Multifamily

Hillcrest Apartments in San Diego Receives $7.4M Construction Loan

by Nellie Day October 21, 2014

SAN DIEGO – The 36-unit Hillcrest Apartments in the San Diego submarket of Hillcrest has received $7.4 million in construction-permanent financing. The community will be located at 4021 Eighth Ave. Financing will be used to develop the property, which is scheduled for completion in early 2016. The construction loan converts to a permanent loan at stabilization. The loan also carries an earn-out feature that allows the borrower to draw additional loan dollars at stabilization. It features a 4.2 percent rate with an interest-only period of up to 27 months. Financing was arranged by HFF’s Aldon Cole and Bryan Clark on behalf of Veritas Urban Properties. The 12-year, fixed-rate loan was arranged through a correspondent life company lender.

October 21, 2014

California Multifamily Western

Wilcox Gateway Properties in Los Angeles Sells for $4.4M

by Nellie Day October 21, 2014

LOS ANGELES – The 24-unit Wilcox Gateway Properties apartment complex in Los Angeles has sold to NHVA1-XVlll for $4.4 million. The community is located at 1812 -1830 Wilcox Ave. The property consists of 24 units on four parcels of land. Three of the properties were built in the 1920s. The fourth was built in 1986, which means it is not subject to rent control. The new owner plans to relocate the existing tenants so it can renovate the 24 units. Tim Steuernol and Rob Zaharia of NAI Capital’s West L.A. office represented both the buyer and seller, Wilcox Gateway Partners LLC, in this transaction.

October 21, 2014

Multifamily Texas

M&M Arranges Sale of Apartment Building in Dallas

by Haisten Willis October 21, 2014

DALLAS — Marcus & Millichap has arranged the sale of Hamilton Village, a 34-unit, Class C apartment complex in Dallas. Hamilton Village is located at 3201 Hamilton Ave. in Dallas, just east of I-45 and southeast of I-30 in the Fair Park submarket. The property was built in 1964 and consists of three buildings with one-, two- and three-bedroom floor plans. Stephen Crittenden, Michael Ware and William Jarnagin of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden, Jarnagin and Ware also procured the buyer, a private investor.

October 21, 2014

Iowa Midwest Multifamily

Hubbell Realty Co. Expanding Apartment Community in Grimes, Iowa

by Danielle Everson October 21, 2014

GRIMES, IOWA — Hubbell Realty Co. has begun construction on three new apartment buildings and a clubhouse at Meadowlark Place, an apartment community in Grimes. The third phase of expansion, totaling $9.3 million, is located at 1000 S.E. 11th St. The complex is undergoing another expansion with the addition of 90 apartment units, a second community clubhouse, a pool surrounded by expansive patio areas and 58 garages. Following the completion of construction, Meadowlark Place will feature two clubhouses that will both feature a 24-hour fitness center, theater room and community room. Meadowlark Place, a mixed-income project with both market rate and affordable housing units, includes one-, two- and three-bedroom apartment homes. The units feature in-unit washers/dryers, designer appliances, patios or decks, accent paint colors and spacious closets. Hubbell Construction Services is building the project. Meadowlark Place’s new apartment homes will be available beginning in spring 2015.

October 21, 2014

Loans Multifamily New York Northeast

Emerald Creek Capital Lends $23M for Acquisition of Manhattan Development Site

by Amy Works October 21, 2014

NEW YORK CITY — Emerald Creek Capital has provided a $23 million acquisition loan for the purchase of a development site in Manhattan’s Lower East Side. Located at 50 Clinton St., the development site is zoned R7A and has approved plans for a seven-story condominium building offering 37 residential units and grade-level retail. The borrower is DHA Capital, a New York City-based development firm.

October 21, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Arranges Sale of 19-Unit Apartment Building in Jersey City

by Amy Works October 21, 2014

JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 14-20 Park St. in Jersey City’s Bergen-Lafayette section. The asset sold for $3.6 million or $189,000 per unit. The four-story, 19-unit apartment building underwent an extensive renovation in 2009. Steven Matovski and Umar Sheikh of Marcus & Millichap brokered the transaction. The names of the seller and buyer were not disclosed.

October 21, 2014

California Multifamily Western

Burnside Lofts in Los Angeles Sells for $8M

by Nellie Day October 20, 2014

LOS ANGELES – The 36-unit Burnside Lofts in Los Angeles has sold to Burnside Wilshire Apartments LLC for $8 million. The community is located at 649 South Burnside Ave. Darin Beebower of Madison Partners represented both the buyer and seller, Burnside Partners LP, in this transaction.

October 20, 2014

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated, Cresa New York Arrange $52.9M Sale of Mixed-Use Property

by Amy Works October 20, 2014

NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.

October 20, 2014

Massachusetts Multifamily Northeast

Criterion Selects WinnCompanies to Manage 164-Unit Lumiere in Medford

by Amy Works October 20, 2014

MEDFORD, MASS. — Criterion Development Partners has selected WinnResidential, the property management arm of WinnCompanies, to manage its newest apartment community in Medford. Located on Mystic Valley Parkway, Lumiere consists of 164 residential units with a mix of studio, one- and two-bedroom units. Each apartment features hardwood floors, stone counter tops, expansive tall windows and private patios or balconies. On-site amenities include a swimming pool with sun deck, green deck with community garden, a game area, fitness center and a WiFi lounge with seating for private parties and individual use. The first phase, which is currently open for occupancy, features 48 apartments and the sun deck. The second phase will open in January and the final phase will open in February. WinnResidential manages nearly 500 communities across 23 states nationwide with more than 200 located in Massachusetts.

October 20, 2014

Features Multifamily Seniors Housing

Short-Term Outlook For Seniors Housing Owners, Operators Is Bright, Says M&M

by Scott Reid October 17, 2014

A strengthening national economy and housing market are benefiting all segments of seniors housing, according to Marcus & Millichap’s National Seniors Housing Research Report for the second half of 2014. In some segments, such as independent living and continuing care retirement communities, occupancies and rents are expected to grow strongly through the end of the year. In the newly improving economy, retirees are using equity —which was previously tied up in their homes due to the soft housing market following the recession — toward entrance-fee continuing care retirement communities or other seniors housing options, the report says. The improving economy has been enormously beneficial to baby boomers, according to Marcus & Millichap. Boomers’ parents are the primary users of assisted living facilities. “Equipped with refilled retirement accounts, this group will feel more comfortable with the expenditure for seniors housing when the need arises,” the M&M research team wrote. This increased demand is spurring development activity. In states where barriers to entry are reduced, construction is underway, whereas states with tougher permitting and entitlement processes lag. Investment Sales Trends Smaller owners of seniors housing properties are being priced out of the market, according to Marcus & Millichap. Simultaneously, the strong demand …

October 17, 2014

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