Multifamily

Berkshire Group Completes Purchase of Crescent Howell Mill in Atlanta

by John Nelson May 15, 2015

ATLANTA — Affiliates of Boston-based Berkshire Group have completed their purchase of Crescent Howell Mill, a new 256-unit apartment community that Crescent Communities recently delivered in Atlanta’s West Midtown district. The transaction is part of the sale of a nine-property, $700 million portfolio of Crescent Communities-developed assets in the Southeast. Berkshire’s affiliates have also purchased three other assets in the portfolio and are expected to acquire two more, according to Crescent Communities. UBS Global Asset Management is the buyer of the other three portfolio properties, including the recently opened Crescent Bayshore in Tampa.

May 15, 2015

Multifamily North Carolina Southeast

Capstone Brokers Sale of Three Apartment Communities Totaling $21.8M

by John Nelson May 15, 2015

GREENSBORO AND ASHEBORO, N.C. — Capstone Apartment Partners has brokered the sale of three apartment communities in North Carolina’s Triad area for a combined $21.8 million. Totaling 403 units, the three properties include Rehobeth Pointe and Juliet Place in Greensboro and Hanover Court in Asheboro. Elkal Inc. purchased Rehobeth Pointe and Juliet Place from The Keystone Group for $16 million. Beau McIntosh and Austin Green of Capstone represented the seller in the transaction. The Keystone Group purchased Hanover Court from Kings Cross and Hanover Associates for $5.8 million. John Ackiss and Andrew Klenk of Capstone represented the seller in the transaction.

May 15, 2015

California Loans Multifamily Western

The Medallion in Downtown Los Angeles Receives $33M Refinance

by Nellie Day May 14, 2015

LOS ANGELES – The Medallion, a 96-unit apartment building in Downtown Los Angeles, has received a $33-million refinance. The community is located at 334 S Main Street. It is currently 97 percent occupied. The property also contains 80,000 square feet of ground-floor retail space and a 275-car parking garage. The loan is also secured by a fully entitled, two-acre development site that sits adjacent to the Medallion. That site is slated for Phase II of the community, which will include an additional 300 units. It is currently leased to a parking lot operator. The short-term bridge loan was secured by Jonathan Hakakha and Mike Yim of Quantum Capital Partners on behalf of Illusion Holdings and Ocean Blue Investments.

May 14, 2015

Colorado Multifamily Western

Cheyenne Crossing Apartments in Colorado Springs Sells for $25M

by Nellie Day May 14, 2015

COLORADO SPRINGS, COLO. – The 220-unit Cheyenne Crossing apartment complex in Colorado Springs has sold to OP Cheyenne LLC for $25 million. The Class B+ community is located at 640 Wycliffe Drive. The deal was organized and sponsored by OpenPath Investments LLC (OPI). The firm identifies workforce housing properties with more than 100 units that offer value-add or operational upside opportunities within the Western States.

May 14, 2015

Multifamily Texas

Allied Orion Group Breaks Ground on Beacon At Buffalo Pointe in Houston

by Haisten Willis May 14, 2015

HOUSTON — Allied Orion Group has broken ground on The Beacon at Buffalo Pointe, a 281-unit apartment complex in Houston. Scheduled to open during the first quarter of 2016, The Beacon at Buffalo Pointe will be located near the Texas Medical Center. Developed by Allied Orion Group and designed by Steinberg Design Collaborative Architects, The Beacon at Buffalo Pointe is located at 10301 Buffalo Speedway. Situated just outside of Loop 610, the community offers access to both 610 and Highway 288 and a short commute to downtown Houston. Floor plans will range from one to three bedrooms.

May 14, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground for Residential Project in Washington Heights

by Amy Works May 14, 2015

NEW YORK CITY — HAP Investments has broken ground for the construction of a residential property in Washington Heights. Located at 655-667 West 187th St., the multi-story building will feature 47 apartment units. The property was designed by Karim Rashid and Karl Fischer will serve as the architect of record. The construction team will employ a modular building system developed by Deluxe Building Systems, which will result in 40 percent faster construction and reduced material waste.

May 14, 2015

Georgia Mixed-Use Multifamily Retail Southeast

Fuqua Development, Worthing Cos. Break Ground on Mixed-Use Development in Atlanta Suburb

by John Nelson May 14, 2015

DULUTH, GA. — Atlanta-based Fuqua Development and The Worthing Cos. have begun construction on Sugarloaf Market, a 31-acre mixed-use development located at the intersection of Sugarloaf Parkway and Peachtree Industrial Boulevard in Duluth, an eastern suburb of Atlanta in Gwinnett County. Upon completion, Sugarloaf Market will feature 75,000 square feet of retail space and 330 upscale apartment residences. Fuqua Development is the master developer of the project and is developing the retail portion, and The Worthing Cos. is developing the residential component, named The Heights at Sugarloaf. Anchored by Sprouts Farmers Market, the retail portion of the development will be leased to Chipotle Mexican Grill, Freddy’s Frozen Custard & Steakburgers, Orangetheory Fitness, Menchie’s Frozen Yogurt, Zoe’s Kitchen, RaceTrac, Waffle House, Panda Express, Banfield Pet Hospital, Supercuts, Luxury Nail, Pie Five Pizza and AT&T. The retailers are expected to open for business in spring 2016. The Heights at Sugarloaf will offer apartment homes featuring high-end finishes, designer-inspired appointments and appliances, along with onsite amenities such as a resort-style swimming pool and deck with Wi-Fi, grilling areas, a fitness club and other lifestyle services. Preliminary site work is currently underway with vertical construction set to commence by July. Pieper O’Brien Herr Architects …

May 14, 2015

Indiana Midwest Multifamily Student Housing

ACC to Break Ground on $40M Butler University Student Residences in Indianapolis

by Danielle Everson May 13, 2015

INDIANAPOLIS — American Campus Communities Inc. will break ground on Sunset Student Residences, a 633-bed sophomore residence hall on the campus of Butler University in Indianapolis, this month. The $40 million facility will open in August 2016. The site previously had been a parking lot. Sunset Student Residences is the result of a partnership between ACC and Butler University. ACC will build and maintain the facility, while Butler will provide staff to manage the building. Sunset Student Residences will feature suites of three- and four-bedroom floor plans.

May 13, 2015

Illinois Midwest Multifamily

Interra Realty Brokers $1.2M Sale of Apartment Property in Chicago

by Danielle Everson May 13, 2015

CHICAGO — Interra Realty has brokered the $1.2 million sale of a 13-unit, walk-up style apartment building at 1614 N. Harding Ave. in Chicago’s Humboldt Park neighborhood. The property features studio, one-, two- and three- bedroom layouts. Ten of the units have recently been renovated and the property. Joe Smazal and James Clough of Interra Realty represented both the buyer and the seller in the transaction.

May 13, 2015

Multifamily Texas

Harmony Housing Acquires Apartment Complex in Metro Houston

by Haisten Willis May 13, 2015

CONROE, TEXAS — Harmony Housing, a non-profit organization that owns and acquires affordable multifamily housing in the U.S., has acquired the Park Village apartment complex in Conroe. The company aims to grow its affordable rental housing properties and provide safe and affordable housing across the country. The organization’s proceeds are reinvested into its property portfolio or distributed to the broader community through charitable giving. Harmony Housing was originally founded as a philanthropic effort of Stephen Rosenberg, founder of Greystone & Co., a real estate lending, investment and advisory company.

May 13, 2015

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