Multifamily

Gelt Buys Miller Estates in Salt Lake City

by Nellie Day July 8, 2015

SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.

July 8, 2015

Multifamily South Carolina Southeast

Steadfast Apartment REIT Buys Multifamily Community in Greenville MSA for $66.8M

by John Nelson July 8, 2015

MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.

July 8, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $52.6M Loan for Luxury Apartment Community in Fort Lauderdale

by John Nelson July 8, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.

July 8, 2015

Loans Multifamily Texas

Berkadia Originates $29.8M Acquisition Loan for Multifamily Property in San Antonio

by Haisten Willis July 7, 2015

SAN ANTONIO — Berkadia has originated a $29.8 million loan for the acquisition of Grand Estates at TPC, a multifamily property located at 5707 TPC Parkway in San Antonio. Jeff Robbins and Matt Ewig of Berkadia’s Chicago office secured the 10-year loan through Fannie Mae. Robbins and Ewig arranged the loan, which includes seven years of interest-only payments, on behalf of the borrowers, Wood Partners, Silverpeak Capital and W. P. Carey Inc. Grand Estates at TPC features 408 units and is 94 percent occupied. Community amenities include a pool, game room and fitness center. The property is situated near U.S. Highway 281, which provides access to downtown San Antonio, approximately 22 miles south.

July 7, 2015

California Multifamily Western

Structure PMG Buys Villa Grande in Buena Park

by Nellie Day July 7, 2015

BUENA PARK, CALIF. – Structure Property Management Group (PMG) has purchased the 44-unit Villa Grande apartment complex in Buena Park. The community is located at 7720 Crescent Ave. It was built in 1971. The company plans to improve the property. Structure PMG was represented by Ken Morgan of Morgan-Skenderian Investment Real Estate Group. The seller, Sue Pebley Management LP, was represented by Jay Skenderian of Morgan-Skenderian Investment Real Estate Group.

July 7, 2015

Multifamily Texas

ARA Newmark Negotiates Sale of Apartment Complex in Austin

by Haisten Willis July 7, 2015

AUSTIN, TEXAS — ARA, A Newmark Co. (ARA Newmark), has negotiated the sale of 40 Hyde Park, a 10-unit asset located in the North Campus/Hyde Park area of Austin. Andrew Shih and James Young of ARA Newmark’s Austin office represented the seller, Artesia. The undisclosed buyer was a private investor also from Austin. Constructed in 1972, 40 Hyde Park is a garden-style apartment community comprising 10 efficiency units. The community is situated on an infill lot in the Historic Hyde Park District, Austin’s oldest neighborhood. Unit amenities for 40 Hyde Park include new gas stoves and countertops, upgraded light fixtures and two-inch faux wood blinds, as well as accent walls. The property is located within minutes of the University of Texas, Austin’s central business district and the Hancock golf course.

July 7, 2015

Multifamily New York Northeast

Forest City Enterprises Begins Construction for 303 Affordable Apartment Units in Brooklyn

by Amy Works July 7, 2015

NEW YORK CITY — Forest City Enterprises Inc., a member of Greenland Forest City Partners, has closed on construction financing for 38 Sixth Avenue (formerly known as B3), a 100-percent affordable apartment building located at Pacific Park Brooklyn in Brooklyn. Designed by SHoP Architects, the property will feature 303 apartment units. The New York City Housing Development Corp. (HDC) provided a $83 million first mortgage loan for the construction of 38 Sixth Avenue through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Additionally, Greenland Forest City Partners is receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. The groundbreaking at 38 Sixth Avenue brings the total number of affordable apartments currently under construction at Pacific Park Brooklyn to 780 units, with the development expected to eventually include 2,250 affordable units.

July 7, 2015

Multifamily North Carolina Southeast

Preferred Apartment Communities Buys Charlotte Property for $32.7M

by John Nelson July 7, 2015

CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Citypark View, a newly constructed, 284-unit multifamily community in Charlotte, for approximately $32.7 million. The Class A property was roughly 96 percent occupied at the time of sale. PAC purchased the asset through a wholly owned subsidiary and financed the acquisition using a $22.1 million first mortgage loan from JLL, which intends to assign the loan to Freddie Mac within 60 days. The seven-year loan bears a fixed interest rate of 3.27 percent and features a 30-year amortization schedule.

July 7, 2015

Michigan Midwest Multifamily

The Solomon Organization Acquires Apartment Complex in Troy, Mich.

by Amy Works July 7, 2015

TROY, MICH. — The Solomon Organization has acquired Somerset Park, a 2,226-unit apartment community in Troy. Developed in the mid-1970s and located off Big Beaver Road, the property, which features a nine-hole golf course, is adjacent to the Somerset Collection, a luxury regional shopping mall, as well as the Somerset Hotel, Whole Foods Market and office buildings. Solomon plans to renovate the apartment interiors and upgrade commons areas, including recreational facilities. The Solomon Organization has acquired more than $500 million of residential property in the last 24 months, including 5,391 apartment units. The company now owns more than 12,700 apartment units in five states. The name of the seller and acquisition price were not released.

July 7, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges $1.2M Sale of Apartment Building in Chicago

by Amy Works July 7, 2015

CHICAGO — Marcus & Millichap has arranged the sale of a three-story apartment building with an adjacent buildable lot at 1656 W. Erie St. in Chicago. The six-unit asset sold for $1.2 million. Kyle Stengle and Joseph Bergman of Marcus & Millichap’s downtown Chicago office represented the seller, a private investor, and secured the buyer, a private investor, in the transaction.

July 7, 2015

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