Multifamily

Harbor Group International Sells Connecticut Apartment Community for $17.6M

by Amy Works April 20, 2015

DANBURY, CONN. — An affiliate of Harbor Group International has sold Towne Brooke Apartments, a 102-unit apartment community in Danbury. An undisclosed buyer acquired the property for $17.6 million. Built in 2009, the property features a clubhouse, 24-hour fitness center and an outdoor pool. Apartments feature nine-foot ceilings, GE appliances, full-size washer and dryers, walk-in closets, wood kitchen cabinetry, ceiling fans in bedrooms and balconies or patios. At the time of the sale the property was 93 percent occupied.

April 20, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $13.3M Sale of Four-Property Multifamily Portfolio in Manhattan

by Amy Works April 20, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-property multifamily portfolio in Manhattan’s West Harlem neighborhood. The 60-unit portfolio includes 104 West 144th St., 106 West 144th St., 108 West 144th St. and 110 West 144th St. Treetop Development acquired the portfolio for $13.3 million, or $221,667 per unit, from 114 St. Johanna Associates. Peter Von Der Ahe, Shlomo Manne, Scott Edelstein, Marco Lala, Seth Glasser and Rafi Moskowitz of Marcus & Millichap arranged the transaction.

April 20, 2015

Iowa Loans Midwest Multifamily

NorthMarq Arranges $7.3M in Refinancing for Apartments in Ankeny, Iowa

by Danielle Everson April 17, 2015

ANKENY, IOWA — NorthMarq Capital has arranged $7.3 million in refinancing for The Apartments at Prairie Lakes in Ankeny. The recently completed 92-unit multifamily property is located at 1603 Prairie Lakes Drive. Jason Kinnison of NorthMarq Capital’s Omaha office structured the fully amortizing 25-year term loan for the borrower through a life insurance company.

April 17, 2015

Loans Midwest Multifamily Wisconsin

Hunt Mortgage Group Refinances Multifamily Property in Platteville, Wis.

by Danielle Everson April 17, 2015

PLATTEVILLE, WIS. — Hunt Mortgage Group has arranged a $3.4 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property in Platteville. The property is located at 1300, 1350, 1365 and 1435 Cody Parkway. Prairie View Apartments includes efficiency, one-, two- and three-bedroom units. The 12-year loan includes a 30-year amortization schedule. Hunt Mortgage Group arranged the loan for the borrower, a Wisconsin-based limited liability company that was formed in April 2008 and is backed by Robert Cody. Cody owns R. Cody Real Estate Development, a full service real estate development company.

April 17, 2015

Multifamily South Carolina Southeast

MHA Brokers Sales of Five South Carolina Apartment Communities for a Total of $52.6M

by John Nelson April 17, 2015

CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered five separate sales of apartment communities in South Carolina totaling $52.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions. The transactions include: • Greystone & Co. sold the 152-unit The Reserve at Cavalier and the 130-unit Hampton Forest, both located in Greenville, to two separate funds controlled by Monument Capital Management. • Applegate & Co. sold the 312-unit Polo Village, located in Columbia, to an affiliate of EBSCO Income Properties LLC. • LNR Partners sold the 176-unit Pocalla Springs, located in Sumter, to an undisclosed buyer. • Southwood Realty sold the 132-unit Heather Heights, located in Rock Hill, to Varden Capital Properties.

April 17, 2015

Georgia Multifamily Southeast

The Connor Group Sells Atlanta Apartment Community for $23.7M

by John Nelson April 17, 2015

ATLANTA — The Connor Group has sold Carriage Place, a 228-unit apartment community located near Emory University in Atlanta, for $23.7 million. The property is the company’s 20th community in the Atlanta market. The Connor Group entered the Atlanta market in 2003 and still owns five communities in the area. The Connor Group reportedly doubled their investment with the sale. The company has $1.5 billion in assets and owns and operates communities in Atlanta, Austin, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.

April 17, 2015

Delaware Loans Multifamily Northeast

KeyBank Provides $20.3M Acquisition Loan for Delaware Apartment Complex

by Amy Works April 17, 2015

NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.

April 17, 2015

Market Reports Multifamily Texas Texas Market Reports

San Antonio Growing Outward, Northward Thanks to Strong Demand

by Haisten Willis April 17, 2015

San Antonio remains a strong growth market. While not receiving as much national attention as its sister metro areas of Dallas/Fort Worth, Austin and Houston, the San Antonio area gained over 25,000 new jobs last year. The growth is concentrated in tourism, conferences, military and business support services. San Antonio’s growth is expected to remain strong over the next two years and should continue to drive demand for housing throughout the metro area. Local unemployment remains low at 3.8 percent, almost two points below the national average of 5.6 percent. Unemployment is forecasted to remain well below 5 percent over the next five years, according to Moody’s Analytics. However, with per-capita income at $42,000, about 10 percent below the national average, and with lower paying service jobs, San Antonio remains an affordable market for most real estate — particularly residential, which consumes the most land. At Stratford Land we invest in and lend on land for development across the faster growing metropolitan areas in the Sunbelt from the Carolinas to Southern California. Therefore, we either have the opportunity, or burden, of staying abreast of the fundamentals driving demand in all product types — residential and commercial. In looking to invest, …

April 17, 2015

Arizona Multifamily Western

HSL Buys 44 Monroe Residential Tower in Phoenix for $50.6M

by Nellie Day April 17, 2015

PHOENIX — HSL 44 Monroe LLC has acquired a controlling interest in 44 Monroe, a 198-unit multifamily tower in Downtown Phoenix, for $50.6 million. The luxury tower is located at its namesake, 44 Monroe, on the northeast corner of 1st Avenue and East Monroe Street in the Financial District. The property is Arizona’s tallest luxury residential tower. It includes one- and two-bedroom units, as well as three-bedroom, two-bath penthouse apartment homes. Units feature floor-to-ceiling windows, private balconies and dual master vanities, among other amenities. Common-area amenities include an outdoor terrace with gas grill and fire pit, a spa and swimming pool with sundeck, conference room, fitness center, clubhouse with Wi-Fi and a 24-hour lobby attendant. HSL will continue to operate the property as a luxury apartment home building. HSL Properties now owns 42 apartment communities and five hotel properties in Arizona with its affiliates.

April 17, 2015

California Multifamily Western

Linda May Manor in Los Angeles Sells for $5.7M

by Nellie Day April 17, 2015

LOS ANGELES – Linda May Manor, a 32-unit apartment building in Los Angeles, has sold to an unnamed buyer for $5.7 million. The community is located at 456 South Cochran Ave., in the area’s Miracle Mile district. The seller was not named, but the property was listed as being “owned by the same family for more than 40 years.” The family was represented by Rich Johns of KW Commercial.

April 17, 2015

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