Multifamily

M&M Arranges Sale of Multifamily Complex in Metro Dallas

by Haisten Willis April 14, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Woodwind Condominiums, a 52-unit apartment property located in Irving. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an out-of-state partnership. Silva also secured the buyer, a local private investor. The sale also included an adjacent parcel of land totaling 3.7 acres, which is already zoned for new multifamily development. The new owner plans to make improvements to the existing units to make the property more competitive with others in the area. Woodwind Condominiums is located at 3947 Pleasant Run Road and was constructed in 1983. The property is located near George Bush Parkway and Walnut Hill Lane just 10 minutes from D/FW International Airport.

April 14, 2015

M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

by Danielle Everson April 14, 2015

SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.

April 14, 2015

Kentucky Loans Multifamily Retail Southeast

NorthMarq Arranges Two Loans Totaling $18.1M for Two Properties in Kentucky

by John Nelson April 14, 2015

HEBRON AND WILDER, KY. — NorthMarq Capital has arranged the refinancing of two properties in Hebron and Wilder totaling $18.1 million. The properties include Shoppes at Worldwide Park in Hebron and Aspen Pines Apartments in Wilder. Shoppes at Worldwide Park is a 13,174-square-foot unanchored retail property located at 2010 N. Bend Road. Aspen Pines is a 245-unit Class A apartment community located at 1700 Aspen Pines Drive. Susan Branscome of NorthMarq’s Cincinnati office arranged the $16.8 million loan for Aspen Pines through PPM and the $1.3 million loan for Shoppes at Worldwide Park through Symetra.

April 14, 2015

Multifamily New Jersey Northeast

Fisher Development Breaks Ground on 44-Story Residential Tower in New Jersey

by Amy Works April 14, 2015

JERSEY CITY, N.J. — Fisher Development Associates has broken ground for the construction of the first phase of 33 Park Avenue, 44-story residential tower on the Gold Coast of downtown Jersey City. Designed by Perkins Eastman, the 448-unit tower is part of a two-building project in Jersey City’s Liberty Harbor North area. 33 Park Avenue will feature a mix of studio, one- and two-bedroom residential units, ranging from 550 to 1,200 square feet; a 24-hour concierge; an outdoor pool, lounge and landscaped deck; a children’s playroom; cyber café; business center; conference room; screening room; and bicycle and general storage space. The residential tower is slated for completion in spring 2017. At total build out, the two-phase project will feature 900 rental residences, retail space, a state-of-the-art health club, indoor and outdoor screening areas and a full-size sports court. Additional plans for the project include the development of a 267-room Marriott hotel by Tramz Hotels.

April 14, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $6.6M Sale of Greenwich Village Apartment Building

by Amy Works April 14, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a walk-up apartment building, located at 630 Hudson St. in New York City’s Greenwich Village. 630 Hudson LLC purchased the property for $6.6 million from Hudson Unity LLC. The four-story, 6,158-square-foot residential building features six one-bedroom apartments, five of which are rent stabilized, a basement and ground-floor retail space. Gabriel Saffioti of Eastern Consolidated represented the buyer, while Andrei Danshes and Roberto Ortiz, also of Eastern Consolidated, represented the seller in the transaction.

April 14, 2015

Multifamily New York Northeast

Houlihan-Parnes Realtors Brokers Sale of Apartment Building in the Bronx

by Amy Works April 14, 2015

NEW YORK CITY — Houlihan-Parnes Realtors has brokered the sale of an apartment building located at 2275 Morris Ave. in the University Heights neighborhood of the Bronx. A Great Neck, Long Island-based real estate holding company purchased the building for $2.7 million from an undisclosed seller. The five-story walk-up building features 25 apartment units and five ground-floor retail units. The buyer facilitated the acquisition with a five-year loan, which features a 3.5 percent interest rate and a 30-year amortization schedule. Jeremiah Houlihan negotiated the transaction. The seller was represented by Valentin Djonovic P.C. and the buyer was represented by James Prince, Esq.

April 14, 2015

Multifamily New York Northeast

GFI Realty Arranges $1.2M Sale of Bushwick Multifamily Property

by Amy Works April 14, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of an apartment building located at 138 St. Nicholas Ave. in the Bushwick section of Brooklyn. The three-story walk-up sold for $1.2 million or 16 times the rent roll. Constructed in 1931, the property features six apartments. Kobi Zamir of GFI Realty Services represented the buyer, and Ron Kavrai, also of GFI, represented the seller in the transaction. The buyer and seller are both local investors.

April 14, 2015

Multifamily Texas

New Condo Tower to Become Tallest Building in Austin

by Haisten Willis April 13, 2015

AUSTIN, TEXAS — A planned 58-story condo tower will become the tallest building in Austin upon completion. The planned 685-foot tall structure will be called The Independent. The property is also set to become the tallest residential building in the U.S. west of the Mississippi River. The Independent will feature 370 condo residences, ranging from 675 to 3,485 square feet, with floorplans featuring one to three bedrooms. Units will range in price from the mid-$300,000s to over $3 million. The 950,000-square-foot project is located at the northeast corner of West 3rd Street and West Avenue.

April 13, 2015

Multifamily Texas

Hunt Entities Secures Financing, Project Development and Construction of Apartments in El Paso

by Haisten Willis April 13, 2015

EL PASO, TEXAS — Hunt Cos. has secured financing, project development and construction for 1,590 units across 13 properties in the city of El Paso. The project is Phase I of a rental assistance demonstration project. In December 2013, the Department of Housing and Urban Development approved The Housing Authority of the City of El Paso’s (HACEP) application to convert 6,100 units through the rental assistance demonstration initiative (RAD). RAD allows public housing agencies to leverage public and private debt and equity in order to rehabilitate public housing. HACEP selected Hunt Cos. as its development partner for Phase I of the project in 2014. The partnership will revitalize the properties over the next two years. Hunt Development Group will act as the development manager; Moss Construction will be the project’s master subcontractor; Hunt Mortgage Group provided the debt through a Freddie Mac tax-exempt loan direct purchase program; and Hunt Capital Partners secured the tax credit equity from Aetna, MetLife and USAA. The project represents a $250 million initial public/private investment, which could grow to a total of $1 billion over the next five years.

April 13, 2015

Florida Multifamily Southeast

CBRE Brokers Sale of Central Florida Multifamily Portfolio

by John Nelson April 13, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a four-property multifamily portfolio in Central Florida that totals 1,075 residential units. The portfolio includes Vinings at Hunter’s Green in Tampa and Heritage on Millenia, Summit at Metrowest and Legends at ChampionsGate in Orlando. The portfolio was acquired by affiliates of Dallas- and New York-based The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 to date, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

April 13, 2015

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