Multifamily

TerraCRG Brokers $6.5M Sale of Brooklyn Development Site

by Amy Works June 4, 2015

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 88-92 Linden Blvd. in the Prospect Lefferts Gardens neighborhood of Brooklyn. Brookland Capital acquired the site for $6.5 million from INK Property Group. The site offers approximately 48,000 square feet of buildable air rights. Brookland Capital plans to develop a 66-unit rental and condominium property on the site. The 60,500-square-foot property will feature one- and two-bedroom units, ranging from 620 to 800 square feet, a gym, roof deck and 33 parking spots. Matt Cosentino, Peter Matheos and Eric Satanovsky of TerraCRG represented both parties in the transaction.

June 4, 2015

California Multifamily Western

San Diego Apartment Community Sells for $2M

by Nellie Day June 4, 2015

SAN DIEGO – An eight-bedroom apartment community in the San Diego submarket of Normal Heights has sold to Wang’s Growth LLC for $1.9 million. The community is located at 4640 Bancroft Street. The seller, Vaerus Utah LLC, upgraded the complex with all new interiors, including new kitchens, hardwood floors, bathrooms, heating, paint, lighting and appliances. The property also received new exterior paint, drought-tolerant landscaping, hardscape, exterior modern treatments, doors and new modern fencing. Vaerus was represented by Mark Morgan of ACI Apartments.

June 4, 2015

Multifamily Texas

Beatty Communities Acquires 1,598 Apartment Units in Metro Dallas

by Haisten Willis June 4, 2015

DALLAS — Balfour Beatty Communities has acquired a five-apartment complex portfolio in metro Dallas in a joint venture with equity partners Block Multifamily Group and Harbert Management Corp. on behalf of the Harbert United States Real Estate Fund V (HUSREF V). Balfour Beatty Communities will perform all property management services across the portfolio through its multifamily division, and Block Multifamily Group will be responsible for all asset management services. The acquisition portfolio includes Madison at Round Grove, a 404-unit complex located at 201 E. Round Grove in Lewisville; Madison on the Parkway, a 376-unit complex located at 19002 Dallas Parkway in Dallas; Wimberly Apartments, a 372-unit complex located at 4141 Horizon N. Parkway in Dallas; Wimbledon Oaks, a 248-unit complex located at 1802 Wimbledon Oaks Lane in Arlington, and; Villas of Josey Ranch, a 198-unit complex located at 2050 Keller Springs Road in Carrollton.

June 4, 2015

Multifamily Texas

M&M Arranges Sale of 98-Unit Multifamily Building in Dallas

by Haisten Willis June 4, 2015

DALLAS — Marcus & Millichap has arranged the sale of Town Creek Condominiums, a 98-unit property located in Dallas. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office negotiated the contract on behalf of the seller. Fluellen and Hoover also procured the buyer, an out-of-state partnership. Town Creek Condominiums is located at 9727 Whitehurst Drive, just southwest of Interstate 635. Constructed in 1984, the asset is situated on approximately 3.5 acres.

June 4, 2015

Loans Multifamily Texas

HFF Secures Financing for Ventana Apartments in San Antonio

by Haisten Willis June 4, 2015

SAN ANTONIO — HFF has secured fixed-rate financing for Ventana Apartments, a 390-unit, Class A apartment complex in San Antonio. Working on behalf of the borrower, Venterra Realty, HFF placed the five-year, 3 percent fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset. Ventana Apartments consists of 25 two- and three-story residential buildings containing one-, two- and three-bedroom units totaling 380,076 rentable square feet. Community amenities include two swimming pools with cabanas, a fitness center, clubhouse and gated access. The property is located at 11020 Huebner Oaks and is 95 percent leased. Cortney Cole and Jordan Finch led the HFF debt placement team representing the borrower.

June 4, 2015

Market Reports Multifamily New York Northeast Northeast Market Reports

New York City Multifamily: Supply and Opportunity

by Jaime Lackey June 4, 2015

New York City multifamily has historically been a darling of the real estate industry — and for good reason. It is arguably the most sought-after investment product type within commercial real estate investment’s most targeted city. It is the perfect demographic storm on the demand side: two-thirds of the population rent versus own; the population is arguably the best educated and includes the highest income generators in the nation; and the market continues to exhibit vast growth in household creation and population. Not to mention, the supply side is both geographically and politically constrained. These limitations are further exacerbated by very high costs to build. However, even with the dual push of supply and demand continuing to be in investors’ favor citywide, there are some areas that are softening. Two areas that seem to be softening are luxury condominiums in Manhattan and rental product in Long Island City (Queens) and the downtown Brooklyn area. Manhattan Luxury Condo Sales Slowing Manhattan is often a trendsetter that is months and years ahead of the rest of the country when it comes to real estate trends, and the return of the luxury condominium market is a prime example of this. Some 2,500 units were …

June 4, 2015

Multifamily New York Northeast

Extell Development Co. Buys Residential Development Rights at City Point for $115.5M

by Amy Works June 3, 2015

NEW YORK — Extell Development Co. has acquired the remaining residential development rights at City Point, a 1.9 million-square-foot mixed-use project in downtown Brooklyn, for $115.5 million. The price works out to about $217 per buildable square foot. The sellers were Acadia Realty Trust and Washington Square Partners, co-developers of City Point. City Point’s third phase, a 21,500-square-foot parcel, will be Extell’s first residential development in Brooklyn. The company plans to develop a 665,000-square-foot tower, located on Willoughby Street, with 600,000 square feet of residential space and 65,000 square feet of commercial space at the base of the building. Acadia and Washington Square will retain the commercial portion of the development upon completion in 2020. Construction is slated to begin in 2017.

June 3, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers Sale of 6,385 SF Land Parcel in Queens

by Amy Works June 3, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,385-square-foot land parcel located at 71-74 Parsons Blvd. in the Kews Gardens section of Queens. The asset sold for $2.5 million. The 67-foot by 83-foot parcel offers a floor area ratio of 2.43 for a residential development and a floor area ratio of 4.8 for a development that includes a community facility. Steven Siegel and Michael Kook of Marcus & Millichap’s Manhattan office represented both the seller, a bank/financial institution, and the buyer, a developer, in the transaction.

June 3, 2015

Indiana Midwest Multifamily

Flaherty & Collins Properties to Break Ground on Apartment Project in Indiana

by Amy Works June 3, 2015

CRAWFORDSVILLE, IND. — Flaherty & Collins Properties will break ground on Historic Whitlock Place, an apartment project located at 306 Binford St. in downtown Crawfordsville, a city northwest of Indianapolis, on Monday, June 8. An adaptive reuse of Culver Union Hospital, the project will offer 56 studio, one- and two-bedroom apartment units. Community amenities will include a community atrium, a community room with a television, a computer room with free Internet access and an exercise room with equipment. Completion is slated for late summer 2016. The project is a collaborative effort between Sustainable Solutions, Vision Communities, Flaherty & Collins, the City of Crawfordsville, Palma Architects and McKinley Development.

June 3, 2015

Multifamily Nevada Western

Bascom Group Acquires 183-Unit Community for $10.4M in Las Vegas

by Nellie Day June 3, 2015

LAS VEGAS — Private equity firm The Bascom Group has acquired the 183-unit Boulder Palms Senior Apartments at 4350 Boulder Highway in Las Vegas for $10.4 million. Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction. Boulder Palms is a two-story seniors housing community housing 183 units. Completed in 1997, the property covers over four acres. Boulder Palms is Bascom’s eighth acquisition in the Las Vegas area over the last two years.

June 3, 2015

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