Multifamily

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Simon to Build Luxury Hotel, Residential Tower at The Galleria in Houston

by Haisten Willis April 7, 2016

HOUSTON — Simon Property Group plans to add a luxury hotel and residential tower to The Galleria, a premier shopping destination in Houston. The hotel and residences, which will both be located in the same building, will be situated on the corner of Sage and West Alabama streets. The project is part of a multi-year transformation of The Galleria, which began with the creation of a 200,000-square-foot flagship Saks Fifth Avenue store adjacent to the current location. Once the new Saks store opens later this month, Simon will convert the existing Saks store into a multi-level mall extension featuring 110,000 square feet of space. The tower will be on the site of a former Macy’s store and will span between 25 and 30 stories. Groundbreaking is expected in late 2017.

April 7, 2016

Multifamily Seniors Housing Texas

Capital Senior Ventures Buys 33-Property Skilled Nursing Portfolio in South-Central Texas

by Haisten Willis April 7, 2016

DALLAS — Capital Senior Ventures, a subsidiary of Baltimore-based Capital Funding Group, has acquired 33 skilled nursing facilities totaling 4,200 beds in south-central Texas, plus some shovel-ready development sites, for an undisclosed sum. Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, advised the seller, Regency Post-Acute Healthcare System, in the deal. According to IPA, the transaction is the largest seniors housing sale in Texas history. Joshua Jandris, Mark Myers, Peyton Stanforth and Charles Hilding led the Dallas-based IPA team.

April 7, 2016

Indiana Midwest Multifamily Seniors Housing

Brookdale Completes $11M Expansion of Seniors Housing Community in Indianapolis

by Christina Cannon April 7, 2016

INDIANAPOLIS — Brookdale Senior Living, the largest owner and operator of seniors housing in the United States, has completed a three-story building on the campus of Robin Run Village, a continuing care retirement community in Indianapolis. The $11 million project is part of a capital investment and community management joint venture between Brookdale and Health Care Properties (HCP). The new building’s top floor offers 25 new memory care apartments. The first and second floors offer 43 assisted living apartments and amenities. With completion of the project, Robin Run Village can now accommodate approximately 700 residents on its 86-acre campus.

April 7, 2016

Fifth Street Place Apartments Charlottesville

Multifamily Southeast Virginia

Dominion Realty Partners to Develop Apartment Community in Charlottesville

by John Nelson April 7, 2016

CHARLOTTESVILLE, VA. — Dominion Realty Partners plans to develop Fifth Street Place Apartments, a 200-unit, Class A community located at the intersection of I-64 and 5th Street in Charlottesville. The property will be situated adjacent to Red Light Management’s new 465,000-square-foot retail center that will be anchored by Wegmans. Community amenities will include an upscale clubroom with Wi-Fi access, fitness center, coffee bar, business center and a large swimming pool. This is Dominion Realty’s first development in Charlottesville. Citizens Bank of Charlotte provided construction financing for the project. The design team, which includes architect Rule Joy Trammell & Rubio and general contractor VCC, plans to deliver Fifth Street Place in spring 2017.

April 7, 2016

Multifamily New York Northeast

Akelius Acquires Six-Building Multifamily Property in Brooklyn for $57M

by Amy Works April 7, 2016

NEW YORK CITY — Akelius Residential Property AB has acquired a six-building multifamily property in Brooklyn’s Clinton Hill for $57 million. Built in 1930, the asset features 86 apartment units. The name of the seller was not released. With this transaction, Akelius now owns 1,013 apartments in New York City.

April 7, 2016

Multifamily New York Northeast

TerraCRG Negotiates $3.5M Sale of Multifamily Building in Brooklyn’s Park Slope

by Amy Works April 7, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 82 16th St. in the Park Slope/Gowanus neighborhood of Brooklyn. The asset sold for $3.5 million, or $572 per square foot. The four-story, 6,240-square-foot property features 16 rent-stabilized apartment units. Adam Hess, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.

April 7, 2016

Features Multifamily Top Stories

Alden Torch Financial Claims No. 1 Spot in NMHC’s Ranking of 50 Largest U.S. Apartment Owners

by Jeff Shaw April 6, 2016

WASHINGTON, D.C. — Alden Torch Financial, which spun off from Hunt Cos. last year in a management buyout deal, has burst onto the multifamily scene to become the largest multifamily housing owner in the United States. As of Jan. 1, 2016, Alden Torch owned 191,759 multifamily units, topping the next largest owner by more than 57,000 units, according to the National Multifamily Housing Council (NMHC). The Washington, D.C-based organization this week released the 2016 edition of the NMHC 50, which ranks the top owners, managers, developers and contractors in the U.S. multifamily sector. The rankings are based on the number of units owned and managed at the start of 2016, or units of new construction started in 2015 for developers and contractors. “The apartment industry continued its bull run in 2015, as demand for both apartment homes and apartment properties intensified,” says Mark Obrinsky, NMHC’s senior vice president of research and chief economist. “Big transactions were more common than usual, causing some noteworthy changes in the NMHC 50 rankings.” Hunt Cos. was the top multifamily owner for two years running before spinning off its multifamily portfolio, so it’s no surprise that Alden Torch leads owners despite being a brand-new company. …

April 6, 2016

Multifamily New York Northeast

Anbau Enterprises Acquires Three Multifamily Buildings in Manhattan for $58M

by Amy Works April 6, 2016

NEW YORK CITY — Anbau Enterprises has acquired three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village for $58 million. The three-building portfolio features 71 rental units and totals more than 52,000 gross square feet. The name of the seller was not released.

April 6, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $23.5M in Refinancing for Cabot Crossing in Massachusetts

by Amy Works April 6, 2016

LOWELL, MASS. — CBRE/New England has secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a multifamily property located in Lowell. The borrower is Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments. The owner originally acquired the property in 2013 and implemented a successful unit upgrade and capital improvement plan. Located at 130 Bowden St., the multifamily community features 252 apartment units in a mix of 28 studio units, 168 one-bedroom layouts and 56 two-bedroom units. On-site amenities include a clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas. John Kelly and Sam Dylag of CBRE/NE Multifamily Debt & Structured Finance arranged the financing for the borrower.

April 6, 2016

Multifamily New York Northeast

Fortis Property, Joy Construction Sell Newly Developed Residential Property in Brooklyn

by Amy Works April 6, 2016

NEW YORK CITY — Fortis Property Group and Joy Construction Corp. have completed the disposition of Atelier Williamsburg, a newly developed residential property located at 239-261 N. Ninth St. in the Williamsburg neighborhood of Brooklyn, for an undisclosed sum. Completed in 2015, the 120-unit property features studio, one-bedroom and two-bedroom apartments, a 24-hour doorman, rooftop deck with barbecues and skyline views, resident lounge with billiards table and entertaining kitchen, landscaped courtyard and a state-of-the-art fitness center. Andrew Scandalios, Jeff Julien and Rob Hinckley of HFF represented the seller in the transaction. The name of the buyer was not released.

April 6, 2016

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