Multifamily

Federal Capital Partners Sells Two Apartment Communities in Maryland for $88.7M

by John Nelson December 2, 2015

TEMPLE HILLS AND LAUREL, MD. — Federal Capital Partners (FCP) has sold two apartment communities in Prince George’s County in Maryland for a combined $88.7 million. The properties include the 390-unit South Pointe Apartments in Temple Hills and the 386-unit Montpelier Crossing in Laurel. FCP purchased both assets in 2011 and executed capital improvements to both projects during its ownership. Dean Sigmon and Robin Williams of Transwestern represented FCP in the South Pointe transaction, and Bill Roohan, Mike Muldowney and Martha Hastings of CBRE represented FCP in the Montpelier Crossing deal.

December 2, 2015

Georgia Loans Multifamily Southeast

Capital One Provides $18.2M Acquisition Loan for Apartment Community in South Georgia

by John Nelson December 2, 2015

VALDOSTA, GA. — Capital One has provided an $18.2 million acquisition loan for Northwind Apartments, a 276-unit apartment community in Valdosta, a city located along the Georgia-Florida border. Constructed in two phases between 2004 and 2008, Northwind Apartments features a pool, fitness center, tennis court, community room, grilling/picnic area and controlled access. Chad Thomas Hagwood of Capital One Multifamily’s Birmingham office originated the 10-year Freddie Mac loan on behalf of the borrower, EBSCO Income Properties, a subsidiary of EBSCO Industries. The loan features a fixed interest rate and four years of interest-only payments followed by a 30-year amortization schedule.

December 2, 2015

Iowa Midwest Multifamily Student Housing

Pierce Buys Student Housing Community Near Iowa State University for $21.3 Million

by Christina Cannon December 2, 2015

AMES, IOWA — Pierce Education Properties (PEP) LP has purchased South Duff Community Park, an off-campus student housing community serving Iowa State University students in Ames, for $21.3 million. The seller was undisclosed. KeyBank Real Estate Capital provided debt financing of $11.4 million. South Duff Community Park is a 490-bed, 192-unit mixed-use community located just south of the Iowa State campus with studio, one-, two-, three-, four- and five-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, balconies and open green space with an adjoining 10-acre pet park. PEP plans to add large, flat-screen TVs and designer furniture packages in every unit. PEP will also introduce a shuttle service to and from campus. Community amenities include enclosed garage stalls, a 24-hour fitness center, basketball courts, free tanning salon and high-speed Internet. Iowa State University, which enrolls more than 34,400 students, has experienced a 23 percent growth in enrollment over the past five years.

December 2, 2015

Illinois Loans Midwest Multifamily

NorthPoint Capital Originates $2.1M Refinancing Loan for Multifamily Property in Lake County, Illinois

by Christina Cannon December 2, 2015

LAKE COUNTY, ILL. — NorthPoint Capital Funding Inc. has originated a $2.1 million refinancing loan for a 36-unit multifamily property in Lake County, approximately 40 miles north of Chicago. The loan features a 10-year term and 30-year amortization schedule with loan proceeds in excess of the existing balance. Rick Rodriguez and Kevan Briscoe of NorthPoint originated the loan. The name of the borrower was not disclosed.

December 2, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers $3M Sale of 12-Unit Apartment Property in Chicago

by Christina Cannon December 2, 2015

CHICAGO — Marcus & Millichap has brokered the $3 million sale of a 12-unit apartment property in Chicago. The property is located at 855 W. Grace St. and is near Wrigleyville, home of the Chicago Cubs. Kyle Stengle listed the property on behalf of the seller, an undisclosed private investor. Stengle also represented the buyer, a limited liability company.

December 2, 2015

California Multifamily Seniors Housing Western

Goodman Group to Open 19-Unit Memory Care Addition to Community in California

by Nellie Day December 1, 2015

LOS ALAMITOS, CALIF. — Minnesota-based operator The Goodman Group will hold a grand opening Thursday for Pearl Garden, a 19-unit memory care community within the Katella Senior Living community in the Los Alamitos submarket of Los Angeles. Pearl Garden will add memory care to the community’s existing independent living and assisted living units. The new units are intended to allow residents to age in place at Katella longer. Alamitos West Health Care Center, a skilled nursing and rehabilitation community also managed by Goodman Group, is located on the same campus. The full-service Los Alamitos Medical Center is located across the street.

December 1, 2015

Colorado Multifamily Western

Denver Apartment Complex Sells for $2.5M

by Nellie Day December 1, 2015

DENVER – A local buyer has purchased a 15-unit apartment complex in Denver for $2.5 million. The community is located at 3005-3015 E. 14th Ave. The vintage building is situated in Congress Park. Jim Knowlton of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.

December 1, 2015

Multifamily Texas

HFF Arranges Sale of 411-Unit Apartment Community in San Antonio

by Haisten Willis December 1, 2015

SAN ANTONIO, TEXAS — HFF has arranged the sale of The Place at Overlook, a 411-unit apartment community in San Antonio. HFF marketed the asset on behalf of MC Cos. My Residential, a private company based in Denver, purchased the property on a loan assumption basis for an undisclosed price. The Place at Overlook is situated on 16 acres at 4934 Woodstone Drive near the intersection of I-10 and Huebner Road in northwest San Antonio. The 31-building property includes 294,000 rentable square feet and offers a mix of one- and two-bedroom units. Community amenities include a swimming pool, full-size sport court, sand volleyball court, fitness center and a clubhouse. Matt Pohl and Sean Sorrell led the HFF investment sales team representing the seller.

December 1, 2015

Multifamily Texas

M&M Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis December 1, 2015

MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Tradewinds, a 308-unit multifamily asset in Mesquite. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office, along with Marc Sommer of the firm’s Chicago Downtown office, represented the seller. Fluellen, Hoover and Sean Scott, an associate in the Dallas office, procured the buyer. The property is located at 2136 Tradewind Drive with frontage along North Town East Boulevard. Built in 1967 on 13.1 acres, Tradewinds features five floor plans. The average unit size is 836 square feet and the majority are two- and three-bedroom apartments. Recent improvements include roof replacements on four buildings, the installation of a new chiller, cooling tower and hot water boiler and parking lot repairs. Approximately 120 units have undergone interior upgrades including vinyl flooring, updated appliances, new carpet and faux granite countertops.

December 1, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Negotiates $27M Sale of Development Site in Brooklyn

by Amy Works December 1, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 1, 2015

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