UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
DENTON, TEXAS — Newport Beach, Calif.-based Arrimus Capital has purchased Forum at Denton Station, a student housing property located at 201 Inman St. near the University of North Texas in Denton. Boca Raton, Fla.-based Parkland Development sold the purpose-built property for an undisclosed price. The 420,684-square-foot development features 14 three-story buildings offering a total of 348 units, or 1,044 beds. The units are available in one-, two-, three- and four-bedroom layouts and are fully furnished. On-site amenities include a pool with a deck lounge, sand volleyball courts, indoor sports court, outdoor grilling and picnic areas and a 24-hour fitness center. Jaclyn Fitts and Casey Schaefer of CBRE represented the buyer and seller in the deal.
DECATUR, GA. — South City Partners and general contractor McShane Construction Co. have broken ground on Sam’s Crossing, a 197-unit apartment community located at 2700 E. College Ave. in Decatur’s Avondale Estates district. The wraparound project will be situated within walking distance of MARTA’s Avondale Station and include a five-level, 268-space parking garage. South City Partners recently purchased the 3.2-acre lot from longtime property owner Joe Gargiulo of Candler Investment Group. Gargiulo owns other tracts in the Avondale Estates area for future development. Designed by The Preston Partnership, Sam’s Crossing will feature a clubroom, fitness center, on-site management and leasing office, central courtyard, an acre of green space and a resort-style swimming pool, as well as 8,000 square feet of ground-level retail space. McShane, which is also handling the landscaping and surface parking for the retail portion, expects to deliver Sam’s Crossing in the third quarter of 2018.
BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders Inc. Sustainable features of Mulberry at Park include efficient plumbing fixtures, advanced insulation and air sealing, green roofing, low VOC finishes and Energy Star windows, HVAC systems, lighting and appliances. Community amenities include a cyber café, clubroom, study room, fitness center and an outdoor terrace area. Bank of America provided $15.8 million in construction financing, tax credit equity and permanent financing for the project. Additional financing included $1.5 million from the Maryland Department of Housing and Community Development, $870,000 from Baltimore City and $500,000 from the Federal Home Loan Bank of Atlanta.
TAMPA, FLA. — NXT Capital has provided a $29.5 million acquisition loan for 251 units within Crosswynde Apartments, a 453-unit, Class A multifamily property located in Tampa. The remaining units are condominiums. Crosswynde’s community amenities include a clubhouse, fitness center, basketball court, business center, playground, swimming pool, volleyball court and racquetball court. David Horowitz in the New York office of Cooper-Horowitz placed the loan with NXT Capital.
Solid employment growth and the attractiveness of an urban lifestyle led to improvements in the multifamily market across metro Chicago in 2016. Although there was positive movement in the performance of key indices in both the city and the suburbs, corporate migration from the suburbs to the city brought young professionals and high-paying job opportunities, especially to the core. Millennials overwhelmingly favored renting over homeownership in 2016 and sought residence in urban centers offering walkability and a live-work-play lifestyle. In 2017, these trends are expected to continue. Job growth acts as catalyst Last year, Chicago employers hired 65,000 workers, representing a 1.4 percent workforce expansion metrowide. This healthy job growth helped boost the median household income to around $67,168 per year at the end of 2016. In 2017, job growth is expected to continue at a similar rate, and it is anticipated that Chicagoland employers will hire 70,000 new workers for a 1.5 percent employment gain over the course of this year. Employment gains last year were led by the professional and business services sectors, which expanded headcount by 2.6 percent with the creation of nearly 21,200 positions over the yearlong period that ended in September 2016. During the same …
OCALA, FLA. — Cushman & Wakefield has arranged the $29.4 million sale of Tuscany Place, a 288-unit, value-add apartment community located at 3420 S.W. 34th St. in Ocala. A partnership between Gainesville, Fla.-based The Collier Cos. and Houston-based ApexOne Investment Partners acquired the asset from Richmond, Va.-based GrayCo Inc. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented GrayCo in the transaction. Built in 1997, Tuscany Place features one-, two- and three-bedroom units averaging 1,126 square feet. The average rental rate is $858 per month, and the community features a resort-style pool, heated jacuzzi, 24-hour laundry center, pet walk, playground, resident business center, 24-hour fitness center, jogging path, two-car wash areas with vacuums, barbecue grills, lighted tennis court, professional landscaping and two VIP/guest suites.
LILBURN, GA. — CBRE has arranged the $22.6 million sale of Park Crossing Apartments, a 280-unit multifamily community located at 2700 Park Crossing Way in Lilburn, a northeast suburb of Atlanta in Gwinnett County. New Jersey-based Engineering Partners purchased the asset from Ventron Management with plans to upgrade the property’s interiors and amenity spaces. Built in 1985, Park Crossing features one-, two- and three-bedroom units and was 98 percent occupied at the time of sale.
LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.
DALLAS, GARLAND, MESQUITE, FORT WORTH AND TYLER, TEXAS — Tranwestern has brokered the sales of 1,600 multifamily units in the Dallas-Fort Worth area valued at $85 million. Taylor Snoddy, Philip Wiegard and James Roberts of Transwestern represented the seller and sourced the buyers in the five transactions. The acquisition prices for the individual transactions were not released. In the first deal, a New York-based investment group acquired North Park Terrace, a 310-unit property located at 8662 Park Lane in Dallas, and Pecan Tree, a 173-unit community located at 3001 Kendale Drive in Dallas. In the second transaction, an Oregon-based investment group purchased Eastfield Plaza, a 216-unit community located at 2626 John West Road in Mesquite. The buyer plans to renovate the property. In the third deal, a New York-based investment group acquired Parque Del Sol, a 200-unit property located at 238 E. Oates Road in Garland. In the fourth transaction, a Northern California-based investment group purchased Woods of Ridgmar, a 235-unit community located at 2200 Taxco Road and 2200 Ridgmar Plaza in Fort Worth. In the final deal, a Dallas-based investment group acquired 34 Hundred, a 484-unit complex located at 3400 Varsity Drive in Tyler. The buyer plans to renovate the …