Multifamily

Eastern Consolidated Arranges $58M Sale of 14 Upper Manhattan Multifamily Buildings

by Amy Works August 5, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of 14 multifamily properties, with 176 residential units and eight retail stores, located in Upper Manhattan, in two separate transactions. Morningside Partners I LP and 9-11 CPN LLC sold the properties for $58 million to an undisclosed private investor. Thirteen of the walk-up apartment buildings are located on one city block between Manhattan Avenue, Frederick Douglass Boulevard, West 114th Street and West 115th Street in Morningside Heights. The 13 properties, which total more than 125,000 square feet, sold for $47 million, or $376 per square foot. In a separate transaction, a five-story, 23,640-square-foot property located at 9-11 Central Park North sold for $11 million, or $465 per square foot.

August 5, 2015

California Multifamily Western

Kennedy Wilson Buys Slate Creek at Johnson Ranch in Roseville for $100M

by Nellie Day August 5, 2015

ROSEVILLE, CALIF. — Kennedy Wilson has purchased Slate Creek at Johnson Ranch, a 612-unit multifamily community in Roseville, for $100 million. The community is located at 8800 Sierra College Blvd. The company and its equity partners invested an aggregate of $38.5 million of equity in the transaction. The group also assumed $63 million of debt as part of the off-market transaction. The seller was not named. Kennedy Wilson has acquired interests in 6,449 multifamily units in the Western U.S., year to date. Its global multifamily portfolio totals more than 26,000 units.

August 5, 2015

Multifamily Southeast Virginia

Franklin Johnston Breaks Ground on $44M Apartment Community in Virginia Beach

by John Nelson August 5, 2015

VIRGINIA BEACH, VA. — Franklin Johnston Group has broken ground on Southern Pine Apartments, a $44 million, 240-unit luxury apartment community in Virginia Beach’s Princess Anne area. Upon completion, the property will feature a multi-story clubhouse with a fitness center, bowling alley and pool deck with grilling stations. Other amenities will include a resort-style swimming pool, walking trails and a dog park. The first units will begin leasing next spring, and occupancy will begin in late summer. Rents start at $1,100 per month.

August 5, 2015

District of Columbia Multifamily Southeast

UIP Acquires Multifamily Community in D.C. for $7.6M

by John Nelson August 5, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Rhode Island Gardens, a 81-unit apartment community located at 230 Rhode Island Ave. N.E. in Washington, D.C. UIP purchased the asset from Roydun Corp., an affiliate of DARO Realty, for $7.6 million. CBRE represented the seller in the transaction. Originally built in 1931, the apartment property is located in Washington’s Edgewood neighborhood a half mile from the Rhode Island Avenue Metro station. UIP coordinated the acquisition with the Rhode Island Gardens Tenant Association, and the two entities are planning a $7 million renovation that will be performed by UIP General Contracting Inc., a subsidiary of UIP.

August 5, 2015

Multifamily Texas

Henry S. Miller Arranges Sale of Multifamily Property in Metro Dallas

by Haisten Willis August 4, 2015

RICHARDSON, TEXAS — Henry S. Miller Brokerage’s urban multifamily team has arranged the sale of Parkside Towns. Lew Wood, Andrew Doster and Darden Orand of Henry S. Miller Brokerage represented the townhome community in the transaction. Balynally LLC purchased the 135-unit community located at 2300 Hibiscus Ave. in Richardson. Built in 2014 through a joint effort by the Henry S. Miller Cos., Atticus Real Estate and their partners, the community contains 135 units in 41 total buildings with an average unit size of 1,346 square feet. The community is located in the northeast quadrant of Coit Road and Campbell Road in west Richardson. Humphreys & Partners Architects was the architect.

August 4, 2015

Affordable Housing California Multifamily Western

Affordable Housing Portfolio Near Hollywood Park Sells for $24.8M

by Nellie Day August 4, 2015

LOS ANGELES – A local investment firm has acquired a three-property multifamily portfolio in the Hollywood Park area of Los Angeles for $24.8 million. The portfolio contains a total of 150 affordable apartment units. They are located on or near the part of Normandie Avenue that buttresses Inglewood. The buyer plans to use government incentives to upgrade and renovate the buildings. The company also intends to manage the properties as a scattered-site portfolio. Kitty Wallace and Rob Shiels of Colliers International represented the seller.

August 4, 2015

California Multifamily Seniors Housing Western

Granite Sells Plot in California to Seniors Housing Developer for $5.7M

by Nellie Day August 4, 2015

PALM DESERT, CALIF. — An affiliate of Granite Investment Group has sold 6.8 acres of land in Palm Desert for $5.7 million to WL Palm Desert Property LLC, a wholly owned subsidiary of seniors housing developer and operator West Living LLC. West Living has designed a prominent 150-unit assisted living facility, with a memory care component, which it will construct on the property. Located at the southwest corner of the intersection at Country Club Drive and Portola Avenue, an additional 6.4 acres of land zoned for seniors-related use remains available for sale. Based in Irvine, Calif., Granite Investment Group currently manages a portfolio of commercial real estate assets valued at approximately $540 million, primarily comprised of seniors housing communities that offer a total of 4,442 licensed beds.

August 4, 2015

Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 115-Unit Apartment Community in Brookline

by Amy Works August 4, 2015

BROOKLINE, MASS. — CBRE/New England has brokered the sale of 1443 Beacon Street, an apartment community located in Brookline, a southwest suburb of Boston. Brookline Associates LP sold the 115-unit property to 1443 Beacon LLC, an affiliate of Boston-based Chestnut Hill Realty, for an undisclosed sum. Built in 1979, the market-rate property offers a mix of one-, two-, three- and four-bedroom layouts, with an average apartment size of 928 square feet. The property also features two commercial medical suites, 122 garage parking spaces, a community room, patio area, sundeck, pool and fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

August 4, 2015

Multifamily South Carolina Southeast

CBRE Brokers $44.7M Sale of Apartment Community in Downtown Greenville

by John Nelson August 4, 2015

GREENVILLE, S.C. — CBRE has brokered the $44.7 million sale of McBee Station Apartments, a 197-unit, Class A apartment community in downtown Greenville. The property is located adjacent to a Publix-anchored shopping center, the Swamp Rabbit Trail, Cleveland Park and Falls Park. Atlanta-based TriBridge Residential purchased McBee Station from an undisclosed seller. Phil Brosseau, Kevin Kempf and Malcolm McComb of CBRE represented the seller in the transaction. Steve Haffner and Nate Sittema of CBRE arranged $29 million in acquisition financing through Allianz Real Estate of America on behalf of TriBridge Residential.

August 4, 2015

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $30M Apartment Community in Orlando

by John Nelson August 4, 2015

ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has broken ground on Zen Luxury Living Apartments, a four-story, 258-unit apartment community located at 10463 Perrihouse Acres Lane in Orlando. The property will be located near State Road 535 and adjacent to the Hyatt Regency Grand Cypress. Roger B. Kennedy has a $30 million contract with Orlando-based developer Zen Luxury Living LLC to construct the property. Maitland, Fla.-based Slocum Platts Architects designed the apartment community, which is slated for an October 2016 completion.

August 4, 2015

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