Multifamily

American Realty Advisors Buys Apartment Building in Downtown Denver

by Nellie Day May 23, 2016

DENVER — American Realty Advisors has purchased a 341-unit apartment building in the Union Station submarket of downtown Denver. The purchase price was not disclosed. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station. The newly constructed asset is located at 1975 19th St. The property also contains 58,000 square feet of ground-floor retail space and a two-story subterranean parking garage. King Soopers, Wells Fargo, upscale pet food store Kriser’s and the Pig and Sprout, a new restaurant concept by a local restaurateur, lease the retail portion. Jordan Robbins and Jeff Haag of Holliday, Fenoglio and Fowler represented the seller, a joint venture that included Greystar, in this transaction.

May 23, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Springhouse Partners Receives $37M Acquisition, Renovation Financing for NYC Mixed-Use Property

by Amy Works May 20, 2016

NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.

May 20, 2016

Multifamily Northeast Rhode Island

Marcus & Millichap Arranges $2.5M Sale of 36-Unit Apartment Complex in Rhode Island

by Amy Works May 20, 2016

WOONSOCKET, R.I. — Marcus & Millichap has arranged the sale of Peters River Residences, an apartment complex located on Fulton Street in Woonsocket. A limited liability company sold the 36-unit property for $2.5 million. Constructed in 2008, the complex comprises three buildings with 12 two-bedroom/one-bath units per building. Units feature fully equipped kitchens, in-unit laundry machines, central air conditioning, intercom systems and private porches. Tony Pepdjonovic and John Slyman of Marcus & Millichap’s Boston office represented the seller and procured the buyer.

May 20, 2016

Illinois Loans Midwest Multifamily

Grandbridge Arranges $26.2M Refinancing Loan for 308-Unit Apartment Community in Chicago Suburb

by Christina Cannon May 20, 2016

LISLE, ILL. — Grandbridge Real Estate Capital has arranged a $26.2 million refinancing loan for a 308-unit multifamily property in Lisle, approximately 30 miles west of Chicago. Arboretum Village Apartments features amenities such as an outdoor pool, playground, Internet café and 24-hour fitness center. The fixed-rate, non-recourse loan features a 10-year term. Ben Fazendin of Grandbridge Real Estate Capital originated the Fannie Mae financing for the undisclosed borrower.

May 20, 2016

California Multifamily Western

Holland Partner Group Breaks Ground on $164M Second Apartment Tower in Downtown Los Angeles

by Nellie Day May 20, 2016

LOS ANGELES — Holland Partner Group has broken ground on 732 Spring Street, the second of two high-rise, mixed-use projects the firm is developing in a joint venture with North America Sekisui House in downtown Los Angeles. The 24-story tower will feature 300 residential units with luxury amenities and 7,500 square feet of ground floor retail. The $164 million tower is situated across the street from its sister property, 755 Spring Street, on which Holland broke ground late last year. The building sites are located in the Historic Core of downtown Los Angeles, along the edge of the Fashion District. Amenities at the towers will include a resort-style fitness center and clubhouse, a rooftop deck and cantilevered pool cabanas suspended five stories above street level. The towers will stand more than 100 feet above surrounding buildings, offering views of the greater Los Angeles area once completed in mid-2018. MVE + Partners designed the towers.

May 20, 2016

Multifamily Southeast Tennessee

Steadfast Apartment REIT Buys Multifamily Community in Metro Nashville for $110M

by John Nelson May 20, 2016

BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …

May 20, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $41M Sale of Apartment Portfolio in Central Florida

by John Nelson May 20, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a three-property multifamily portfolio in Central Florida. The portfolio includes the 400-unit Royal Oaks in Tampa’s Westshore district, the 138-unit Royal Ridge in St. Petersburg and the 151-unit Royal Springs in Orlando. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction. Marcus & Millichap Capital Corp. provided acquisition financing for the portfolio purchase.

May 20, 2016

Multifamily New York Northeast Top Stories

Meridian Capital Arranges $104M Acquisition Financing for The Hamilton in New York City

by Christina Cannon May 20, 2016

NEW YORK CITY — Meridian Capital Group has arranged a $104 million loan for the acquisition of The Hamilton, a 265-unit multifamily property on the Upper East Side of New York City. Bonjour Capital purchased the 38-story building, which is located at 1735 York Ave. A balance sheet lender provided the seven-year loan, which features a fixed rate of 3.6 percent and three years of interest-only payments. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital Group arranged the financing. “Meridian was able to obtain uniquely favorable terms, including three years of interest-only payments, based on the high quality of the asset and its potential for value-add upside, the strength and reputation of the sponsor and Meridian’s active relationship with the lender,” says Shaya Ackerman, a managing director for Meridian Capital. Apartments at The Hamilton feature granite kitchen countertops, marble bathrooms and individually controlled air-conditioning in each room. Building amenities include a 24-hour uniformed doorman, fitness center with locker rooms and saunas, landscaped roof deck, a children’s playroom, furnished lounge with kitchen, billiards lounge, laundry facility, attached garage and a complimentary shuttle bus service. Residents are also in close proximity to the 4 and 6 subway lines and the Metropolitan Museum of …

May 20, 2016

Vantage-at-Shavano-Park-san-antonio-texas

Multifamily Texas

IPA Arranges Sale of Multifamily Property in San Antonio

by Haisten Willis May 19, 2016

SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Shavano Park, a 288-unit multifamily asset in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer. The community is located on 16.4 acres at 17203 Northwest Highway near The Rim, a 3 million-square-foot outdoor retail center. Built in 2014, Vantage at Shavano Park includes amenities such as a clubhouse, business center, fitness center, three dog parks and a swimming pool. Apartments feature nine-foot ceilings, black appliances, dark oak wood cabinetry and washers and dryers.

May 19, 2016

Loans Midwest Minnesota Multifamily Seniors Housing

Grandbridge Arranges $17.9M Construction Loan for 120-Unit Seniors Housing Community in Minnesota

by Christina Cannon May 19, 2016

LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.

May 19, 2016

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