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Multifamily

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Brokers Sale of 200-Unit Apartment Complex in San Antonio

by Taylor Williams

SAN ANTONIO — Northmarq has brokered the sale of Regatta Apartment Homes, a 200-unit multifamily complex in San Antonio’s Northern Hills neighborhood. Built in 1982, the property offers one-, two- and three-bedroom floor plans and amenities such as a pool, tennis court, clubhouse and walking trails. Zar Haro, Moses Siller, Bryan VanCura, Phil Grafe, Brian Booth, Rudy Dodier and Kevin Garza of Northmarq represented the undisclosed seller in the transaction. The buyer, an affiliate of CREE Capital, assumed the seller’s loan.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Berkadia Arranges Sale of Two Multifamily Communities Totaling 144 Units in Metro Charleston

by John Nelson

GOOSE CREEK AND MONCKS CORNER, S.C. — Berkadia has arranged the sale of two multifamily communities totaling 144 units in metro Charleston. The properties, which comprise 72 units each, include Epson Oaks and Churchill Apartments. Faris Capital Partners acquired the communities from Napali Capital for an undisclosed price. Mark Boyce of Berkadia represented the seller in the transaction. Built in 2008, Churchill Apartments is located at 601 Old State Road in Goose Creek. Epson Oaks was built in 2003 and is located at 2000 Epson Plantation Drive in Moncks Corner.

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LoansMultifamilySouth CarolinaSoutheast

Colliers Mortgage Secures $8.9M Refinancing for Northside Townhomes in Spartanburg, South Carolina

by John Nelson

SPARTANBURG, S.C. — Colliers Mortgage has secured an $8.9 million loan for the refinancing of Northside Townhomes in Spartanburg. The 47-unit property features three-bedroom townhome residences. Amenities at the community include attached garages for select units, off-street parking and access to the Hub City Farmers Market. Bill Mattice and Phillip Cox of Colliers Mortgage orginated the 35-year financing on behalf of the borrower, an entity doing business as Spartanburg RE Investments LLC.

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AcquisitionsMultifamilyNew JerseyNortheast

JLL Negotiates $54M Sale of Multifamily Development Site in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — JLL has negotiated the $54 million sale of a 1.7-acre multifamily development site located at 107 Morgan St. in Jersey City. The site is approved for the development of 650 apartments and ground-floor retail space. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL represented the seller, Veris Residential, in the transaction. The team also procured the buyer, locally based developer LCOR. A timeline for completion was not disclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $3.4M Sale of Apartment Portfolio in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $3.4 million sale of a four-property apartment portfolio totaling 14 units in Chicago’s Lincoln Park neighborhood. The portfolio consists of two apartment buildings, a single-family home with coach house and a vacant lot. Joe Smazal of Interra represented the buyer and seller, both local private investors. The properties were recently renovated with updated kitchen cabinets, appliances and bathroom vanities as well as refreshed common areas.

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Market ReportsMarylandMultifamilySoutheastSoutheast Market Reports

Why Multifamily Investors Need to Take a Deeper Dive Into Charm City

by John Nelson

By Christine Espenshade of Newmark Baltimore is an often-overlooked gem of a city along the Northeast Corridor between Washington, D.C., and New York City. This waterfront town is home to two major sports teams, a world-class symphony and art museums that rival those in the best cities around the world.  Baltimore is more often referenced as the location for various crime TV shows rather than being known as home to two of the top medical facilities in the world — Johns Hopkins Hospital and the University of Maryland Medical System — Johns Hopkins University, and headquarters for famous companies such as Under Armour, T. Rowe Price and McCormick Spices.  The multifamily market in Baltimore is also often overlooked by investors in favor of larger cities. However, to spur the development of top-quality rental products, Baltimore City and Baltimore County offer lucrative property tax abatements for new developments.  The region continually sees consistent population growth due to the “eds and meds” nature of the economy, and the lower cost of living when compared to D.C. or Philadelphia attracts a well-educated workforce looking to enjoy the live-work-play lifestyle. The popularity of Baltimore for employers and employees is evident when considering the 35,000 …

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AcquisitionsLouisianaMultifamilySoutheast

Cushman & Wakefield Brokers $73M Sale of Two Hotels in New Orleans

by John Nelson

NEW ORLEANS — Cushman & Wakefield has brokered the $73 million sale of two hotels located in the Arts/Warehouse District of New Orleans. The properties include Courtyard by Marriott, which comprises 202 rooms, and SpringHill Suites by Marriott, which totals 208 rooms. A group led by Robert Guidry, along with Guidry Land Partners and David Bansmer, acquired the hotels, which are located at 300 Julia St. and 301 St. Joseph St. Bill Murney, Alyson Murney and Craig Hey of Cushman & Wakefield represented the undisclosed seller in the transaction.

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DevelopmentFloridaMultifamilySoutheast

Presidium Completes 342-Unit Multifamily Community in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Presidium has completed Presidium Park, a 342-unit multifamily community located at 8181 AC Skinner Parkway in Jacksonville. The development features apartments in one-, two- and three-bedroom layouts, ranging from 616 to 1,703 square feet in size. Monthly rents at the community range from $1,450 to $2,875. Amenities at the property include a club room, game lounge, golf simulator and theater room, billiards room, fitness center, coworking lounge, coffee lounge and podcast rooms, situated within an 11,000-square-foot leasing and amenity center. The 400,000-square-foot community also features a rooftop terrace and lounge area, indoor and outdoor fireplaces, grilling stations, a swimming pool, electric vehicle charging stations, a car wash area, dog park and spa and bike storage and repair stations. Dwell Design Studio designed the property.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $9.6M in Financing for Affordable Housing Complex in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — MassHousing has provided $9.6 million in financing for The Aurora, an 85-unit affordable housing complex in the central Massachusetts city of Worcester. The six-story building opened in 1898 as a hotel and was converted to residential use in the 1980s. Units are reserved for households earning up to 30, 50 and 60 percent of the area median income. The borrower, The Community Builders, will use the proceeds to fund renovations and preserve the property’s affordability status for the next 20 years.

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1500-N-Central-Ave-Phoenix-AZ
ArizonaDevelopmentMultifamilyRetailWestern

Avison Young Brokers $13M Sale of Multifamily/Retail Development Site in Downtown Phoenix

by Amy Works

PHOENIX — Avison Young has arranged the sale of a 3.9-acre land parcel located at 1500 N. Central Ave. in downtown Phoenix. Donnelley Financial sold the asset to Scottsdale-based Aspirant Development for $13 million. The buyers plan to use the site for the development of a 25-story building offering 325 apartment units and 17,000 square feet of retail space. Development of the project is underway, with completion slated for 2025. The site is situated on the corner of Central Avenue and McDowell Road and offers immediate access to the Valley Metro Light Rail stop. Mark Seale, Jonathan Larsen and Sally Zesut of Avison Young represented the seller, while Ray Cashen of Cashen Commercial represented the buyer in the transaction.

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