Multifamily

Promenade Terrace Apartments in Corona Sells for $78.5M

by Nellie Day October 9, 2015

CORONA, CALIF. — The 330-unit Promenade Terrace apartments in Corona has sold to an unnamed buyer for $78.5 million. The community is located at 451 Wellesley Drive. Promenade Terrace is less than a half mile from Corona Hills Plaza, a 534,000-square-foot power center. It is also within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties. Alexander Garcia, Jr., Stewart I. Weston, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented both the buyer and unnamed seller in this transaction.

October 9, 2015

Multifamily Texas

Austin Investor Buys 308-Unit Value-Add Multifamily Community in Irving

by Haisten Willis October 8, 2015

IRVING, TEXAS — CBRE Capital Markets’ Investment Properties has arranged the sale of Newport, a 308-unit multifamily community in the north Dallas suburb of Irving. The PPA Group, based in Austin, purchased the asset from Shreveport, La.-based Fortis Co. for an undisclosed price. Chris Deuillet of CBRE’s Dallas office represented the seller. The 238,784-square-foot asset, located at 3466 N. Beltline Road, was built in 1981. The Class B complex includes one- and two-bedroom units with an average size of 775 square feet. Newport was 96 percent occupied at closing. Two hundred units have been upgraded with modern wall texturing, customized kitchen cabinet doors, black appliances and faux-wood flooring in select areas of each unit. Other capital improvements were completed on the exterior and in common areas between 2010 and 2012. The buyer plans to complete the remaining unit remodels, add a dog park and increase the size of the play area.

October 8, 2015

California Multifamily Seniors Housing Western

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 8, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 8, 2015

Madison at Spring Woods Jacksonville The Park at Via Veneto

Florida Multifamily Southeast

Blue Rock Partners, Konover South Buy Multifamily Portfolio in Jacksonville for $64.8M

by John Nelson October 8, 2015

JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.

October 8, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $12M Sale of Apartment Community in South Florida

by John Nelson October 8, 2015

LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.

October 8, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Ariel Property Advisors Brokers the Sales of Two East Harlem Properties Totaling $11.7M

by Amy Works October 8, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sales of two properties, totaling $11.7 million, in East Harlem. In the first transaction, a private investor acquired a six-story mixed-use property located at 124-128 E. 107th St. in East Harlem for $9.1 million, or $449 per square foot. The 20,395-square-foot building contains 34 residential units, two commercial units and two superintendent units. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property represented the seller, a private real estate firm, and procured the buyer. In the second deal, a private investor purchased a development site located at 2282 Second Ave. in East Harlem for $2.6 million, or $215 per buildable square feet. The property offers approximately 12,191 total buildable square feet for mixed-use development. Samuel Atlas, Tortorici, Sozio, Gillis and Berkowitz of Ariel Property represented the seller, a private real estate firm, and procured the buyer in the transaction.

October 8, 2015

Loans Multifamily New Hampshire Northeast

Fantini & Gorga Arranges $9.7M in Financing for Three Multifamily Properties

by Amy Works October 8, 2015

DOVER AND MANCHESTER, N.H. — Fantini & Gorga has arranged three loans totaling $9.7 million in permanent financing on three multifamily properties in Dover and Manchester. The loans were placed with a regional financial institution on behalf of a long-term client of the firm. The properties total 127 units and were acquired by the client in the early 1990s. Additionally, many of the units have received recent upgrades, including kitchen cabinets, appliances and ceramic tiling, as well as new carpet throughout the living areas. Mark Whelan of Fantini & Gorga arranged the financing for the undisclosed borrower.

October 8, 2015

Massachusetts Multifamily Northeast

Worchester Building Systems Inc. Buys Land Site for Multifamily Development in Massachusetts

by Amy Works October 8, 2015

WORCESTER, MASS. — Worcester Building Systems Inc. has acquired a land parcel at 100 Wall St. in Worcester. City View Apartments LLC sold the site, which is the former site of the El Morocco Restaurant, for $850,000. The buyer plans to develop a 60-unit residential apartment building on the site. Drew Higgins and Paul Matt of Kelleher & Sadowsky Associates represented the seller in the transaction.

October 8, 2015

Illinois Midwest Multifamily

Interra Realty Arranges Sales of Two Multifamily Properties in Chicago for $3.9M

by Christina Cannon October 8, 2015

CHICAGO — In separate transactions, Interra Realty has arranged the sale of two apartment properties on the north side of Chicago for a total of $3.9 million. A 12-unit property located at 3748 W. School St. in Avondale sold for $2 million, or $170,000 per unit. The 13,300-square-foot building was constructed in 1918 and renovated in 2007. The property was originally slated to be condos. The building has been operating as a rental property for the last eight years. A 19-unit property located at 6971 N. Greenview Ave. in Rogers Park sold to an undisclosed cash buyer for $1.9 million, or $100,000 per unit. The 15,200-square-foot property traded at a cap rate of 5.1 percent and was built in 1930. James Clough and Joe Smazal of Interra represented both undisclosed parties in the transactions.

October 8, 2015

Massachusetts Mixed-Use Multifamily Northeast Office Retail

Oaktree FX Opens 74-Unit Brookside Square in West Concord, Mass.

by Amy Works October 7, 2015

WEST CONCORD, MASS. — Oaktree FX, a partnership between Oaktree Development and FX Investments, has opened Brookside Square, a transit-oriented, mixed-use development in West Concord. The $32 million property features 74 luxury apartments and 36,000 square feet of commercial and office space within a short walking distance to the West Concord Commuter Rail Station. The property features a mix of studio, one- and two-bedroom units priced from $1,755 to $3,265. On-site amenities include an underground parking garage, community room with gas fireplace and WiFi access, fitness center and a community deck overlooking Nashoba Brook. The property is managed by WinnResidential.

October 7, 2015

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