Multifamily

Sentinel Real Estate Corp. Sells Five-Building Multifamily Property in Manhattan for $101.5M

by Amy Works December 2, 2016

NEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily property, known as the Fort Riverside portfolio, in Manhattan. A group of real estate investors led by Joshua Sternhell and David Katz acquired the portfolio sold for $101.5 million, or $300 per square foot. The 341,148-square-foot portfolio features 289 apartments along Fort Washington Avenue and Riverside Drive at 66-72, 80 and 86 Fort Washington Ave. and 838 and 884 Riverside Drive. Additionally, the assets include a combined 199,000 square feet of air rights. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyers, while Robert Shapiro, Bob Knakal and Jonathan Hageman of Cushman & Wakefield represented the seller in the deal.

December 2, 2016

Loans Multifamily New York Northeast Retail

A10 Capital Funds $27M Loan for Retail, Multifamily Property in SoHo

by Amy Works December 2, 2016

NEW YORK CITY — A10 Capital has provided a $27 million bridge loan for the refinancing of a retail and multifamily property located in Manhattan’s SoHo district. The five-story, 14,500-square-foot property features ground-floor retail space, which is leased to a brand name national clothing line, and four loft-style 2,500-square-foot apartments on the upper floors. The two-year, floating rate bridge loan refinanced the undisclosed borrower’s existing $23.5 million loan and provided an additional $2 million in proceeds to the borrower at closing. Cary Pollack and Judah Neuman of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $37.9M Sale of Apartment Community in Wilmington

by John Nelson December 2, 2016

WILMINGTON, N.C. — Cushman & Wakefield has brokered the $37.9 million sale of One Midtown, a 223-unit apartment community located at 2945 Midtown Way in Wilmington. Built in 2015 by Wilmington-based Cape Fear Commercial Real Estate, the asset is situated between downtown Wilmington and the coast. The Wilkinson Group of Atlanta purchased the apartment community, which was 92 percent occupied at the time of sale. Jordan McCarley, Marc Robinson, Watson Bryant and Paul Marley of Cushman & Wakefield’s Charlotte office represented Cape Fear in the transaction.

December 2, 2016

Multifamily Texas

Castle Lanterra Properties Acquires 284-Unit Apartment Property in Corpus Christi

by Amy Works December 2, 2016

CORPUS CHRISTI, TEXAS — Castle Lanterra Properties has acquired Springs at Corpus Christi, a newly built multifamily property located at 5701 Timbergate Drive in Corpus Christi’s South Side region, for an undisclosed sum. Constructed in 2014, the 284-unit property features 17 different studio, one-, two- and three-bedroom floor plans, a resort-style swimming pool, 24-hour fitness center, dog park and complimentary car care area. This property is Castle Lanterra’s second acquisition in the city and its sixth in the state. The name of the seller was not released.

December 2, 2016

Multifamily Texas

Covenant Development, Parkcrest Builders Break Ground on 240-Unit Multifamily Property in San Marcos

by Amy Works December 2, 2016

SAN MARCO, TEXAS — Covenant Development and Parkcrest Builders have broken ground on an apartment community in San Marcos. The three-story property will feature 240 one- and two-bedroom units, a resort-style pool, clubhouse with an internet lounge and residential community space, a fitness area, covered parking, enclosed garages, leasable storage space and co-working space. The first units are expected to be delivered in summer 2017.

December 2, 2016

Loans Multifamily Washington Western

NorthMarq Arranges $93M in Acquisition Financing for Bridges at Northcreek in Bothell

by Nellie Day December 1, 2016

BOTHELL, WASH. — NorthMarq Capital has arranged $93 million in financing for the acquisition of the 524-unit Bridges at Northcreek apartments in Bothell. The Class A community is located at 20225 Bothell Everett Highway, just north of Bellevue. Bridges at Northcreek was built in 1999. The property is situated near more than 500 restaurants and shops, Woodinville wine country, golf courses, parks and more. The 10-year, full-term, interest-only loan has significant prepayment flexibility in its last several years. NorthMarq arranged financing for the borrower, one of NorthMarq’s long-term clients, through the firm’s Fannie Mae program. David Link and Brian Fisher led the team on this transaction.

December 1, 2016

Mixed-Use Multifamily New York Northeast Office Retail

JV Breaks Ground for 28-Story Mixed-Use Development in New Rochelle, New York

by Amy Works December 1, 2016

NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.

December 1, 2016

Connecticut Multifamily Northeast

CBRE Brokers Sale of 226-Unit Apartment Community in Middletown, Connecticut

by Amy Works December 1, 2016

MIDDLETOWN, CONN. — CBRE has arranged the sale of Windshire Terrace, an apartment community located in Middletown. Hampshire Properties acquired the 226-unit property from an affiliate of Fairfield Residential for an undisclosed price. Built in 2000, the property features a pool, clubhouse, cyber café, fitness center, playground, picnic areas and leasing office. Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.

December 1, 2016

Multifamily Texas

RightQuest Breaks Ground on Phase II of Bella Vista Apartments in Brownsville, Texas

by Amy Works December 1, 2016

BROWNSVILLE, TEXAS — RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate apartment community in Brownsville. The second phase of the community includes the addition of 144 apartments, a swimming pool, laundry facility, dog park and additional amenities. The first units of the second phase will be available for occupancy in July 2017. Upon completion, the property will feature 272 apartments, include 128 units from the first phase, two swimming pools, a clubhouse and a variety of amenities. Future phases also include the development of two three-acre commercial pad sites fronting Ruben M. Torres Sr. Boulevard. RightQuest is developing the property on behalf of Brownsville-based JJR Group. The project team for the second phase includes B&A Architects, Mejia & Rose Inc., Nations Construction, SSP Design and Davidson Design Group. IBC Bank-Brownsville is providing the financing for the project. Capstone Real Estate Services is providing lease-up and property management services.

December 1, 2016

Multifamily Texas

Marcus & Millichap Arranges Sale of 172-Unit Apartment Community in Carrollton, Texas

by Amy Works December 1, 2016

CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a multifamily property located at 1910 S. Josey Lane in Carrollton. Constructed in 1969, the property features 172 units in floor plans ranging from 712 square feet to 1,000 square feet, a swimming pool, on-site laundry facility, open parking and on-site management and maintenance. John Barker and Joshua Ross of Marcus & Millichap represented the undisclosed seller, while Barker also procured the buyer, a California-based private investor. Tim Speck is Marcus & Millichap’s broker of record in Texas. The acquisition price was not released.

December 1, 2016

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