Multifamily

Gebroe-Hammer Brokers Two N.J. Multifamily Deals Totaling $113.5M

by Jaime Lackey June 16, 2015

SPRINGFIELD AND MORRISTOWN, N.J. — Gebroe-Hammer Associates represented Forest Realty in the recent sale of two apartment properties, located in Springfield and Morristown. The properties sold for a combined $113.5 million. Short Hills Village Club, a 26-building, 286-unit garden-apartment and townhome community in Springfield, was acquired for $83.5 million by SH Club Village LLC. The property is located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The second property, Franklin Manor, is located at 114 Franklin St. in Morristown. RK Franklin LLC acquired the 140-unit garden-style apartment community for $30 million. The Gebroe-Hammer brokerage teams, led by Joseph Brecher, identified the buyers of both properties. Legal representation in the two latest transactions was provided by Thomas E. Cohn, Esq., of Coughlin Duffy LLP, in Morristown, N.J., on behalf of the seller; Steven D. Fleissig, Esq., of Greenberg Traurig in Florham Park, N.J., on behalf of the Springfield buyer; and Kenneth Gliedman, Esq., of Lichter, Gliedman, Offenkrantz PC in New York City on behalf of the Morristown buyer.

June 16, 2015

Multifamily Texas

StreetLights Residential Tops Out New High-Rise Apartment Building in Dallas

by Haisten Willis June 16, 2015

DALLAS — StreetLights Residential has topped out The Jordan Uptown, a new high-rise development in Dallas. Sitting on nearly one acre, the project site is located off McKinney Avenue at the Maple/Routh connection and Thomas Avenue in the Uptown area. Gromatzky Dupree & Associates designed the 23-story project to feature 212 units with one- and two-bedroom floor plans, in addition to penthouse options with views of the Dallas skyline. Units range from 735 to 2,262 square feet. The community will offer 24-hour concierge services, a private resident bar, Wi-Fi conference room and controlled access onsite garage parking including electric car charging stations. Apartment features will include keyless entry, stainless steel appliances, granite countertops and custom cabinetry, 24- and 30-inch stainless steel apron sinks, granite kitchen backsplashes and built-in Sonos surround sound. SLR is developing the project and SLR Uptown Construction LLC is serving as the general contractor. Waldrop + Nichols Studio LLC will design the unit interiors, and Studio Outside will design the landscape. Pre-leasing begins this fall and move-in is projected for January 2016.

June 16, 2015

Multifamily Texas

M&M Arranges Sale of 240-Unit Apartment Building in Fort Worth

by Haisten Willis June 16, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Londonderry Apartments, a 240-unit apartment property located in Fort Worth. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, J Alexander Realty Group of Dallas. Silva also secured the buyer, a private investment group. Londonderry Apartments is located at 1401 Morrison Drive. The location offers access to I-30 and is located near AT&T Stadium. The new owner plans to make interior and exterior renovations to make the property more competitive in its rental market. The subject property was built in 1980 and consists of 18 buildings comprising pitched composition roofs with wood frames and brick and siding exteriors on concrete slab foundations. Amenities include a pool, a gazebo with a park area, washer/dryer connections, patios and outside storage.

June 16, 2015

Florida Loans Multifamily Southeast Student Housing

Phillips Realty Closes $85M Construction Loan for Student Housing Project in Daytona Beach

by John Nelson June 16, 2015

DAYTONA BEACH, FLA. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach. The Silver Spring, Md.-based developer is building student residence facilities that will be leased back to BCU. Brian Boland of Phillips Realty Capital structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term. Quantum’s 1,206-bed residence hall project will include four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and student amenities. Each student housing building will comprise exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas will include multipurpose rooms, as well as fitness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016. Completion of Phase II is expected in June 2016.

June 16, 2015

Multifamily Southeast Tennessee

Colliers Brokers $21.5M Sale of Apartment Community in Metro Nashville

by John Nelson June 16, 2015

CLARKSVILLE, TENN. — Colliers International has brokered the $21.5 million sale of Renaissance at Peacher’s Mill, an upscale 216-unit apartment community in Clarksville, roughly 40 miles northwest of Nashville. PEM Real Estate Group purchased the asset from JA Murphy Group. Will Mathews, Ron Cameron and Bart Johnston of Colliers International’s Nashville office represented JA Murphy Group in the transaction. According to Colliers, the transaction is the highest price per unit trade in the history of Clarksville.

June 16, 2015

Connecticut Multifamily Northeast

Marcus & Millichap Brokers $21.05M Multifamily Sale in East Haven, Connecticut

by Jaime Lackey June 15, 2015

EAST HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $21.05 million sale of Stony Brook Village, a 165-unit luxury apartment community located at 140 Mill St. in suburban East Haven. HP Stony Brook LLC sold the property to Par Stony Brook LLC. The sales price equates to $127,500 per unit. Units average 980 square feet and 70 percent have two bathrooms. Community amenities include a fitness center and swimming pool with sun deck area; a resident clubhouse with community room, business area, and library; a leasing center with private offices, and a designated dog walk and exercise area. Steve Witten and Victor Nolletti of IPA and Wes Klockner of Marcus & Millichap were the sole brokers in the transaction.

June 15, 2015

Loans Massachusetts Multifamily Northeast

Walker & Dunlop Closes $19.5M Fannie Mae Loan for Apartments in Wakefield, Massachusetts

by Jaime Lackey June 15, 2015

WAKEFIELD, MASS. — Walker & Dunlop has closed a $19.52 million Fannie Mae fixed-rate loan for True North Capital Partners’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield. The property, which was built in 2013, is located 12 miles north of Boston and features one- and two-bedroom units, with 25 percent of the units set aside for families earning less than 80 percent of the area’s median income. Property amenities include a fitness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area. Steve Natale and Bill Battaglia led the Walker & Dunlop team that worked with Fannie Mae to structure a 12-year fixed-rate loan with four years of interest-only, with a 77 percent loan-to-purchase price ratio. This is the borrower¹s fifth acquisition in the Boston area.

June 15, 2015

Multifamily Texas

ARA Newmark Arranges Sale of Apartment Portfolio in North Austin

by Haisten Willis June 15, 2015

AUSTIN, TEXAS — ARA Newmark has arranged the sales of the 450-unit Villages of Sage Creek and the 460-unit Park at Walnut Creek, in Austin. The properties were jointly marketed as the “North Austin 2000’s Portfolio.” Pat Jones of ARA Newmark represented the seller, Dallas-based Whole Life Management Co. The buyer in both transactions was Montgomery, Ala.-based B&M Management Co. Constructed in the early 2000s, Villages of Sage Creek and Park at Walnut Creek are Class A communities located in Austin’s Far North submarket. Amenities for both communities include swimming pools, fitness centers, volleyball courts and pet parks. The Villages of Sage Creek has 11 floor plans ranging from 636-square-foot, one-bedroom plans to a 1,441-square-foot, three-bedroom design. The Park at Walnut Creek includes 14 floor plans ranging from a 696-square-foot, one-bedroom to a 1,630-square-foot, three-bedroom design.

June 15, 2015

Illinois Midwest Multifamily

ASB Real Estate Investments Sells Chicago Apartments for $50.5M

by Jeff Shaw June 15, 2015

CHICAGO — ASB Real Estate Investments has sold its nine-building, 174-unit Elaine Place apartment portfolio in the Lakeview neighborhood of Chicago, located blocks from Wrigley Field, for $50.5 million. The sale was made on behalf of ASB’s Allegiance Fund, a $5 billion core investment vehicle, which owned the property in a joint venture with Marc Realty/Chicago Apartment Finders. The portfolio was purchased by New York-based CLK Properties.

June 15, 2015

Georgia Multifamily Southeast Student Housing

Sanctuary Residential Breaks Ground on $33M Student Housing Project Near Georgia State University

by John Nelson June 15, 2015

ATLANTA — Sanctuary Residential has begun construction on 200 Edgewood, a $33 million student housing development located across the street from Georgia State University (GSU) in downtown Atlanta’s MLK Landmark district. According to Sanctuary Residential, the mixed-use urban infill property will be the closest student housing to GSU, including the school’s dormitories. 200 Edgewood will be situated on 1.2 acres near the Grady/Children’s Hospital Medical Complex and the new Sweet Auburn Curb Market streetcar station. The 144-unit, 254-bed community is designed to appeal to GSU students, as well as medical interns, nurses and doctors. The property’s amenity package will include a clubhouse, fitness center, meeting/study areas, central courtyard, 110 parking spaces and 12,000 square feet of commercial space. Sanctuary Residential plans to deliver 200 Edgewood by July 2016. The design team includes architect Gary Coursey & Associates, engineer Eberly & Associates and general contractor Shell McElroy. Asset Campus Housing will manage the property upon completion.

June 15, 2015

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