Multifamily

Greystar Equity Partners VIII Acquires Two NYC Multifamily Properties Totaling $336.3M

by Amy Works March 4, 2016

NEW YORK CITY — Greystar Equity Partners VIII has completed the acquisitions of two multifamily properties in New York City for an aggregate purchase price of $336.3 million. The two transactions mark the full investment of Greystar Equity Partners VIII LP, an $800 million vehicle that is part of Greystar Real Estate Partners’ flagship value-add series. In the first transaction, Greystar acquired The Chelsea, a 204-unit multifamily property located at 160 W. 24th St. in Manhattan’s Chelsea neighborhood, for $211.3 million. The Chelsea features a variety of floor plans, a 5,200-square-foot parking garage, 11,000 square feet of prime retail space on the ground floor, a fitness center, media room, two rooftop decks and a resident lounge. In the second deal, Greystar purchased a 169-unit multifamily property comprising two buildings located at 247 N. 7th St. and 248 N. 8th St. in Brooklyn’s Williamsburg neighborhood for $125 million. The property features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge. Greystar will serve as property manager for both multifamily properties.

March 4, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Ariel Property Advisors Brokers $3M Sale of Central Harlem Mixed-Use Property

by Amy Works March 4, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a mixed-use property located at 273 Lenox Ave. in Central Harlem. The four-story building sold for $3 million, or $811 per square foot. The approximately 3,699-square-foot property features two residential units and two commercial spaces. Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki of Ariel Property Advisors represented the seller, a private investor, while POG Real Estate Inc. procured the buyer, a private investor, in the deal.

March 4, 2016

Seniors Housing Southeast Virginia

Brandywine Starts Construction of Seniors Housing Community in Mixed-Use Development in Alexandria

by John Nelson March 4, 2016

ALEXANDRIA, VA. — Brandywine Senior Living has started construction on the Cameron Park Development in Alexandria, the first of five seniors housing communities the New Jersey-based developer and operator plans to build near Washington, D.C. The community will consist of 116 suites on six stories with ground-floor retail designed to complement the active lifestyle of the surrounding area. The Brandywine residence will be a part of JBG Cos.’ 722,000-square-foot Cameron Park development on Alexandria’s West End. The development also features 66 townhomes to be developed by PulteGroup Inc. and roughly 300 multifamily units.

March 4, 2016

Multifamily Student Housing Texas

Alex. Brown Realty, Asset Campus Housing Acquire Student Housing Project in San Marcos

by Haisten Willis March 3, 2016

SAN MARCOS, TEXAS — A joint venture between Alex. Brown Realty (ABR) and Asset Campus Housing (ACH) has acquired Dakota Ranch, a student housing project in San Marcos. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $5.9 million in the joint venture. Dakota Ranch is a 316-bed student housing property located near the main campus of Texas State University. Purpose-built as student housing in 2003, the property contains 188 apartment units located within 10 three-story buildings on 17 acres. At closing, the property was 99 percent occupied for the 2015-2016 school year. The property will undergo capital improvements that are expected to drive higher rents for the 2016-2017 school year. Baltimore-based ABR is a privately owned real estate investment manager organized in 1972.

March 3, 2016

Fox-Hollow-apartments-grand-prairie-texas

Multifamily Texas

CBRE Negotiates 86-Unit Multifamily Sale in Grand Prairie

by Haisten Willis March 3, 2016

GRAND PRAIRIE, TEXAS — CBRE has negotiated the sale of Fox Hollow Apartments, an 86-unit multifamily community in Grand Prairie. Milwood Apartments LLC purchased the asset from Fox Hollow Apartments LLC for an undisclosed price. Chris Deuillet with CBRE’s Dallas office represented the seller. The 85,152-square-foot asset is located at 1008 S. Beltline Road. The property was built in 1970 and renovated in 1990. The complex features a pool, basketball court and playground. It was 97 percent occupied at closing.

March 3, 2016

Loans Multifamily New Jersey Northeast

Joint Venture Receives $17.4M Construction Loan for Multifamily Project in New Jersey

by Amy Works March 3, 2016

WESTFIELD, N.J. — The Hampshire Companies and The Claremont Companies have received a $17.4 million loan for the construction of a 70-unit multifamily property located at 333 Central Ave. in Westfield. Located within walking distance to downtown Westfield, the new four-story, 126,340-square-foot property will feature a variety of one- and two-bedroom layouts ranging from 700 to 1,550 square feet with select units featuring a den and private terrace. All units will have hardwood floors throughout, nine-foot ceilings, stainless steel appliances, granite countertops and spacious walk-in closets. Community amenities will include secure and covered parking, a luxurious lounge with wet bar for entertaining, state-of-the-art gym with yoga room, rooftop lounge and additional storage units located on each floor. The multifamily community is slated for completion in spring 2017. Jon Mikula and Michael Klein of HFF secured the financing for the borrowers through Capital One Bank.

March 3, 2016

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $10M Sale of Mixed-Use Building in East Harlem

by Amy Works March 3, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 265 Pleasant Ave. in Manhattan’s East Harlem neighborhood. A private investor acquired the seven-story, 19,584-square-foot mixed-use building for $10 million in a 1031 exchange. The property features one commercial unit, which is occupied by Rao’s Restaurant, and 22 residential units. Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

March 3, 2016

Multifamily New York Northeast

TerraCRG Arranges Sales of Two Multifamily Buildings in Brooklyn Totaling $8.9M

by Amy Works March 3, 2016

NEW YORK CITY — TerraCRG has brokered the sales of two multifamily buildings in Brooklyn totaling $8.9 million. In the first transaction, a 16-unit multifamily property located at 851 Franklin Ave. in Crown Heights sold for $5.5 million, or $652 per square foot. The fully renovated 8,440-square-foot property features six two-bedroom units, six studio units and four one-bedroom apartments. Additionally, the property features bike storage, laundry facilities and storage lockers for tenants. In the second deal, a 16-unit multifamily building located at 4109 Seventh Ave. in Sunset sold for $3.4 million, or $257 per square foot. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in both transactions.

March 3, 2016

Iowa Midwest Multifamily Student Housing

Vesper Holdings Acquires Student Housing Property Near Iowa State University

by Christina Cannon March 3, 2016

AMES, IOWA — Vesper Holdings has acquired an off-campus student housing property, located in Ames near Iowa State University, for an undisclosed price. The Foundry contains one six-story building with an underground parking garage, and offers two- and four-bedroom floor plans with bed-to-bath parity. Units feature large fully equipped kitchens, full-sized washers and dryers, furniture, 50-inch flat screen televisions, stainless steel appliances, granite countertops and high-speed internet connection in every bedroom. Amenities at the property include ground-floor retail anchored by Starbucks Coffee, a fitness center, study areas, a game room, secure bike storage and a tanning booth. The Foundry was fully occupied in its first year of opening. With this transaction, Vesper’s student housing portfolio now totals 19 apartment complexes and approximately 10,700 beds. This transaction is the fifth student housing acquisition for Vesper over the past 10 months. The seller in the deal was undisclosed.

March 3, 2016

Arizona Multifamily Western

Parkmeed Properties Buys Ashton Pointe Apartments in Avondale for $42.5M

by Nellie Day March 3, 2016

AVONDALE, ARIZ. — Parkmeed Properties has acquired the 314-unit Ashton Pointe apartments in Avondale for $42.5 million. The community is located at 12175 W. McDowell Road, just a mile from the Coldwater Depot Logistics Center. Notable employers in the area include Nike Golf, Ogio International, Eddie Bauer, Red Kap, Bulwark and New Era. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, P. B. Bell Companies, in this transaction.

March 3, 2016

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