Multifamily

Lee & Associates Brokers $10.7M Sale of Office Site for Conversion to Seniors Housing

by Nellie Day November 11, 2015

CARPINTERIA, CALIF. — Lee & Associates has arranged the sale of a 51,585-square-foot office building in the coastal Southern California town of Carpinteria for $10.7 million. The buyer, Steadfast Carpinteria Senior LLC, plans to build a 76-bed seniors housing community on the site. Construction will begin once all current tenants have vacated. Stephen Leider and Clarice Clarke, principals with Lee & Associates Santa Barbara, represented Steadfast in the sale. Steadfast is an affiliate of Steadfast Cos., an Irvine-based real estate investment management company that owns and/or operates a $3 billion portfolio in the U.S. and Mexico. Lee & Associates is a brokerage with office locations throughout the country.

November 11, 2015

Multifamily Texas

Greysteel Arranges Sale of Townhome Apartments in Metro Dallas

by Haisten Willis November 11, 2015

DESOTO, TEXAS — Greysteel has arranged the sale of Townhome Apartments, a 14-unit, garden-style community in DeSoto. Greysteel’s multifamily investment sales team led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill served as advisor and agent to the seller, a local private investor, in the sale of Townhome Apartments to Cove Townhomes LLC. Townhome Apartments is located less than three miles from I-35E.

November 11, 2015

Industrial Multifamily Office Retail Texas

Fort Worth Sperry Van Ness Offices Merge into Sperry Van Ness / Trinity Advisors

by Haisten Willis November 11, 2015

FORT WORTH, TEXAS — Commercial brokers Steve Fithian and James Blake have merged their Fort Worth Sperry Van Ness offices together into Sperry Van Ness / Trinity Advisors. The merger brings together Fithian’s Sperry Van Ness / Visions Commercial office and Blake’s Sperry Van Ness / Summit Commercial office. The newly merged office, located at 5601 Bridge St., Ste. 504 in Fort Worth, provides commercial real estate brokerage, leasing, consulting and property management on all commercial property types. Fithian has more than 25 years of commercial real estate experience. His specialty primarily has been in multifamily, but has lately also focused on retail and office properties. Fithian also organizes, manages and acts as the general partner in real estate syndications. Blake has more than 30 years of commercial real estate experience. His primary focus is retail and industrial income-producing properties. He also specializes in single-tenant net lease retail and is working to put together a single-tenant net lease team at Sperry Van Ness / Trinity Advisors to represent clients in the purchase and sale of these properties. The company has a total of six advisors and eight employees.

November 11, 2015

Loans Multifamily Texas

DPG Investments, Affiliates Structure $9.8M Equity Capital for Apartment Acquisition

by Haisten Willis November 11, 2015

WEBSTER, TEXAS — DPG Investments LLC and affiliates have structured $9.8 million in limited partner capital, equating to approximately 95 percent of the required equity, for the acquisition and renovation of a 400-unit apartment complex in the Clear Lake submarket of Houston. The property, called The Falls at Clear Lake, is located on nearly 24 acres in Webster. The Falls is close to the Webster medical corridor and employment centers including the Port of Houston and NASA.

November 11, 2015

Multifamily New Jersey Northeast

AvalonBay Communities Opens 224-Unit Avalon Bloomfield Station in New Jersey

by Amy Works November 11, 2015

BLOOMFIELD, N.J. — AvalonBay Communities Inc. has opened Avalon Bloomfield Station, its newest community in New Jersey. The 224-unit transit-oriented community, which is located near the Bloomfield New Jersey Transit Train station, features a mix of studio, one-, two- and three-bedroom apartments. On-site amenities include a fitness center with a fitness-on-demand and yoga studio, a rooftop patio lounge, a resident lounge and game room with complementary WiFi, and gas barbeque grills and fire pit, as well as on-site restaurants and retail, including Super Foodtown, Tilted Kilt Pub and Eatery and Taste of Tuscany.

November 11, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of 51-Unit Apartment Building in Fort Worth

by Haisten Willis November 11, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Renaissance II, a 51-unit apartment property located in Fort Worth. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Ogilvie and Caldwell also procured the buyer, a limited liability company. Renaissance II is located at 2324 Ridgmar Plaza in Fort Worth, just north of I-30. Constructed in 1962, the 51-unit, Class C asset is situated on one acre. Renaissance II consists of one two-story building with one efficiency, 24 one-bedroom/one-bath and 26 two-bedroom/two-bath floor plans. At the time of listing, the asset was 98 percent occupied.

November 11, 2015

Loans Massachusetts Multifamily Northeast

Federal Capital Partners Provides $14.5M in Construction Financing for 33-Unit Luxury Condos in Boston

by Amy Works November 11, 2015

BOSTON — Federal Capital Partners has provided a $14.5 million senior construction loan for the development of a condominium project located at 170 W. Broadway in South Boston. The loan was funded in partnership with Boston-based The Grossman Companies. KEM Development Co. is developing the project, which will feature 33 one- and two-bedroom luxury condos, including eight penthouses with rooftop decks, below-grade garage parking and 5,000 square feet of ground-floor retail space. Construction began in August and delivery is slated for fourth quarter 2016.

November 11, 2015

Mixed-Use Multifamily New York Northeast Retail

Silvershore Properties Acquires Mixed-Use Property in Queens for $10.6M

by Amy Works November 11, 2015

NEW YORK CITY — Silvershore Properties has acquired a mixed-use building located at 1071 Cypress Ave. in the Ridgewood neighborhood of Queens for $10.6 million. The 33,500-square-foot property features 39 rent-stabilized residential apartments and five mom-and-pop stores, totaling 5,000 square feet. Cypress Realty LCC sold the property, which it originally purchased in 1986. No brokers were involved in the transaction.

November 11, 2015

Alabama Multifamily Southeast

Berkadia Brokers $29.2M Sale of Apartment Community in Birmingham

by John Nelson November 11, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $29.2 million sale of Stonecrest at Double Oak Mountain, a 315-unit apartment property located in Birmingham. Built in 1998, the garden-style community features two- and three-story buildings housing units that average 1,176 square feet. Atlanta-based Waypoint Residential purchased the property from Rodman Properties. David Oakley and Royce Emerson of Berkadia’s Alabama office represented the seller in the transaction.

November 11, 2015

Illinois Midwest Multifamily

Steadfast Apartment REIT Acquires 374-Unit Apartment Complex in Chicago Suburb for $58.5M

by Christina Cannon November 11, 2015

BOLINGBROOK, ILL. — Steadfast Apartment REIT has acquired a 374-unit apartment community located in Bolingbrook, approximately 25 miles southwest of Chicago, for $58.5 million. A public, non-traded REIT, Steadfast purchased the property from Friedkin Real Estate and Jackson Square Properties. Meadows at River Run offers one-, two- and three-bedroom apartments ranging from 670 square feet to 1,262 square feet. The community was built in 2001, and unit amenities include washers and dryers, walk-in closets and fireplaces. Community amenities feature a swimming pool, fitness center, business center and pet park. The complex was 93 percent occupied at the time of sale. Steadfast plans to complete improvements including new lighting, plumbing, stainless steel appliances, faux wood blinds and upgraded countertops. Marty O’Connell of HFF represented the sellers in the transaction. Steadfast Apartment REIT was self-represented.

November 11, 2015

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