Multifamily

University of Kentucky Trustees Approve Phase V of EdR’s $74M On-Campus Housing Expansion

by John Nelson July 16, 2015

LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved the next phase of the university’s on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will comprise a seven-story building at University and Complex drives on the University of Kentucky’s (UK) Lexington campus. Designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it will provide 771 beds in 312 apartments in various styles and sizes, from studios to four bedrooms. Each apartment will include furnishings and a full kitchen. EdR will finance the previously announced $74 million development through its On-Campus Equity Plan — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner and helps create long-term financial benefits for EdR and UK. EdR will provide financing, oversee development and construction, and will be responsible for maintenance and management, while UK provides residence life services.

July 16, 2015

Georgia Multifamily Southeast

Air Realty Breaks Ground on Transit-Oriented Multifamily Project Near Atlanta Airport

by John Nelson July 16, 2015

COLLEGE PARK, GA. — Air Realty has broken ground on ThePad on Harvard, a mixed-use, transit-oriented multifamily project located roughly 400 feet from the College Park MARTA station. The property, located at 1777 Harvard Ave., is the first multifamily community to break ground in College Park in the past 40 years. Phase I of construction comprises 109 apartment units. The Atlanta Aerotropolis Alliance, a nonprofit organization that works to leverage the growth of Hartsfield-Jackson Atlanta International Airport to the surrounding neighborhoods, sees ThePad on Harvard as the cornerstone of the revitalization of the communities around the airport. Air Realty is partnering with HJ Russell & Co. on the project, which is slated for a spring 2016 completion.

July 16, 2015

Kentucky Multifamily Seniors Housing Southeast

Continental, Leo Brown Break Ground on $16M Seniors Housing Facility in Lexington

by John Nelson July 16, 2015

LEXINGTON, KY. — Columbus, Ohio-based Continental Real Estate Cos. and Carmel, Ind.-based Leo Brown Group have begun construction on a new senior living community in Lexington called Highgrove at Tates Creek. The community will consist of 90 assisted living units, 30 of which will be dedicated to memory care. Development costs for the community are approximately $16 million. Leo Brown Group’s management company affiliate, Traditions Management, will run the day-to-day operations once construction is complete. Traditions manages a portfolio of communities in Kentucky, Indiana and Ohio totaling 780 units. The partnership expects Highgrove at Tates Creek to accept its first residents in spring of 2016. This is the second community developed by Continental and Leo Brown Group — in 2014 the partnership broke ground on a 94-unit site in Granville, Ohio, which will open later this summer.

July 16, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $35M in Refinancing for Windsor Tower of Tudor City Place

by Amy Works July 16, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $35 million loan for the refinancing of the Windsor Tower of Tudor City Place, a residential property located at 5 Tudor City in Manhattan’s Midtown East neighborhood. The 30-year loan, provided by a life insurance company, features a 3.9 percent fixed rate and a 40-year amortization schedule. The residential tower features 795 units. Steven Geller and Nicoletta Pagnotta of Meridian Capital negotiated the financing for the borrower, Windsor Owners Cooperative.

July 16, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Besen & Associates Brokers $6.5M Property Sale for Mixed-Use Project in Queens

by Amy Works July 16, 2015

NEW YORK CITY — Besen & Associates has brokered the sale of a commercial property located 124-22 Queens Blvd. in the Kew Gardens district of Queens. The property sold for $6.5 million, or $664 per existing square foot and $154 per buildable square foot. Built in 1948, the two-story building consists of two ground-floor retail spaces and two office spaces on the upper floor. The buyer plans to demolish the existing structure and construct a mixed-use development, including residential, retail and office space, on the site. Amit Doshi of Besen & Associates represented the seller, while Ronnie Shaban, also of Besen & Associates, represented the buyer in the transaction. The names of the seller and buyer were not released.

July 16, 2015

Multifamily Texas

M&M Arranges Sale of 142-Unit Apartment Building in Metro Dallas

by Haisten Willis July 15, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Terrace on Finley Apartments, a 142-unit apartment property located in Irving. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Allen also secured the buyer, a limited liability company. The Terrace on Finley Apartments is located at 2504 Finley Road in Irving, near SH-183 and the President George Bush 161 Toll Road. The property includes eight floor plans, pitched roofs and recently resurfaced parking lots. The two-story brick construction buildings have a slab foundation.

July 15, 2015

Steeplechase Deep River Pointe Park Forest

Loans Multifamily North Carolina Southeast

HFF Arranges $49.8M Loan for Apartment Portfolio in North Carolina

by John Nelson July 15, 2015

GREENSBORO AND HIGH POINTE, N.C. — HFF has secured financing totaling $49.8 million for a three-property apartment portfolio spanning 811 units in Greensboro and High Pointe. The properties include Steeplechase at Adam’s Farm located at 1338 Adams Farm Parkway in Greensboro; Park Forest located at 3214 Brassfield Road in Greensboro; and Deep River Pointe located at 3971 River Pointe Place in High Pointe. Each apartment community features swimming pools with sundecks, 24-hour fitness centers, business centers, tennis courts and walking trails. The portfolio’s average occupancy is 96 percent. Thomas Didio and Luke Vanderpoel of HFF arranged the 10-year, fixed-rate Freddie Mac loans on behalf of the borrower, Hudson Capital Properties.

July 15, 2015

Georgia Multifamily Southeast

The Shoptaw Group Sells Apartment Community in Metro Atlanta for $17.8M

by John Nelson July 15, 2015

STOCKBRIDGE, GA. — Atlanta-based The Shoptaw Group has sold Southwinds Stockbridge Apartments, a 240-unit multifamily community located at 50 Evergreen Way in Stockbridge, roughly 20 miles south of Atlanta. PointOne Holdings LLC purchased the property for $17.8 million. Built in 1993 and renovated in 2007, Southwinds Stockbridge features a gated entrance, pool with sundeck, club room, conference center with coffee bar, lighted tennis courts and a fitness center. The property’s units have crown molding, accent walls, custom cabinetry, double stainless steel sinks, washer/dryer connections and private patios/balconies. Mike McGaughy and Jon Kleinberg of Transwestern represented the seller in the transaction.

July 15, 2015

Colorado Multifamily Western

LaSalle Investment Management Buys Mixed-Use Building in Denver

by Nellie Day July 15, 2015

DENVER — LaSalle Investment Management has purchased 16M, a mixed-use project in Downtown Denver’s LoDo (lower downtown) district, for an undisclosed sum. The Class AA property will be located at the southwest corner of the 16th Street Mall and Market Street. The 189,284-square-foot trophy property features ground-floor restaurant space, five stories of office space and 36 luxury apartments on the upper four floors. It also contains a rooftop terrace, fitness center and three levels of underground parking. The new development will serve as the regional headquarters of Morgan Stanley, D.A. Davidson and The ONE Group, which operates upscale restaurants and lounges. It will also be home to the first U.S. location of STK Rebel, an upscale, trendy steakhouse that is sister properties with the popular restaurant STK. 16M will also feature Panera Bread and Garbanzo Mediterranean Grill. This is the third property LaSalle has acquired within the LoDo market. It purchased Millennium Financial Center and Writer Square in September 2013.

July 15, 2015

California Multifamily Western

Zephyr Buys Nine Acres in South OC for Mixed-Use Development

by Nellie Day July 15, 2015

DANA POINT, CALIF. — Zephyr has purchased a nine-acre parcel in the Orange County suburb of Dana Point for $50 million. The parcel is located at 34202 Del Obispo Street. The project will include 168 high-end townhomes and seven mixed-use structures adjacent to Doheny State Beach and Dana Point Harbor. The site is walking distance to the beach, with the harbor, golf, shopping and dining options just minutes away. Construction will commence next year. The project is slated for completion in 2019. The fully entitled site previously featured a mobile home park. The seller was AG/A&M Doheny LLC.

July 15, 2015

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