Multifamily

HFF Brokers Sale of The Villas at Sienna Plantation in Metro Houston

by Haisten Willis November 4, 2015

MISSOURI CITY, TEXAS — HFF has brokered the sale of The Villas at Sienna Plantation, a 190-unit, Class A apartment complex within the Sienna Plantation master-planned community in Missouri City, a southwest suburb of Houston. HFF marketed the property on behalf of the seller, a joint venture between Watermark Residential and Murphy O’Brien. Sun Holdings Group purchased the asset for an undisclosed amount free and clear of existing debt. The Villas at Sienna Plantation is located at 8585 Sienna Springs Blvd. within Sienna Plantation, which is a 10,000-acre golf course community situated just off State Highway 6 in Missouri City. The community is 12 miles from Sugar Land, 18 miles from the Texas Medical Center and 23.5 miles southwest of downtown Houston. Completed in 2015, the two-story community spans 12 acres and includes one-, two- and three-bedroom floor plans averaging 1,103 square feet. Community amenities include a swimming pool, grilling area, fitness center, dog park, clubhouse, conference room and game room. Todd Marix, Todd Stewart, Chris Curry and JC Clemens led the HFF investment sales team representing the seller.

November 4, 2015

Westmount Realty Capital Acquires Apartment Community in Metro Dallas

by Haisten Willis November 4, 2015

GRAND PRAIRIE, TEXAS — Westmount Realty Capital has acquired the Colonnade Apartments, a Class A, garden-style apartment property located at 2815 Osler Drive in Grand Prairie. Westmount is rebranding the apartment community as Westmount at the Colonnade. The project, constructed in 2001, consists of 192 units on an 11-acre site, for an average of 17 units per acre. Westmount at the Colonnade is located adjacent to Highway 360. The Colonnade is a mixture of two- and three-story buildings with sizes ranging from one-bedroom units of 772 square feet to three-bedroom units up to 1,258 square feet. The complex includes 382 parking spaces, 9-foot ceilings with crown molding, a clubhouse, swimming pool with fountain, media and business center, fitness center and gated access. FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.

November 4, 2015

Multifamily Nevada Western

Pathfinder Partners Buys Condos at Sky Las Vegas

by Nellie Day November 4, 2015

LAS VEGAS – Pathfinder Partners has acquired 64 condominium units at Sky Las Vegas on the Las Vegas Strip. The 42-story, 409-unit luxury condo community is located at 2700 Las Vegas Blvd. South. The units were purchased from the property’s original developer, who had previously sold 345 units and was operating the remaining unsold units as rentals. The transaction was executed by CBRE’s Charles Moore and Marlene Fujita.

November 4, 2015

California Multifamily Western

El Dorado Villas in Los Angeles Sells for $19.5M

by Nellie Day November 4, 2015

LOS ANGELES – The 33-unit El Dorado Villas in the Los Angeles submarket of Sherman Oaks has sold to an international buyer for $19.5 million. The community is located at 4510 Murietta Ave. The community contains individually deeded condos that can be sold separately in the future. The buyer owns other properties in the area and wanted to expand his portfolio with this purchase. The Florida-based seller built the property in 2008. It was represented by Brent Sprenkle of Berkadia.

November 4, 2015

Multifamily New York Northeast

Cushman & Wakefield Arranges $29.1M Fee Position Sale of Multifamily Property in Manhattan

by Amy Works November 4, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the fee position sale of a multifamily property located at 1080 Amsterdam Ave. in Manhattan’s Upper West Side. Mount Sinai St. Luke’s sold the fee position for $29.1 million to an undisclosed buyer. Constructed in 1932, the 20-story, 82,250-square-foot apartment building was leased in 2012 to a partnership of SL Green and Stonehedge, who have since completed a full gut-renovation of the entire property. The property is subject to a 99-year net lease that commenced in 2012. Hall Oster, Paul Massey Jr., Teddy Galligan and Andrew Berry of Cushman & Wakefield brokered the transaction.

November 4, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $3M Sale of Apartment Building in Brooklyn

by Amy Works November 4, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 168 Driggs Ave. in Brooklyn. The asset, which features six rental units, sold for $3 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a developer, and secured the buyer, a limited liability company, in the transaction.

November 4, 2015

Arizona Multifamily Western

Security Properties, Intercontinental Real Estate Buy Pillar at Scottsdale

by Nellie Day November 3, 2015

SCOTTSDALE, ARIZ. — A joint venture between Security Properties and Intercontinental Real Estate has acquired the 539-unit Pillar at Scottsdale apartment community for $95.8M. The property is located at 17212 North Scottsdale Road in Scottsdale. The community was built in 1999. It is situated across from TPC Scottsdale, home of the PGA’s Waste Management Phoenix Open, as well as from the Fairmount Princess Resort. Pillar at Scottsdale was 96 percent occupied at the time of sale. The seller was Private Portfolio Group. The transaction was executed by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.

November 3, 2015

Colorado Multifamily Western

Cascade Village Apartments in Westminster Changes Hands

by Nellie Day November 3, 2015

WESTMINSTER, COLO. — The 444-unit Cascade Village apartment complex in Westminster has sold to a joint venture between Phoenix Realty Group and Real Estate Corporation for an undisclosed sum. The community is located at 6880 W. 91st Court. Cascade Village is situated just half a mile from the 105-acre Westminster Mall master-plan redevelopment that will add 1 million square feet of commercial office space to the area, along with 1.1 million square feet of retail and entertainment venues, and high-density multifamily and residential properties. The unnamed seller was represented by Shane Ozment, Terrance Hunt, Doug Andrews and Jeff Hawks of ARA Newmark.

November 3, 2015

Florida Multifamily Southeast

Berkadia’s Tampa, Orlando Offices Arrange Sale of Two Properties in Florida

by Haisten Willis November 3, 2015

TAMPA & CLEARWATER, FLA. — Berkadia’s Orlando and Tampa offices have arranged the sale of two Florida properties totaling nearly $53 million. Berkadia negotiated the sale and financing of Mainsail South Residences, a multifamily property located at 4711 S. Himes Ave. in Tampa. Jason Stanton of the Tampa office, along with Cole Whitaker and Hal Warren of the Orlando office, completed the sale on Sept. 10. Justin Ownby of the Tampa office negotiated the $25 million acquisition loan through Berkadia’s Fannie Mae Program. The sellers were Mainsail Villas II LLC and Mainsail Villas Holdings LLC of Tampa. Avesta Acquisition LLC, of Tampa, was the buyer and plans to renovate the property’s interior, exterior and common areas. The 10-year loan features a 2.6 percent floating interest rate and a 30-year amortization schedule. Mainsail South Residences is a 319-unit property built in 1984. Unit amenities include fully equipped kitchens, ceiling fans, cable and Internet access, washer and dryer units, vaulted ceilings and patios or balconies. Select units have fireplaces. Community amenities include a swimming pool, Jacuzzi, sun deck, laundry facility, business center, clubhouse, recreation room, extra storage space and secured access gating. The property is 95 percent occupied and is located on a …

November 3, 2015

Georgia Industrial Multifamily Office Retail Southeast

Colliers International Group Acquires Colliers International Atlanta

by Haisten Willis November 3, 2015

NEW YORK CITY & ATLANTA — Colliers International Group has acquired Colliers International Atlanta. The current shareholders of Colliers Atlanta will continue to retain equity in the business under Colliers’ unique partnership model. Terms of the transaction were not disclosed. Founded in 1967, Colliers International Atlanta offers a full range of services for commercial real estate owners and occupiers. Comprising more than 250 professionals, Colliers International Atlanta provides investment sales, lease brokerage, capital markets, property management and project management to local, regional, national and international clients.

November 3, 2015

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