Multifamily

MHA Brokers Sale of Three Apartment Communities in Triangle Area for $62.4M

by John Nelson October 19, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered three separate sales of three apartment communities in the Raleigh-Durham area totaling $62.4 million. The transactions include Atlanta-based TriBridge Residential selling The Hamptons at RTP, a 286-unit property in Durham, to Cortland Partners for $34.6 million; Los Angeles-based Robertson Properties Group selling Emerald Forest, a 320-unit property in Durham, to New York-based Somerset Partners for $19.5 million; and New York-based JEM Holdings purchasing Westchester, a 160-unit property in Garner, from Carlisle Residential for $8.3 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in all three transactions.

October 19, 2015

Maryland Multifamily Southeast

Wood Partners to Break Ground on Apartment Community in Maryland

by John Nelson October 19, 2015

LAUREL, MD. — Wood Partners plans to break ground on a new 340-unit apartment community in Laurel, a city situated halfway between Baltimore and Washington, D.C. The property, known as The Residences Towne Centre at Laurel, will be located on a 5.2-acre site adjacent to the Towne Centre at Laurel, a 400,000-square-foot mixed-use development that features an Old Navy, Outback Steakhouse, Mission BBQ and Panera Bread. Designed by JDavis Architects, the new community will comprise a 640,000-square-foot, four-story building wrapping a 555-space parking garage. The units will feature quartz countertops, stainless steel appliances, tile backsplashes, oversize tubs, vinyl plank flooring, upgraded lighting and hardware packages and full-size washers and dryers. Community amenities will include lounge spaces, a game room, café, business center, fitness facility with a yoga studio, additional storage space, bicycle storage and a pet spa. CBRE represented the seller, Greenberg Gibbons, in the land sale. Leasing is anticipated to begin in early 2017, with construction scheduled for completion by the summer of 2017.

October 19, 2015

California Multifamily Western

AvalonBay Buys Hollywood Land Parcel for New Mixed-Use Development

by Nellie Day October 16, 2015

LOS ANGELES — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million. The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.

October 16, 2015

Arizona Multifamily Western

TruAmerica Multifamily Buys Trevi Apartments in Chandler for $47.5M

by Nellie Day October 16, 2015

CHANDLER, ARIZ. — TruAmerica Multifamily has purchased the 290-unit Trevi apartments in Chandler for $47.5 million. The Class A community is located at 635 S. Ellis Street. Trevi was built in 2005. It is currently 97 percent occupied. TruAmerica leveraged the acquisition with $34.2 million in agency debt financing secured through Berkeley Point Capital. Mitch Clarfield originated the loan. This is TruAmerica’s second acquisition in the Greater Phoenix area. The purchase was made in partnership with an institutional investor. The seller was Alliance Residential Company.

October 16, 2015

California Multifamily Student Housing Western

IPA Arranges Sale of USC Student Housing Portfolio for $39.1M

by Nellie Day October 16, 2015

LOS ANGELES — Institutional Property Advisors (IPA) has arranged the sale of The Shrine Collection, a 324-bed, 103-unit student housing community near the University of Southern California (USC), for $39.1 million. The sales price equates to just under $380,000 per unit and approximately $120,700 per bed. Ron Harris, IPA executive vice president of investments, director Paul Darrow and associate director Michael DiSimone advised the seller and procured the buyer, a joint venture between Stuho and Cambridge Capital Advisors. Situated on seven parcels of land totaling more than two acres, the properties are Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC’s main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles. The portfolio’s properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all residents have the use of a fitness center.

October 16, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Brokers $9M Sale of 54-Unit Apartment Building in Minneapolis

by Christina Cannon October 16, 2015

MINNEAPOLIS — Marcus & Millichap has brokered the $9 million sale of Dean Parkway, a 54-unit apartment property located at 2920 Dean Parkway in Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of Marcus & Millichap represented the undisclosed seller. Talberg also represented the undisclosed buyer.

October 16, 2015

Loans Michigan Midwest Multifamily Student Housing

Latitude Management Closes Senior Bridge Loan for 65-Unit Student Housing Complex in Grand Rapids, Michigan

by Christina Cannon October 16, 2015

GRAND RAPIDS, MICH. — Latitude Management, which specializes in providing short-term, floating-rate loans to middle-market commercial real estate sponsors, has closed on a senior bridge loan for a student housing complex, The Lofts at 5 Lyon, in Grand Rapids. The loan was used for the acquisition, renovation and conversion of a multifamily property into student housing. Renovations at the 65-unit, 175-bed property include interior unit upgrades, aesthetic improvements and the addition of common areas. The housing complex is fully occupied. The loan was originated out of Latitude Management’s third discretionary debt fund, Latitude Management Real Estate Capital III.

October 16, 2015

Multifamily New York Northeast

Joint Venture Launches Leasing at One Sixty Madison in NoMad

by Amy Works October 16, 2015

NEW YORK CITY — J.D. Carlisle Development Corp., in partnership with DLJ Real Estate Capital Partners and Mitsui Fudosan America Inc., has launched leasing at One Sixty Madison, a new residential tower located in NoMad, at the nexus of Chelsea, Gramercy and Midtown. Designed by SLCE Architects, the 45-story octagonal building features 319 rental residences in a mix of studios, one- and two-bedroom homes. The interior spaces, which were designed by Philip Koether Architects, feature floor-to-ceiling windows, oak floors and panoramic views. On-site amenities include the Three Sixty Lounge atop the building, an indoor fireplace, two expansive rooftop terraces, a 14,000-square-foot Park Lounge, a fitness center, valet and concierge services, bicycle storage and a fully attended lobby.

October 16, 2015

Multifamily Texas

Stonemont Financial, Preiss Co. to Develop Apartment Complex in San Marcos

by Haisten Willis October 16, 2015

SAN MARCOS, TEXAS — Stonemont Financial Group and The Preiss Co. will develop and complete the new Ella Lofts, a 252-bed off-campus student housing community within walking distance of the Texas State University campus. Located at 817 Chestnut St. in San Marcos, Ella Lofts will feature amenities including a 24-hour fitness center, group study areas, outdoor courtyards and a pool. The project will also feature one-, two- and four-bedroom loft floor plans. Formerly known as 817 Lofts, the project originally started construction under a different developer in 2013 and was set to be completed in August 2014. After construction delays and other stalls, the project sat dormant until Stonemont Financial purchased it in September. With more than 38,000 students enrolled, Texas State University is the fourth largest institution in the state of Texas. The Preiss Co. will serve as developer and manager for the project. Leasing is underway at the Ella Lofts leasing office located at 316-D Edward Gary Drive in San Marcos. Monthly rent will begin at $499 per student, which includes utilities and furniture.

October 16, 2015

Loans Multifamily Texas

LMI Capital Arranges $14.5M Refinancing of 450-Unit Apartment Community in Houston

by Haisten Willis October 16, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $14.5 million in debt for the refinancing of an apartment complex in southwest Houston. Mullin worked on behalf of the borrower to obtain a 10-year, fixed-rate CMBS loan featuring full-term interest-only payments.

October 16, 2015

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