Multifamily

HFF Arranges $32.5M Financing for Apartment Property in Jersey City, N.J.

by Haisten Willis March 27, 2017

JERSEY CITY, N.J. — HFF has arranged $32.5 million in financing for the development of a 163-unit apartment property in Jersey City. HFF worked on behalf of the developer, a joint venture between The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments to secure the construction loan through M&T Bank. The project is part of the New Jersey City University (NJCU) west campus master plan, also known as University Place. Situated three blocks from NJCU’s main campus, university place will encompass 22 acres with more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. The development will be the first phase of University Place’s market-rate unit component, which will total 600 units at full build out. The project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.

March 27, 2017

Multifamily New York Northeast

RXR Realty to Develop The Beacon Condominium Project in Glen Cove, N.Y.

by Haisten Willis March 27, 2017

GLEN COVE, N.Y. — RXR Realty is developing The Beacon, a condominium project that’s part of the $1 billion Garvies Point development on 56 acres in Glen Cove. RXR Realty has unveiled a model residence for The Beacon, which will be the first condominium property scheduled to open at the project, and sales begin this month. Studio Grella is the design firm for the project. The Beacon will offer one-, two- and three-bedroom residences ranging from 897 to 2,052 square feet. The 167-unit property will be located near Glen Cove creek, Garvies Point Preserve and Long Island Sound. Amenities will include an outdoor pool, fitness center and yoga studio, library, lounge, club room, screening room and marina.

March 27, 2017

California Montana Multifamily Seniors Housing Washington Western

Ventas Buys Six Koelsch Seniors Housing Communities for $137M in Sale-Leaseback Transaction

by Nellie Day March 27, 2017

OLYMPIA, WASH. — Ventas has acquired six seniors housing communities from Koelsch Communities for $137 million and will immediately lease all the properties back to the Olympia-based operator. The communities acquired include Canterbury Park in Longview, Wash.; Cedarbrook in Fresno, Calif.; The Hampton & Ashley Inn and The Hampton at Salmon Creek both in Vancouver, Wash.; Madison House in Kirkland, Wash.; and Spring Creek Inn in Bozeman, Mont. The transaction increases the number of Ventas-owned, Koelsch-operated communities to 18. The properties span the continuum of care. Koelsch Communities operates 22 communities in seven states with eight more communities currently in development.

March 27, 2017

California Multifamily Western

Red Robin Apartments in Sacramento Sells for $3.9M

by Nellie Day March 27, 2017

SACRAMENTO, CALIF. — A limited liability company has acquired the 60-unit Red Robin Apartments in Sacramento for $3.9 million. The community is located at 2080 Red Robin Lane. It features four studios, 26 one-bedroom units, 26 two-bedroom units and four two-bedroom townhomes. Steve Nelson and Dusty Haeling of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

March 27, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 11-Unit Apartment Complex in San Antonio

by Taylor Williams March 27, 2017

SAN ANTONIO — Marcus & Millichap has brokered the sale of Andrews Apartments, an 11-unit complex located at 219 Andrews St in San Antonio. The property recently underwent renovations to improve its roofing, flooring and windows. Mark Diebold of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The name and representative of the buyer were not disclosed.

March 27, 2017

Florida Multifamily Southeast

Summa to Begin Pre-leasing 233-Unit High-Rise Complex in Downtown Orlando

by Taylor Williams March 27, 2017

ORLANDO, FLA. — Summa Development Group will begin pre-leasing for CitiTower at Lake Eola, a 25-story, 233-unit high-rise apartment complex located at 101 Lake Ave. in downtown Orlando, in mid-April. The property consists of 74 studio apartments averaging 726 square feet per unit, 112 one-bedroom apartments averaging 778 square feet per unit, 31 two-bedroom apartments averaging 1,070 square feet per unit, and 16 three-bedroom apartments averaging 1,432 square feet per unit. Other amenities include a rooftop pool and a 24-hour fitness center. The property is slated to open in late July or early August.

March 27, 2017

Florida Loans Multifamily Southeast

Pillar Originates $8M in Acquisition Financing for Two Multifamily Properties in Tampa Area

by Taylor Williams March 24, 2017

ZEPHYRHILLS AND CLEARWATER, FLA. — Pillar, a division of SunTrust Bank, has originated approximately $8 million in acquisition financing for two multifamily properties in the Tampa area. Roughly $5 million was sourced for Hillside MHC, a 55-and-older mobile housing community located at 39515 Bamboo Lane in the northeast Tampa suburb of Zephyrhills. Approximately $3 million was sourced for Far Horizons MHC, a 55-and-older mobile community located at 2580 Nursery Road in the west Tampa suburb of Clearwater. Yale Realty & Capital Advisors provided the loans for both properties, which were 85 percent and 97 percent occupied at the time of loan closing, respectively.

March 24, 2017

Georgia Multifamily Southeast

Audubon Communities Combines 252-Unit, 108-Unit Multifamily Properties in Metro Atlanta

by Taylor Williams March 24, 2017

NORCOSS, GA. — Audubon Communities has unveiled Corners at Holcomb Bridge, a project that combines two neighboring multifamily properties into one apartment community at 301 Noble Forest Drive in the northern Atlanta suburb of Norcross. The merging of Highland Corners, a 252-unit property, and Silver Oaks, a 108-unit property, began with Audubon’s 2015 acquisition of the 37 acres on which the complexes reside. The company has since invested $4.5 million in renovations to the project. Upon completion, the Corners at Holcomb Bridge will feature a fitness center, two swimming pools and two new tennis courts.

March 24, 2017

Multifamily New Jersey Northeast

KRE Group, Avenue Realty Capital Purchase Apartment Property in New Jersey for $70M

by Haisten Willis March 24, 2017

SPRINGFIELD, N.J. — The KRE Group and Avenue Realty Capital have acquired Summit Hill, a 228-unit rental community in Springfield, for $70 million. Summit Hill, located at 100 Stone Hill Road, is a garden-style apartment community near routes 78 and 24 in western Union County.

March 24, 2017

Connecticut Multifamily Northeast

Lyman Real Estate Brokers $1.4M Land Sale for Apartment Property in Essex, Connecticut

by Haisten Willis March 24, 2017

ESSEX, CONN. — Lyman Real Estate has brokered the $1.4 million sale of three contiguous parcels of land totaling 3.8 acres at 21-29 Plains Road in Essex. Essex Holdings was the buyer and will develop the property as Essex Station, a 52-unit luxury apartment community. Penny Parker of Lyman Real Estate represented both the buyer and the sellers. Truehold Essex sold one parcel and Costa Family LLC sold the other two. All of the one- and two-bedroom units will feature porches, nine-foot ceilings, gas fireplaces, marble bath vanities and granite countertops. Sixteen of the Essex Station units will have a maximum qualifying household income and a monthly rent limit.

March 24, 2017

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