Multifamily

Greystone Provides $58M Loan for Apartment Community in Metro Atlanta

by John Nelson October 14, 2015

MARIETTA, GA. — Greystone has provided a $58 million bridge loan to recapitalize the ownership of Watermark at East Cobb, a 510-unit apartment property in Marietta, a northern suburb of Atlanta. The apartment community features two resort-style pools, tennis courts, an athletic center, playground, volleyball courts, outdoor kitchen, nature trail, fishing lake and a pet park. Keith Hires and Greg Krafcik of Greystone originated the three-year bridge loan on behalf of the borrower, Cortland Partners. Mike Galla and David Collie of iCap Realty Advisors arranged the loan, which Cortland Partners will use to repay current debt, recapitalize membership interests and position for permanent financing.

October 14, 2015

300 Cormorant Place Frederick The Retreat at Market Square

Maryland Multifamily Southeast

Inland Residential Properties Trust Purchases Apartment Community in Metro Baltimore for $45.8M

by John Nelson October 14, 2015

FREDERICK, MD. — Inland Residential Properties Trust Inc., a non-listed REIT sponsored by Inland Real Estate Investment Corp., has purchased The Haven at Market Square, a 206-unit apartment community in the Baltimore suburb of Frederick, for approximately $45.8 million. Built in 2014 and located at 300 Cormorant Place, Inland Residential will soon rebrand the property as The Retreat at Market Square. Each unit at the property features 9-foot ceilings, gourmet kitchens and full-size washer and dryer units, and select units feature private screened-in balconies or sunrooms. The multifamily community’s amenities include a clubhouse with a 24-hour fitness center, community kitchen, Internet café, sports simulator, resort-style swimming pool, two grilling areas, an outdoor fireplace and a playground. Joe Cosenza of Inland Real Estate Acquisitions facilitated the purchase on behalf of Inland Residential.

October 14, 2015

Arizona Multifamily Student Housing Western

Legacy Partners Receives Approval to Build University Village Near Arizona State

by Nellie Day October 13, 2015

TEMPE, ARIZ. — Legacy Partners Residential has received city approval for the development of University Village 2.0, a new $60 million mixed-use, 775-bed student housing community near Arizona State University in Tempe. Located directly adjacent to Tempe’s light rail line, University Village 2.0 will replace a 1960s-era student housing complex, which will be demolished. KTGY is the project’s designer and architect. University Village 2.0 will feature 260 units and include studio, one-, two- and four-bedroom units. The community will also include 1,800 square feet of ground-level retail space. The units will range in size from 445 square feet to approximately 1,400 square feet and feature high-end finishes, stone countertops, stainless steel kitchen appliances, vinyl wood-plank flooring and in-unit washers and dryers. The majority of the units will feature the four-bedroom floor plans. The development will include multiple indoor and outdoor amenities, including a resort-style pool with beach entry, outdoor jumbo TV, sand volleyball court, fitness center and clubroom spaces. University Village 2.0 will consist of a single, five-story apartment building wrapped around two central courtyards and a parking garage. Legacy Partners plans to start demolition and construction on University Village 2.0 by summer 2016, and open for the fall 2018 semester.

October 13, 2015

Michigan Midwest Multifamily

Hunter Pasteur Homes Breaks Ground on 92-Unit Condominium Complex in Ann Arbor

by Christina Cannon October 13, 2015

ANN ARBOR, MICH. — Hunter Pasteur Homes recently broke ground on a new condominium community in Ann Arbor. Arbor Chase will consist of 12 buildings with a total of 92 condominiums. Each building will feature up to eight units with sizes ranging from 1,290 square feet to 1,550 square feet. Each unit will include two bedrooms and up to two-and-a-half baths. Amenities include private entrances, private parking, updated flooring, granite countertops, tiled showers and studio ceilings on the second floor. Sales prices range from $225,000 to $255,000 per unit. Completion of the first buildings is slated for early 2016.

October 13, 2015

Multifamily Texas

M&M Arranges Sale of 42-Unit Apartment Building in Beaumont

by Haisten Willis October 13, 2015

BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Jefferson House, a 42-unit apartment property located in Beaumont. Jeffrey Fript and Christian Mazzini of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. Mazzini and Fript also represented the buyer, a limited liability company. Jefferson House is located at 2450 W. Lucas Drive.

October 13, 2015

Multifamily South Carolina Southeast Student Housing

University of South Carolina to Build Housing Towers on South Campus

by John Nelson October 13, 2015

COLUMBIA, S.C. — The University of South Carolina is seeking a private developer to build and operate a residential village on the south side of its campus that includes new student housing towers, according to Wes Hickman, a spokesman for the school. The developer would have the ability to lease the property for up to 40 years, and the school would share in the profits from renting rooms to students. To build the towers, four residence halls with 1,200 beds — Bates House, Bates West, Cliff Apartments and Carolina Gardens — would need to be demolished. Plans call for replacing these halls with three- to six-story towers that could have as many as 4,000 beds. USC hopes to have 1,500 beds on line by July 2018. According to Hickman, the school would likely put little to no money upfront toward the project. The 18-acre village would also include dining facilities, recreation space and parking.

October 13, 2015

Florida Multifamily Southeast

ARA Newmark Brokers Sale of Apartment Community in Metro Orlando

by John Nelson October 13, 2015

ORLANDO, FLA. — ARA Newmark has brokered the sale of Regency Oaks, a 343-unit, value-add apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. The property was 95 percent occupied at the time of sale. Common area amenities include a barbecue and picnic area, dog park, carports, a lighted tennis court, playground, three laundry facilities, three swimming pools with sundecks, a 24/7 fitness center and a self-serve car wash. Kevin Judd, Patrick Dufour, Richard Donnellan, Marc deBaptiste and Scott Ramey of ARA Newmark represented the Norfolk, Va.-based seller, Harbor Group International LLC, in the transaction. Jacksonville-based Michaelson Real Estate Group LLC purchased the asset for an undisclosed price.

October 13, 2015

Louisiana Multifamily Seniors Housing Southeast

Marcus & Millichap Arranges Sale of Seniors Housing Property in West Louisiana

by John Nelson October 13, 2015

LAKE CHARLES, LA. — Marcus & Millichap has brokered the sale of The Gardens and The Guardian, a 108-bed seniors housing property located at 1401 Country Club Road in Lake Charles. The sales price was undisclosed, but the list price was $9.6 million. Rod Llanos and Doug O’Toole of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. Llanos and O’Toole also secured the buyer, also a limited liability company. William Hoffpauir of Marcus & Millichap assisted in the transaction.

October 13, 2015

Multifamily New York Northeast

World Wide Group, Rose Associates Tops Out 252 East 57th Street in NYC

by Amy Works October 13, 2015

NEW YORK CITY — Construction has topped out for 252 East 57th Street, a 65-story condominium tower in New York City. Developed by World Wide Group and Rose Associates, the tower has reached its highest point of more than 700 feet. Designed and constructed by SOM, DeSimon, Flack + Kurtz, SLCE Architects and Lend Lease LMB Inc., the tower features a curved glass façade that amplifies the residential surface areas and offers views of Manhattan, Central Park and the East River. Upon completion the tower will feature 93 condominiums in two-, three-, four- and five-bedroom configurations. On-site amenities include a gated porte-cochere and a residents’ club with a terrace, pool and spa. Occupancy is slated for late 2016, with residences starting at $4.5 million.

October 13, 2015

Multifamily New York Northeast

Besen & Associates Brokers $4.5M Bronx Multifamily Portfolio Sale

by Amy Works October 13, 2015

NEW YORK CITY — Besen & Associates has brokered the sale of a four-building multifamily portfolio located in the Bronx for $4.5 million, or $121 per square foot. The 36,918-square-foot portfolio consists of four walk-up apartment buildings located at 723 Oakland Place, 2078 Vyse Ave., 2408 Webster Ave. and 2420 Webster Ave. The portfolio contains 34 apartments and 177 rooms. Amit Doshi and Richard Torres of Besen & Associates represented the seller, Prana Investments, and procured the undisclosed buyer in the transaction.

October 13, 2015

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