Multifamily

IPA Arranges $49.9M Sale of Connecticut Multifamily Property

by Amy Works April 8, 2015

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of TGM Waterford Commons, an apartment community located at 30 Catherine’s Way in Manchester. Beachwood Residential LLC purchased the 303-unit property from TGM Waterford LLC, an affiliated entity of New York City-based TGM Associates, for $49.9 million, or $165,000 per unit. The 13-building property features 47 one-bedroom/one-bath apartments, 193 two-bedroom/two-bath units and 63 three-bedroom/two-bath units ranging from 690 to 1,350 square feet. Units feature walk-in closets, in-home full-size washer/dryer units and a private patio or balcony area. Community amenities include a clubhouse, heated indoor swimming pool and spa, movie theater, fitness center, sauna and steam room, volleyball court, tennis court, playground, barbecue and picnic area, storage units and carports. Steve Witten and Victor Nolletti of IPA represented the seller in the transaction.

April 8, 2015

Mississippi Multifamily Southeast

Morgan Properties, DRA Advisors Acquire Apartment Community in Towson

by John Nelson April 8, 2015

TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.

April 8, 2015

Multifamily Northeast Rhode Island

CBRE/NE Brokers $31.7M Sale of Rhode Island Multifamily Community

by Amy Works April 8, 2015

WEST WARWICK, R.I. — CBRE/New England has brokered the sale of The Apartments at Royal Mills, a multifamily community located at 125 Providence St. in West Warwick. JG Royal Mill LLC/JJH Royal Mill LLC, an affiliate of Readville, Mass.-based Geraghty Associates, purchased the 251-unit property for $31.7 million from SBER Royal Mill LLC. The property consists of two main historic mill buildings: Royal Mill, ranging from four to six stories, and the four-story Ace Dye Mill. Additionally, the property features a two-story machine shop mill with two townhome units and a vacant two-story gatehouse building, which can be converted into amenity or residential space. Community amenities include a clubhouse, pool table, wet bar, fireplace, resident lounge, fitness and business centers, riverfront barbeque area, kayak launch, landscaped river walk, waterfall-powered hydro plant, landscaped common areas and courtyards and climate controlled on-site garage parking. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

April 8, 2015

District of Columbia Multifamily Southeast

Greysteel Brokers Sale of Apartment Community in Northeast D.C.

by John Nelson April 8, 2015

WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Hampton Park, a 24-unit multifamily that also includes an adjacent land parcel located at 1215-1225 49th St. in northeast Washington, D.C. The property is located in Washington’s Deanwood neighborhood and is situated three blocks from the Deadwood Metrorail station. The seller, Mary Jenkins, sold the asset to Saha Capital Investments LLC for an undisclosed amount. Ari Firoozabadi, Kyle Tangney, John Mullen, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz of Greysteel represented the seller in the transaction.

April 8, 2015

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Developers Capitalize on Trends in Boston’s Apartment Market

by Jaime Lackey April 8, 2015

Young professionals are flocking to Boston to find higher-paying jobs generated by fruitful healthcare and technology industries. Pharmaceutical companies like GE Healthcare, Amgen and Novartis AG are expanding in Boston and Cambridge. In addition, professional, business services, education, and health services sectors have all surpassed pre-recession employment. In 2015, companies in Boston are projected to create 43,000 new jobs, which is a 1.7 percent annual increase. The increased pace of hiring will support household formation and elevate the area’s housing demand. The Greater Boston region is experiencing one of its largest residential building booms in recent history. Most of the area’s proposed and under-construction residences are apartments and many of them are on the luxury end, including the Ink Block and Troy Boston on the South End, and the Zinc in East Cambridge. Multifamily inventory will expand 1.6 percent this year, resulting in a total delivery of 7,250 new units. Many potential homeowners will choose renting over buying as more and more potential homebuyers prefer short commute times and the lifestyle that renting offers — a growing trend across many of the country’s major metros. Nationwide, apartments outperformed expectations for 2014. The national vacancy rate dipped as low as 4.2 …

April 8, 2015

Colorado Multifamily Western

The ConAm Group Buys PeakView Place Apartments in Denver

by Nellie Day April 8, 2015

DENVER — The ConAm Group has acquired the 296-unit PeakView Place apartments in Denver for an undisclosed sum. The community is located at 9959 E Peakview Ave. in the Englewood submarket. PeakView is situated near Denver’s largest employment center, the 850-acre Denver Technological Center (DTC). ConAm plans to carry out a $5.5-million renovation on the property. This will include construction of a new leasing office, new exterior siding, full interior upgrades, and overall enhancements to the common areas and landscaping. Common-area amenities include a pool and spa, as well as a fitness center. Units include modern floorplans, washers and dryers, central heat/air conditioning and fireplaces.

April 8, 2015

Colorado Multifamily Western

Arvada Apartment Community Trades for $2M

by Nellie Day April 8, 2015

ARVADA, COLO. – A 20-unit apartment complex in the Denver submarket of Arvada has sold to an unnamed buyer for $2 million. The community is located at 5379 Estes Street. It was built in 1960. The property is situated near Olde Town Arvada and the Light Rail. Jeff Johnson with the Johnson Ritter Team at Pinnacle Real Estate Advisors assisted both the buyer and seller in this transaction.

April 8, 2015

Multifamily Seniors Housing Texas

Stroud Cos. Arranges Sale of Four Assisted Living Facilities in Texas

by Haisten Willis April 7, 2015

HOUSTON, AUSTIN AND ODESSA, TEXAS —Dallas-based Stroud Development and Stroud Investments have finalized the sale of four assisted living and memory care communities in the Houston, Odessa and Austin Markets to ROC Seniors. The sale, valued at more than $70 million, was financed using the HUD 232 debt program and has been a joint venture project with Orchard Park Senior Living. Development began in 2011. Bedford, Texas-based Arrive Architecture Group designed the Orchard Park communities. Each community serves 57 assisted living residents and includes a separate secured wing serving 40 Alzheimer’s and/or dementia care residents. The Orchard Park communities also feature landscaped courtyards, private dining amenities, special events venues, fitness and wellness areas, therapy rooms and a salon. Additional services include transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living.

April 7, 2015

Illinois Indiana Midwest Multifamily

Steadfast Apartment REIT Acquires Three Apartment Properties for $80.8M

by Danielle Everson April 7, 2015

FISHERS AND SPEEDWAY, IND., AND AURORA, ILL. — Steadfast Apartment REIT has acquired three apartment communities totaling 643 units for $80.8 million. Two of the acquired properties are located in greater Indianapolis. The REIT purchased Reveal on Cumberland for $29.5 million, a 220-unit apartment community in Fishers, 16 miles northeast of downtown Indianapolis. Steadfast Apartment REIT also acquired the 277-unit Eagle Lake Landing Apartments in Speedway, less than six miles outside of the Indianapolis central business district, for $19.2 million. In the third transaction, the REIT purchased Randall Highlands Apartments in North Aurora, Ill., for $32.1 million. The property is located 30 miles west of Chicago and includes 146 units.

April 7, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Seven-Unit Apartment Building in Chicago

by Danielle Everson April 7, 2015

CHICAGO — Interra Realty has brokered the $893,000 million sale of a seven-unit, vintage apartment building at 1509 W. Bryn Mawr in Chicago’s Andersonville neighborhood. The three-story walk up is made up of two-bedroom, one-bathroom units. Craig Martin of Interra Realty represented both the seller and buyer in the transaction. The buyers plan to make renovations to the property.

April 7, 2015

Newer Posts

Older Posts