ATLANTA — Post Properties has announced it will develop Post Centennial Park, a 438-unit, midrise apartment community located in Atlanta’s central business district. Development costs are expected to total $96 million. The luxury apartment project will be located adjacent to Centennial Park and within walking distance of the MARTA Civic Center and Peachtree Center rail stations and the Atlanta Streetcar. The community will include a mix of studio, one-, two- and three-bedroom apartments averaging 808 square feet. Post Properties forecasts market rents to average approximately $1,620 per month. Ten percent of the planned units will be designated as workforce housing, with rents forecast to average approximately $1,090 per month. Atlanta-based Post Properties currently has 2,290 units in six apartment communities under construction with a total estimated development cost of $478.6 million. The company expects to complete Post Centennial Park in mid-2018.
MIAMI BEACH, FLA. — Boardwalk Properties, a private multifamily ownership group, has purchased a 15-property, 240-unit apartment portfolio in Miami Beach for $59 million. The assets are located between 7th and 15th streets in Miami Beach’s South Beach district. Boardwalk plans to keep the existing property management team in place and invest in property improvements, including new roofing, paint for the exterior and common areas, central air conditioning, hurricane impact windows and doors, video cameras for security, laundry services, landscaping, energy efficient toilets and electrical and plumbing systems. Real estate attorney Neil Rollnick of Hinshaw & Culbertson LLP represented Boardwalk Properties in the transaction.
MCDONOUGH, GA. — PointOne Holdings has purchased Bridge Mill Vista, a 276-unit garden-style apartment community in McDonough, for $18.1 million. The company will rebrand the complex Hampton Point Apartments. PointOne assumed an existing Freddie Mac loan and obtained an acquisition loan from Freddie Mac to complete the purchase. Built in three phases between 1991 and 2000, Hampton Point was 93 percent occupied at the time of sale. The community’s residences average 1,130 square feet and feature security alarm panels, entry foyers, patio/balconies, large closet space and full-size washer/dryer connections. PointOne plans to invest $2 million to upgrade the unit interiors and the leasing and resident centers, as well as modernizing the community amenities including a new dog park, children’s playground, fitness center, cyber café, outdoor kitchens and fireplaces, new signage and a gazebo with picnic tables and outdoor grilling stations.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $24.9 million refinancing loan for a multifamily property in Columbus. The Charleston is a 287-unit, Class A apartment complex that features amenities such as a laundry facility, valet dry cleaning, swimming pool, fitness center, business center, dog park, car detailing area, sand volleyball court, shuffleboard courts and a picnic area with gas grills. The loan includes 12 months of interest-only payments, a 15-year term and a 30-year amortization schedule. Ted Schmidt of Grandbridge arranged the loan for the undisclosed borrower through Freddie Mac.
FLANDERS, N.J. — AIG Global Real Estate Corp. (AIG) has sold a 1,224-unit multifamily property in Flanders, approximately 45 miles west of Jersey City, for $183.3 million. The undisclosed buyer acquired the asset, Oakwood Village, clear of existing debt. Oakwood Village, located at 77 Oakwood Village along Route 206, is situated on 167 acres. The property is comprised of 107 two- and three-story buildings. The buildings feature one- and two-bedroom units that average 823 square feet. Amenities at Oakwood Village include a swimming pool, tennis court, multiple playgrounds, two dog parks and garage parking. The property is 95 percent leased. “There is significant upside in Oakwood, and the buyer will be capitalizing on that,” says Jose Cruz, senior managing director for HFF. “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.” Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Mark Thomson make up the investment sales team for HFF that represented the seller in the transaction. This transaction follows the sale of a 12-property multifamily portfolio that HFF brokered on behalf of AIG in December. The disposition of the 13 properties totals $348.8 million.
DUNDALK, MD. — Greystone has provided a $26 million bridge loan for the acquisition of Three Garden Village Apartments in Dundalk, a suburb of Baltimore in Baltimore County. The borrower, The SilverBrick Group, will invest $4 million to renovate the 592-unit property, which will be renamed SilverBrick Townhomes. The real estate developer and investor plans to ultimately invest $12 million in multiple phases to overhaul the asset. Donny Rosenberg of Greystone arranged the two-year loan on behalf of SilverBrick Group. The loan features two six-month extension options.
ATHENS, GA. — Monument Capital Management has purchased Legacy of Athens, a 240-unit apartment community located at 100 Ashley Circle in Athens, for $13.5 million. Built in 1970, the apartment community features a clubhouse, pool, playground, picnic area and a tennis court. The property is the third acquisition for Monument Capital’s recently launched Monument Opportunity Fund III. Monument Capital’s sister company, Monument Real Estate Services, will manage the property. Robert Stickel of Multi Housing Advisors’ coastal Georgia team represented the sellers, Hawthorne Residential Partners and IBUS USA Inc., in the transaction.
SEATTLE — Fowler Property Acquisitions has purchased the 388-unit Landing at Dashpoint apartment community in the Seattle submarket of Federal Way for $46 million. The community is located at 31004 19th Place SW. Landing at Dashpoint was built in 1976. It was 95 percent occupied at the time of sale. Fowler plans to continue upgrading the interiors, a project that was initiated by the seller, Bridge Investment Group. The new owner will also complete renovations to the property’s exterior. Kenneth Dudunakis, Ben Johnson and David Sorensen of Berkadia executed the transaction.
REDLANDS, CALIF. — A joint venture between Harbert Seniors Housing Fund I LP and JEA Senior Living has purchased a six-asset memory care portfolio across five states for an undisclosed price. The Class A communities include Blossom Grove in Redlands, Calif; Prairie Meadows in Omaha, Neb.; High Plains in Lincoln, Neb.; North Ridge in Albuquerque, N.M.; Autumn Hills in Bloomington, Ill.; and Maple Wood in Springfield, Mo. The portfolio totals 395 beds and was 79 percent occupied at the time of sale. JEA, an owner-operator based in Vancouver, Wash., developed all six properties and will continue to manage them. This marks the first transaction for Harbert Seniors Housing Fund I. The fund is sponsored by Harbert Management Corporation, a Dallas-based owner and operator of multifamily, office, industrial, retail and self-storage properties throughout the United States.
NEW YORK CITY — TerraCRG has arranged the sale of a 58-unit multifamily building located at 15-25 Crown St. in Brooklyn’s Crown Heights neighborhood. Sterling Equities acquired the 51,000-square-foot multifamily building from BCB Property Management for $20.7 million, or $357,000 per unit. The six-story building features one four-bedroom unit, nine three-bedroom units, 19 two-bedroom units, 27 one-bedroom units and two studio apartments. Adam Hess, San Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.