Multifamily

Coppergate Apartments in Sandy Sells for $22.5M

by Nellie Day March 1, 2017

SANDY, UTAH — An out-of-state-investment group has acquired the 192-unit Coppergate Apartments in Sandy for $22.5 million. The community is located at 8870 S. State St., approximately 14 miles south of Salt Lake City. The Section 42 Low Income Housing Tax Credit apartment community is composed of seven three-story buildings on almost nine acres. The two- and three-bedroom units range from 866 square feet to 1,068 square feet. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller, a local developer, in this transaction.

March 1, 2017

Multifamily Texas

Henry S. Miller Brokers Sale of Multifamily Complex in Dallas

by Taylor Williams March 1, 2017

DALLAS — Henry S. Miller Brokerage has arranged the sale of Villa Del Sol Apartments, a 255-unit multifamily property located at 7651 C.F. Hawn Freeway in southeast Dallas. Community amenities include a business center, playground, basketball court and laundry services. Villa Del Sol was roughly 97 percent occupied at the time of sale. Lane Kommer and Mark Porterfield of Henry S. Miller represented the seller, 511 Oakgrove LLC. Independent investor Brad Sumrok represented the buyer, Staples Multi Family.

March 1, 2017

Alabama Multifamily Southeast Student Housing

EdR Purchases Student Housing Community Near Auburn University

by John Nelson March 1, 2017

AUBURN, ALA. — EdR has acquired 319 Bragg, a 305-bed student housing community located within walking distance of the Auburn University campus in Auburn. Built in 2014, the property offers two-, three-, four- and five-bedroom units. Community amenities include a study lounge with individual study rooms, 24-hour fitness center, resort-style pool with cabanas, dog park and access gates. Ryan Lang of ARA Newmark’s Student Housing Group represented the seller, Barrett Development Group, in the transaction. The sales price was undisclosed.

March 1, 2017

Multifamily New York Northeast

Eastern Consolidated Negotiates $25M Sale of Two Brooklyn Multifamily Buildings

by Amy Works March 1, 2017

NEW YORK CITY — Eastern Consolidated has arranged the sale of two contiguous, six-story multifamily buildings, located at 556-568 Lefferts Ave. and 570-582 Lefferts Ave. in the Crown Heights and Prospect Lefferts Gardens section of Brooklyn. Treetop Development acquired the two-building package, totaling 105,000 square feet, from F&I Realty Corp. for $25 million. The properties offer a total of 105 apartment units. Matt Spark and Matthew Leist of Eastern Consolidated represented the seller, while Sparks also procured the buyer in the deal.

March 1, 2017

Multifamily New York Northeast

Cushman & Wakefield Brokers $10M Sale of Five-Building Multifamily Portfolio in South Bronx

by Amy Works March 1, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-building multifamily portfolio located in the South Bronx. Gary Kassirer of Emerald Equity Group acquired the portfolio for $10 million, or $150 per square foot. Located on the south side of Crotona Park and Alexander Avenue in Mott Haven, the 28,865-square-foot portfolio features 68 residential and three commercial units. Robert Shapiro and David Simone of Cushman & Wakefield represented the undisclosed seller in the deal.

March 1, 2017

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Philadelphia Multifamily Sees Robust Construction, Expects to Maintain Occupancy

by Camren Skelton March 1, 2017

Center City Philadelphia continues to be one of the most vibrant residential downtowns in the country. Millennials and empty-nesters are attracted to the city’s myriad live, work and play opportunities, and the total number of Greater Center City residents has risen 17 percent since 2000. Overall the market is holding up strong; the average occupancy is 95 percent and it is expected to remain at this level for the foreseeable future. Annual effective rent growth is projected to be 3 percent in 2017 and average 2.8 percent from 2018 to 2020. The MSA’s largest job sector — higher education and healthcare services — has increased by 17 percent since 2005 and now provides 37 percent of all jobs in Philadelphia. Total job growth is projected to be 1.6 percent or more than 15,000 new jobs in 2017. Since the beginning of 2015, 23 companies, including EisnerAmper, WeWork and GSI Health, have established offices in the submarket. Multifamily investors and developers have been focused on Center City for the past few years. However, interest in some suburban markets has increased significantly as evidenced by the development and sale activity in 2016. More than $1 billion of sale transactions were recorded in …

March 1, 2017

Colorado Multifamily Western

BMC Investments Buys Landon Park Apartments in Aurora

by Nellie Day February 28, 2017

AURORA, COLO. — BMC Investments has acquired the 464-unit Landon Park Apartments in Aurora for an undisclosed sum. The community is located at 100 S. Sable Blvd. Landon Park was built in 1978. It is situated one mile from the Aurora Metro Center light rail station, which provides access to Denver Tech Center, Fitzsimons Life Science District, the Stapleton Redevelopment and Denver International Airport. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented seller, Bridge Investment Group, in this transaction.

February 28, 2017

Connecticut Loans Multifamily Northeast

Dwight Capital Originates $13.2M Loan for Apartment Community in Stamford, Connecticut

by Amy Works February 28, 2017

STAMFORD, CONN. — Dwight Capital has arranged $13.2 million in refinancing for Westwood Apartments, located at 1-20 Westwood Drive in Stamford. The borrower was 58 Progress Drive LP. The community features 95 apartment units. Josh Hoffman, Andrew Nicoll, Matt Boyd and Brandon Baksh of Dwight Capital secured the financing for the borrower. Reno & Cavanaugh served as legal counsel for the financing transaction.

February 28, 2017

Multifamily New York Northeast Seniors Housing

Marcus & Millichap Arranges Sale of 277-Bed Seniors Housing Property in Ballston Spa, New York

by Amy Works February 28, 2017

BALLSTON SPA, N.Y. — Marcus & Millichap has brokered the sale of Maplewood Manor, a skilled nursing facility located in Ballston Spa. At the time of sale, the 277-bed facility was 95 percent occupied. The facility was constructed in 1972, with additions in 1978 and 1979. Joshua Jandris, Mark Myers and Charles Hilding of Marcus & Millichap represented the seller, a New York county, and procured the buyer, a private investor with an operator tenant, in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.

February 28, 2017

Multifamily Texas

Capital One Closes $27.5M Loan for Multifamily Property in Sugar Land

by Taylor Williams February 28, 2017

SUGAR LAND, TEXAS — Capital One has secured a $27.5 million Fannie Mae adjustable-rate loan to refinance The Retreat at Riverstone, a multifamily complex in Sugar Land, roughly 20 miles southwest of Houston. The property, a 249-unit, master-planned community located at 18545 University Blvd, features a resort-style pool with cabanas, fitness center and a resident lounge with a cyber café. Clay Wright of Capital One’s Commercial Real Estate Group originated the 10-year loan, which has a 30-year amortization schedule and one year of interest-only payments.

February 28, 2017

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