JERSEY CITY, N.J. — WinnCompanies has broken ground for the $15.4 million rehabilitation at Brunswick Estates in Jersey City. Slated for completion in early 2017, the top-to-bottom renovation will modernize the 131 apartments, grounds and safety systems at the project. Additionally, the renovation will address substantial deferred maintenance needs, including lingering damage from Hurricane Sandy and ADA compliance issues. The renovation work will modernize the kitchens, bathrooms and interiors of all apartments, as well the exteriors of the 14 buildings on the property. Additionally, the heating and plumbing systems will be upgraded and common areas will be created within an existing central structure and will include a management office, tenant lounge and multimedia area. The Architectural Team is serving as architect and DiMarco Constructors is the general contractor on the project. WinnResidential, the property management arm of WinnCompanies, will manage resident and maintenance services at Brunswick Estates. Public-private partners on the project include Greater Bergen Community Action, Jersey City Division of Community Development, New Jersey Economic Development Authority, New Jersey Housing and Mortgage Finance Agency, U.S. Department of Housing & Urban Development, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital and Boston Community Capital.
NEW YORK CITY — TerraCRG has brokered the sale of a residentially-zoned commercial building located at 283 Greene Ave. in Brooklyn’s Clinton Hill neighborhood. Kilroy Architectural Windows sold the 13,300-square-foot property to an undisclosed seller for $6 million, or $375 per existing square foot. The two-story building features 16,085 buildable square feet and can be converted into residential lofts or repositioned as an owner/user residential or office building. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.
MANSFIELD, MASS. — SVN|Parsons Commercial Group|Boston has brokered the sale of a multifamily property located at 12 Pratt St. in Mansfield. Heartwood Realty LLC acquired the property for $3.2 million from Feck Properties LLC. The 24-unit property was 100 percent occupied at the time of sale. Marci Alvarado and Jake Parsons of SVN|Parsons Commercial Group represented the seller and buyer in the transaction.
LAKE JACKSON, TEXAS — LMI Capital has secured $7 million in acquisition financing for a three-property multifamily portfolio located in tertiary markets outside of the greater Lake Jackson area, a suburb of Houston. The three garden-style communities total 315 units. Brandon Brown of LMI Capital secured three acquisition loans, each featuring a five-year term with floating interest rates that convert to fixed rates after the initial interest-only period. The undisclosed borrower, which owns a number of assets in metro Houston, plans to renovate and reposition the assets and then refinance into permanent loans upon stabilization.
PHOENIX — A joint venture led by Sunroad Enterprises received $23.5 million in first mortgage debt to finance the acquisition of the 240-unit Sonoma Ridge Apartments in Phoenix. The community is located at 8201 W. Beardsley Road. HFF’s Aldon Cole and Tim Wright arranged the financing, which Mesa West Capital provided.
GRAYSLAKE, ILL. — Avison Young has arranged a $34 million loan for Strategic Properties of North America to acquire a multifamily property in Grayslake, approximately 45 miles northwest of Chicago. Grays Pointe Apartment Complex is a 396-unit property that is comprised of 301 rental units and 95 condominiums. Pine River Capital Management advised the undisclosed lender. Amenities at Grays Pointe Apartment Complex include basketball courts, a business center, clubhouse, playground, swimming pool and tennis courts. Justin Piasecki and Ethan Blum of Avison Young arranged the financing.
INDIANAPOLIS — CBRE has brokered the sale of a 384-unit apartment community in Indianapolis for an undisclosed price. Ardizzone Holding Co. purchased Oakbrook Village as part of a 1031 exchange. Ardizzone plans to spend $1.7 million to upgrade the property, which was 93 percent occupied at the time of sale. Oakbrook Village includes amenities such as a fitness center with sauna and steam room, playground, clubhouse, tennis court, swimming pool, business center and on-site laundry facility.
MUKILTEO AND LYNNWOOD, WASH. — Kennedy Wilson Real Estate Fund V (Fund V) has acquired two multifamily properties in the metro Seattle area for a total of $140.8 million. Fund V invested $50 million in equity and secured the remainder of the capital through Freddie Mac. Kennedy Wilson (NYSE: KW), a global real estate investment company, is a 12 percent investor in Fund V. In the first transaction, Fund V acquired Alara Harbour Point for $46.5 million from SVF Harbour Pointe Mukilteo LLC. The 230-unit multifamily property is located at 4500 Harbour Pointe Blvd. in Mukilteo, a northern suburb of Seattle. The property features amenities such as a fitness center, picnic areas, business center, swimming pool and clubhouse. Unit amenities at Alara Harbour Point include stainless steel appliances, walk-in closets, high-speed Internet access and balconies or patios. The complex was built in 1998 and is situated on 12 acres within a master-planned community. All buildings within the complex are three stories. In the second transaction, Fund V purchased Tivalli, a 383-unit property, for $94.3 million from GRE Ash way LLC. Amenities at the complex include a 7,000-square-foot lodge, swimming pool, indoor basketball court, yoga studio, outdoor amphitheater, outdoor lounge with fireplace and …
Steadily rising home prices and a growing population base facilitated strong demand for apartments in Austin last year. A positive employment outlook and favorable demographic trends will continue to augment housing demand and attract investors to the Austin apartment market in 2016. In 2015, Austin employers added 34,600 workers to payrolls, expanding the workforce by 3.7 percent, according to the Bureau of Labor Statistics. Strong hiring last year contributed to a 40 basis point year-over-year decline in the metro’s unemployment rate, which reached 3.4 percent in the third quarter. The largest gains were in primary office-using sectors, which accounted for nearly 50 percent of additions. Austin will continue to grow this year, with more than 60,000 individuals anticipated to move to the metro, supporting the creation of 23,000 households. Employers are projected to add 37,500 new jobs this year, increasing the workforce by 3.9 percent, according to Marcus & Millichap Research Services. As was the case last year, demand for housing will intensify. Austin’s population and employment boom in 2015 led to surging demand for both single-family and rental housing. Ultimately, the consistent rate of growth for single-family home prices fostered higher demand for apartments as home prices in the …
MORENO VALLEY, CALIF. — The Praedium Group has purchased the 394-unit Villas at Towngate Apartments in Moreno Valley for $68.5 million. The community is located at 13120 Day St. Towngate was built in 2006. Notable employers in the area include Proctor & Gamble, Deckers Outdoor, Phillips Electonics and Walgreens. Amazon recently opened a 2 million-square-foot fulfillment center in the area, while Skechers debuted a 1.8 million-square-foot center in 2012. A 40.6 million-square-foot World Logistics Center was also recently approved within the city. It is the largest single project in California, and estimated to add 20,000 permanent jobs with an annual economic impact of $2.5 billion.