Multifamily

Marcus & Millichap Brokers $1M Sale of 19-Unit Apartment Property in New Richmond, Wisconsin

by Christina Cannon February 23, 2016

NEW RICHMOND, WIS. — Marcus & Millichap has brokered the $1 million sale of a 19-unit apartment property in New Richmond, approximately 45 miles northeast of Minneapolis, Minn. Heritage Apartments consists of 15 two-bedroom and four three-bedroom units located in two buildings, which were built in 1986 and 1997. The property has undergone renovations over the last eight years that include new windows, vinyl siding and roofs. The seller was a limited liability company that sold the asset, located at 1380 Heritage Drive, to a private investor. The property traded at its full list price and had a cap rate below 7 percent. Evan Miller, Mox Gunderson, Matthew Fitzgerald and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller and secured the buyer in the transaction.

February 23, 2016

Multifamily Top Stories

Forest City Sells Military Housing Business to Hunt Cos. for $208.8M

by Katie Sloan February 23, 2016

CLEVELAND — Cleveland-based Forest City Realty Trust Inc. (NYSE: FCEA and FCEB) has completed the sale of its military housing business to Hunt Cos. Inc. for $208.8 million. The military housing business consists of fee-income streams from property management, asset management, and construction and development of family housing communities for the Navy, Marines and Air Force, as well as minority equity interest in the real estate at each location. The business includes 14,500 housing units comprised of single-family homes, duplexes and triplexes. Properties in the transaction include military housing installations at the Air Force Academy in Colorado Springs, Colo.; Air Force Southern Group, consisting of four Air Force bases including Arnold Air Force Base in Tennessee, Charleston and Shaw Air Force bases in South Carolina, and Keesler Air Force Base in Mississippi; Navy and Marine Corps bases in Hawaii; military housing associated with three Naval installations in the Puget Sound area of Washington; and six military housing communities at Naval Station Great Lakes in Illinois, Naval Surface Warfare Center in Crane, Ind., and Navy-Mid-South in Millington, Tenn. As part of the transaction, Hunt is extending employment offers to the majority of Forest City’s associates currently in the military housing business. …

February 23, 2016

Features Multifamily Top Stories

Ten-X Selects Orlando as Best Multifamily Market for Buyers

by John Nelson February 23, 2016

IRVINE AND SILICON VALLEY, CALIF. — Ten-X, formerly Auction.com, has released its list of the multifamily sector’s top buy and sell markets in the United States, with Orlando ranked as the No. 1 market for buyers. The list was included in the company’s Multifamily Market Outlook report, which is based on third-quarter 2015 data from Reis and forecasted fundamentals from Ten-X Research. Rounding out the top five apartment markets for buyers are Raleigh-Durham, N.C.; Fort Lauderdale, Fla.; Phoenix; and Sacramento, Calif. Ten-X ranked Orlando as the No.1 market for apartment buyers because the metro’s monthly effective rental rate per unit is expected to jump from $970 in 2015 to $1,169 in 2019, a nearly 21 percent increase during that period. The market’s vacancy rate is also expected to contract from 5.3 percent in 2015 to 4.3 percent in 2019. Ten-X expects Orlando’s multifamily supply pipeline to remain heavy in the near future. Even with the new construction, vacancies are expected to decline to the low 3-percent range and settle in at the low-4 percent range during the next few years. Orlando’s total employment is now at a record high, surpassing its 1990s peak and recently notching greater than 4.5 percent …

February 23, 2016

The 264-unit Broadstone Lincoln apartment complex in Scottsdale, Ariz.

Arizona Multifamily Western

The Praedium Group Acquires Broadstone Lincoln Apartments in Scottsdale

by Jeff Shaw February 22, 2016

SCOTTSDALE, ARIZ. — The Praedium Group has purchased the 264-unit Broadstone Lincoln apartment complex in Scottsdale for an undisclosed sum. The Class A community is located at 7100 E. Lincoln Drive. Broadstone Lincoln features a two-story fitness center and a resort-style pool with outdoor cabanas. It has also achieved LEED-Platinum certification. “Broadstone Lincoln is among the newest and highest-quality assets in Scottsdale,” says Asim Hamid, Praedium’s managing director. “Due to its proximity to advanced educational facilities and dynamic growth from technology and healthcare companies, Scottsdale continues to have exceptional employment drivers.” Notable employers in the area include Yelp, Groupon, McKesson, Zenefits, Scottsdale Healthcare, Weebly and CA Technologies. Broadstone Lincoln is situated less than three miles from downtown Scottsdale, near Scottsdale Fashion Square and SMoCA, the Scottsdale Museum of Contemporary Art. It is adjacent to the recently approved $2 billion Ritz-Carlton Paradise Valley project, which is scheduled for completion in 2018. The new Five Star Development project will feature a 200-room Ritz-Carlton hotel, 94 townhome-style villas and 45 single-family homes with access to Ritz-Carlton hotel services and amenities. The Praedium Group is a New York-based, privately held real estate investment firm that focuses on under-performing and undervalued assets throughout the United States. The firm executed the transaction …

February 22, 2016

California Multifamily Western

Sol@Campbell in Silicon Valley Sells for $14M

by Nellie Day February 22, 2016

CAMPBELL, CALIF. — An unnamed buyer has purchased the 40-unit Sol@Campbell apartment building in the Silicon Valley submarket of Campbell for $14 million. The community is located at 300 Dunster Drive and 350 Dunster Drive. It was built in 1957 and renovated in 2015. Mitchell Zurich of Marcus & Millichap’s Palo Alto office represented the seller, a locally based investment group, in this transaction.

February 22, 2016

Colorado Multifamily Western

Steadfast Apartment REIT Buys Horseshoe Lake Apartments in Loveland

by Nellie Day February 22, 2016

LOVELAND, COLO. — Steadfast Apartment REIT has acquired the 222-unit Horseshoe Lake in Loveland for an undisclosed sum. It is located at 341 Knobcone Drive. The community is situated an hour north of Denver near Colorado State University. Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks of ARA Newmark represented the seller, Buckley Brothers, in this transaction. The firm’s founder and owner, John Buckley, built this community in 2002.

February 22, 2016

Multifamily New York Northeast

GFI Realty Services Closes $15M Sale of Apartment Building in Queens

by Amy Works February 22, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 41-29 41st St. in the Sunnyside section of Queens. Norcor Management acquired the building for $15 million, or $306,000 per unit. The 40,800-square-foot multifamily property features 49 apartment units. Josh Orlander of GFI Realty represented the buyer, while Daniel Shragaei, also of GFI Realty, represented the seller, an Astoria, Queens-based firm that primarily manages residential properties in Queens.

February 22, 2016

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Negotiates $5.1M Sale of Brooklyn Mixed-Use Property

by Amy Works February 22, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. The asset sold for $5.1 million. Built in 2007, the property features 18 apartments, five stores and 26 parking spaces. Jacob Aronov of Alpha Realty, along with a team of brokers from Besen & Associates, represented the undisclosed buyer and seller in the transaction.

February 22, 2016

Multifamily Seniors Housing South Carolina Southeast

Cardinal Ventures Breaks Ground on 88,000 SF Seniors Housing Community in Metro Columbia

by John Nelson February 22, 2016

ELGIN, S.C. — Cardinal Ventures, a developer based in Mississippi, has broken ground on The Blake at Woodcreek Farms, a seniors housing community located within the 2,300-acre resort-style community of Woodcreek Farms in the Columbia suburb of Elgin. The Blake at Woodcreek Farms will total 88,000 square feet, with a scheduled opening in early 2017. The community will have assisted living and memory care apartments. Development costs and number of units were not disclosed. Blake Management Group will operate the community once complete. The company currently manages other Blake-branded communities in Alabama, Louisiana, Mississippi and Tennessee.

February 22, 2016

The Park at Trapani Landmark at Sage Commons Jacksonville

Florida Multifamily Southeast

Blue Rock Premier Properties Buys Apartment Portfolio in Jacksonville for $48M

by John Nelson February 22, 2016

JACKSONVILLE, FLA. — Newly formed Blue Rock Premier Properties LLC has closed on its purchase of a 532-unit, two-property apartment portfolio in Jacksonville from Landmark Apartment Trust for $48 million. The properties had an average 95 percent occupancy at the time of sale. The communities include the 284-unit Landmark at Hampshire Place located at 10023 Belle Rive Blvd. and the 248-unit Landmark at Sage Commons located at 8401 Southside Blvd. Blue Rock Premier will invest $3.4 million in interior and exterior upgrades and rebrand the properties as The Park at Potenza and The Park at Trapani, respectively. Dhaval Patel of CBRE’s Jacksonville office brokered the transaction. Wells Fargo provided debt financing on behalf of Blue Rock Premier.

February 22, 2016

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