Multifamily

Huffines Breaks Ground on Apartment Community in Metro Dallas

by Haisten Willis April 28, 2015

ROWLETT, TEXAS — Huffines Communities has broken ground on a 650-unit apartment community in Rowlett. Harmony Hill, which will open in two phases, is located at the intersection of Merritt Road and the President George Bush Turnpike. Pre-leasing for the 326 apartments in Harmony Hill’s Phase I will begin in spring 2016. Harmony Hill will include one- and two-bedroom apartment homes in multiple floor plans ranging from 560 to 1,263 square feet. Planned amenities include a 7,000-square-foot clubhouse with a fitness center, business center, swimming pool and pavilion. JHP Architecture / Urban Design designed the buildings and Moore Design Group developed the interior design.

April 28, 2015

Incentives Approved for Assisted Living Facility in Patchogue, N.Y.

by Amy Works April 28, 2015

PATCHOGUE, N.Y. — Brookhaven Industrial Development Agency (IDA) has approved incentives for the development of an assisted living facility in Patchogue. Levittown, N.Y.-based D&F Patchogue A.L. LLC plans to develop a five-story 87,000-square-foot facility on 1.33 acres at 18 and 22 Maple Ave. and 131 E. Main St. in downtown Patchogue. Estimated to cost $31 million, the 128-unit facility will feature 46 memory care beds. The facility will be initially owned by D&F and managed by Des Moines, Iowa-based Life Care Services. The IDA financial package includes a Payment in Lieu of Taxes (PILOT) agreement and the developer was granted exemptions from sales tax on construction materials and equipment.

April 28, 2015

Multifamily New York Northeast

Greystone’s Waterbridge 47 Slated for Fall Completion

by Amy Works April 28, 2015

NEW YORK CITY — Greystone is developing Waterbridge 47, a condominium development in Brooklyn’s Vinegar Hill/DUMBO neighborhood. Designed by AB Architekten and Durukan Design, the 25-unit property offers a mix of two- and three-bedroom units, including two penthouses with wraparound terraces, featuring plank wood flooring, marble countertops, stainless steel appliances, white lacquer and glass finishes in the kitchen, and in-unit laundry machines. The units range in size from 973 to more than 1,200 square feet and start at $939,750 to $2.3 million. Building amenities include a wine cellar and tasting room, off-site concierge access, roof deck with skyline views, fitness center, inner courtyard, children’s playroom, bicycle storage and private parking. Expected to be complete this fall, the property is almost 60 percent sold.

April 28, 2015

Midwest Minnesota Multifamily

Summit Breaks Ground on BlueStone Flats Luxury Apartments in Duluth, Minn.

by Danielle Everson April 27, 2015

DULUTH, MINN. — Summit Management has begun construction on BlueStone Flats, a 142-unit high-end luxury apartment community in the BlueStone Commons residential and commercial development in Duluth. The new building will include studio, one- and two-bedroom floor plans. Units will feature balconies, six-foot windows, granite countertops, custom wood cabinets, stainless steel appliances and plank flooring pendant lighting. Amenities at the property will include an indoor, year-round swimming pool, whirlpool, sauna and a fitness center. Doran Construction, a Bloomington, Minn.-based general contracting company, will also build Bluestone Flats. An official groundbreaking ceremony for BlueStone Flats will take place in May.

April 27, 2015

Multifamily Student Housing Texas

Balfour Beatty Begins Third Phase of Housing Development at Tarleton State

by Haisten Willis April 27, 2015

STEPHENVILLE, TEXAS — Balfour Beatty has reached financial close on a new, $76 million phase of development for a student housing project at Tarleton State University, a member of the Texas A&M University System. In this third phase of the partnership, the Balfour Beatty team will deliver more than 1,000 student housing beds at the University’s Stephenville campus, as well as academic space for the ROTC program and shell space for a university-operated health clinic. Balfour Beatty Campus Solutions, a developer and operator of infrastructure projects for the university market, will serve as the lead developer on the project, which is scheduled to break ground later this month and open in August 2016. Dallas-based Balfour Beatty Construction will continue as the construction partner on the project. Designed by BOKA Powell Architects, a new 616-bed housing facility will be located adjacent to the football stadium, and will include two four-story structures with both four- and two-bedroom units in a modified suite configuration that will include private bedrooms, semi-private baths, a living room and kitchenette. Balfour Beatty will also renovate and expand Traditions Hall, an existing 180-bed student housing facility that will grow to 446 beds configured in double and single semi-suite …

April 27, 2015

Loans Multifamily Texas

BMC Capital Provides $612,500 Loan for Apartment Complex in Metro Dallas

by Haisten Willis April 27, 2015

ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $612,500 purchase loan for a 20-unit apartment complex located in Arlington. The loan features a five-year term with a 4.3 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.

April 27, 2015

Multifamily New York Northeast

Prime Manhattan Residential Arranges $9.9M Acquisition of East Village Multifamily Property

by Amy Works April 27, 2015

NEW YORK CITY — Prime Manhattan Residential has arranged the acquisition of a 10,000-square-foot multifamily property located at 52 East Seventh St. in New York City’s East Village. 1637 Abbot Kinney LLC purchased the property for $9.9 million from an undisclosed seller. Originally built in 1910, the 10,000-square-foot building features 17 free-market and three rent-stabilized one-bedroom apartments and 2,000 square feet of ground-floor retail space. The buyers plan to build out the retail space, which is currently vacant. Robert Dankner of Prime Manhattan Residential represented the buyer, while Keith Copley and Pascual Ortiz of Douglas Elliman represented the seller.

April 27, 2015

Connecticut Multifamily Northeast

Marcus & Millichap Brokers $3.9M Sale of Apartment Building in Connecticut

by Amy Works April 27, 2015

NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of an apartment building located at 441 Chapel St. in New Haven. The 17-unit property sold for $3.9 million, or $143 per square foot. Eric Pentore, Wesley Klockner, L.A. Drinkwater and Seth Richard of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction.

April 27, 2015

2144 California St. N.W. Washington, D.C.

District of Columbia Multifamily Southeast

CBRE Brokers $27M Sale of Apartment Community in Northwest D.C.

by John Nelson April 27, 2015

WASHINGTON, D.C. — CBRE has brokered the $27 million sale of The Envoy, now known as 2144 California St. N.W., a 113-unit multifamily community in northwest Washington, D.C.’s Kalorama Heights community. A joint venture between Federal City Property Investors LLC and CBD LLC purchased the asset from an undisclosed seller. Robert Meehling and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller, along with CBRE’s Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Martha Hastings. HFF arranged the joint venture equity partnership and secured debt financing through United Bank. The HFF team included Brenden Flood, Alan Davis, Dave Nachison, Bret Thompson, Tim Stanton, Daniel McIntyre, Nicholas Demas, Chuck Berman and Tracey Appelbaum.

April 27, 2015

California Multifamily Western

Glendora Park Place Apartment Homes Sells for $14.5M

by Nellie Day April 27, 2015

GLENDORA, CALIF. – The 50-unit Glendora Park Place Apartment Homes has sold to a private, out-of-state investor for $14.5 million. The community is located at 633-641 West Route 66 in the Los Angeles submarket of Glendora. It is currently 95 percent occupied. The property also contains three ground-level commercial spaces. The seller was Glendora Park Place. The transaction was executed by Peter M. Hauser of Berkadia.

April 27, 2015

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