Multifamily

Westmount Acquires The Colonnade Apartment Homes in Grand Prairie

by Katie Sloan November 6, 2015

GRAND PRAIRIE, TEXAS — Westmount Realty Capital LLC has acquired The Colonnade Apartment Homes, a 192-unit multifamily community located at 2815 Osler Drive in Grand Prairie. Will Balthrope and Drew Kile of Institutional Property Advisors (IPA), alongside Al Silva of Marcus & Millichap, represented the undisclosed seller. Balthrope, Kile, Silva and Rowan Burch of IPA procured the buyer in the transaction. The Colonnade is a gated community that features amenities including a fountain swimming pool, 24-hour fitness center, sand volleyball court, covered parking, detached garages, private outside patios and storage closets. Units at the complex feature double-sided steel exterior doors with door viewers and privacy locks, energy-efficient heating and air conditioning, decorative ceiling fans, nine-foot ceilings with crown moldings and master suites with garden tubs.

November 6, 2015

Marcus & Millichap Arranges Sale of Quail Hollow Apartments in Dallas

by Katie Sloan November 6, 2015

DALLAS — Marcus & Millichap has arranged the sale of Quail Hollow Apartments, a 120-unit multifamily property located at 9666 Scyene Road in Dallas. Stephen Crittenden of Marcus & Millichap worked on behalf of the seller, a limited liability company, and procured the buyer, a private investor, in the transaction. The 75 percent occupied community is comprised of studio, one- and two-bedroom units.

November 6, 2015

Multifamily Texas

SEVEN Multifamily Community Opens in Austin

by Katie Sloan November 6, 2015

AUSTIN, TEXAS — Monogram Residential Trust Inc. has opened SEVEN, a 24-story, 220-unit Class A multifamily community located on W. Seventh Street in downtown Austin. The community was developed in partnership with CWS Capital Partners LLC. Units are equipped with Nest thermostats, and Google Fiber Optics will be fully integrated throughout the community in early 2016. Amenities at SEVEN include electric car charging stations, bike repair services, storage space, a sun deck and infinity pool, valet dry-cleaning and complimentary Whole Foods Market delivery. Units feature full-sized washers and dryers and built-in computer workstations. Monogram and Monogram Residential Master Partnership LLP, a joint venture between Monogram and PGGM Private Real Estate Fund, provided equity for SEVEN.

November 6, 2015

Multifamily Southeast Tennessee

Berkshire Group Acquires 153-Unit Apartment Complex in Nashville

by Christina Cannon November 6, 2015

NASHVILLE, TENN. — An affiliate of Berkshire Group has acquired a 153-unit apartment complex in Nashville. Artisan on 18th is a Class A community that was purchased for an undisclosed price. The complex is located in the Music Row neighborhood and is close to Vanderbilt University, the Medical District, the Tennessee State Museum, Bridgestone Arena and Honkey Tonk Row. The asset is a five-story, wood-frame building. Community amenities include two outdoor courtyards, grills, fire pits, a resident lounge, business center, television room, fitness center and bike storage. Stonehenge Real Estate Group developed and sold the property. Berkshire Communities will manage the property.

November 6, 2015

Colorado Multifamily Western

Bascom Group, Oaktree Capital Purchase Axis at Nine Mile Station Apartments in Denver for $50M

by Nellie Day November 5, 2015

DENVER — A joint venture between the Bascom Group and funds managed by Oaktree Capital Management have purchased the 336-unit Axis at Nine Mile Station for $50 million. The community is located at 3257 S. Park Road. The property was built in 1980. It is situated adjacent to the Blue Line Light Rail, which will provide access to the Denver Tech Center Business Corridor, downtown Denver and Denver International Airport once it opens next spring. CBRE’s Brian Eisendrath and Annie Rice sourced the debt financing, which was provided by Mesa West Capital. Terrance Hunt and Jeff Hawks of ARA Newmark represented the seller.

November 5, 2015

Mixed-Use Multifamily New York Northeast Retail

Joint Venture Selected to Redevelop, Manage Flatbush Caton Market in NYC

by Amy Works November 5, 2015

NEW YORK CITY — The New York City Economic Development Corp. has selected a joint venture of Urbane Development, BRP Development and Caribbean American Chamber of Commerce and Industry (CACCI) to redevelop and manage Flatbush Caton Market, located at 814 Flatbush Ave. in Brooklyn. The market was established in 2000 to provide former street vendors a permanent indoor market to sell their wares, and in 2013 NYCEDC released a RFP to redevelop and manage the market into a commercial, residential and community space. The joint venture’s winning 212,000-square-foot redevelopment plan includes more than 20,000 square feet of retail space, 10,000 square feet of community facilities and 166 affordable housing units, as well as an assemblage of business training and support initiatives to strengthen existing vendors and support entrepreneurial growth. Designed by Freeform + Deform, the project will feature convertible indoor/outdoor swing space, modular vendor pods, and multiple production spaces for food, natural personal care and fashion/textile uses. Redevelopment is underway with an expected completion date of late 2019 or early 2020.

November 5, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Arranges $16.7M Sale of Five-Property Portfolio in Brooklyn

by Amy Works November 5, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of The Duke Properties Brooklyn Portfolio, a package of four multifamily buildings and one mixed-use property in Brooklyn. The assets sold for $16.7 million, or $382 per square foot, in an all-cash transaction. The properties are located at 29 Brooklyn Ave., 137 MacDonough St., 235 Malcolm X Blvd., 1509 Pacific Ave. and 300 Palmetto St. Totaling approximately 43,750 square feet, the buildings feature 49 apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

November 5, 2015

Loans Multifamily New York Northeast Retail

NorthMarq Arranges $4.2M Construction Loan for Retail, Multifamily Property in Huntington, N.Y.

by Amy Works November 5, 2015

HUNTINGTON, N.Y. — NorthMarq Capital has arranged a $4.2 million construction loan for a 17,340-square-foot retail and apartment building located at 425 New York Ave. in Huntington. The 2.5-year loan features an interest-only payment period during the construction with an option to convert to a permanent loan. Charles Cotsalas and Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower through NorthMarq’s relationship with a regional bank.

November 5, 2015

Georgia Multifamily Southeast

MHA Brokers Sales of Four Metro Atlanta Apartment Communities for $71.7M

by Haisten Willis November 5, 2015

NORCROSS, GA. — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sale of four apartment communities located in Norcross, Ga. for a total of $71.7 million. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the Boston-based seller, Realty Financial Partners, in the transactions. In the first transaction, King Rook Capital, with corporate offices in New York, purchased Highland Reserve for $23.3 million. The 416-unit property was built in 1987. In the second transaction, Emma Capital Properties purchased Highland Valley for $18.8 million. The 300-unit property was built in 1985 and was subsequently renamed Princeton Heights Apartments. In the third transaction, Atlanta-based Audubon Communities purchased Highland Corners for $16.2 million. The 252-unit property was built in 1979. In the fourth transaction, Atlanta-based Marquis Investments purchased Highland Lakes for $13.4 million. The 240-unit property was built in 1985.

November 5, 2015

Alabama Multifamily Southeast

Berkadia Arranges Sale of 172 Units in Alabama for $3.8M

by Haisten Willis November 5, 2015

ALEXANDER CITY AND RAINBOW CITY, ALA. — Berkadia has arranged the sale of a multifamily portfolio encompassing a total of 172 units for $3.8 million. The properties include Azalea Court I & II, Sherwood Forest and Wildhaven. The properties are located in Alexander City and Rainbow City, Ala. David Oakley and Josh Jacobs of Berkadia’s Alabama office negotiated the portfolio sale representing the Birmingham-based seller. Suit Properties of Gadsden, Ala. was the buyer.

November 5, 2015

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