Multifamily

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 6, 2015

EULESS, TEXAS — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Royal Terrace, a 120-unit apartment community located at 306 Martha St. in Euless. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the Copperstream Investments LLC in the sale of Royal Terrace to the buyer, Amar Patel. Royal Terrace offers access to both Dallas and Fort Worth via Highway 183 (Airport Freeway) and Highway 360. The property has undergone recent improvements including new electrical room panels and wiring, new shingle mansards and exterior paint.

April 6, 2015

Whispering Palms Apartments in Palm Springs Sells for $6.8M

by Nellie Day April 6, 2015

PALM SPRINGS, CALIF. – The 121-unit Whispering Palms apartments in Palm Springs has sold to Latitude 33 LLC for $6.8 million. The community is located at 449 E. Arenas Road. The buyer was represented by Milburn Stevens of Lee & Associates Palm Desert. The seller, Metropolitan Management Company and City Center Real Estate, was also represented by Stevens.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Gilbane Breaks Ground on New Student Housing Development in Cincinnati

by Danielle Everson April 6, 2015

CINCINNATI — Gilbane Development Co. has begun development on The Verge, a student housing project near the University of Cincinnati. Located at the corner of West McMillan St. and West Clifton Ave., The Verge is located one block from the university’s main campus. The 245,000-square-foot building is expected to be completed for August 2016 occupancy, and will feature 495 beds within 178 apartment units and 380 parking spaces. Residents will have access to amenities including a clubhouse, gaming tables, cyber cafe, media room, fitness center with tanning room, seating areas, group study rooms and a private landscaped courtyard featuring a barbecue grill and fire pit with seating areas. High-speed Internet and Wi-Fi will be available throughout the building. The project is eco-friendly, and will attain LEED Silver certification. Additionally, 7,500 square feet of commercial space will be located along the prominent commercial corridor along West McMillan and Clifton.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Asset Campus Buys Dorm Facility in Cleveland for $4.5M

by Danielle Everson April 6, 2015

CLEVELAND — Asset Campus Housing has purchased the 140-dorm facility and YMCA in Cleveland’s downtown campus district for $4.5 million. Euclid Avenue Development Corp. sold the facility, built in 1912, after purchasing it in 2009 to eliminate a troubled loan. Asset Campus will convert the facility into private student housing. Newmark Grubb Knight Frank represented the seller in the transaction. The 152,390-square-foot, nine-story building is situated on three acres, includes 175 parking spaces and has been the longtime home of the Downtown Cleveland YMCA, which will relocate in March 2016. Asset has renamed Heritage Hall as The Domain at Cleveland and plans to revamp the property with a clubhouse featuring group fitness classes, a computer lab with dedicated study rooms and a resident lounge with free coffee. The studio, one-bedroom and two-bedroom units will be renovated with new appliances, cabinets and countertops in the kitchenettes, upgraded bathrooms and new A/C and heating systems. The company is leasing apartments for the fall 2015 academic year.

April 6, 2015

Multifamily Northeast Retail Vermont

Nedde Real Estate Brokers Four Sales in Vermont

by Amy Works April 6, 2015

BURLINGTON AND ST. ALBANS, VT. — Nedde Real Estate has brokered the sales of four properties in Vermont. In the first deal, Grant Butterfield of Nedde Real Estate represented Mike DuPont in the acquisition of a three-unit multifamily property located at 54-56 Intervale Ave. in Burlington. Bessery Real Estate Partners, represented by Cannizzaro Real Estate, sold the property for an undisclosed price. In the second transaction, Butterfield arranged the sale of 137-139 Elmwood Avenue, a four-unit multifamily property located in Burlington. Mark Johnson sold the asset for an undisclosed price to Housing Strategies. In the third deal, Butterfield represented Eleven Eleven Enterprises LLC in the disposition of 30 South Main Street in St. Albans to Dominico Spano. The buyer plans to reopen the retail property, which was formerly Cosmic Bagel Bakery, as Round Table Bakery & Café. In the final transaction, Butterfield represented the undisclosed seller in the disposition of 222-224 South Winooki Avenue in Burlington. Karen LaPoint purchased the three-unit multifamily property for an undisclosed price.

April 6, 2015

Hawaii Loans Multifamily Western

Waiea, Anaha Condo Developments in Honolulu Receive $350M Loan

by Nellie Day April 3, 2015

HONOLULU, HAWAII — The Howard Hughes Corporation has received a $350 million syndicated loan for two condo development projects in Honolulu. The condos, called Waiea and Anaha, will be situated within Ward Village. Ward Village is a 60-acre, urban master-planned community located between the city’s downtown and Waikiki. The community will feature more than 4,000 high-rise residences and more than one million square feet of retail space. The retail will be surrounded by outdoor public gathering places and pedestrian-friendly streets. Ward Village will be anchored by a four-acre public park that will serve as a multipurpose gathering space. The two condo developments offer views of the Pacific Ocean and Diamond Head. Amenities including fitness centers, swimming pools, a library, children’s play areas and dog parks. The projects will also feature about 24,000 square feet of retail space and 989 parking spaces. The A-note will be spread between five lenders, including Wells Fargo, Ullico, Washington Capital Management, First Hawaiian Bank and American Savings Bank. The note is part of a larger $600 million construction loan, which was secured by JLL for the Howard Hughes Corporation in late 2014. Financing was provided by Blackstone Real Estate Debt Strategies. The JLL team was …

April 3, 2015

California Multifamily Western

Madison Park Apartments in Anaheim Changes Hands

by Nellie Day April 3, 2015

ANAHEIM, CALIF. — Intercontinental Real Estate Corporation and MG Properties Group have purchased the 768-unit Madison Park Apartments in Anaheim for an undisclosed sum. The community is located at 2235 W. Broadway. This is the largest single property by number of units to be purchased in Southern California since 2013, according to the buyers. Madison Park is situated in West Anaheim near the I-5 freeway, between Disneyland and Knott’s Berry Farm. The buyers plan to make improvements to the community’s common areas and interiors. Common-area amenities include two swimming pools, sports courts, a large fitness center and group exercise room, clubhouse, movie theater, banquet room and a business center. Madison Park was purchased from a private multifamily investment firm that was represented by Institutional Property Advisors’ Greg Harris and Kevin Green. The buyers represented themselves in this transaction. The acquisition was financed with a 10-year, fixed-rate mortgage from Fannie Mae that was arranged by Brian Eisendrath at CBRE.

April 3, 2015

Midwest Multifamily Nebraska

Metonic Real Estate Solutions Acquires 60-Unit Apartment Complex in Omaha, Neb.

by Danielle Everson April 3, 2015

OMAHA, NEB. — Metonic Real Estate Solutions has acquired Heritage Heights Apartments, a 60-unit apartment community in Omaha. Built in 1973, Heritage Heights Apartments offers one- and two-bedroom apartments ranging in size between 700 and 1,000 square feet. The property is located within one mile of I-80, Westwood Shopping Plaza and Montclair Shopping Center. Omaha-based Seldin Co. will manage the property. Seldin Co. plans to make renovations at the property, which will include the addition of new appliances, upgraded flooring and interior painting. Exterior renovations include the addition of new siding, windows and landscaping.

April 3, 2015

Multifamily Southeast Student Housing Tennessee

Campus Advantage, Pinecrest Partners to Develop Student Housing in Knoxville

by John Nelson April 3, 2015

KNOXVILLE, TENN. — Campus Advantage is currently developing its newest project, The Knox, which will serve students attending the University of Tennessee beginning in fall 2016. Pinecrest Partners is providing equity financing for the 101-unit, 382-bed community. Located at 1505 Clinch Ave., the location puts residents less than 100 feet from the University of Tennessee campus. The Knox will feature three-, four- and five-bedroom apartments. The community consists of two buildings, a five-level building and a six‐level building, and features two levels of gated garage parking and nine floors of residential space. Amenities will include a cyber cafe, computer bar, lounge room with fireplace and large-screen televisions and a fitness center, as well as an outdoor green roof with grills, water features, hammocks and a theater area. Each fully furnished apartment features a 42-inch television in its living room, wood-style flooring in the common areas, an in-unit washer and dryer, high-end finishes, stainless steel appliances and cable and high-speed Internet. Campus Advantage worked closely with the Historic Preservation Office at the city of Knoxville, as well as the Historic Fort Sanders Neighborhood Association, to design The Knox. Ronnie Macejewski, senior vice president of development of Campus Advantage, is leading the …

April 3, 2015

Georgia Seniors Housing Southeast

Seniors Housing Community in Metro Atlanta Breaks Ground

by John Nelson April 3, 2015

ACWORTH, GA. — Construction has begun on Celebration Village Acworth with plans to open the 16.5-acre seniors housing community in May 2016. The community includes 114 independent living apartments, 44 apartment homes, 55 assisted living units and 31 memory care apartments. Active Senior Concepts and AgeWell Living developed the Celebration concept. Active Senior Concepts’s developments are located throughout metro Atlanta. AgeWell, located in Palm Beach Gardens, Fla., will operate the community.

April 3, 2015

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