Multifamily

CBRE Group Brokers $3.78M Sale of Multifamily Building in Brooklyn

by Amy Works November 24, 2014

NEW YORK CITY — CBRE Group Inc. has brokered the sale of an apartment building located at 3208-3210 Boardwalk West in Brooklyn’s Coney Island neighborhood. The 11-unit property sold for $3.78 million. The 16,336-square-foot oceanfront property is newly renovated after suffering severe damage from Hurricane Sandy. The apartments feature granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. Additionally, all units are equipped with washer and dryer hook-ups and designated parking spaces. Charles Berger, Elli Klapper, Matthew Giordano and Justin Aronson of CBRE Group represented the seller in the transaction.

November 24, 2014

Loans Multifamily Texas

Berkadia Secures $55M Loan for Construction of New Apartment Complex

by Haisten Willis November 24, 2014

LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.

November 24, 2014

Multifamily Texas

NorthMarq Arranges $103.7M Financing for Three Apartment Complexes in Texas

by Haisten Willis November 21, 2014

PEARLAND, MCKINNEY AND KATY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has negotiated the $103.7 million refinancing of three apartment complexes in Texas. The properties, containing a total of 872 units, are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Two of the assets were financed with 10-year fixed loans and five years of interest-only payments. The third was financed with a seven-year variable loan and three years of interest-only payments.

November 21, 2014

Alabama Multifamily Southeast

Blue Rock Partners, Rose Group Buy Birmingham Apartment Community for $11.1M

by John Nelson November 21, 2014

BIRMINGHAM, ALA. — An affiliate of Tampa-based Blue Rock Partners LLC and Boca Raton-based Rose Group have purchased Forest Ridge Apartments in Birmingham for $11.1 million. The 268-unit apartment community is located at 660 Valley Crest Drive. Financing for the project involved the assumption of a senior mortgage in the amount of $8.3 million, and Berkadia was the lender/servicer for a Fannie Mae loan.

November 21, 2014

Georgia Multifamily Southeast

PRP Sells Atlanta Apartment Community Near Hartsfield Jackson Airport

by John Nelson November 21, 2014

ATLANTA — PRP LLC has sold Ansley at Princeton Lakes, a 306-unit garden-style apartment community in Atlanta, approximately three miles from Hartsfield Jackson Atlanta International Airport. PRP developed the community in 2009. Ansley at Princeton Lakes was 96 percent occupied at the time of sale. The property includes a 4,500-square-foot clubhouse, pool, 41 garage spaces and a car wash. PRP sold the community to a partnership consisting of Gulf Finance House and entities controlled by PRP.

November 21, 2014

Arizona California Multifamily Western

MG Properties Buys Two Apartment Communities for $50M

by Nellie Day November 21, 2014

NAPA, CALIF., AND TEMPE, ARIZ. — MG Properties Group has acquired two apartment communities out West for a total of $50 million. The transaction includes the 376-unit Garden Grove Apartments in Tempe and the 72-unit Bella Vista Apartments in Napa. Garden Grove Apartments was built in 1988. It was purchased from MetLife for $35.6 million. The transaction was financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by CBRE. MG plans to invest nearly $1.5 million in capital improvements. It will also enhance the property’s common-area amenities, which will include landscaping improvements and upgrades to the fitness facility and pools. Bella Vista Apartments was built in 1972. It is situated near CA-29 highway, about a block from the Queen of the Valley Medical Center. Bella Vista was purchased from Trinity Real Estate for $14 million. This transaction was similarly financed through a 10-year, fixed-rate Fannie Mae mortgage that was arranged by Key Bank. MG plans to invest about $500,000 for capital improvements.

November 21, 2014

Arizona Multifamily Western

Domain Acquisitions, BH Equities Buy Autumn Ridge Apartments in Phoenix

by Nellie Day November 21, 2014

PHOENIX — A partnership between Domain Acquisitions and BH Equities has acquired the 672-unit Autumn Ridge Apartments in North Phoenix. The Class B community is located at 1944 W. Thunderbird Road. The garden-style complex sits adjacent to Cave Creek Golf Course. It is located between Deer Valley’s employment center and the North I-17 employment corridor, Phoenix’s second-largest employment area. This acquisition marks Domain’s re-entry into the Phoenix market since selling its local portfolio in 2006. BH Management Services will oversee the Autumn Ridge’s property management and construction. The JV plans to spend about $5 million renovating the community. The venture received $30.9 million in financing to acquire and renovate the asset. The loan was arranged by Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage. The seller was Summit Autumn Ridge LLC. The transaction was executed by Cindy and Brad Cooke of Colliers International.

November 21, 2014

Colorado Multifamily Western

Sonoma Resort at Saddle Rock in Aurora Changes Hands

by Nellie Day November 21, 2014

AURORA, COLO. — A private investor has acquired the 604-unit Sonoma Resort at Saddle Rock in Aurora for an undisclosed sum. The Class A apartment community is located at 21904 East Ontario Drive, just east of Denver. Sonoma Resort at Saddle Rock was originally built in 2001 and 2002 as two separate properties. The combined property now sits on 19.4 acres, about 10 minutes east of the Denver Tech Center. The community is 97 percent occupied. Common-area amenities include two fitness centers, a business center, two resort-style clubhouses with pools and a spa, an outdoor barbeque area and a playground. The seller, a joint venture between the Bascom Group and GE Capital Real Estate, was represented by HFF’s Jordan Robbins, Sean Deasy, Jeff Haag and Jared Buffington.

November 21, 2014

Multifamily New York Northeast

JMH Development, Madison Estates Acquire 70 Henry Street for Condo Project

by Amy Works November 21, 2014

NEW YORK CITY — JMH Development and Madison Estates have acquired 70 Henry Street in Brooklyn’s Brooklyn Heights neighborhood for $7.5 million. The partnership plans to develop a boutique condominium development on the site. JMH Development and Madison Estates have selected Morris Adjmi as architect of record for the project. The partnership most recently developed The Townhouses of Cobble Hill in Brooklyn’s Cobble Hill neighborhood.

November 21, 2014

Loans Midwest Multifamily Ohio

RED Originates $2.3M FHA Loan for Harrisburg Station in Grove City, Ohio

by Danielle Everson November 20, 2014

GROVE CITY, OHIO — RED Mortgage Capital LLC has provided a $2.3 million, FHA insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City. RED Mortgage Capital provided the loan for Colonial American Development Corp. as part of a complex financing package. The package included 9 percent Low Income Housing Tax Credits (LIHTCs) along with Flex and Housing Development Assistance Program (HDAP) loans provided by the Ohio Housing Financing Agency (OHFA). Harrisburg Station is a 60-unit, fully occupied Section-8 apartment complex that was originally built in 1972. More than $44,000 per unit will be spent on repairs and improvements. These improvements will include replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star split-system heat pumps.

November 20, 2014

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