Multifamily

NexCore Breaks Ground on 130,000 SF Fitness/Health Facility in Ohio

by Danielle Everson October 2, 2014

ORANGE TOWNSHIP, OHIO — NexCore Group LLC has broken ground on a 130,000-square-foot, integrated ambulatory care center for Mount Carmel Health System in Lewis Center, an unincorporated community of northwestern Orange Township. The site for MC Fitness & Health is located at 7100 Graphics Way. The three-level center will provide outpatient care, fitness, wellness education and rehabilitation facilities. In addition to housing primary care and specialty physicians with the Mount Carmel Medical Group, the facility will also provide approximately 20,000 rentable square feet of medical office space for independent physicians. Construction on the project is set for completion in October 2015. Denver, Colo.-based NexCore Group is the developer and is the owner of the project. OLC Architecture is providing architectural services. Elford Inc. is the construction manager and NexCore Properties LLC will manage the property.

October 2, 2014

Market Reports Midwest Midwest Market Reports Multifamily Ohio

Give An Assist to Apartment Renters for Helping Revitalize Cleveland’s CBD

by Danielle Everson October 2, 2014

To say that 2014 has been filled with great excitement for Cleveland would be an understatement. In early July, the Republican National Committee selected Cleveland as the host city for its 2016 convention. That same month, NBA star LeBron James announced his intent to return to his hometown Cavaliers. Beyond those splashy headlines, during the first half of the year several real estate projects were announced. The planned projects combined with those already under construction or completed since 2010 represent $5.5 billion in public and private investment in downtown Cleveland. Apartment Building Boom One of the most significant stories in Cleveland is that the residential boom downtown continues to gain momentum. The overall occupancy rate in the apartment sector within the CBD rose from 94.5 percent in the first quarter of 2014 to just over 98 percent at mid-year, according to a recent study released by the Downtown Cleveland Alliance. As a result, new projects continue to pile up in an effort to meet the ever-increasing demand. In addition to the 1,000-plus rental units currently under construction, there are now more than 1,100 units in various planning stages. Projects announced since the first of the year include The Standard Building …

October 2, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $18.4M Loan for Residential Cooperative

by Amy Works October 2, 2014

NEW YORK CITY — Meridian Capital Group has negotiated $18.4 million in refinancing for the residential cooperative portion of Lincoln Towers on West End Avenue in New York City. The 29-story property, which is part of the Lincoln Towers condo, totals 444 units and 32 parking spots. Meridian has arranged financing for six of the eight buildings that are part of the Lincoln Towers complex. The 30-year self-liquidating loan, which was provided by a life insurance company, features a 4.44 percent fixed rate. Steve Geller and Nicoletta Pagnotta of Meridian Capital Group’s New York City’s headquarters brokered the transaction.

October 2, 2014

Multifamily New York Northeast

Rosewood Realty Brokers $5.1M Sale of Crown Heights Apartment Building

by Amy Works October 2, 2014

NEW YORK CITY — Rosewood Realty Group has brokered the sale of 1539 Park Place in Brooklyn’s Crown Heights neighborhood. 1539 Park Place LLC purchased the property, which was built in 1910, for $5.1 million. Located between Buffalo and Rochester avenues, the four-story, 34,975-square-foot building features 34 residential units. Aaron Jungreis of Rosewood Realty Group represented the buyer, while David Berger, also of Rosewood Realty, represented the seller, Park 1539 Realty LLC, in the transaction.

October 2, 2014

Features Multifamily

Axiometrics: U.S. Apartment Market Rent Growth at 4 Percent in Third Quarter

by Haisten Willis October 1, 2014

DALLAS — The nation’s apartment market continued to gain strength in the third quarter of 2014, according to early release figures from Axiometrics, a Dallas-based apartment market research company. Annualized rent growth reached 4 percent for the first time in almost two years, while quarterly effective rent growth increased over the third quarter of 2013. Occupancy also increased, to 95.1 percent, higher than the 95 percent mark reached last year, which had been the highest since the first quarter of 2001. Landlords Continue Pushing Rents Effective rent growth increased by 1.6 percent over the second quarter of 2014 on a quarter-by-quarter basis, an improvement on the 1.2 percent quarterly growth of the July-September period last year. Each quarter this year has seen improved rent growth from the same quarter last year. “That 1.6 percent growth is great for the summer season,” says Jay Denton, Axiometrics senior vice president. “The quarterly numbers this year show a stronger apartment market than we anticipated at the start of the year.” While effective rent growth for the third quarter was lower than the 2.7 percent rate measured in the second quarter, the decrease between the second (2.7 percent) and third quarters (1.6 percent) is …

October 1, 2014

Midwest Minnesota Multifamily

M&M Arranges $4M Sale of 24-Unit Apartment Portfolio

by Danielle Everson October 1, 2014

MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.

October 1, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Connecticut Multifamily Northeast

IPA Arranges $75.1M Apartment Community Sale in Stamford

by Amy Works October 1, 2014

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cornerstone at Bedford in Stamford. Delaware-based Cornerstone Apartments Property Owner LLC purchased the 368-unit apartment community for $75.1 million or $204,000 per unit. Located at 1425-1435 Bedford St., the 13-story property features a swimming pool with sundeck, a fitness center, a clubroom, a business center, a play area and a picnic area with gas grills. Steve Witten and Victor Nolleti of IPA, along with Eric Pentore of Marcus & Millichap, represented the seller, Fairfield Bedford LLC, in the transaction.

October 1, 2014

Multifamily New York Northeast

JV Acquires Brooklyn Multifamily Property for $17.5M

by Amy Works October 1, 2014

NEW YORK CITY — A joint venture partnership between The Kalikow Group and MKRO I LLC, an equity venture fund between Massey Knakal and RiverOak Investment Corp., has acquired a six-story multifamily building located at 68 Richardson St. in Brooklyn’s Williamsburg neighborhood. The partnership purchased the asset for $17.5 million from Dabby Investments. Located near McCarren Park, the 32,500-square-foot property features 24 residential units and one ground-floor commercial space. The new owner plans to renovate the building’s façade and common areas, as well as the individual apartment units.

October 1, 2014

Florida Multifamily Southeast

Related Development Breaks Ground on Four Multifamily Projects

by John Nelson October 1, 2014

MIAMI — Related Development LLC has begun construction on four multifamily projects in Florida totaling 1,129 units. The four developments include SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive. Related Development has more than 4,700 units in the development pipeline for completion and/or groundbreaking in the next 12 months.

October 1, 2014

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