Multifamily

Marcus & Millichap Brokers $12.3M Sale of Three-Building Multifamily Portfolio in Brooklyn

by Amy Works May 23, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-building multifamily portfolio located in the Bedford-Stuyvesant neighborhood of Brooklyn. The assets sold for $12.3 million, or $514,000 for unit. Located at 293 Stuyvesant Ave., 3 MacDonough St. and 5 MacDonough St., the portfolio totals 29,872 square feet and features 24 multifamily units. Shaun Riney, Peter Von Der Ahe, Joe Koicim and Thomas Shihadeh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer.

May 23, 2016

Florida Multifamily Southeast

CBRE Brokers $17.6M Sale of Apartment Community in Orlando

by John Nelson May 23, 2016

ORLANDO, FLA. — CBRE has brokered the $17.6 million sale of Cadence Crossing, a 184-unit apartment community located at 6203 Curry Ford Road in Orlando’s Airport submarket. Capital Vision Management purchased the recently renovated property from Aspen Square. Built in 1973, the apartment community features a clubhouse, tennis court, picnic areas, playground, fitness center and a business center. The property was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Aspen Square in the transaction.

May 23, 2016

Florida Multifamily Southeast

Colliers Arranges $17M Sale of Apartment Complex in Jacksonville

by John Nelson May 23, 2016

JACKSONVILLE, FLA. — Colliers International has brokered the $17 million sale of Villas at Dames Point, a 180-unit apartment complex located at 8291 Dames Point Crossing Blvd. in Jacksonville. VMHF Jacksonville LLC, an entity controlled by Washington, D.C.-based The Republic Family of Cos., purchased the asset from Dames Point Partners LLC. Built in 2007, the gated complex features four floor plans ranging in size from 844 to 1,151 square feet. The community was 93 percent occupied at the time of sale. Bradley Coe and Douglas Blair of Colliers International’s Northeast Florida office brokered the transaction.

May 23, 2016

Mississippi Multifamily Southeast Student Housing

Capstone Real Estate Acquires Student Housing Community Near Ole Miss

by John Nelson May 23, 2016

OXFORD, MISS. — Capstone Real Estate Investments LLC has acquired Old Taylor Place Apartments, a 224-bed student housing community located 0.3 miles away from the University of Mississippi campus in Oxford. The newly renovated property consists of 112 two-bedroom units and features community amenities including a fully equipped fitness center, swimming pool, outdoor lounge and grilling pavilion and an outdoor gaming area with basketball and volleyball courts, shuffleboard and horseshoes. Over the coming weeks, Capstone intends to convert the property from an apartment complex into a condominium community. Old Taylor Place was acquired in an off-market transaction for an undisclosed price.

May 23, 2016

Midwest Missouri Multifamily Seniors Housing

Construction Begins on $66M, 140-Unit Seniors Housing Community in Missouri

by Christina Cannon May 23, 2016

LIBERTY, MO. — Developers have broken ground on Norterre, a master-planned seniors housing community in the Kansas City suburb of Liberty. Development costs are estimated at $66 million for the first phase, which will include a health center, café, single-family homes for seniors and short-stay rehabilitation. Norterre will be built on a 17-acre site adjacent to Liberty Hospital. A 50,000-square-foot healthy living center will act as the center of the community. The seniors housing portions of the community will be based on the household model where up to 20 seniors share a set of amenities. When complete, the community will feature 60 assisted living units, 20 assisted living units and 60 skilled nursing beds. The first phase is expected to open in spring or summer 2017.

May 23, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges Three Loans Totaling $35.9M for Multifamily Properties Near Chicago

by Christina Cannon May 23, 2016

PARK FOREST AND UNIVERSITY PARK, ILL. — Cohen Financial has arranged three acquisition loans totaling $35.9 million for multifamily properties in the suburbs of Chicago. The Ferndale Realty Group LLC is the borrower. In the first deal, Dan Rosenberg of Cohen Financial secured a $4.7 million loan for Governors House Apartments, a 96-unit property in University Park. Rosenberg also arranged an $11.4 million loan for the 220-unit Central Park Apartments and a $19.8 million loan for Autumn Ridge Apartments, a 384-unit property. Both Central Park Apartments and Autumn Ridge Apartments are located in Park Forest. All three fixed-rate loans featured a 10-year term with 30-year amortization schedule and were financed through Morgan Stanley’s CMBS program.

May 23, 2016

Midwest Minnesota Multifamily

WNC Completes 44-Unit Multifamily Conversion Project in Minneapolis

by Christina Cannon May 23, 2016

MINNEAPOLIS, MINN. — Investor WNC has completed the conversion of a 106-year-old warehouse building to a 44-unit affordable housing community in Minneapolis. WNC provided nearly $4 million in low-income housing tax credit equity and historic tax credit equity to fund the adaptive reuse project. The Cameron Apartments, located at 756 N. Fourth St., features 23 studio units, 17 one-bedroom units and four two-bedroom units. The four-story building was originally constructed in 1910. Amenities at the apartment property include a fitness center, picnic and grilling area, laundry facility and bike storage. Unit amenities include appliances, secure intercom entry and a patio or balcony. SR Development LLC is the project developer.

May 23, 2016

Colorado Multifamily Western

American Realty Advisors Buys Apartment Building in Downtown Denver

by Nellie Day May 23, 2016

DENVER — American Realty Advisors has purchased a 341-unit apartment building in the Union Station submarket of downtown Denver. The purchase price was not disclosed. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station. The newly constructed asset is located at 1975 19th St. The property also contains 58,000 square feet of ground-floor retail space and a two-story subterranean parking garage. King Soopers, Wells Fargo, upscale pet food store Kriser’s and the Pig and Sprout, a new restaurant concept by a local restaurateur, lease the retail portion. Jordan Robbins and Jeff Haag of Holliday, Fenoglio and Fowler represented the seller, a joint venture that included Greystar, in this transaction.

May 23, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Springhouse Partners Receives $37M Acquisition, Renovation Financing for NYC Mixed-Use Property

by Amy Works May 20, 2016

NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.

May 20, 2016

Multifamily Northeast Rhode Island

Marcus & Millichap Arranges $2.5M Sale of 36-Unit Apartment Complex in Rhode Island

by Amy Works May 20, 2016

WOONSOCKET, R.I. — Marcus & Millichap has arranged the sale of Peters River Residences, an apartment complex located on Fulton Street in Woonsocket. A limited liability company sold the 36-unit property for $2.5 million. Constructed in 2008, the complex comprises three buildings with 12 two-bedroom/one-bath units per building. Units feature fully equipped kitchens, in-unit laundry machines, central air conditioning, intercom systems and private porches. Tony Pepdjonovic and John Slyman of Marcus & Millichap’s Boston office represented the seller and procured the buyer.

May 20, 2016

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