Multifamily

NorthMarq Capital Secures $3.4M Loan for Two Affordable Housing Properties in Nebraska, Iowa

by Jonathan Mehall August 25, 2015

COUNCIL BLUFFS, IOWA AND BELLEVUE, NEB. — NorthMarq Capital has secured a $3.4 million Freddie Mac refinancing loan for two Section 8 affordable housing properties. Maple Second Avenue Apartment Homes is located at 3524 Second Ave. in Council Bluffs. The property features one- and two-bedroom floor plans with a patio/balcony and in-unit washers and dryers. Bellevue Place Apartments, a senior community located at 1808 Warren St. in Bellevue, contains one-bedroom floor plans with paid utilities. John Reed of NorthMarq Capital’s Omaha office represented the borrower, the Seldin Co., in the transaction.

August 25, 2015

Indiana Midwest Multifamily

M&M Brokers $1.2M Sale of 24-Unit Apartment Property in Greenwood, Ind.

by Jonathan Mehall August 25, 2015

GREENWOOD, IND. — Marcus & Millichap has brokered the $1.2 million sale of Wooddale Terrace Townhomes, located at 601-623 Wooddale Terrace in Greenwood, about 14 miles south of Indianapolis. The apartment property consists of two three-story buildings built in 1985. All units are approximately 1,000 square feet with two-bedroom units and one-and-a-half baths. The property was 100 percent occupied at the time of sale. David Orton of Marcus & Millichap’s Indianapolis office represented the seller, a limited liability company, and the buyer, also a limited liability company.

August 25, 2015

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail

iStar to Redevelop Asbury Park Waterfront in New Jersey

by Amy Works August 25, 2015

ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.

August 25, 2015

Multifamily New York Northeast Retail

Certes Partners Buys 85,000 SF Upper West Side Development Site for $26.5M

by Amy Works August 25, 2015

NEW YORK CITY — Certes Partners, a New York City-based real estate development and investment firm, has acquired a development site at 214-218 W. 95th St. on the Upper West Side. The former Hertz parking garage sold for $26.5 million in an off-market transaction. While development plans for the site have not been released yet, the site is suitable for residential development or operations as a parking garage. Certes currently owns the adjacent property, 206 W. 95th St., which the firm is currently developing. The combined assemblage allows development of an 18-store, more than 85,000-square-foot property.

August 25, 2015

Loans Multifamily Texas

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis August 25, 2015

AUSTIN, TEXAS — HFF has arranged financing for Falcon Ridge, a 296-unit apartment complex in Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the 10-year, fixed-rate loan with TIAA-CREF. Loan proceeds were used to acquire the property. Built in 2000, Falcon Ridge has 12 residential buildings consisting of one-, two- and three-bedroom floor plans averaging 901 square feet. Community amenities include two swimming pools, a spa, fitness center, tanning room, sand volleyball court, barbecue area with grills, dog park, jogging trail, car wash and clubroom/business center. The property is situated on 23 acres at 500 E. Stassney Lane, immediately southeast of the intersection of Interstate 35 and Highway 71. The asset is 94 percent occupied. Eric Tupler, Josh Simon and Casey Wenzel led the HFF debt placement team representing the borrower.

August 25, 2015

Multifamily Texas

JLL Brokers Sale of Silver Rock Apartments in San Antonio

by Haisten Willis August 25, 2015

SAN ANTONIO — JLL has brokered the sale of Silver Rock Apartments, which is located on the northwest side of San Antonio. JLL worked on behalf of the seller, Harbor Group International, in the transaction for the ranch-style value-add property. Regional Investment and Management LLC purchased the 328-unit complex. Scott LaMontagne and Moses Siller led the JLL team on the transaction. Silver Rock Apartments is a Class A apartment community with amenities including a fitness center, pool and spa, picnic area and club room.

August 25, 2015

Multifamily South Carolina Southeast

Continental Realty Acquires Greenville Apartment Community for $51.8M

by John Nelson August 25, 2015

GREENVILLE, S.C. — Continental Realty Corp. has purchased Avana at Carolina Point, a 346-unit apartment property located at 201 Carolina Point Parkway in Greenville, for $51.8 million. Constructed in 2010, the property was previously owned by Greystar Real Estate Partners and its joint venture partner Lubert-Adler. The apartment community, which includes an outdoor pool, fire pit, courtyard area, fitness center, business center and dog park, is located less than one mile from an interchange of I-85. Avana at Carolina Point is the first acquisition for Continent Realty Fund IV LP, a $164 million value-add retail and multifamily fund. The transaction is also Continental Realty’s first acquisition in South Carolina.

August 25, 2015

Loans Multifamily North Carolina Southeast

New York Real Estate Investors Provides $34M Acquisition Loan for Charlotte Multifamily Property

by John Nelson August 25, 2015

CHARLOTTE, N.C. — New York Life Real Estate Investors has provided a $34 million acquisition loan for Hawfield Farms, a 210-unit, Class A apartment community in Charlotte. Grandbridge Real Estate Capital arranged the seven-year loan with five years of interest-only payments on behalf of the borrower, Bell Partners.

August 25, 2015

California Multifamily Student Housing Western

Cal Poly Pomona to Build On-Campus Housing for 800 to 1,000 Students

by Nellie Day August 24, 2015

POMONA, CALIF. — Administrators at Cal Poly Pomona announced this week that it will use 13 acres of campus horse pasture to build on-campus student housing for 800 to 1,000 students. The site chosen, located on the southeast corner of Kellogg Drive and Eucalyptus Lane, was one of 10 sites originally considered for the project. Financing for the project will come by issuing bonds, which will be paid back by student fees. Details such as the cost, as well as the selection of the architecture and construction company, have not yet been announced. According to a local report, approximately 400 students are on a waiting list seeking housing for the upcoming school year that starts Sept. 24. The past two semesters 700 students seeking campus housing were rejected. A new dining hall will accompany the new residence halls. Work on the housing is expected to begin in 2017.

August 24, 2015

Multifamily Texas

Transwestern Arranges Sale of Multifamily Portfolio in Houston

by Haisten Willis August 24, 2015

HOUSTON — Transwestern’s Houston office has arranged the sale of a two-property multifamily portfolio totaling 117 units in Houston’s Spring Branch District. Ed Cummins and Ryan Mendez of Transwestern represented the seller, OSD Ltd., in the transaction. The off-market deal involved the sale of Spring Gardens, a 79-unit apartment complex located at 1714 Wirt Road, and Johanna Square, a 38-unit complex located at 1715 Johanna Drive. An unnamed buyer purchased both properties.

August 24, 2015

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