Multifamily

Vista Buys Back Two Vista-Developed Apartment Communities in Atlanta MSA for $56.8M

by John Nelson December 9, 2015

ATLANTA — Vista, an Atlanta-based owner and developer of multifamily communities in the Southeast, has purchased two apartment communities in metro Atlanta totaling $56.8 million, or roughly $106,000 per unit. Vista originally developed both complexes and plans to renovate the assets to best-in-submarket status. The properties include the 312-unit Oakwood Vista in Norcross near I-85 and Jimmy Carter Boulevard and the 224-unit Parkway Vista in Atlanta near the I-85/I-285 junction. Vista originally developed Oakwood Vista in 2003 and Parkway Vista in 2002. Vista funded both acquisitions using a combination of permanent financing from Freddie Mac, preferred equity and equity provided by Eduard de Guardiola, the founder of Vista.

December 9, 2015

Multifamily North Carolina Southeast

CBRE Brokers Sale of Apartment Community in Durham

by John Nelson December 9, 2015

DURHAM, N.C. — CBRE has brokered the sale of Level 51 Ten Apartments, a 242-unit apartment community located at 5110 Old Chapel Hill Road in Durham. Built in 2003 as student purpose-built apartments, the complex features one-, two- and three-bedroom units. The undisclosed buyer plans to invest capital to improve the property’s unit interiors, amenities and operations. Phil Brosseau, Kevin Kempf, Jeff Glenn and Jaclyn Fitts of CBRE represented the seller, Chicago-based Blue Vista Capital Management LLC, in the transaction.

December 9, 2015

Loans Midwest Multifamily Ohio

Pillar Originates $9.1M in Fannie Mae Loans for Three Multifamily Properties in Ohio

by Christina Cannon December 9, 2015

LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.

December 9, 2015

Multifamily New Jersey Northeast

Ironstate Development, The Pegasus Group Open Harrison Station 330 in New Jersey

by Amy Works December 9, 2015

HARRISON, N.J. — Ironstate Development Co. and The Pegasus Group have opened Harrison Station 330, a collection of 329 rental apartments in Harrison. Situated one block from the Harrison PATH station, the property features studio, one- and two-bedroom residences, a lobby/lounge, a courtyard with a swimming pool, a fitness center, and 9,600 square feet of street-level retail space. Revitalizing the former industrial area, the residential community is the third phase of a multi-phase development that the companies are constructing adjacent to the PATH station. The project’s first two phases include 275 apartments, more than 20,000 square feet of street-level retail space and a 138-key Element hotel. Once completed, the overall development will feature 2,250 residences and 80,000 square feet retail, in addition to the hotel. Residences at Harrison 330 currently offer monthly rents starting at $1,555.

December 9, 2015

Massachusetts Multifamily Northeast

Wood Partners Breaks Ground for 88-Unit Residential Community in Massachusetts

by Amy Works December 9, 2015

MELROSE, MASS. — Wood Partners has broken ground for 37 Washington, a residential development in Melrose. The 88-unit property will feature granite countertops, stainless steel appliances, in-unit laundry and walk-in closets. Additionally, on-site amenities will include a courtyard with fire pit, and outdoor grills and seating. Leasing is expected to begin in November 2016, with the community slated to open in December 2016.

December 9, 2015

Multifamily New Jersey Northeast

Houlihan-Parnes Realtors Brokers $27.3M Sale of Inverness Apartments in New Jersey

by Amy Works December 9, 2015

WESTVILLE, N.J. — Houlihan-Parnes Realtors has arranged the sale of Inverness Apartments, a garden-style apartment complex located at 5600 Shetland Way in Westville. Coolidge Inverness LLC sold the property to an undisclosed buyer for $27.3 million. Situated on more than 30 acres, the property features 368 multifamily units. Robert Tiburzi of Houlihan-Parnes Realtors brokered the transaction.

December 9, 2015

Multifamily Northeast Pennsylvania

Joint Venture to Develop Multifamily Tower in Philadelphia’s Center City

by Amy Works December 9, 2015

PHILADELPHIA — A partnership between The Goldenberg Group, Hines and ASB Real Estate Investments has broken ground for a residential tower located at 1213 Walnut St. in Philadelphia’s Center City. At 26 stories and 300,000 square feet, 1213 Walnut will feature 332 for-rent studio, one- and two-bedroom residential units. Additionally, the tower will feature more than 7,200 square feet of retail space on Walnut and Sansom streets and more than 11,000 square feet of amenities, including a great room, outdoor terrace, gaming area, entertainment kitchen, private conference area, a 3,000-square-foot fitness center, rooftop deck, an elevated private dog park and bicycle storage. The project team includes Design Collective Inc. as base-building architect, RD Jones & Associates as interior designer and architect, and Hunter Roberts Construction Group as general contractor. Wells Fargo Bank is providing construction financing for the project, which is slated for occupancy in summer 2017. This project is the first joint venture between Goldenberg, Hines and ASB.

December 9, 2015

California Multifamily Western

Phoenix Realty Group, Blackstone Acquire 16-Property Multifamily Portfolio for $570M

by Nellie Day December 8, 2015

LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.

December 8, 2015

Colorado Multifamily Western

Jackson Square Properties Purchases 220-Unit Apartment Community in Denver for $37.2M

by Nellie Day December 8, 2015

DENVER — Jackson Square Properties has acquired The Bluffs at Castle Rock, a 220-unit apartment property in the Denver submarket of Castle Rock, for $37.2 million. The Class B community is located at 483 Scott Blvd. It was built in 1998. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.

December 8, 2015

California Multifamily Student Housing Western

Peak Campus to Manage 27 North Development Near San Jose State

by Nellie Day December 8, 2015

SAN JOSE, CALIF. — CityView and Symphony Development, a Los Angeles-based commercial development firm, have selected Peak Campus to manage the 27 North student apartment project near San Jose State University. Located one block north of the school’s campus, the 478-bed student housing project is currently under construction and will be move-in ready for students at the start of the 2016 school year. Upon completion, 27 North will offer fully furnished units in two-, three- and four-bedroom floor plans, complete with washers and dryers and stainless steel appliances. The community will also feature amenities including a fitness center, resort-style pool, a business center and computer lab, group study lounges on every floor, tanning facilities, a fire pit and grilling areas.

December 8, 2015

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