Multifamily

Estates at Ridenour Ashford Ridenour Kennesaw

RADCO Purchases Apartment Community in Metro Atlanta for $35.3M

by John Nelson June 17, 2015

KENNESAW, GA. — The RADCO Cos. has acquired Estates at Ridenour, a 255-unit Class A apartment community in Kennesaw, a northern suburb of Atlanta, for $35.3 million. RADCO financed the acquisition with private capital and debt from Freddie Mac. The Atlanta-based multifamily investment firm purchased the asset from a limited liability company based in South Carolina. The apartment units average 1,077 square feet and are situated in one-, two- and three-bedroom floor plans, as well as two-story townhomes. Community amenities include a resort-style pool with grilling areas, fitness facility, clubroom and a business center with Wi-Fi. Multi Housing Advisors brokered the transaction. RADCO will invest $2.6 million to upgrade Estates at Ridenour. The company’s renovation plan includes exterior improvements, expanding the property’s amenity package and unit upgrades. Additionally, Estates at Ridenour will be rebranded as Ashford Ridenour. The property is located on a 13.1-acre lot off the intersection of Barrett and Cobb parkways, nearly two miles from I-75 and three miles from Kennesaw State University. The property is also two-and-a-half miles from Town Center at Cobb, a nearly 1.3 million-square-foot regional mall, and across the street from Kennesaw Marketplace, a new Whole Foods-anchored mixed-use development under construction.

June 17, 2015

Kansas Midwest Multifamily

Gershman Mortgage Provides $36.6M in Financing for Exchange Place Apartments

by Katie Sloan June 17, 2015

WICHITA, KAN. — Gershman Mortgage’s multifamily division has provided $36.6 million to finance the rehabilitation of the Exchange Place and Bittings buildings in Wichita to create Exchange Place Apartments. The 230-unit, high-rise complex is located at the corner of Douglas and Market streets. Development will include the rehabilitation of the two existing high-rise buildings and construction of a new parking garage and apartment building where the Lerner and Michigan buildings are currently located.

June 17, 2015

California Multifamily Seniors Housing Western

Fountain Square Development, HPI Architecture Complete California Community

by Nellie Day June 17, 2015

SIERRA MADRE, CALIF. — Fountain Square Development West and HPI Architecture have completed The Kensington of Sierra Madre, an assisted living and memory care community in Sierra Madre. Occupying 58,000 square feet, The Kensington comprises 75 total units, 33 of which are memory care. The facility also offers a salon and art studio that is open to the community.

June 17, 2015

California Multifamily Western

Waterman Gardens Breaks Ground on $200M Redevelopment in San Bernardino

by Nellie Day June 17, 2015

SAN BERNARDINO, CALIF. — National Community Renaissance (National CORE) has broken ground on the $200 million redevelopment of Waterman Gardens in San Bernardino. The redevelopment efforts will fill a housing void and serve as an economic catalyst for the neighborhood and city, National CORE notes. Phase I of the project will raze the 1940s-era public housing that currently sits on the Waterman Gardens site. The 252 affordable units will be replaced with 411 new units, including market-rate and senior apartments. An additional 76 new units will be built at Valencia Avenue and 9th Street, which will sit adjacent to the existing Waterman Gardens community. Phase I was awarded nearly $12 million in tax credits from the State of California this past fall. The City of San Bernardino is also investing $2.3 million of federally allocated HOME-Investment Partnership funds into the project. The $25 million remaining balance for first-phase funding was provided by the Housing Authority of the County of San Bernardino, the Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program and a permanent loan from PNC Real Estate. Amenities at the project will include a community center with community meeting rooms, after-school program facilities and a …

June 17, 2015

Arizona Multifamily Western

Mid-America Apartment Communities Buys SkySong Scottsdale Apartments

by Nellie Day June 17, 2015

SCOTTSDALE, ARIZ. — Mid-America Apartment Communities has acquired the 325-unit SkySong Scottsdale Apartments for $67.5 million. The community is located at 1301 N. Scottsdale Road. The purchase comes on the heels of the SkySong 3 debut, the newest office building within the 42-acre, mixed-use SkySong, the ASU Scottsdale Innovation Center development. The SkySong development team has also announced plans for a new restaurant facility along Scottsdale Road at SkySong Boulevard, while construction of SkySong 4 is expected to begin sometime this year. SkySong Scottsdale Apartments were developed by a joint venture between the ASU Foundation and USAA Real Estate Co.

June 17, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Two N.J. Multifamily Deals Totaling $113.5M

by Jaime Lackey June 16, 2015

SPRINGFIELD AND MORRISTOWN, N.J. — Gebroe-Hammer Associates represented Forest Realty in the recent sale of two apartment properties, located in Springfield and Morristown. The properties sold for a combined $113.5 million. Short Hills Village Club, a 26-building, 286-unit garden-apartment and townhome community in Springfield, was acquired for $83.5 million by SH Club Village LLC. The property is located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The second property, Franklin Manor, is located at 114 Franklin St. in Morristown. RK Franklin LLC acquired the 140-unit garden-style apartment community for $30 million. The Gebroe-Hammer brokerage teams, led by Joseph Brecher, identified the buyers of both properties. Legal representation in the two latest transactions was provided by Thomas E. Cohn, Esq., of Coughlin Duffy LLP, in Morristown, N.J., on behalf of the seller; Steven D. Fleissig, Esq., of Greenberg Traurig in Florham Park, N.J., on behalf of the Springfield buyer; and Kenneth Gliedman, Esq., of Lichter, Gliedman, Offenkrantz PC in New York City on behalf of the Morristown buyer.

June 16, 2015

Multifamily Texas

StreetLights Residential Tops Out New High-Rise Apartment Building in Dallas

by Haisten Willis June 16, 2015

DALLAS — StreetLights Residential has topped out The Jordan Uptown, a new high-rise development in Dallas. Sitting on nearly one acre, the project site is located off McKinney Avenue at the Maple/Routh connection and Thomas Avenue in the Uptown area. Gromatzky Dupree & Associates designed the 23-story project to feature 212 units with one- and two-bedroom floor plans, in addition to penthouse options with views of the Dallas skyline. Units range from 735 to 2,262 square feet. The community will offer 24-hour concierge services, a private resident bar, Wi-Fi conference room and controlled access onsite garage parking including electric car charging stations. Apartment features will include keyless entry, stainless steel appliances, granite countertops and custom cabinetry, 24- and 30-inch stainless steel apron sinks, granite kitchen backsplashes and built-in Sonos surround sound. SLR is developing the project and SLR Uptown Construction LLC is serving as the general contractor. Waldrop + Nichols Studio LLC will design the unit interiors, and Studio Outside will design the landscape. Pre-leasing begins this fall and move-in is projected for January 2016.

June 16, 2015

Multifamily Texas

M&M Arranges Sale of 240-Unit Apartment Building in Fort Worth

by Haisten Willis June 16, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Londonderry Apartments, a 240-unit apartment property located in Fort Worth. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, J Alexander Realty Group of Dallas. Silva also secured the buyer, a private investment group. Londonderry Apartments is located at 1401 Morrison Drive. The location offers access to I-30 and is located near AT&T Stadium. The new owner plans to make interior and exterior renovations to make the property more competitive in its rental market. The subject property was built in 1980 and consists of 18 buildings comprising pitched composition roofs with wood frames and brick and siding exteriors on concrete slab foundations. Amenities include a pool, a gazebo with a park area, washer/dryer connections, patios and outside storage.

June 16, 2015

Florida Loans Multifamily Southeast Student Housing

Phillips Realty Closes $85M Construction Loan for Student Housing Project in Daytona Beach

by John Nelson June 16, 2015

DAYTONA BEACH, FLA. — Phillips Realty Capital has closed on an $85 million construction loan for Quantum Realty Capital LLC’s student residence development on the campus of Bethune-Cookman University (BCU) in Daytona Beach. The Silver Spring, Md.-based developer is building student residence facilities that will be leased back to BCU. Brian Boland of Phillips Realty Capital structured the financing with a lender that specializes in credit tenant-lease financing. The construction-to-permanent loan has a 100 percent loan-to-cost ratio with a 36-year term. Quantum’s 1,206-bed residence hall project will include four student housing buildings at two different locations on the BCU campus. The completed residence halls’ design includes high-efficiency energy systems and student amenities. Each student housing building will comprise exterior courtyard common areas, student living and study rooms, and student and staff offices. Interior common areas will include multipurpose rooms, as well as fitness, lounge and laundry facilities. Construction is underway, with Phase I expected to be completed in January 2016. Completion of Phase II is expected in June 2016.

June 16, 2015

Multifamily Southeast Tennessee

Colliers Brokers $21.5M Sale of Apartment Community in Metro Nashville

by John Nelson June 16, 2015

CLARKSVILLE, TENN. — Colliers International has brokered the $21.5 million sale of Renaissance at Peacher’s Mill, an upscale 216-unit apartment community in Clarksville, roughly 40 miles northwest of Nashville. PEM Real Estate Group purchased the asset from JA Murphy Group. Will Mathews, Ron Cameron and Bart Johnston of Colliers International’s Nashville office represented JA Murphy Group in the transaction. According to Colliers, the transaction is the highest price per unit trade in the history of Clarksville.

June 16, 2015

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