Multifamily

Wood Partners to Break Ground on $41.9M Apartment Community in Orlando

by John Nelson April 24, 2015

ORLANDO, FLA. — Wood Partners LLC will break ground this month on Alta Eastmar Commons, a 312-unit, $41.9 million apartment community in Orlando. The asset will be located on 29.3 acres at 159 Dean Road. The property is Wood Partners’ 12th apartment community developed in Orlando. Construction is expected to wrap up in the fourth quarter of 2016, and Wood Partners plans to begin leasing the residences in the first quarter of 2016. Upon completion, the property will feature a two-story clubhouse, pool, nature trails, 516 surface parking spaces and 54 detached garages. Eastmar Commons Partnership was the seller of the land, and Jay Ballard of Cushman & Wakefield of Florida was the broker. CBREGI is the equity partner. BB&T provided the construction loan. Chancey Design Partnership (architect), Mellich Blenden Engineering (civil engineer) and Libra Design Group (landscape architect) designed the project. Wood Florida Builders is the general contractor, and Wood Residential Services will manage the community once it’s complete.

April 24, 2015

Loans Multifamily North Carolina South Carolina Southeast

NorthMarq Capital Arranges Two Multifamily Loans in the Carolinas Totaling $34.8M

by John Nelson April 24, 2015

ROCK HILL, S.C. AND GASTONIA, N.C. — NorthMarq Capital has arranged two refinance loans totaling $34.8 million for two multifamily properties in the Carolinas. The assets include the 436-unit Brentwood Chase Apartments at 1654 Lowell Bethesda Road in Gastonia and the 248-unit Cowan Farms at 1310 Cypress Point Drive in Rock Hill. Bill Matone of NorthMarq Capital’s Charlotte office arranged both loans with 10-year terms and 30-year amortization schedules. Brentwood Chase’s loan amount was $21.8 million and Cowan Farms’ was $13 million.

April 24, 2015

Seniors Housing South Carolina Southeast

Graycliff Capital Develops New South Carolina Assisted Living Facility

by John Nelson April 24, 2015

SIMPSONVILLE, S.C. — Construction is underway on Fairview Park Assisted Living Facility, developed by Graycliff Capital Senior Housing, across a 10-acre parcel near Hillcrest Memorial Hospital in Simpsonville. Planned to accommodate 80 total beds, Fairview was modeled on Graycliff’s Spring Park concept and will comprise two residential assisted living wings containing common areas and 56 beds, as well as a 24-bed memory care wing with private common areas. Development cost is $11.2 million, and Graycliff expects to complete construction by November 2015.

April 24, 2015

California Multifamily Western

Greystar Buys Ballpark Village Parcel in San Diego for Multifamily Development

by Nellie Day April 24, 2015

SAN DIEGO — Greystar has acquired a development parcel within the new master-planned development of Ballpark Village in San Diego. The mixed-use project sits adjacent to Petco Park in the city’s Ballpark District. Greystar’s site is slated for a 37-story, 446-unit multifamily tower. The purchase price was not disclosed. The asset will offer views of the Pacific Ocean, San Diego Bay, Coronado Island and bridge, Balboa Park, Point Loma and the Downtown skyline. Community amenities will include a rooftop pool, clubhouse, spa, fire pit and barbecue area. The property will also feature a three level parking garage and 24,000 square feet of retail space. The seller, a joint venture between JMI and Lennar, was represented by JLL’s Darcy Miramontes, Lynn LaChapelle, Bob Prendergast and Kip Malo. Ballpark Village is slated for completion in 2018.

April 24, 2015

Arizona Multifamily Western

The Vintage Apartments in Gilbert Sells for $14.2M

by Nellie Day April 24, 2015

GILBERT, ARIZ. — Clear Sky Vintage LP has purchased the Vintage, a 106-unit apartment community in Gilbert, for $14.2 million. The community is located at 1303 West Juniper Ave. The Vintage was built in 2000. It was originally slated to become a condominium conversion before it was purchased by Vintage Gilbert LLC through a trustee sale in 2013. Common-area amenities include a clubhouse, fitness center, business center, swimming pool and spa. Units range from studio/lofts to three-bedroom apartments. Clear Sky was represented by DTZ’s David Fogler and Steven Nicoluzakis.

April 24, 2015

Michigan Midwest Multifamily Student Housing

Rockford Construction to Build $35M Fulton Place at Grand Valley State University

by Danielle Everson April 23, 2015

GRAND RAPIDS, MICH. — Rockford Construction will break ground on the $35 million Fulton Place residential development in Grand Rapids on the western edge of Grand Valley State University’s Pew campus. The project will include three buildings and is set for completion by the 2016-2017 school year. Fulton Place will also include approximately 10,000 square feet of retail space on the ground level, as well as on-site residential parking in a two-story garage and street-level parking. The first building will be 13,000 square feet with seven three-story townhomes, each with four bedrooms, ranging from 1,400-2,000 square feet. The second building will be 5,500 square feet, three stories and house three apartments, each with three bedrooms. The third building will be 125,000 square feet, five stories and have 102 apartments that are a mix of loft and one-, two- and four-bedroom units.

April 23, 2015

Midwest Multifamily Ohio

M&M Arranges $3.3M Sale of Apartment Property in Grove City, Ohio

by Danielle Everson April 23, 2015

GROVE CITY, OHIO — Marcus & Millichap has arranged the $3.3 million sale of Williamsburg Place, an 82-unit apartment, townhome community in Grove City, a southwest suburb of Columbus.The community includes one-bedroom garden and two-bedroom townhome units, as well as 36 detached garages. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall, of Marcus & Millichap’s Columbus office, along with the Marcus & Millichap Tax Credit Group out of the firm’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a Seattle limited partnership.

April 23, 2015

Multifamily New York Northeast

Mill Creek Tops Out 275-Unit Modera Mineola in New York, Launches Leasing

by Amy Works April 23, 2015

MINEOLA, N.Y. — Mill Creek Residential has completed vertical construction for Modera Mineola, a 275-unit apartment community located two blocks from the Mineola Long Island Rail Road transit center in Mineola. The property will feature a mix of studio, one- and two-bedroom units with wood plank-style flooring, wall-to-wall carpeting in the bedrooms, spa-like bathrooms with quartz countertops and under-mounted sinks, gourmet kitchens, stainless steel appliances, walk-in closets and full-size washers and dryers. Community amenities will include a clubroom, 24-hour fitness center, yoga room, business center, swimming pool with sundeck, outdoor kitchens with grills, a bocce court, and an outdoor fireplace. Online leasing for the property has started and move-in is expected for August.

April 23, 2015

Multifamily New Jersey Northeast

BNE Real Estate Group Opens The Hillside Club in Livingston, N.J.

by Amy Works April 23, 2015

LIVINGSTON, N.J. — BNE Real Estate Group has opened The Hillside Club, a luxury apartment community located in Livingston. Located at 1000 Murray Court, The Hillside Club features one- and two-bedroom layouts, with limited den and loft options, starting at $2,195 per month. The apartment, ranging in size from 791 to 1,831 square feet, feature hardwood floors in the living areas, carpeted bedrooms, nine-foot ceilings, oversized windows, in-unit washer/dryers and chef-inspired kitchens. Community amenities include a clubhouse, fitness studio, heated outdoor pool, complimentary WiFi and a residents’ lounge with billiards, fireplace, kitchenette and lounge seating. The property is managed by BNE Management Group.

April 23, 2015

Georgia Loans Multifamily Southeast

Walker & Dunlop Arranges $43.6M Acquisition Loan for Apartment Community in Atlanta

by John Nelson April 23, 2015

ATLANTA — Walker & Dunlop Inc. has structured a $43.6 million acquisition loan for Solace of Peachtree, an apartment community located in Midtown Atlanta. Built in 1952 and renovated in 2009, the property includes a fitness center, underground parking garage, meeting rooms, business center, laundry facility and 34,628 square feet of retail space and vacant office space. The property’s retail tenant roster includes Baraonda Restaurant, Quizno’s and Scandinavian House Grocery Store. The borrower, Atlanta-based Cocke Finkelstein Inc. (CFI), and its affiliated management company CFLane plan to occupy the vacant office space. Will Baker led Walker & Dunlop’s team to structure the 10-year, fixed-rate acquisition loan through Freddie Mac on behalf of CFI. The loan features five years of interest-only payments and 80 percent loan-to-value. Walker & Dunlop teamed up with Michael Ryan and Jeff Walker of Cushman & Wakefield to structure the loan.

April 23, 2015

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