Multifamily

Churchill Capital Arranges $4.7M Acquisition Loan for Dallas Apartment Complex

by Haisten Willis August 6, 2015

DALLAS — Churchill Capital Co. of Dallas has arranged a $4.7 million loan for the acquisition and improvement of a 173-unit Class C multifamily community located at 1810 John West Road in northeast Dallas. The Buckner Village Apartments are garden-style, one- and two-story units with one-, two- and three-bedroom floor plans. The 7.6-acre complex was fully renovated in 2009 and features gated access, a pool and a playground. Duke Stone and Steve Forson of Churchill Capital arranged the three-year, floating-rate loan through a local bank on behalf of the borrower, JAG Re-Development.

August 6, 2015

Multifamily Northeast Pennsylvania

Castle Rock Equity Acquires Philadelphia’s ICON Building for $112M

by Amy Works August 6, 2015

PHILADELPHIA — Castle Rock Equity has acquired the ICON Building at 1616 Walnut St. in Philadelphia’s City Center district. The company purchased the 25-story art deco tower for $112 million. The previous owners, a partnership between Federal Capital Partners, Cross Properties and Alterra Property Group, completed a $60 million transformation to the building in 2014, converting it from office to residential use. Constructed in 1929, the 206-unit apartment building features a rooftop terrace, wellness center, club level, electric car charging stations, car and bike share programs, and a pet grooming station, among other on-site amenities. Castle Rock Equity Group worked with Divvone Equity Group to close the transaction.

August 6, 2015

Multifamily Seniors Housing Southeast Virginia

SLIB Arranges $28.5M Sale of Skilled Nursing Facility in Virginia

by John Nelson August 6, 2015

MARTINSVILLE, VA. — Senior Living Investment Brokerage (SLIB) has arranged the $28.5 million sale of Blue Ridge Nursing & Rehabilitation Center, a 300-bed skilled nursing facility in Martinsville. The adjacent assisted living community is also included in the transaction, but is awaiting approval for the assumption of the existing HUD-insured debt. The affiliated operator of the seller, Sovran Management, will continue to manage the communities through a long-term lease with the new owner, which was not identified. Bradley Clousing and Patrick Burke of SLIB handled the transaction.

August 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $15.8M Sale of Mixed-Use Building in Manhattan

by Amy Works August 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 5008 Broadway in Manhattan’s Inwood neighborhood. The six-story property sold for $15.8 million, or approximately $325 per square foot, in an all-cash transaction. The 48,576-square-foot property features five retail units and 47 residential units in a mix of one-, two- and three-bedroom layouts. Robert Shapiro of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 6, 2015

California Multifamily Western

The Commodore Apartments in Beverly Hills Sells for $4.7M

by Nellie Day August 6, 2015

BEVERLY HILLS, CALIF. — The Commodore, a 14-unit apartment complex in Beverly Hills, has sold to Paul Ling for $4.7 million. The community is located at 1830 N. Cherokee Ave. It is situated just three blocks from the Golden Triangle on South Rexford Drive. Kevin Kawaoka of NAI Capital represented both the buyer, which was not identified, and seller, Tower Ventures LLC, in this transaction.

August 6, 2015

California Multifamily Western

Long Beach Apartment Building Sells for $4.8M

by Nellie Day August 6, 2015

LONG BEACH, CALIF. — Rdbh LLC has acquired a 27-uinit apartment building in Long Beach for $4.8 million. The community is located at 1101-1121 Gaviota Ave. It was built in 1988. The property is located within the Rose Park historical district near the neighborhoods of Carroll Park and Belmont Heights. The buyer plans to hold this asset long term, according to Stepp Commercial, which represented the buyer. The seller, Lunar Bear Properties II LLC, represented itself. Robert Stepp and Michael Toveg represented Rdbh.

August 6, 2015

Illinois Midwest Multifamily

IMPACT Strategies Completes $4M Green Development in Granite City, Ill.

by Jonathan Mehall August 5, 2015

GRANITE CITY, ILL. — IMPACT Strategies has completed construction of the second phase of the federally funded Granite City Green Communities in Granite City, about 10 miles northeast of St. Louis. IMPACT Strategies constructed 20 new units within six buildings for a total of 63 units at the development. Granite City Green’s design and construction are focused on sustainable and energy-efficient criteria. The project incorporates the use of solar panel and bioretention rain gardens in an effort to maximize the development’s environmental impact and performance. The Granite City Housing Authority hired Impact Strategies to lead construction of the project, which began last August and wrapped up at the end of July The first phase of Granite City Green was developed in 2012. Farr Associates, a sustainable architecture and urban planning firm in Chicago, designed the project.

August 5, 2015

Multifamily New York Northeast Retail

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

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