Multifamily

IPA Brokers Sale of Apartment Community in Austin

by Katie Sloan September 1, 2015

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the sale of Springs at Tech Ridge, a 342-unit apartment community located at 1200 E. Parmer Lane in Austin. The newly constructed property features 21 different one-, two- and three-bedroom floor plans with an average unit size of 967 square feet. Springs at Tech Ridge’s community amenities include a fitness center, resort-style swimming pool and a community garden. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer. The terms of the sale were not released.

September 1, 2015

Greysteel Arranges Sale of Pioneer Villas Multifamily Community in Arlington

by Katie Sloan September 1, 2015

ARLINGTON, TEXAS — The Greysteel Co. has arranged the sale of Pioneer Villas, a 90-unit, garden-style multifamily community in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel worked on behalf of the seller, Katz Matlock Place LLC, to complete the transaction. Agorazo I LLC acquired the property, which offers one-, two-, three- and four-bedroom units.

September 1, 2015

Mixed-Use Multifamily New York Northeast Retail

Schur Management Cos. Breaks Ground on $42M Mixed-Use Project in the Bronx

by Amy Works September 1, 2015

NEW YORK CITY — Schur Management Cos. has broken ground on a $42 million mixed-use development located at 2030 Creston Ave. in the Mount Hope neighborhood of the Bronx. Creston Apartments will feature 110,761 square feet of above-grade buildable square footage, including 114 apartments, 11,234 square feet of ground-floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars. The residential mix will include seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments. On-site amenities will include a study center with desks and computers, a fully equipped laundry room and an outdoor landscaped recreation area. Funding for the project is coming from the NYC Housing Development Corp., NYC Department of Housing Preservation and Development, Bronx Borough President’s Office, Capital One bank and the Hudson Housing Corp. The project team includes MacQuesten Cos. as general contractor, Aufgang Architects as architect, and Best Development Group as consultant to the developer. The target date for completion is September 2017.

September 1, 2015

Mixed-Use Multifamily New Jersey Northeast Office

VREP Launches Repositioning of 27-Acre Montville Office Campus

by Amy Works September 1, 2015

MONTVILLE, N.J. — Vision Real Estate Partners (VREP) has launched the repositioning of Montville Corporate Campus, an office campus located at 340-342 Changebridge Road in Montville. VREP plans to convert one of the twin 100,000-square-foot office buildings into a multi-tenant building and rezone half the campus for residential use. The company plans to replace the front of the three-story travertine marble office building with a stone and glass curtain wall system. Interior renovations will include a two-story atrium lobby featuring stone, millwork, upgraded lighting and lounge seating with a coffee bar, as well as a town hall-style conference area in extended third-floor space. Additional renovations include refinished elevators, bathrooms and other common area upgrades throughout the building. The company has partnered with Mill Creek, a high-end multifamily specialist, for the residential development.

September 1, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $3.9M Sale of Apartment Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building, located at 608 Fifth Ave. in Brooklyn. The seven-unit multifamily property sold for $3.9 million. The buyer plans to renovate and modernize the property, which features bay windows, private outdoor patios, wrap-around garden space and a private garage. Derek Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and secured the buyer, a limited liability company, in the transaction.

September 1, 2015

Midwest Missouri Multifamily Ohio Retail

Gershman Commercial Brokers Two Property Sales in Ohio, Missouri

by Amy Works September 1, 2015

HILLIARD, OHIO, AND ST. LOUIS — Gershman Commercial Real Estate has brokered two sales totaling 5,126 square feet in Ohio and Missouri. In the first transaction, Ohio Lube LLC, doing business as Ohio Jiff LLC (Hemco Properties LLC), sold a 2,618-square-foot retail property, located at 3840 Main St. in Hilliard, to Davis & Meyer Ltd. for an undisclosed price. Stephen Symsack and Roger Zigler of Gershman Commercial represented the seller in the transaction. In the second deal, Brian Levine and Jaime Levin acquired 2,508 square feet of multifamily space, located at 4173 Humphrey St. in St. Louis. William Allemann sold the property for an undisclosed price. Lily Seymour of Gershman Commercial represented the seller in the transaction. Additional details of the transactions were not released.

September 1, 2015

California Multifamily Western

The Tides Apartments in La Jolla Sells for $8.5M

by Nellie Day August 31, 2015

SAN DIEGO — The Tides Apartments, a 30-unit apartment community in the San Diego submarket of La Jolla, has sold to LJ Tides LLC for $8.5 million. The community is located at 7431 La Jolla Blvd. It was built in 1968. The buyer plans to renovate the property. Peter Scepanovic, Corey McHenry and Victor Krebs of Colliers represented the seller, Zwack Trust.

August 31, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis August 31, 2015

FORT WORTH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 248-unit apartment community on Hulen Drive in Fort Worth. Will Balthrope, Drew Kile and Al Silva of Marcus & Millichap advised the seller and procured the buyer, an investment consortium organized by LumaCorp Inc., in the transaction. Southern Oaks was completed in 1983 and features 15 different one- and two-bedroom floor plans totaling 188,512 rentable square feet. The apartment community is located in southwest Fort Worth, seven miles from Near Southside Medical District.

August 31, 2015

Mixed-Use Multifamily New York Northeast Retail

Treetop Development Sells 12-Building Multifamily Portfolio for $35M

by Amy Works August 31, 2015

NEW YORK CITY — Treetop Development has completed the sale of a 12-building multifamily portfolio located in Manhattan’s Morningside Heights neighborhood. The portfolio consists of five-story, walk-up apartment buildings featuring a total of 123 residential units and four commercial spaces. Novel Property Ventures acquired the assets for $35 million. The properties include 222 St. Nicholas Ave.; 2268 and 2500 Frederick Douglass Blvd.; 262 W. 115th St.; and 234-262 W. 122nd St. Steven Vegh of Westwood Realty Associates served as broker for both parties in the transaction. Teaneck, N.J.-based Treetop Development originally purchased the properties in 2013 for $22 million.

August 31, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Arranges $1.3M Sale of Land Parcel in Brooklyn

by Amy Works August 31, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.

August 31, 2015

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