Multifamily

Cardinal Ventures Hires Frampton Construction to Build New Seniors Housing Property in Columbia MSA

by John Nelson October 29, 2015

ELGIN, S.C. — Mississippi-based seniors housing developer Cardinal Ventures has hired Frampton Construction Co., a South Carolina-based construction firm, to build The Blake at Woodcreek Farms, an assisted living and memory care community in the Columbia suburb of Elgin. The Class A community will be a two-level, 100-unit facility when completed. This will be the first South Carolina location of The Blake, which has other locations in Alabama, Florida, Louisiana and Mississippi. Frampton Construction broke ground on the community in September, and expects to open The Blake in the fall of 2016.

October 29, 2015

Brightview Fallsgrove 9200 Darnestown Road Rockville

Loans Maryland Seniors Housing Southeast

Grandbridge Arranges $19M Refinancing of Seniors Housing Property in Maryland

by John Nelson October 29, 2015

ROCKVILLE, MD. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has arranged the $19 million refinancing of Brightview Fallsgrove, a seniors housing property located at 9200 Darnestown Road in Rockville. The property features 70 assisted living units and the 24-unit Wellspring Village, which houses residents needing dementia care. Richard Thomas and Meredith Davis of Grandbridge arranged the loan through an agency lender of behalf of the owner.

October 29, 2015

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Completes $43.5 Million in Loans for Transit-Oriented Sites in New Jersey

by Jaime Lackey October 28, 2015

EAST ORANGE, N.J. — Cushman & Wakefield has arranged $43.5 million in financing for a pair of adjacent residential and mixed-use properties located at 141 and 315 South Harrison Street in East Orange, on behalf of Blackstone 360, the properties’ owner. George Gnad, Jessica Ke and Michael Winters of Cushman & Wakefield secured the financing from Amboy Bank. The Capital Services team arranged a $19.5 million-term loan for the 105-unit high-rise residential building located at 141 South Harrison, and an additional $24 million construction loan for a proposed seven-story project of 150 high-end luxury rental residential units above the current 30,000 square feet of ground-level commercial space located at 315 South Harrison.

October 28, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

Margules Properties Buys Five Jersey City Mixed-Use Buildings for $8.5M

by Jaime Lackey October 28, 2015

JERSEY CITY, N.J. — Margules Properties Inc. has purchased five mixed-use buildings in Jersey City for $8.5 million. The company — which owns and manages more than 1 million square feet of development rights in the city’s Journal Square neighborhood — plans to upgrade the buildings to make them more appealing to new retail tenants and millennials looking for apartments near the PATH train. Two of the buildings form a triangle bound by Montgomery Avenue, Orchard Street and Jordan Avenue, in the McGinley Square section of Jersey City. They include a gut-renovated, five-story walk-up building at 52 Orchard Street, with 12 apartments and three stores, and 685 Montgomery Avenue, a three-story mixed-use building with three stores and five apartments. The other buildings include 70 Tonnele Avenue, a 17-unit apartment building; 142 Monticello Avenue, a corner three-story townhouse building with 2,500 square feet of retail space on the first floor and two units with two bedrooms each on the two upper floors; and 2175 JFKennedy Boulevard, a one-story vacant commercial building.

October 28, 2015

Multifamily New York Northeast

GFI Brokers Sale of East Williamsburg Corner Development Site For $5.5M

by Jaime Lackey October 28, 2015

NEW YORK CITY — GFI Realty Services has brokered the $5.5 million sale of 310-312 Graham Avenue, a 5,000-square-foot development site located in the East Williamsburg section of Brooklyn. Max Koshkerman of GFI represented the seller. Moshe Gelbstein and Joseph Landau of GFI represented the buyers. Both the buyers and the seller are local investors. The property includes a two-story mixed-use building, which was delivered vacant to the buyers. The buyer plans to construct a seven-story mixed-use building with 23 apartments, parking and a commercial unit. The site is located on the northeast corner of Graham Avenue and Ainslie Street and has a maximum buildable area of approximately 16,700 square feet including 1,700 square feet of air rights acquired from the adjacent parcel.

October 28, 2015

California Multifamily Western

Zian Buys Santa Monica Apartment Building for $2.2M

by Nellie Day October 28, 2015

SANTA MONICA, CALIF. — Zian has purchased a six-unit apartment building in Santa Monica for $2.2 million. The community is located at 1830 12th Street. It was built in 1959. The property is situated near Santa Monica College, Main Street Shops, the Santa Monica Pier and the new Light Rail Metro line. Kimberly Roberts Stepp of Stepp Commercial represented the seller, 2820 3rd Street LLC.

October 28, 2015

Multifamily Texas

IPA Arranges Sale of a 312-Unit Multifamily Complex in Metro Dallas

by Haisten Willis October 28, 2015

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Apartments at Amesbury Court, a 312-unit multifamily community in Haltom City. Will Balthrope, Drew Kile and Rowan Burch represented the seller and procured the buyer, Hamilton Zanze, in the transaction. The property is located at 4699 Fossil Vista Drive at its intersection with North Beach Street. Amesbury Court feature nine- and 10-foot ceilings with crown moldings, full-size washer/dryers, patios or balconies, and maple cabinetry. Select units include travertine wood-burning fireplaces with mantels and French doors. Community amenities at Amesbury Court include controlled gate access entry, two pools, 104 detached garages, 87 carport parking spaces, a fitness center, multi-purpose sport courts, a business center and on-site car care.

October 28, 2015

Multifamily Texas

Stream Brokers Sale of The Reserve at Saratoga in Corpus Christi

by Haisten Willis October 28, 2015

CORPUS CHRISTI, TEXAS — Stream Realty Partners has arranged the sale of The Reserve at Saratoga, a 274-unit apartment community in Corpus Christi. The property is located at 5701 Saratoga Blvd., in Corpus Christi’s south side. Jeff Patterson and Kelly Witherspoon of Stream Realty’s Austin office represented the joint venture between Fogelman Properties and Bridge Partners selling the apartment complex to Miller Frishman Group. The 14.8-acre property, built in 2006, encompasses 12 three-story residential apartment buildings. Property amenities include controlled-access gates, a pool and outdoor kitchen, fitness center with an indoor basketball court and a community clubhouse. Apartment amenities include nine-foot ceilings with crown molding, washer and dryer connections in each unit, a valet waste service, balconies and patios, and direct-access attached garage options.

October 28, 2015

Market Reports Multifamily New York Northeast Northeast Market Reports

NYC Multifamily Market Shows No Sign of Slowing Down

by Jaime Lackey October 28, 2015

New York City’s multifamily market in the second quarter of 2015 was able to continue the momentum of 2015’s first quarter and generate an impressive $3.30 billion in gross consideration. The quarter also saw 364 properties trade over 225 transactions, which is a 33 percent increase in transaction volume compared to the same quarter last year. Boosting significant growth, both Brooklyn and Manhattan saw a number of institutional and portfolio deals again this quarter. Of the trades in Manhattan, the top 10 percent made up approximately 73 percent of Manhattans dollar volume and four of the five largest multifamily transactions to occur in NYC happened in Brooklyn, which contributed to both submarkets ending the quarter with dollar volumes above $1 billion for the second time in as many quarters. Pricing throughout the city continues to evolve by most measures. Gross rent multiples have increased by 1.4 year-over-year and the average price per square foot in Manhattan has eclipsed $900. Compared to last year, average capitalization rates were down 60 basis points in The Bronx, and are down in Brooklyn and Northern Manhattan. These are the signs of solid fundamentals in the market. Institutional caliber multifamily deals had a big second …

October 28, 2015

Kansas Midwest Multifamily Seniors Housing

Mainstreet, Ensign Group Open $11.2M Skilled Nursing Facility in Kansas City

by Christina Cannon October 28, 2015

KANSAS CITY, KAN. — Indiana-based skilled nursing developer Mainstreet and California-based operator The Ensign Group Inc. have opened The Healthcare Resort of Kansas City, a brand new 100-bed skilled nursing facility in Kansas City. Construction started on The Healthcare Resort of Kansas City in April 2014 and was completed in September 2015. The 71,626-square-foot community cost $11.2 million to develop.

October 28, 2015

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