Multifamily

Tikijian Associates Brokers Sale of 208-Unit Apartment Property in Indianapolis

by Danielle Everson March 6, 2015

INDIANAPOLIS — Tikijian Associates has brokered the sale of Parc Bordeaux Apartments, a 208-unit apartment community in Indianapolis. The sale price was undisclosed, but the property was listed at $8.7 million. Originally built in 1968, Parc Bordeaux underwent a $3.2 million rehab in 2002 following a tornado. Tikijian Associates represented the seller, Fowler Property Acquisitions. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. The buyer plans to continue making upgrades at the property.

March 6, 2015

Multifamily Texas

Greysteel Arranges Sale of Cooper Park in Metro Dallas

by Haisten Willis March 6, 2015

ARLINGTON, TEXAS — The Greysteel Co, has arranged the sale of Cooper Park, a 180-unit apartment complex located at 812 Cooper Square Circle in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Cooper Holdings LP. Upper Level Acquisitions I LLC purchased the property.

March 6, 2015

California Multifamily Western

The Richman Group to Build Three New Multifamily Projects in SoCal

by Nellie Day March 6, 2015

SAN DIEGO — The Richman Group of California has announced its plans to build three new residential/mixed-use projects in Southern California. The new communities will be located in Los Angeles, Orange and San Diego counties. They will contain a total of 326 apartment units for a combined value of $150 million. Richman’s first project is a 95-unit, affordable seniors community at 345 Commonwealth Ave. in Fullerton. The six-story, 130,000-square-foot midrise building will contain 3,200 square feet of retail space, as well as a subterranean parking garage. It is scheduled for completion in spring 2016. The group also plans to break ground on a 132-unit luxury apartment community in Cerritos later this year. The firm most recently received approval for F11, a 99-unit apartment community in San Diego. It will front the north side of F Street, between 11th Avenue and Park Boulevard. F11 will feature 5,644 square feet of street-level commercial space, resident and guest parking spaces, and indoor and outdoor recreational amenities. The U-shaped tower will surround a south-facing courtyard and pool area. Other amenities include exercise facilities and a bowling alley. The Richman Group is partnering with Shearn H. Platt, a subsidiary of the Richman Group Development Corp., …

March 6, 2015

California Multifamily Western

Land & Houses USA Buys Mode by Alta in Silicon Valley for $73.6M

by Nellie Day March 6, 2015

SAN MATEO, CALIF. — Land & Houses USA Inc. has purchased the 111-unit Mode by Alta apartment community in the Silicon Valley submarket of San Mateo for $73.6 million. The community is located at 2089 Pacific Blvd. Mode by Alta was completed late last year. Apartments have above-standard ceiling heights, patios or balconies, oversized windows and high-end contemporary finishes. Community amenities include a fitness center and yoga studio, a contemporary lounge with a chef’s kitchen and resident business center, and resort-style courtyards with water features, fire pits and an outdoor kitchen. The community is within walking distance of Caltrain. It is also one mile from San Mateo’s downtown district. The developer and seller, Wood Partners, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors.

March 6, 2015

Multifamily Oregon Western

Connery Place in Portland Sells for $7M

by Nellie Day March 6, 2015

PORTLAND, ORE. – The 72-unit Connery Place apartment community in Portland has sold to a private investor for $7 million. The community is located at 8110 SE Mill Street in the southeast Montavilla neighborhood. It is 97 percent occupied. The property features a renovated clubhouse and outdoor pool. About 30 percent of the units have been renovated. HFF’s Nick Klein and Tyler Linn represented both the buyer and seller, Cumberland Holdings, in this transaction.

March 6, 2015

Loans Multifamily New York Northeast

HFF Arranges $27M Loan for Multifamily Community in Long Island

by Amy Works March 6, 2015

NEW YORK CITY — HFF has arranged $27 million in financing for The Hawthorne, a multifamily property in the Valley Stream submarket of Long Island in New York City. HFF secured the floating-rate loan for the borrower, Zeus Capital Managers, through Prime Finance. Located at 125 South Cottage St., the 90-unit residential community features 33 one- and 57 two-bedroom units averaging 1,115 square feet. Community amenities include a 15,000-square-foot courtyard with a fire pit and outdoor cooking and entertaining areas, a lounge with billiards, a fitness center and garage parking. Christopher Peck, Rob Hinckley, Andrew Scandalios and Christopher Rodriguez of HFF arranged the financing.

March 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Ariel Property Advisors Brokers Two Sales Totaling $4.8M in Queens

by Amy Works March 6, 2015

NEW YORK CITY — Ariel Property Advisors has brokered two sales in Queens totaling $4.8 million. In the first transaction, the firm negotiated the sale of a development site with approved plans, located at 14-23 Broadway in Astoria, for $1.95 million. The 25-foot by 136-foot vacant lot is zoned for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael Tortorici, Howard Raber, Marko Agbaba and Victor Sozio of Ariel Properties represented the seller and procured the buyer, both real estate investment groups, in the transaction. In the second deal, a retail site at 175-42 Hillside Ave in Jamaica sold for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased to KFC Corp. on a triple-net lease basis. Additionally, the site offers a total of 40,000 buildable square feet for future development. Tortorici, Wechsler, Agbaba and Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor, in the transaction.

March 6, 2015

Florida Multifamily Southeast

Berger Commercial Realty Brokers $22.1M Land Sale for New Apartment Complex

by John Nelson March 6, 2015

FORT LAUDERDALE, FLA. — Berger Commercial Realty has brokered the $22.1 million purchase of 4.3 acres of land located at 1701 S.E. 17th St. in Fort Lauderdale. Alliance Residential Co. purchased the former Ocean World site from Art Institute Investments LLC. Alliance plans to develop a 394-unit, eight-story apartment community named Broadstone Harbor Beach at the site. The complex will feature a club room, swimming pool, putting green, fitness center, 2,700 square feet of retail space and a 4,600-square-foot retail outparcel. Alliance will break ground on Broadstone Harbor Beach in the second quarter. Steve Hyatt of Berger Commercial Realty represented Alliance in the land acquisition.

March 6, 2015

Shandon Crossing Columbia South Carolina

Multifamily South Carolina Southeast

Berkadia Brokers Two Multifamily Sales in South Carolina Totaling $7.3M

by John Nelson March 6, 2015

COLUMBIA AND GREENVILLE, S.C. — Berkadia has brokered the sale of two multifamily communities in Columbia and Greenville totaling $7.3 million. The transactions include the $5.5 million sale of the 152-unit Shandon Crossing in Columbia and the $1.8 million sale of the 37-unit Hampton Harbor in Greenville. Warrendale, Pa.-based DBC Shandon Crossing LP purchased Shandon Crossing from Atlanta-based Varden Capital Properties LLC. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered both transactions.

March 6, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Provides $9M Loan for Florida Retail Center

by John Nelson March 6, 2015

BRADENTON, FLA. — Walker & Dunlop Inc. has originated $9 million in financing for Ranch Lake Plaza, an 85,656-square-foot retail property in Bradenton. The center is anchored by Goodwill Industries Manasota Inc., which recently signed a 15-year lease and will open its store this month. Ranch Lake Plaza was 95 percent leased at the time of the transaction. Alison Williams of Walker & Dunlop’s Tampa office led the team that structured the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender. The loan also featured two years of interest-only payments.

March 6, 2015

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