NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.
SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a newly constructed multifamily property located at 64-64 Wetherole St. in the Rego Park neighborhood of Queens. The seven-story, 10,465-square-foot building features eight residential apartments. The property was delivered vacant with a 421-a tax abatement in place. Steven Westreich and Hen Vaknin of Westbridge Realty brokered the off-market transaction, which closed for an undisclosed sum. The names of the buyer and seller were not released.
ORLANDO, FLA. — ARA Newmark has brokered the $51.4 million sale of Amara at MetroWest, a 411-unit, Class A apartment community in Orlando. The property is part of MetroWest, the $960 million, 1,800-acre master-planned community that is situated five miles north of Universal Resorts and six miles southwest of downtown Orlando. Built in 1997, the property’s amenities include a 24-hour fitness center, resident business center, playground, tennis court, clubhouse with a media lounge, car care area, two swimming pools and outdoor barbecue grills with picnic areas. Kevin Judd, Patrick Dufour, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, Fairfield Amara LLC, in the transaction. The buyer was Salt Lake City-based Bridge Investment Group Partners, managers of the ROC Funds.
CHICAGO — Interra Realty has arranged the sale of two properties in Chicago for a total of $2.4 million in separate transactions. A 12-unit mixed-use property, located at 5355 W. Irving Park Road, sold for $1.5 million. Built in 1927, the property includes 10 two-bedroom/one-bathroom apartment units and two retail spaces leased to a barbershop and fitness studio. A 12-unit apartment building, located at 2854 N. Lowell Ave., sold for $975,000. Constructed in 1930, the building contains all one-bedroom units. Joe Smazal and James Clough of Interra represented both parties in the two transactions. Patrick Kennelly also assisted in brokering the sale of the property located at 2854 N. Lowell Ave. All parties in the transactions were undisclosed.
WEST PALM BEACH, FLA. — CBRE has arranged the $44 million sale of AMLI at Ibis, a 234-unit, gated apartment community in West Palm Beach. Olen Properties purchased the asset from AMLI Residential. The lakeside property is located on a 14.9-acre parcel at 8300 Ibis Reserve Circle, adjacent to the Ibis Golf and Country Club. Robert Given, Zachary Sackley, Mary Kate Swann, Charles Foschini and Christopher Apone of CBRE brokered the transaction. Completed in 2000, AMLI at Ibis features a clubhouse, 31 detached garages, unstaffed gate and guard house, resort-style pool and spa overlooking the lake, outdoor covered picnic area, tennis court, fitness center, car care center, children’s center, conference room and a veranda. Individual units feature 9-foot ceiling heights, crown molding, private entries and direct access garages in 78 select units.
INDIANAPOLIS — CBRE Group Inc. has arranged the sale of a 156-unit apartment complex in Indianapolis for an undisclosed price. Engel Realty, an apartment operator based in Birmingham, Ala., purchased the property from Hills Properties. Located just over a mile from Eagle Creek Park, Eagle Chase was built in 1995 and is 97 percent occupied. Units at Eagle Creek average 1,119 square feet. The Central Midwest multifamily team of CBRE represented the seller in the transaction.
CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered six sales of apartment communities in North Carolina’s Triad Region totaling $37.1 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all six transactions. The transactions included WB Ventures purchasing the 204-unit The Morehead in Greensboro from Midway Investors for $11.2 million; QR Capital purchasing the 120-unit Battleground Oaks in Greensboro from Carlisle Residential for $6.7 million; Harvest Investments purchasing the 140-unit The Colony in Burlington from Titan Capital for $6.3 million; Tallahassee Apartments LLC purchasing the 160-unit Ridgewood in Greensboro for $5.4 million; a private individual purchased the 108-unit, 324-bed Collegiate Commons in Greensboro for $4.2 million; and Engineering Partners purchased the 80-unit The Hedges from The Hedges of Greensboro LLC for $3.3 million.
Fannie Mae and Freddie Mac’s New Year’s resolution has a familiar ring to it: The two agencies will continue to focus on providing liquidity to the marketplace in the form of unconventional loans. Rich Martinez, vice president of production and sales at Freddie Mac Multifamily, and Michael Keeney, credit risk manager of Fannie Mae Multifamily’s credit division, each indicate their respective agencies will emphasize building out the affordable housing, workforce housing and small business loan production in 2016. “There’s a crisis of affordable housing in the country, it’s pretty much everywhere,” said Martinez, speaking at the sixth-annual InterFace Multifamily Southeast conference held in Atlanta last Thursday. “We want to be in all sectors of the market, and we’re particularly focused on our affordable business, which was a record year this year,” said Martinez, who also runs the Southeast and seniors divisions for Freddie Mac. Freddie Mac’s multifamily business is on pace to exceed $46 billion for 2015, far surpassing the $29 billion total in 2014. The agency has pivoted in recent months to produce more loans for niche sectors of the multifamily continuum, including seniors and student housing. “We rolled out a new small balance loan program, and year-to-date we expect to …
TEMPE, ARIZ. — Berkadia has arranged the $16.8 million sale of The Mark, a student housing community within walking distance of Arizona State University in Tempe. The Mark features 161 units with studio, one- and two-bedroom floor plans. Built in 1970, the property is currently 98 percent occupied and master-metered for HVAC. Community amenities include a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills and elevator access. Berkadia’s Dan Cheyne, vice president; Mark Forrester, senior managing director; Ric Holway, managing director; and Kevin Larimer, managing director — student housing, closed the sale. Nelson-Brothers of Aliso Viejo, Calif., is the buyer of the property. The seller, Sundance Bay of Salt Lake City, purchased the property as a distressed asset and completed a full renovation and rebranding. The purchase price reflects a per-unit price of $104,280.