Multifamily

A&C Properties Completes Phase I of Porteos Mixed-Use Project in Denver

by Nellie Day December 18, 2015

DENVER — A&C Properties has completed the first phase of Porteos, a 1,287-acre mixed-use project in Denver. The project is being built adjacent to Denver International Airport. Phase I ushered in the opening of the new Jackson Gap Street, which provides immediate access to the airport and throughway for residents of Aurora and Adams County. A&C Properties invested $13 million to complete Jackson Gap Street and its related infrastructure. Forum Real Estate Group also recently completed ParkDIA, a 7,500-space parking complex in the area that provides valet services, self-covered and uncovered parking, and a shuttle. Porteos is the only entitled, zoned and shovel-ready, non-residential site within a four-mile radius of the airport. JLL is leading the marketing efforts to investors, developers, and occupiers of industrial, aviation, hospitality and commercial space.

December 18, 2015

Loans Multifamily South Carolina Southeast

Capstone Capital Closes $32.5M Loan for Apartment Community in South Carolina

by John Nelson December 18, 2015

SUMMERVILLE, S.C. — Capstone Capital has closed the $32.5 million cash-out refinancing of Kilnsea Village Apartments, a 313-unit multifamily property located at 5300 Patron Place in Summerville, roughly 26 miles west of Charleston. The unnamed borrower, a Southeast-based developer, refinanced an existing $20 million loan and withdrew approximately $12.5 million from the new financing. Jackson Howard of Capstone Capital arranged the Fannie Mae loan at a fixed interest rate of 4.45 percent. The loan features three years of interest-only payments followed by a 30-year amortization schedule.

December 18, 2015

Kentucky Multifamily Southeast

Marcus & Millichap Brokers $22M Sale of Apartment Community in Downtown Louisville

by John Nelson December 18, 2015

LOUISVILLE, KY. — Marcus & Millichap has brokered the $22 million sale of Crescent Centre Apartments, a 209-unit apartment community located in downtown Louisville. Built in 1989, the property comprises four residential buildings and 23,160 square feet of commercial space. The development features a central brick courtyard and fountain, two high-speed elevators, controlled card access, fitness center, trash chutes, laundry facilities and a new clubhouse. Chicago-based Trilogy Real Estate Group purchased the apartment development from Coral Gables, Fla.-based Brothers Property Corp. for $105,263 per unit. Aaron Willis and Aaron Johnson of Marcus & Millichap represented the buyer and seller in the transaction.

December 18, 2015

Multifamily Texas

M&M Brokers Sale of 112-Unit Apartment Building in El Paso

by Haisten Willis December 18, 2015

EL PASO, TEXAS — Marcus & Millichap has brokered the sale of Sundial, a 112-unit apartment property located in El Paso. Kent Myers and Joe James of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Sundial is located at 5515 Alabama St. The property boasts two swimming pools, a resident clubhouse, playground and three on-site laundry facilities. Interiors feature newly renovated units, dishwashers and disposals.

December 18, 2015

Multifamily Texas

Wellington Realty Negotiates Sale of Summer Glen Apartments in Dallas

by Haisten Willis December 18, 2015

DALLAS — Wellington Realty has negotiated the sale of the Summer Glen Apartment complex located at 9624 Rolling Rock Lane in Dallas. With a total of 206 apartment units, the Summer Glen Apartment complex was built in 1972 and renovated in 2000. David Shaffer, Kirby Hall Jackson III and Caleb Jones of Wellington Realty sold the asset.

December 18, 2015

Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

First Phase of Journal Squared Tops Out in Jersey City

by Amy Works December 18, 2015

JERSEY CITY, N.J. — Construction for the first phase of Journal Squared in Jersey City has topped out at 563 feet. The 53-story building, which will feature 538 residential units, is part of the three-tower, mixed-use project that is revitalizing Jersey City’s historic Journal Square neighborhood. Scheduled for completion in late 2016, the first phase will feature a mix of studio, one-, two- and three-bedroom rental unit and more than 10,000 square feet of amenities, including a fitness center, golf simulator, children’s playroom, outdoor pool and entertaining space on the 53rd floor. Situated adjacent to the Journal Square PATH station, the three-phase project will also include a 60-story tower and a 70-story building. Upon completion, the project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space, and a pedestrian-friendly public plaza to the neighborhood. Designed by HWKN and Handel Architects, the project is being developed by KRE Group and National Real Estate Advisors.

December 18, 2015

Market Reports Multifamily Texas Texas Market Reports

Dallas: A Market with Multifamily Staying Power

by Haisten Willis December 18, 2015

Right now, the Dallas-Fort Worth metropolitan statistical area is one of the hottest multifamily markets in the country with an eye-opening 34,000-plus units currently under construction. Long-term trends suggest that even if construction slows somewhat, demand for north Texas apartments will outstrip supply for the foreseeable future. The reason is straightforward. Dallas has much going for it that employers find extremely appealing, including a central location equidistant from both coasts, an educated workforce, a diverse economy and a favorable business climate. These underlying advantages are simply not going to change. In the last three years, a number of companies, including Toyota North America and Nationstar Mortgage, have relocated their headquarters to Dallas-Fort Worth, while others, like Southwest Airlines and AT&T, have added thousands of positions to their headquarters. Most recently, American Airlines announced plans to create a corporate campus west of its current location near Dallas/Fort Worth International Airport. Dallas-Fort Worth has also become a popular site for regional corporate centers. State Farm is constructing a 2 million-square-foot campus on Dallas’s main north-south light rail line in suburban Richardson. When it is completed in 2016, the company will have more than 5,000 employees in north Texas. Liberty Mutual announced this …

December 18, 2015

Indiana Midwest Multifamily Seniors Housing

Ryan Cos. Breaks Ground on $40M Senior Living Community in Schererville, Indiana

by Christina Cannon December 18, 2015

SCHERERVILLE, IND. — Ryan Cos. has broken ground on a $40 million, 177-unit senior living development in Schererville. Clarendale of Schererville is slated to open in the spring of 2017. The 206,000-square-foot development will be constructed on a nine-acre site and will consist of 85 independent living units, 38 assisted living units and 54 memory care units. Apartments will range from 720 square feet to 1,300 square feet for the independent living units and 300 square feet to 890 square feet for the assisted living and memory care units. Amenities will include a craft room, movie theater room, bistro, pub and billiards room, library, wellness center, salon, fitness room, multipurpose room and a private patio with courtyard.

December 18, 2015

Mixed-Use Multifamily Northeast Office Retail

NYCEDC, Bedford Courts LLC Unveil Plans for 500,000 SF Mixed-Use Development

by Amy Works December 17, 2015

NEW YORK CITY — New York City Economic Development Corp. (NYCEDC) and Bedford Courts LLC, a joint venture between BFC Partners and Slate Property Group, have unveiled plans for a 500,000-square-foot mixed-use development at the Bedford Union Armory in Brooklyn’s Crown Heights neighborhood. The development will bring hundreds of units of housing, a multi-sport recreational facility, community event space, office space and commercial space to Brooklyn. Planned in close coordination with community and local elected officials, the Bedford Union Armory project will activate the vacant building, which was built in 1903. Bedford Courts will develop the property on a long-term ground lease from the city into a 300-unit residential building and a commercial building with recreational, community and office space. Outfitted by Carmelo Anthony and The Carmelo Anthony Foundation, the recreational facility will feature basketball courts, a swimming pool and an indoor turf field. CAMBA, a Brooklyn-based non-profit organization, will operate and provide associated programming for the recreational facility and community event space.

December 17, 2015

Hawaii Multifamily Seniors Housing Western

New 17-Story Seniors Housing Community in Honolulu Nears Completion

by Nellie Day December 17, 2015

HONOLULU — Kalākaua Gardens, an independent living, assisted living, skilled nursing and memory care community in Hawaii’s capital, is slated to open its doors in early 2016. Although the operator, Avalon Health Care Group, doesn’t specifically identify the property as a continuing care retirement community, it notes that Kalākaua Gardens will be the only community on the island offering all levels of care on one site. The luxury community will comprise 17 stories in Honolulu’s vibrant Ala Moana commercial district.

December 17, 2015

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