Multifamily

CBRE Negotiates Sale of Multifamily Property in Arlington

by Haisten Willis December 3, 2015

ARLINGTON, TEXAS — CBRE Capital Markets’ Investment Properties has negotiated the sale of Serena Vista Apartments, a 120-unit, value-add multifamily community in Arlington. Des Moines, Iowa-based BHE Acquisitions purchased the asset from Cascades 120 LLC for an undisclosed amount. Dirk Goris and Chris Deuillet of CBRE’s Dallas office represented the seller. The 105,636-square-foot asset, located at 1519 San Francisco Court, was built in 1980. The complex consists of 15 different floor plans and offers efficiency, loft, one-, two- and three-bedroom options. It was 97 percent occupied at closing. Most of the units have received flooring and/or countertop and cabinet upgrades. Five units were recently updated with stainless steel appliances, kitchen backsplashes and fans.

December 3, 2015

RADCO Sells Apartment Community in Metro Atlanta for $7.2M

by John Nelson December 3, 2015

SANDY SPRINGS, GA. — The RADCO Cos. has sold Sierra Place, a 130-unit, Class B apartment community in Sandy Springs, for $7.2 million. RADCO originally purchased the 1970s era property in June 2012. The Atlanta-based multifamily investor sold the asset to a group of three investors. Multi Housing Advisors brokered the transaction. RADCO has four other properties under contract for sale and has three properties totaling 1,100 units in contract for acquisition.

December 3, 2015

Multifamily New York Northeast

TGM Associates Sells 360-Unit Multifamily Property in Fishkill, N.Y., to Hampshire Properties

by Amy Works December 3, 2015

FISHKILL, N.Y. — TGM Associates has sold TGM Village at Merritt Park to New York City-based Hampshire Properties for an undisclosed sum. Located at 80 Jefferson Blvd. in Fishkill, the property features 360 apartment units in a mix of one-, two- and three-bedroom floor plans ranging from 754 square feet to 1,328 square feet. Brian Whitmer of Cushman & Wakefield brokered the transaction. TGM originally purchased the property in 2006.

December 3, 2015

Illinois Midwest Multifamily

SVN | Chicago Commercial Brokers $9.5M Sale of Multifamily Portfolio in Chicago

by Christina Cannon December 3, 2015

CHICAGO — SVN | Chicago Commercial has completed the $9.5 million sale of a four-property multifamily portfolio in Chicago’s South Shore neighborhood. Drexel Properties sold the portfolio to an undisclosed out-of-state buyer. The four properties have a total of 181 units and are located at 6715 S. Paxton Ave., 6755 S. Paxton Ave., 6701 S. Merrill Ave. and 6920 S. Ogelsby Ave. The buyer plans to complete major renovations of all properties. Jeff Baasch of SVN | Chicago Commercial represented the seller in the transaction and was the sole broker.

December 3, 2015

Illinois Loans Midwest Multifamily

Associated Bank Provides $7.5M Construction Loan for Apartment Buildings in Chicago

by Christina Cannon December 3, 2015

CHICAGO — Associated Bank has provided a $7.5 million construction loan to Three Corners Development and Madison Construction. The developer and general contractor will use the capital to build three mixed-use residential apartment buildings in Chicago. The projects will span three stories and will each feature 22 units and approximately 12,000 square feet of ground-floor retail space. The buildings will be located at 1301 W. Devon Ave., 6359 N. Wayne Ave. and 1244 W. Devon Ave.

December 3, 2015

Multifamily Texas

Berkadia Negotiates Sale of Multifamily Property in Austin

by Haisten Willis December 2, 2015

AUSTIN, TEXAS — Berkadia has negotiated the sale of Villas del Sol Apartments, a multifamily property located in Austin. Forrest Bass and George Deuillet of Berkadia’s Austin office completed the sale. Austin-based ACA Villa del Sol LLC was the buyer, and San Diego-based LLJ Quez Rutland Place LLC was the seller. Built in two phases during 1978 and 1982, Villas del Sol Apartments is located at 1647 and 1711 Rutland Drive. The 294-unit property consists of studio, one- and two-bedroom floor plans and is 96 percent occupied. Unit amenities include fully equipped kitchens, walk-in pantries, faux-wood vinyl flooring, built-in desks and bookshelves, ceiling fans, walk-in closets, linen closets and patios or balconies. Select units also include fireplaces and vaulted ceilings. Community amenities include a swimming pool, clubhouse, fitness center, business center, playground, picnic areas with barbeque grills, two laundry facilities and a dog park. Accessible from U.S. Highway 183 and I-35, Villas del Sol Apartments is less than three miles from The Arboretum shopping center and less than two miles from The Domain shopping center.

December 2, 2015

Multifamily Texas

CIM Group Funds Partnership’s Land Acquisition for The Independent in Downtown Austin

by Haisten Willis December 2, 2015

AUSTIN, TEXAS — CIM Group has funded the acquisition for the purchase of 1.7 acres located at the northeast corner of West Third Street and West Avenue in downtown Austin. The transaction marks a milestone in the development of The Independent, a 58-story, 370-unit condominium tower. The property was acquired from the city of Austin under the terms of a master development agreement. Demolition and site work activity will commence this month. The Independent will be located in downtown Austin, surrounded by shopping, dining and entertainment destinations, offering retailers, casual and fine dining, daily needs services and grocers. CIM Group, Aspen Heights and Constructive Ventures are co-developers of The Independent.

December 2, 2015

Multifamily New Jersey Northeast

Partnership Acquires 550-Unit Apartment Property in New Jersey for $107.2M

by Amy Works December 2, 2015

PISCATAWAY, N.J. — A partnership between The KRE Group, Oxford Realty Group and Blue Vista Capital Management has acquired Royal Gardens Apartments, located at 3060 New Brunswick Ave. in Piscataway, for $107.2 million. Situated on 36 acres, the 550-unit property features 258 one-bedroom apartments and 292 two-bedroom units. The partnership plans to install additional amenities and property improvements at the community, including an outdoor swimming pool. The property was 96 percent occupied at the time of sale. Joseph Brecher of Gebroe-Hammer Associates represented the seller in the transaction.

December 2, 2015

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $20.5M Construction Financing for Allston Apartment Complex

by Amy Works December 2, 2015

BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.

December 2, 2015

Colorado Multifamily Western

Gelt Buys 564-Unit Apartment Community in Denver for $74M

by Nellie Day December 2, 2015

DENVER — Gelt Inc. has purchased a 564-unit apartment community in Denver for $74 million from TruAmerica Multifamily. The community is located at its namesake, 3300 Tamarac Drive. The complex was built in 1977. It is situated at the intersection of interstates 25 and 225, near the northern border of the Denver South Business Corridor. This submarket is home to seven of the nine Fortune 500 Companies in the state. This was Gelt’s largest apartment property purchase to date in terms of both the quantity of units and price. It was also its first acquisition in Colorado. Gelt has acquired a total of 1,192 units this year, valued at more than $140 million. The firm hopes to acquire 2,000 additional units in 2016 within high-growth, infill locations throughout the Western U.S. CBRE’s Brian Eisendrath and Ross Moore arranged a $55.6 million acquisition loan Gelt. The 10-year, fixed-rate financing features a five years of interest-only payments. Gelt will continue a renovation program in progress at the community, in addition to executing further capital improvements on the units’ interiors and common areas. This was TruAmerica Multifamily’s first sale. The company acquired the asset in partnership with DVO Real Estate and RCG Longview. It invested about $2.4 billion …

December 2, 2015

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