Multifamily

Cushman & Wakefield Closes $19.9M Sale of Greenwich Village Development Site

by Amy Works August 11, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 71 Fourth Ave., also known as 71 Park Ave. South, in Manhattan’s Greenwich Village. A joint venture between NAVA Cos., Savitar Realty Advisors, Williams & Sons Group and LePera Equities Inc. acquired the site for $19.9 million, or $780 per buildable square foot. Zoned C6-2A, the site consists of two buildings suitable for approximately 25,573 square feet of as-of-right development. The joint venture plans to develop a 10-story, 22,507-square-foot mixed-use property on the site, with eight floor-through apartments (units which occupy an entire floor), a duplex penthouse and a retail space with 14-foot ceiling heights.

August 11, 2015

Multifamily New Hampshire Northeast

IPA Boston Brokers Sale of Beechstone Luxury Apartment in New Hampshire

by Amy Works August 11, 2015

PORTSMOUTH, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Beechstone Luxury Apartments in Portsmouth. TGM Associates sold the 428-unit apartment community to Forest Properties for an undisclosed price. The buyer plans to launch a value-add strategy of interior unit renovations at the property. Built in three phases between 1973 and 1986, the property consists of 71 two-and-a-half story buildings situated on 54 acres. The property offers six two- and three-bedroom floor plans, ranging from 800 to 1,600 square feet, and totaling 430,142 square feet of rentable area. Richard Robinson, Jennifer Athas and Philip Lamere of IPA Boston represented the seller in the transaction.

August 11, 2015

Multifamily Student Housing Texas

Texas A&M Selects Servitas to Develop 48 Acres of Student Housing

by Haisten Willis August 10, 2015

COLLEGE STATION, TEXAS — The Texas A&M University System has selected Servitas LLC to develop 48 acres on the west side of Texas A&M University’s campus into student housing. According to school officials, the project will cost approximately $360 million to build and develop. The land will be ground leased to NCCD-College Station Properties LLC, a Texas nonprofit corporation, which will engage Servitas to develop the property, and contract with Servitas Management Group LLC to serve as manager of the development. Under the terms of the ground lease, NCCD-College Station will pay $18.5 million upfront to Texas A&M University, and future revenues are projected to average $20 million annually over 30 years. The facilities will revert to The Texas A&M University System upon termination of the ground lease. Raymond James served as the underwriter for the project and managed the financing process, which included coordinating the legal, structural and approval process through the issuer, The New Hope Cultural Education Facilities Finance Corp. Once the transaction was structured, Raymond James took the bonds to market garnering an overall cost of funds of 4.82 percent with a final maturity in 2047. The 48-acre site, which is currently pasture, is adjacent to a …

August 10, 2015

Loans Multifamily Texas

KeyBank Provides $7.2M Financing for Tulsa Apartment Complex

by Haisten Willis August 10, 2015

TULSA, OKLA. — KeyBank Real Estate Capital has provided a $7.2 million non-recourse, CMBS first mortgage for Park Villas Apartments, an apartment community located in Tulsa. The Class B property was 95 percent occupied at the time of financing. John Loshbaugh of KeyBank’s Commercial Mortgage Group arranged the financing.

August 10, 2015

Industrial Multifamily Office Retail Texas

SmartAsset Ranks Fort Bend County No. 1 for Incoming Investments in Texas

by Haisten Willis August 10, 2015

SUGAR LAND, TEXAS — A report from SmartAsset, a personal finance technology company, ranks Fort Bend County, a county in the Houston metropolitan area, as No. 1 in Texas and No. 5 in the United States as the area with the most incoming investments. The data, aggregated from various sources including the U.S. Census Bureau, showed that the county ranked highly in several further categories including gross domestic product (GDP) growth, new building permits and municipal bonds. The county ranked No. 10 in Texas with a GDP growth of over $3.5 million from 2013 to 2014. Fort Bend also ranked No. 1 in Texas and No. 2 in the United States for the highest number of new building permits granted per 1,000 homes. From 2013 to 2014, the county had a municipal bonds index of 2.13, earning the No. 8 spot in Texas. These bonds have been used to enhance quality of life such as mobility, water and safety, and are responses to the high growth in employment and residential opportunities available in the county.

August 10, 2015

Multifamily Texas

CBRE Arranges Sale of Value-Add Apartments Near Parkland Hospital in Dallas

by Haisten Willis August 10, 2015

DALLAS — CBRE Capital Markets has arranged the sale of Brandywine Apartments, a 100-unit, value-add multifamily community in Dallas. 4710 Lake LLC purchased the complex from Brandywine Investments LLC. Chris Deuillet of CBRE’s Dallas office represented the seller. The property is located at 4710 Lake Ave., east of Parkland Hospital and the Dallas Medical District, and is 95 percent occupied. Current growth at Parkland Hospital and in Uptown Dallas is driving demand for upper end and workforce-level housing in the area. Planned improvements could support increased rental rates and property value. The average rental rate at Brandywine is approximately 23 percent less than the average rental rate in the immediate area.

August 10, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers Sale of Two Mixed-Use Properties in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous mixed-use properties at 1703-1705 Second Ave. on Manhattan’s Upper East Side. The two five-story buildings sold for $22.2 million, or $1,498 per square foot, in an all-cash transaction. Previously home to Elaine’s restaurant, the properties, which total 15,350 square feet, feature one store unit and 16 market-rate residential units. The apartment units, which recently underwent renovation, feature stainless steel appliances, new hardwood floors, washers/dryers, new windows and new electric service. Thomas Gammino Jr. of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 10, 2015

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $13.4M Construction Loan for Boston Multifamily Development

by Amy Works August 10, 2015

BOSTON — Fantini & Gorga has arranged a $13.4 million construction loan for the development of a multifamily property located at 900 Beacon St. in Boston’s Audubon Circle neighborhood. Upon completion, the property will feature 28 market-rate apartments and four affordable units, as well as 4,340 square feet of ground-floor retail space. Additional on-site amenities include underground parking for 30 vehicles and an outdoor patio area to be used by the commercial tenants. Casmir Groblewski, Tim O’Donnell and Despina Hatzipetrou of Fantini & Gorga arranged the financing for the undisclosed developer. The lender is a Massachusetts-based financial institution.

August 10, 2015

Multifamily New York Northeast

Ariel Properties Advisors Brokers Two Multifamily Sales in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Ariel Properties Advisors has brokered the sale of two multifamily properties in Northern Manhattan totaling $9.4 million. In the first transaction, a 14,010-square-foot walk-up property, located at 532 West 152nd St., sold for $6.7 million, or $335,000 per unit. The building features one one-bedroom unit, eight two-bedroom units and 11 three-bedroom units. In the second deal, a 9,345-square-foot multifamily property, located at 273 West 140th St., sold for $2.7 million, or $270,000 per unit. The property features six one-bedroom units and four two-bedroom apartments. Victor Sozio, Michael Tortorici, Josh Berkowitz, Matthew Gillis and Samuel Atlas of Ariel Properties represented the sellers and buyers in both transactions. The names of the sellers and buyers were not released.

August 10, 2015

Multifamily New York Northeast

Akelius Acquires Six-Building Apartment Portfolio in Brooklyn

by Amy Works August 10, 2015

NEW YORK CITY — Akelius US LLC has acquired a six-building residential portfolio in Brooklyn for an undisclosed price. With properties in Crown Heights, Flatbush and Prospect Lefferts, the portfolio consists of 378 apartments. This is the sixth acquisition by the Swedish real estate company, Akelius, in the United States. The company now owns two properties in Manhattan and nine in Brooklyn.

August 10, 2015

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