.5-acre site at 3205 Cumberland Blvd. from Pope & Land Enterprises. The property will be located along a pond near the start of the Silver Comet Trail, a 61.5-mile walking and biking trail that stretches from Smyrna to central Alabama. Pre-leasing for Modera by Mill Creek-Vinings is slated to begin in summer 2017 with initial move-ins targeted for fall 2017. As of March 31, 2016, Mill Creek Residential’s portfolio comprised 54 communities spanning 15,600 apartment homes that are operating and/or under construction.

May 25, 2016

The Woodlands John Knox Village Pompano Beach

Florida Multifamily Seniors Housing Southeast

John Knox Village CCRC in Broward County Set to Open $34M Expansion

by John Nelson May 25, 2016

POMPANO BEACH, FLA. — John Knox Village, a 70-acre continuing care retirement community (CCRC) in Broward County, will open the doors this week on The Woodlands, a 144-unit expansion of the Pompano Beach community. Development costs for The Woodlands are estimated at $34 million. In addition to the new residential units, the project adds a bistro, rehabilitation services, salon/spa, wellness center and a “life enrichment center” for social gatherings. The CCRC’s board of directors approved the seven-story facility in 2013 and construction began in 2014. RDG Planning & Design, led by architects John Birge, Scott Pfeifer and Kevin Ruff, designed the expansion. The Weitz Co. served as the construction manager, and William Gallo of Gallo Herbert Architects served as the owner’s authorization representative.

May 25, 2016

Caribbean Villas Apartment Homes West Palm Beach

Florida Multifamily Southeast

KeyBank Provides $12.1M Fannie Mae Loan for Apartment Complex in West Palm Beach

by John Nelson May 25, 2016

WEST PALM BEACH, FLA. — KeyBank Real Estate Capital has provided a $12.1 million Fannie Mae loan for Caribbean Villas Apartment Homes, a 206-unit garden-style complex located at 5865 Haverhill Road N. in West Palm Beach. Built in 1991, the property features on-site management and maintenance staff, a swimming pool, private patios, tennis court, playground and a clubhouse. Erik Storz of KeyBank’s commercial mortgage group arranged the 10-year, fixed-rate loan, which was used to refinance an existing Freddie Mac loan KeyBank had originated in 2014.

May 25, 2016

Multifamily Western

Estancia Apartments in Escondido Sells for $16.5M

by Nellie Day May 24, 2016

SAN DIEGO — The 100-unit Estancia Apartments in the San Diego submarket of Escondido has sold to Vista International for $16.5 million. The community is located at 725 N. Fig St. Estancia is situated near Interstate 15 and Highway 78. JLL’s Darcy Miramontes and Kip Malo represented the sellers, Fowler Property Acquisitions and PCCP LLC, in this transaction.

May 24, 2016

California Multifamily Western

TruAmerica, Berkshire Group Buy Career Lofts in Laguna Niguel

by Nellie Day May 24, 2016

LAGUNA NIGUEL, CALIF. — A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group has acquired the 142-unit Career Lofts in Laguna Niguel for an undisclosed sum. The community is located at 28100 Cabot Road, along California State Route 73. The JV plans to rebrand the property as Sky at Laguna Niguel. It is only the second institutional-grade multifamily project to be constructed in the submarket in more than 20 years, according to the JV. Steve Fried and Seth Hall of Mesa West Capital assisted with the financing.

May 24, 2016

Industrial Multifamily Office Retail Texas

Cushman & Wakefield Acquires Oxford Commercial in Austin

by Haisten Willis May 24, 2016

AUSTIN, TEXAS — Cushman & Wakefield has acquired Oxford Commercial in Austin. Oxford Commercial has served clients in the areas of commercial real estate brokerage, investment sales, development consulting, market research and related advisory services since 1993. The company employs 35 brokers and staff members and has been behind many of the largest transactions in central Texas, including Athena Health’s lease inside the Seaholm Power Plant. In the past three years, Oxford Commercial’s transaction value totals reach $1.3 billion. Spencer Hayes, co-founder and managing partner of Oxford Commercial, will remain as managing principal under the new structure. Hayes worked for Cushman & Wakefield prior to founding Oxford Commercial.

May 24, 2016

Illinois Midwest Multifamily

Sedgwick Properties Breaks Ground on 69-Unit Luxury Apartment Building in Chicago

by Christina Cannon May 24, 2016

CHICAGO — Sedgwick Properties, a Chicago-based developer, has broken ground on a 69-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building, located at 301 W. North Ave., will offer a mix of one-, two- and three-bedroom apartments, with individual units ranging from 601 to 1,300 square feet. Building amenities will include a rooftop terrace with a wading pool and cabanas, outdoor kitchen, fire pit and lounge seating. Other amenities include a fitness center, community room with a demonstration kitchen, bicycle storage, secure heated parking and package concierge system. The pet-friendly building also will include approximately 4,500 square feet of retail space. The building is slated for delivery by fall 2017.

May 24, 2016

Loans Midwest Multifamily Ohio

Pillar Originates $15.4M Fannie Mae Acquisition Loan for Apartment Complex in Dayton

by Christina Cannon May 24, 2016

DAYTON, OHIO — Pillar has originated a $15.4 million Fannie Mae loan for the acquisition of a 256-unit apartment complex in Dayton. Chesapeake Landing, built in 1986, features 148 one-bedroom units and 108 two-bedroom units. The property is fully occupied. The fixed-rate loan features a 12-year term and 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar originated the financing. David Ross of Crossroads Realty Advisors was the broker of record.

May 24, 2016

Maine Multifamily Northeast

Jones Street Investment Partners Acquires 620-Unit Multifamily Portfolio in Maine for $87.5M

by Amy Works May 24, 2016

SOUTH PORTLAND, MAINE — CBRE/New England and CBRE – The Boulos Company have arranged the sale of Liberty Commons and Redbank Village, two adjacent multifamily properties in South Portland. Jones Street Investment Partners acquired the 620-unit portfolio for $87.5 million. Delivered in 2006, Liberty Commons features 40 one-bedroom units, four two-bedroom/one-bath units, four two-bedroom/one-and-half-bath units and 72 two-bedroom/two-bath units with the average size of 1,075 square feet. Built in 1945, Redbank Village features 48 one-bedroom units, 302 two-bedroom/one-bath units and 150 three-bedroom/one-bath units with an average size of 752 square feet. The communities share a free clubhouse amenity center, which is also home to Roots and Fruits Daycare and Preschool. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the undisclosed seller in the transaction.

May 24, 2016

Connecticut Multifamily Northeast

Winthrop Realty Trust Sells 93-Unit Apartment Community in Connecticut for $87.5M

by Amy Works May 24, 2016

STAMFORD, CONN. — Winthrop Realty Trust has completed the sale of Highgrove, an ultra-luxury apartment community located in Stamford. A private investment group acquired the property for $87.5 million, or $940,860 per unit. Designed by Robert A.M. Stern, the 18-story high-rise features 93 condominium units, a grand resident lobby, clubroom, media screening room, wine cellar, caterer’s kitchen, private elevator entrances, expansive fitness center with sauna, steam room and pool facilities. Units feature gourmet kitchens with marble counters, high-end appliances, oversized cabinets, 10-foot ceilings, crown moldings, hardwood flooring, fireplaces, private balconies, six-piece master baths and walk-in closets. Jeffery Dunne, Gene Pride and Travis Langer of CBRE represented the seller in the transaction.

May 24, 2016

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