Multifamily

CBRE/NE Brokers Sale of 234-Unit Harbor Village in Rhode Island

by Amy Works April 3, 2015

WAKEFIELD, R.I. — CBRE/New England has brokered the sale of Harbor Village in Wakefield. An affiliate of JRK Property Holdings acquired the 234-unit apartment community, which sold for an undisclosed price. Harbor Village consists of 16 residential buildings and a clubhouse. The residential buildings comprise five two-story direct-entry townhome buildings and 11 three-story garden-style buildings. The property offers one-, two- and three-bedroom units, with an average apartment size of 1,113 square feet. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller in the deal.

April 3, 2015

Indiana Midwest Multifamily

Metonic Real Estate Solutions Buys 740-Unit Apartment Complex in South Bend, Ind.

by Danielle Everson April 2, 2015

SOUTH BEND, IND. — Metonic Real Estate Solutions has purchased Castle Point Apartments, a 740-unit apartment complex in South Bend, for an undisclosed sales price. Originally built in three phases between 1974 and 1980, Castle Point Apartments includes one- and two-bedroom apartments ranging in size between 737 and 1,340 square feet. The 20,000-square-foot clubhouse offers residents premier amenities including indoor basketball and tennis courts along with a yoga/aerobics room, tanning room and game room. The property is located within two miles of the University of Notre Dame, St. Mary’s College and Holy Cross College. Metonic plans to make renovations at the property which will include the addition of new appliances and washers and dryers, upgraded kitchen cabinets and counter tops, and new parking garages. The clubhouse will also be renovated with additional amenities for residents. Omaha-based Seldin Co. was selected as the property manager.

April 2, 2015

Multifamily Student Housing Texas

Balfour Beatty, Wynne/Jackson to Develop Mixed-Use Project for University of Texas at Dallas

by Haisten Willis April 2, 2015

DALLAS — Balfour Beatty Campus Solutions will design, build, finance and operate a $54 million on-campus mixed-use housing and retail development for The University of Texas at Dallas through a public/private partnership. The University town center concept is being developed in partnership with Dallas-based residential and commercial developer Wynne/Jackson. Balfour Beatty Construction, also Dallas-based, will lead the overall design/build team, which also features Jacobs Engineering and Architecture Demarest as the design subcontractors. The new community will include mid-rise apartments and townhomes that will add approximately 600 beds, as well as shops, restaurants and entertainment venues to serve the more than 30,000 students, faculty and staff at the university. The project will be located on a 13-acre tract north and west of the intersection of Synergy Park Boulevard and Floyd Road, adjacent to the proposed site of a future DART rail station. The project will break ground in the coming weeks and will be delivered in August of 2016. Upon completion, Balfour Beatty Communities will operate the housing, and SRS Real Estate Partners will market the retail space.

April 2, 2015

Multifamily New Jersey Northeast

Fieldstone Properties Buys New Jersey Apartment Community for $117M

by Amy Works April 2, 2015

PLAINSBORO, N.J. — Fieldstone Properties has acquired eaves Plainsboro, a 776-unit apartment community located at 60 Fox Run in Plainsboro. AvalonBay Communities sold the property for $117 million, or $150,000 per unit. The asset consists of 58 two-story buildings featuring a total of 624 one-bedroom units and 152 two-bedroom units. On-site amenities include a clubhouse, fitness center, community room with fireplace, outdoor swimming pool with sundeck, tennis courts and jogging trail. Jose Cruz, Kevin O’Hearn, Michael Oliver and Andrew Scandalios of HFF represented the seller in the transaction.

April 2, 2015

Multifamily New Jersey Northeast

High Point Development, Somerset Development Break Ground for Wright Place at Wesmont Station

by Amy Works April 2, 2015

WOOD-RIDGE, N.J. — High Point Development and Somerset Development have broken ground for the construction of Wright Place at Wesmont Station in Wood-Ridge. The project is a joint-venture initiative between High Point and Somerset Development, lead developer of Wesmont Station. Consisting of 16 buildings, Wright Place at Wesmont Station will feature 70 three-story townhomes located on the northeastern portion of Wesmont Station near the new NJ Transit train station. The 2,300-square-foot homes will feature dramatic staircases, luxurious master suites, laundry rooms, first-floor flex rooms, large windows, ceramic kitchens and two-car garages with separate rear entrances. Completion is slated for the end of 2016. Wright Place at Wesmont Station is the fourth phase redevelopment of Wesmont Station into a mixed-use, transit-oriented community.

April 2, 2015

Multifamily Texas

MIG Real Estate Acquires Apartment Complex in Metro Dallas

by Haisten Willis April 2, 2015

MCKINNEY, TEXAS — MIG Real Estate, a California-based real estate investment company, has completed the acquisition of Regency at Stonebridge Ranch, a 301-unit luxury townhome apartment community in McKinney. Regency at Stonebridge Ranch is located at 2305 S. Custer Road within the Stonebridge Ranch master-planned community. The location offers proximity to nearby parks, trails, lakes and golf courses, and is within the McKinney Independent School District. Regency at Stonebridge Ranch includes 42 two-story townhome apartment buildings consisting of one-, two-, three- and four-bedroom floorplans with direct access garages for all units. All units feature nine-foot ceilings, crown molding and a covered patio or terrace. Amenities include a pool, outdoor kitchen, clubhouse with fitness and business centers, a pet park, playground and concierge services.

April 2, 2015

Loans Multifamily New York Northeast

Cronheim Mortgage Secures $8.5M Loan for 328-Unit Apartment Complex

by Amy Works April 2, 2015

MONSEY, N.Y. — Cronheim Mortgage has arranged $8.5 million in financing for 69-P Edison Court, a 328-unit apartment complex located in Monsey. The 10-year loan, which was provided by Voya Insurance and Annuity Co., features a 3.1 percent interest rate. Constructed in 1973, the 13-building property features a mix of one-, two- and three-bedroom units featuring hardwood floors, air conditioning, walk-in closets, and a patio, balcony or deck. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

April 2, 2015

Multifamily Texas

Advenir Acquires 332-Unit Apartment Complex in Dallas

by Haisten Willis April 2, 2015

DALLAS — Advenir, a provider of multifamily real estate investment and management services, has acquired Advenir@Frankford, formerly Frankford Springs, in an off-market transaction. The 332-unit, Class A apartment property is located in north Dallas at 3702 Frankford Road. Advenir plans to spend $2.2 million on property improvements including enhancements to the exterior, as well as common area enhancements to the clubhouse, business center and social areas. Interior renovations or enhancements of 166 units will include the installation of black appliances with a microwave, gooseneck faucets in the kitchen, celling fans, higher-quality lighting, two-inch blinds, curved shower rods, two-tone paint and vinyl wood plank flooring. Braden Harmon and Hank Glasgow of Berkeley Point secured financing for the project.

April 2, 2015

Florida Multifamily Southeast

CBRE Brokers $40.2M Sale of Multifamily Community in Central Florida

by John Nelson April 2, 2015

PORT ORANGE, FLA. — CBRE has brokered the $40.2 million sale of Whitepalm Apartment Homes, a new 306-unit luxury apartment community located at 5400 S. Williamson Blvd. in Port Orange, roughly 45 minutes outside of Orlando. Built in 2014, the gated Class A community features a large clubhouse, resort-style pool with cabanas, serenity beach with hammocks and a fitness center. Nashville-based Carter-Haston Holdings purchased the community from Birmingham-based LIV Development. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

April 2, 2015

Florida Multifamily Southeast

Blue Rock Partners, Konover South Purchase Metro Orlando Apartments for $22.5M

by John Nelson April 2, 2015

WINTER PARK, FLA. — Tampa-based Blue Rock Partners LLC and partner Konover South have purchased Hunter’s Ridge Apartments in Winter Park for $22.5 million. The 238-unit apartment community is located at 3733 N. Goldenrod Road. Hunter’s Ridge is the partnership’s fourth Orlando-area multifamily acquisition in the past eight months. The new ownership plans to invest $2 million in exterior and interior upgrades and rebrand the community as The Park at Napoli. Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, Toronto-based Ebenezer Holdings Corp., in the transaction. Wells Fargo provided acquisition financing on behalf of Blue Rock Partners and Konover South. Hunter’s Ridge was 95 percent occupied at the time of sale.

April 2, 2015

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