Multifamily

Suffolk Construction Completes $33.4M Apartment Community in Fort Lauderdale

by John Nelson June 30, 2015

FORT LAUDERDALE, FLA. — Suffolk Construction has delivered The Manor: Lauderdale by the Sea, an eight-story, 264-unit luxury apartment community in Fort Lauderdale. The $33.4 million property includes a parking garage, fitness center with zen shower, cyber café, clubhouse, formal meeting and dining space, infinity-edge pool, hot tub built into the center of the building and private poolside cabanas for the second-floor deck units. The Related Group is the developer of the project, and RLC Associates is the architect.

June 30, 2015

Multifamily North Carolina Southeast

Lowe Enterprises Investors Acquires Apartment Community in Raleigh

by John Nelson June 30, 2015

RALEIGH, N.C. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has purchased the Hamilton Ridge Apartments, a 178-unit multifamily community located at 4901 Tall Timber Drive in Raleigh’s Crabtree Valley neighborhood. Built in 1986, the apartment community features a clubhouse with a business center, coffee bar, fitness center and community room. Additional community amenities include a resort-style pool, outdoor grilling and picnic areas, a car care center and free Wi-Fi. LEI’s capital improvement program will include upgrades to common areas, such as the clubhouse and pool deck, and unit renovations that will modernize kitchens. LEI has retained Greystar to manage Hamilton Ridge. John Gaghan of LEI led the investment team in negotiations, and Hunt Mortgage arranged financing for the acquisition. The seller was an affiliate of Abacus Capital.

June 30, 2015

Loans Multifamily North Carolina Southeast

Grandbridge Arranges $16M Loan for Apartment Community in Wilmington

by John Nelson June 30, 2015

WILMINGTON, N.C. — Grandbridge Real Estate Capital has closed a $16 million first mortgage loan for the refinancing of Stephens Pointe Apartments, a newly built, 192-unit apartment community in Wilmington’s Porters Neck area. Wesley Fricks of Grandbridge arranged the 10-year loan with a 30-year amortization schedule. The property was more than 90 percent occupied at the time of financing.

June 30, 2015

District of Columbia Multifamily Southeast

CBRE Brokers $9.6M Multifamily Portfolio Sale in D.C.

by John Nelson June 30, 2015

WASHINGTON, D.C. — CBRE has brokered the $9.6 million sale of a two-property multifamily portfolio located in northwest Washington, D.C. The two assets, The Rockford and The Peabody, total 82 units and are located in D.C.’s Brightwood neighborhood. StoneBridge Investments purchased The Rockford for $8.1 million and The Peabody for $1.5 million from JCR Cos. Robert Meehling, Michael Rudolph and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller. William Roohan, Michael Muldowney, Brian Margerum and Martha Hastings of CBRE assisted in the transaction.

June 30, 2015

California Multifamily Western

Joda Investments Buys Long Beach Apartment Building for $3.2M

by Nellie Day June 30, 2015

LONG BEACH, CALIF. – Joda Investments has purchased a 16-unit apartment building in Long Beach for $3.2 million. The community is located at 1175 2nd Street. Joda plans to completely renovate the property, which was built in 1964. It will also make significant improvements to the units, including new hardwood floors and stainless steel appliances. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction. Stepp also worked with the buyer to obtain a 2.88 percent, fixed-rate, five-year permanent loan of $2.3 million for the property.

June 30, 2015

Market Reports Multifamily Washington Western Western Market Reports

The Sustainability of the Seattle Apartment Building Boom

by Nellie Day June 30, 2015

With all the recent froth in the multifamily markets, knowledgeable observers are expressing concern regarding all of the cranes that are sprouting around Seattle. To assess the apartment market, we have compiled data recently published in the “March 2015 Apartment Development Report” by Dupre + Scott Apartment Advisors. The Seattle Metro area is in the midst of an apartment development boom, with an estimated 17,400 units under construction, 12,000 units to be completed and ready for occupancy in 2015 and 11,000 units to be delivered in 2016. There is an additional 25,000 additional units in various stages of planning for delivery over the next five years. This new construction is in response to low vacancy rates (3.5 percent in the Seattle MSA, excluding vacancies for properties in initial lease-up), job expansion and related in-migration to the area. These trends have resulted in rising rents for new projects, up more than 7.4 percent in the region in the past 12 months (skewed by rents in newly opened projects). The new units under construction or proposed are heavily weighted to the close-in neighborhoods surrounding the Seattle CBD (Belltown, Downtown Seattle, South Lake Union) and close-in neighborhoods north of Lake Union (Ballard, Greenlake/Wallingford, …

June 30, 2015

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 330-Unit Multifamily Property in Massachusetts

by Amy Works June 29, 2015

WORCESTER, MASS. — CBRE/New England has arranged the sale of Plantation Ridge, a multifamily property located in Worcester. TGM Plantation Ridge sold the 330-unit property to Audubon Plantation Ridge LLC, an affiliate of Boston-based Audubon Capital Partners, for an undisclosed price. Built in 2004, the property offers a mix one- and two-bedroom layouts, averaging 959 square feet. Community amenities include a freestanding community center, business center, pool and fitness center, as well as 30 underground parking spaces and 52 detached garages. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

June 29, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Arranges $6.6M Sale of Mixed-Use Building in Manhattan

by Amy Works June 29, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 309 Amsterdam Ave. in Manhattan’s Upper West Side. The four-story property sold for $6.6 million, or $1,630 per square foot. The 4,800-square-foot property features a 1,200-square-foot retail space and three one-bedroom apartments. The property was delivered vacant. The undisclosed buyer plans to reposition the property for rental. Paul Smadbeck and Robert Stufano of Cushman & Wakefield represented the undisclosed seller in the transaction.

June 29, 2015

Iowa Loans Midwest Multifamily Student Housing

Hunt Mortgage Secures $6.4M Acquisition Loan for Student Housing Property in Iowa

by Amy Works June 29, 2015

AMES, IOWA — Hunt Mortgage Group has provided a $6.4 million Fannie Mae loan for the acquisition of a student housing property in Ames. Located on the campus of Iowa State University, South Meadow Apartments features 148 one-bedroom units, 15 two-bedroom units and 19 three-bedroom units. On-site amenities include common laundry areas, courtyards and parking. The property is 100 percent occupied and fully pre-leased for the 2015-2016 school year. South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner, was the borrower. The 7-year loan features a 30-year amortization schedule.

June 29, 2015

Multifamily Texas

The Boulder Group Arranges $1.98M Sale of Advance Auto Parts in Metro Austin

by Haisten Willis June 29, 2015

TAYLOR, TEXAS — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single-tenant new construction Advance Auto Parts property located at 3508 N. Main Street in Taylor, for $1.98 million. The brand-new Advance Auto Parts building is located across the street from a Walmart Supercenter-anchored development. The property is positioned along the area’s primary north-south thoroughfare. Retailers located in the immediate vicinity to the property include HEB, Walgreens, CVS and Chase Bank. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a southeast-based commercial real estate developer, in the transaction. The buyer was a private individual based in the southwest who utilized a 1031 exchange. Advance Auto Parts has 15 years remaining on their absolute net lease. The lease features 5 percent rental escalations in each renewal option period. Advance Auto Parts is an investment grade rated tenant with a Standard & Poor’s rating of BBB-.

June 29, 2015

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