Multifamily

Marcus & Millichap Brokers $25M Sale of Apartment Community in Florida

by John Nelson May 28, 2015

BRADENTON, FLA. — Marcus & Millichap has brokered the $25 million sale of 30 West Apartments, a 264-unit apartment community located at 2835 50th Ave. W. in Bradenton. All units at 30 West feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. Community amenities include two lighted tennis courts, an on-site laundry facility, fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller, Insula Cos., and procured the buyer, Timberland Properties.

May 28, 2015

Arizona Multifamily Western

Aura Apartments in Phoenix Sells for $8.7M

by Nellie Day May 28, 2015

PHOENIX – The 96-unit Aura Apartments in Phoenix has sold to Capital Real Estate for $8.7 million. The community is located at 3623 N. 5th Ave. It was built in 1959 and 1962. The space underwent a $1.3 million renovation program to modernize, rebrand and reposition it. The seller was Pathfinder Partners.

May 28, 2015

California Multifamily Western

Los Angeles Apartment Building Sells for $5M

by Nellie Day May 28, 2015

LOS ANGELES – A 16-unit apartment building in Los Angeles has sold to a private local investor for $5 million. The community is located at 1263 and 1267 Barry Ave. It was built in 1959. The buyer represented itself, while the seller, another local private investor, was represented by Hamid Soroudi of Charles Dunn Company.

May 28, 2015

Multifamily Texas

Olympus Property Acquires Renaissance Village at Shadow Lake in Houston

by Haisten Willis May 27, 2015

HOUSTON — Olympus Property has acquired Renaissance Village at Shadow Lake, a 624-unit Class A apartment community located in Houston’s Westchase District submarket. The submarket employs nearly 200,000 individuals with 26,000 more jobs projected in 2015. Renaissance Village was built in two phases in 1998 and 1999 and spans 28 acres. Amenities include a lake, clubhouse, swimming pool with sundeck, fitness center and outdoor stone fireplace. Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. The renovation plan will include upgrades to the interiors of the units, improvements to the clubhouse, new fitness center equipment and enhancements to the pool areas. In addition, Olympus will change the name to The Ranch at Shadow Lake. Floor plans include 372 one-bedroom, one-bath units; 180 two-bedroom, two-bath units; and 72 three-bedroom, two-bath units. Units feature nine-foot ceilings, two-tone paint, garden tubs, full-size washer and dryer connections and patios. Renaissance Village is the fourth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC.

May 27, 2015

California Loans Multifamily Western

GH Palmer Receives $81M to Purchase The Paseos at Montclair North

by Nellie Day May 27, 2015

MONTCLAIR, CALIF. — GH Palmer Associates has received an $81-million bridge loan to purchase The Paseos at Montclair North, a 385-unit luxury multifamily community near Ontario. The community is located at 4914 Olive Street. The Paseos is situated directly across from Montclair Plaza regional mall. It is one block south of the Metro link commuter rail. The property features one-, two- and three- bedroom units with amenities like gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances and walk-in closets. Community amenities include two resort-style pools, spas with cabanas and pool beds, a central park with a concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a fitness facility. The bridge financing includes a 3.23 percent rate, a five-year term and a 75 percent loan-to-value. Financing was secured by George Smith Partners (GSP). It was one of the last financings completed by GE Capital before its sale this past April. GSP previously secured $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property for the original developer back in 2012.

May 27, 2015

Multifamily Oregon Western

Canyon Creek Apartments Near Portland Sells for $49.5M

by Nellie Day May 27, 2015

PORTLAND, ORE. — Aukum Management LLC has purchased the 372-unit Canyon Creek apartment community in the Portland submarket of Wilsonville for $49.5 million. The community is located at 26310 SW Canyon Creek Road, about 16 miles south of Downtown Portland. The property is 95.7 percent leased. Its units average about 858 square feet. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center. The seller, a private investor, was represented by HFF’s Ira Virden and Kerry Hughes.

May 27, 2015

Multifamily North Carolina Southeast

Capstone Apartment Partners Brokers $12.8M Sale of Charlotte Apartment Community

by John Nelson May 27, 2015

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $12.8 million sale of Hunter’s Pointe, a 394-unit apartment community located in Charlotte. The property is located roughly five miles from Uptown Charlotte. ACRE purchased the asset from Hunter’s Apartments LLC for roughly $32,616 per unit. The apartment community has received approximately $3 million in upgrades over the past 10 years and was 85 percent occupied at the time of sale. Brian Ford, Beau McIntosh and Alex McDermott of Capstone Apartment Partners represented the seller in the transaction.

May 27, 2015

Multifamily New Jersey Northeast

The Daten Group to Develop 46-Unit Residential Property in Downtown Hoboken

by Amy Works May 26, 2015

HOBOKEN, N.J. — The Daten Group is developing a seven-story residential building at 600 Harrison St. in downtown Hoboken. Designed by Nastasi Architects, the 67,000-square-foot building will feature 46 apartment units with spacious layouts and in-unit washer/dryers, a virtual doorman, a private gym, an outdoor recreation space and 32-spot parking garage. The rental units will range from $2,900 per month for a one-bedroom, one-bath unit to $4,950 a month for a three-bedroom, two-bath unit. Groundbreaking is scheduled for Thursday, May 28, and construction is estimated to last 18 months.

May 26, 2015

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $9.6M Loan for Apartment Property in Minnesota

by Amy Works May 26, 2015

MOORHEAD, MINN. — Dougherty Mortgage has arranged a $9.6 million Fannie Mae loan for the refinancing of Summit Ridge Apartments in Moorhead, a suburb of Fargo, Minn. The 12-year loan features a 30-year amortization schedule. The borrower was Apartments at Johnson Farms LLC. The 125-unit apartment property features one-, two- and three-bedroom units with open floor plans, 9-foot ceilings on the first and second floors, vaulted ceilings on the third floor, walkout patios or balconies, in-unit washers/dryers and garages.

May 26, 2015

Georgia Seniors Housing Southeast

Juneau Begins Final Phase of Construction on CCRC in Georgia

by John Nelson May 26, 2015

CUMMING, GA. — Atlanta-based contractor Juneau Construction Co. has entered the final phase of construction for The Villas at Canterfield in Cumming, which includes a 146,000-square-foot independent living apartment facility. The structure under construction is a four-story building housing 76 residential units, plus a pool, exercise facilities, multi-purpose activity rooms, a club area, country store, fully equipped communal kitchen, restaurant-style dining area and an outdoor courtyard. Juneau expects to complete construction of The Villas at Canterfield by November. The developer is Medical Development Corp., and the architect and engineer is The Corcoran Ota Group.

May 26, 2015

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