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

Florida Market Reports Multifamily Southeast Southeast Market Reports

Strong Demand Proves the Best is Yet to Come for Miami’s Multifamily Market

by John Nelson August 17, 2015

Miami’s multifamily market now ranks among the country’s strongest overall performers (if not the strongest). The city attracts, and benefits from, numerous tourists, investors, financial institutions, real estate funds, retailers and tourists from countries around the globe. The demand for condominiums and apartment buildings in Miami seems insatiable with the investors competing for increasingly scant deals. In practical terms, that means hotel and office developers often lose out across asset classes to the “ever-on-fire” multifamily sector. There is every indication in the first quarter of 2015 that Miami’s multifamily market’s upward trend will continue. Debt and equity continue to stream into the Miami-Dade County apartment and condominium sector from both local sources and out-of-area buyers attracted to solid asset performance and robust housing demand generators. Continued employment and population growth have bolstered housing demand as the overall Miami economy strengthened in 2014. The Miami metropolitan area added more than 30,000 jobs last year, and based on figures from the Bureau of Labor Statistics, Miami-Dade County’s unemployment rate continued its downward trend to 5.4 percent in February 2015. According to the Florida Bureau of Economic and Business Research, South Florida’s population is expected to increase by approximately 29 percent between 2013 …

August 17, 2015

Illinois Midwest Multifamily

U.S. Bank Provides $73.5M Construction Loan to Onni Group in Chicago

by Jeff Shaw August 14, 2015

CHICAGO — U.S. Bank has provided a $73.5 million construction loan to the Onni Group, a Canadian-based firm that is developing The Hudson, a 25-story, 240-unit luxury apartment project located at 750 N. Hudson St. in downtown Chicago’s River North district. U.S. Bank served as lead left and administrative agent for the loan, with PNC Bank, N.A. as a participant. The Hudson will feature a mix of one-, two- and three-bedroom units, each of which will include a balcony or terrace, granite countertops, designer cabinets, a washer/dryer and more. Common amenities include a pool and hot tub, fitness business centers, resident lounges, an outdoor terrace and more. The Hudson will also include ground-floor retail space. Onni broke ground on the project this summer. The target date for completion is mid-2017.

August 14, 2015

Multifamily Student Housing Texas

The Weitz Co. Selected as Design-Builder for $245M Student Housing Complex at Texas A&M

by Haisten Willis August 14, 2015

COLLEGE STATION, TEXAS — The Weitz Co. has been selected as the design-builder for a new student housing project at Texas A&M University in College Station. The project, known as the Park West, will accommodate 3,402 students in more than 1,300 units ranging from studios to four-bedroom units. The nearly 1.8 million square feet of building space will include amenities such as swimming pools, hot tubs, fire pits, grills, fitness centers, study and gathering spaces, and game rooms. The complex will also include retail and office space, as well as an eight-story parking garage. The development will be built on 48 acres of pasture located near the south side of campus off of George Bush Parkway. The apartments are expected to open before the 2017-18 school year. The project owner is nonprofit NCCD-College Station. Irving, Texas-based Servitas LLC is the developer and manager for Park West, and PGAL of Boca Raton, Fla., is Weitz’ design partner.

August 14, 2015

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