Multifamily

RADCO Acquires Two Apartment Communities in Metro Atlanta Totaling $53.4M

by John Nelson September 14, 2015

ATLANTA — The RADCO Cos. has purchased two apartment communities in metro Atlanta totaling 554 units for a combined $53.4 million. The properties include Andover at East Cobb in Marietta and Crossing at McDonough in McDonough. Both properties offer apartments with one, two and three bedrooms. Community amenities include resort-style pools, fitness facilities and business centers with Wi-Fi. Each apartment complex is within one mile of I-75 and provides immediate access to major local corporations such as Dobbins Air Reserve Base in Marietta and Midland Industrial Park in McDonough. Atlanta-based RADCO will invest a combined $6.5 million to upgrade both properties through unit upgrades, amenity enhancements and exterior improvements. Andover at East Cobb will be rebranded as Winterset at East Cobb, and Crossing at McDonough will become Crossings at McDonough. RADCO purchased both assets from Wilkinson Real Estate Advisors Inc., and the two communities are now the third and fourth assets that RADCO and Wilkinson have traded together. CBRE brokered both transactions. RADCO’s portfolio now includes 44 multifamily assets with an additional 1,301 units under contract, which should close in September and October.

September 14, 2015

Multifamily Student Housing Texas

Vesper Acquires 864-Bed University Courtyard Near Texas Tech

by Katie Sloan September 11, 2015

LUBBOCK, TEXAS — Vesper Holdings has purchased the 864-bed University Courtyard student housing community near Texas Tech University in Lubbock. Vesper purchased University Courtyard from a group of tenant-in-common owners “at a steeply discounted price,” the company says. The property was acquired through an off-market transaction. Vesper is planning to execute a complete renovation of University Courtyard and intends to invest $4.5 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as enhancements to the property’s exteriors and technology upgrades throughout the complex. Completed in 2005, University Courtyard is located in close proximity to Texas Tech University. University Courtyard contains 12 three-story residential buildings and a clubhouse spread across a 30-acre site. The property’s unit mix consists of two-, three-, and four-bedroom floor plans. All of the units have a one-bed-to-bath ratio. All apartments are fully furnished and feature black appliance packages and large, fully equipped kitchens. All units at University Courtyard have private, full-sized washers and dryers, along with high-speed Internet connection in every bedroom. University Courtyard amenities include a movie theatre, fitness center, business center, game room, basketball court, free tanning salon, lighted jogging track and two swimming pools.

September 11, 2015

Multifamily Texas

Cypressbrook Acquires Hunters Cove Apartment Complex in Bay City

by Katie Sloan September 11, 2015

BAY CITY, TEXAS — Cypressbrook Co. has acquired Hunters Cove, a 326-unit apartment complex located in Bay City about 80 miles southwest of Houston. Cypressbrook will begin improvements to the complex including new faux wood flooring, new appliances, brushed nickel fixtures and hardware, resurfaced countertops, an upgraded pool area, landscaping improvements, replaced roofs, and new signage. Cypressbrook’s affiliate, Ascension Commercial Real Estate, will manage the property.

September 11, 2015

Michigan Midwest Multifamily

Apartment Community in Suburban Detroit Sells for $17M

by Amy Works September 11, 2015

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the sale of Country Corner Apartments, a multifamily property located at 30300 Southfield Road in Southfield. The 211-unit apartment community sold for $17 million, or $80,970 per unit. Built in 1966 on 16.6 acres, the property consists of 29 buildings and features an outdoor pool with sundeck, clubhouse, fitness center, carports and laundry facilities. The community features seven apartment- and townhouse-style floor plans ranging in size from 1,100- and 1,200-square-foot one-bedroom/one-bath units to 1,800-square-foot two-bedroom/2.5-bath townhomes with full basements. Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, while Earl Elliott, Chris Futo and Gordan Navarre, also of Marcus & Millichap, represented the buyer. The names of the seller and buyer were not released.

September 11, 2015

Midwest Missouri Multifamily

Leasing Opens for Arcade Apartments in St. Louis

by Amy Works September 11, 2015

ST. LOUIS — Dominium, a Minneapolis-based owner, developer and manager of apartment communities, has opened leasing for Arcade Apartments, which is currently under renovation in downtown St. Louis. Leasing is available to the general public for both artist and market-rate suites in the landmark property, with expected move-in dates to begin in early December. The property features 80 market-rate luxury apartments, as well as apartment suites for artists who meet certain income and other requirements. Arcade Apartments will feature more than 11,000 square feet of artist studio spaces, including a performance studio; painting, drawing and photography studios; music practice rooms; sound attenuated music and multi-media studios; and a flex studio with a pottery kiln. Additional on-site residential amenities include fitness centers, indoor bike storage, controlled entry access, rooftop indoor clubroom and terrace, and a theater. Monthly rates range from $563 for working artist apartments to nearly $3,000 per month for two-level, upper-end units.

September 11, 2015

Florida Southeast Student Housing

Inland Purchases Student Housing Property in Orlando for $72.5M

by John Nelson September 11, 2015

ORLANDO, FLA. — Inland Real Estate Acquisitions Inc. has acquired The Retreat at Orlando, a student housing property located near the University of Central Florida (UCF) campus in Orlando, for $72.5 million. Landmark Properties and Harrison Street Real Estate Capital LLC sold the property to Inland. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. Located approximately two miles south of UCF, the cottage-style property was built in 2014 and comprises 221 units with 894 total beds. Each fully furnished unit includes a washer and dryer, a security system and high-speed Internet. The property also features a LEED-certified clubhouse with a computer lab, fitness center, yoga and Pilates studio, tanning beds and a multi-tiered resort-style pool with cabanas, hammocks and a hot tub. Residents also have access to on-site pool tables, a golf simulator, big screen TVs, tennis courts, volleyball courts and bocce ball and grilling areas. The Retreat at Orlando is 100 percent leased for the 2015-2016 school year. Landmark Properties will continue to manage the community on behalf of Inland.

September 11, 2015

Multifamily Northeast Pennsylvania

Equus Acquires 188-Unit High-Rise Apartment Building in Philadelphia for $42M

by Amy Works September 11, 2015

PHILADELPHIA — Equus Capital Partners has acquired Hill House Apartments, a high-rise multifamily property located in Philadelphia’s Chestnut Hill neighborhood. The 188-unit property sold for $42 million and was 95 percent occupied at the time of timing. The property offers a mix of studios, one-, two- and three-bedroom apartments, as well as underbuilding parking, a fitness center and an outdoor pool. Equus plans to invest $5 million to improve the common areas and amenities of the property, as well as complete the unit interior upgrades that began under prior ownership. The acquisition marks the first multifamily investment for Equus Investment Partnership X LP, the latest discretionary fund managed by Equus. Madison Apartment Group, the multifamily operating arm of Equus, will manage the community. Greg Curci of Equus oversaw the acquisition for the firm, while Rittenhouse Realty Advisors represented the undisclosed seller in the transaction.

September 11, 2015

Multifamily New York Northeast

Madison Realty Capital, Steelpoint Property Group Acquire Brooklyn Multifamily Building for $28M

by Amy Works September 11, 2015

NEW YORK CITY — Madison Realty Capital and Steelpoint Property Group have acquired 78 Prospect Park West, a multifamily property located at Prospect Park West between Third and Fourth streets in Brooklyn’s Park Slope neighborhood. The long-term ownership sold the seven-story, 41,113-square-foot building for $28 million in an off-market transaction. Built in the 1920s, the property features 40 apartment units, 10 of which are currently vacant. The joint venture plans to renovate and reposition as many units as possible into high-end luxury apartments, as well as initiate a capital expenditure program to modernize the property and enhance operating efficiencies. Aaron Mazor of TOWN Residential and Jonathan Butwin and Scott Dweck of TOWN Commercial represented both parties in the transaction.

September 11, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers $25.5M Sale of Apartment Building on NYC’s Upper East Side

by Amy Works September 11, 2015

NEW YORK CITY — An affiliate of Harbor Group International LLC has completed the disposition of an elevator apartment building, located at 334 E. 79th St. in Manhattan’s Upper East Side. The 46-unit property sold for $25.5 million, or $940 per square foot, in an all-cash transaction. The eight-story building features four studio units, seven one-bedroom apartments, 31 two-bedroom units, two three-bedroom apartments and two four-bedroom units. Robert Shapiro and Thomas Gammino Jr. of Cushman & Wakefield handled the transaction.

September 11, 2015

California Multifamily Western

Vista Pointe in Covina Changes Hands

by Nellie Day September 10, 2015

COVINA, CALIF. — Sares Regis Multifamily Value-Add Fund II L.P. has purchased the 216-unit Vista Pointe apartment community in Covina for an undisclosed sum. The community is located at 1400 and 1420 1/2 North Grand Ave. It was 95 percent occupied at time of sale. The seller was an out-of-state party. Margie Molloy, Adrienne Barr and Robin D. Ossenbeck of Berkadia executed the transaction.

September 10, 2015

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