Multifamily

New York Life Real Estate Investors Originates $41.3M Loan for Apartment Community in Metro Orlando

by John Nelson August 18, 2015

SANFORD, FLA. — New York Life Real Estate Investors has originated a $41.3 million acquisition loan for Elan Towne Center Apartments, a 360-unit, Class A multifamily community in metro Orlando. The property is located at 12500 Solstice Loop in Sanford. The apartment community’s amenity package includes a swimming pool, sundeck with outdoor TVs and a fire pit, a tanning salon, walking trails, dog park, detached garages, cyber café and coffee bar, fitness center, movie theater, business center and an outdoor kitchen. Paul Ahmed of Walker & Dunlop’s Fort Lauderdale office arranged the 15-year loan with five years of interest-only payments.

August 18, 2015

Multifamily Southeast Tennessee

Adobe Properties Acquires Apartment Community in Tennessee

by John Nelson August 18, 2015

OAK RIDGE, TENN. — Adobe Properties has purchased Centennial Village Apartments, a 252-unit, Class A apartment community in Oak Ridge, roughly 25 miles northwest of Knoxville. The property sits on the shores of Melton Hill Lake and features a saltwater swimming pool, fitness center and cyber café. The apartment community is also adjacent to the Oak Ridge National Laboratory, which employs more than 4,400 scientists and engineers. Abode Properties is a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI), a Dallas-based real estate investment company.

August 18, 2015

Florida Multifamily Southeast

ARA Newmark Brokers Sale of Apartment Community in South Florida

by John Nelson August 18, 2015

BOYNTON BEACH, FLA. — ARA Newmark has arranged the sale of Advenir at Colony Club, a 214-unit, garden-style apartment community located in Boynton Beach. Constructed in 2004 and 2005, the property’s amenity package includes full-size washers and dryers, complimentary Wi-Fi, alarm systems, balconies and patios, gourmet kitchens, one- and two-car garages, automated gate access, a sauna, swimming pool and spa, fitness center, clubhouse, basketball court, playground, picnic area and tennis courts. Advenir at Colony Club was 94 percent occupied at the time of sale. Hampton Beebe, Avery Klann, Troy Ballard, Marc deBaptiste and Richard Donnellan of ARA Newmark represented the seller, Florida-based Advenir, in the transaction. Greystar purchased the property for an undisclosed price.

August 18, 2015

Affordable Housing Kansas Michigan Midwest Multifamily

Berkadia Closes on Two Sales of Affordable Housing Properties in Mich. & Mo.

by Jonathan Mehall August 17, 2015

KANSAS CITY, MO. — Berkadia has brokered the sale of Northeast View Apartments located at 222 Garfield Ave. in Kansas City. Built in 1972, the 137-unit property features one-, two- and three-bedroom floor plans. Trinity-Northeast View LLC of Chicago sold the property to California-based Kci-Northeast View. The property is less than three miles from LEGOLAND Discovery Center and two miles from downtown Kansas City. Additionally, Berkadia brokered the sale of Arbor Crossings located at 834 Sheridan Road in Muskegon Township, Mich., approximately 46 miles north of Grand Rapids. Built in 1995, the 18-unit property sold for $4.25 million and offers one-, two- and three-bedroom floor plans. Arbor Crossings is less than four miles from downtown Muskegon and less than two miles from Muskegon Community College. Read Property Group of New York bought the property from Sterling Group Inc. of Mishawaka, Indiana.

August 17, 2015

Multifamily Student Housing Utah Western

Dixie State in Utah to Break Ground on First Campus Housing in 50 Years

by Nellie Day August 17, 2015

ST. GEORGE, UTAH — Dixie State University will break ground this month on Campus View Suites, the university’s first student-housing complex on campus in nearly 50 years. The project will feature 350 beds and come online for the 2016-2017 school year. Suites at the 90,000-square-foot Campus View Suites will accommodate six students each and offer each student the option to share a bedroom with another student or have one to themselves. Each suite will include a living room space, larger kitchenette and eating space, and bathroom with sinks separate from shower/toilet rooms to alleviate congestion during heavy usage times. Additionally, the complex will include a large full kitchen, computer area and laundry room on each floor. The facility will also feature a multipurpose room, three activity/lounge areas, an exercise room and a conference room. Outdoor amenities will include volleyball courts, barbecue pits and grassy areas. Nisson Towers, built in 1968, was the last student housing complex added to campus and will remain operational after the opening of Campus View Suites. Method Studio Architects designed the project and Layton Construction will build it.

August 17, 2015

Mixed-Use Multifamily New York Northeast Restaurant Retail

Marcus & Millichap Brokers $11.9M Sale of Mixed-Use Property in Chelsea

by Amy Works August 17, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a five-story, mixed-use building located at 165 W. 23rd St. in New York City’s Chelsea neighborhood. The asset sold for $11.9 million, or $1,471 per square foot. The property features a two-story restaurant and four multifamily units consisting of one studio, two one-bedroom units and one two-bedroom apartment. The apartment units were delivered vacant to the buyer. Peter Von Der Ahe, Shlomo Manne, Joe Koicim and Sean Lefkovits of Marcus & Millichap’s Manhattan office represented the seller and procured the buyer in the transaction. The names of both parties were not released.

August 17, 2015

Multifamily New York Northeast Retail

Savanna Sells 3,219 SF Retail, Residential Building in Brooklyn

by Amy Works August 17, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of a retail and residential property located at 210 Bedford Ave. in Brooklyn’s Williamsburg neighborhood. An affiliate of Status Capital LLC acquired the three-story, 3,219-square-foot property for an undisclosed price. After purchasing the property in 2013, Savanna leased the ground-floor retail space to Juice Generation and converted the residential space into a luxury duplex townhome.

August 17, 2015

Loans Multifamily Northeast Pennsylvania

Colliers Secures $10.8M Construction Loan for Multifamily Development in Philadelphia

by Amy Works August 17, 2015

PHILADELPHIA — Colliers International’s Philadelphia Capital Markets Group has secured a $10.8 million construction loan for Green Street Townhomes, a for-sale townhome development in Philadelphia. The loan features an 80 percent loan-to-cost ratio, a 4.5 percent floating rate, 24 months of interest-only payments and a 12-month extension option. Kris Wood, John Banas and Alex Hails of Colliers arranged the financing for the undisclosed borrower.

August 17, 2015

Alabama Multifamily Southeast

Multi Housing Advisors Brokers $44M Sale of Apartment Community in Alabama

by John Nelson August 17, 2015

VALLEY, ALA. — Multi Housing Advisors (MHA) has brokered the $44 million sale of Apartments at the Venue, a 618-unit apartment property located at 100 Sydney St. in Valley, a town along the Alabama/Georgia border. The property is located roughly 10 minutes from the KIA Motors manufacturing plant in West Point, Ga. The community’s amenity package features three resort-style swimming pools with outdoor fireplaces and grilling areas, two clubhouses, laundry facilities and a fitness center. Atlanta-based Irinda Capital Management purchased the property from Haley Real Estate Group. Jimmy Adams and Robert Stickel of MHA represented the seller in the transaction.

August 17, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $14.4M Sale of Orlando Apartment Community

by John Nelson August 17, 2015

ORLANDO, FLA. — Marcus & Millichap has arranged the $14.4 million sale of Royal Isles, a 264-unit apartment community located at 803 Don Quixote Ave. in Orlando. The property has 80 one-bedroom/one-bath units, 132 two-bedroom/two-bath apartments and 52 three-bedroom/two bath units. Evan Kristol of Marcus & Millichap’s Fort Lauderdale office and Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a private investor from Beverly Hills, Calif., and the buyer, a Miami-based limited-liability company.

August 17, 2015

Newer Posts

Older Posts