Multifamily

Muskin Commercial Arranges Sale of Apartment Complex in Austin

by Haisten Willis March 17, 2015

AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Anderson Oaks Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a California-based investor, in the transaction. An undisclosed buyer purchased the property. Anderson Oaks is located at 9219 Anderson Mill Road in northwest Austin. Renovations were made to 24 units at the property. Amenities at the community include a swimming pool, a management office and business center and an on-site laundry facility. Arbor Property Management of Austin will continue to manage the property.

March 17, 2015

LMI Capital Arranges Trio of Loans in Metro Houston

by Haisten Willis March 17, 2015

HOUSTON — LMI Capital has arranged loans for three properties in Houston. In the first transaction, Brandon Brown of LMI Capital arranged $4.3 million in debt for the refinance of two Class A, boutique multifamily assets in the Spring Branch submarket. The 10-year, fixed-rate loans both loans feature 4 percent interest rates and 30-year amortization schedules. In the second transaction, Brown arranged $8.4 million in debt for the refinance of a 124-unit seniors housing complex in Missouri City. The 10-year, fixed-rate CMBS loan will provide cash out proceeds to the client. The loan represented a 75 percent loan-to-value ratio and included a 30-year amortization schedule. In the third transaction, Jamie Stein of LMI Capital arranged $6.5 million in financing for a garden-style apartment complex in the Spring Branch submarket. Stein secured a 10-year, fixed-rate loan inclusive of a capital improvements component with a CMBS lender. The mortgage includes three years of interest-only payments.

March 17, 2015

Multifamily New York Northeast Retail

Eastern Consolidated Arranges $107M Sale of Multi-Property Portfolio

by Amy Works March 17, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a multiple-property portfolio, known as the Lee Estate Portfolio, for $107 million. Spanning Brooklyn, Manhattan and Ulster County, N.Y., the portfolio consists of 17 retail and residential properties in Williamsburg, Brooklyn, which were acquired by L3 Capital LLC and ASB Real Estate Investments; a grocery store on Linden Boulevard in East New York; a three-story residential building in East Williamsburg; a co-op apartment on the Upper East Side; and a 108-acre site in Ulster County. Adelaide Polsinelli and Benjamin Tapper of Eastern Consolidated represented the seller, Lee Estate, and procured the buyers in the multi-faceted transactions. Additionally, Chris Matousek of Eastern Consolidated served as analyst for the transaction, and Roy Martin of Hodgson Russ Attorneys was the attorney for seller.

March 17, 2015

Multifamily New York Northeast

Quadrum Global, Simon Baron Development Sign Ground Lease to Develop Residential Building

by Amy Works March 17, 2015

NEW YORK CITY — Quadrum Global and Simon Baron Development (SBD) have signed a 99-year ground lease at 267 West 87th St. in Manhattan’s Upper West Side. The partnership plans to develop an 18-story, 100,000-square-foot residential building on the site. The 10,000-square-foot tract of land currently houses a parking garage, which will be demolished to make way for new project. This is the fifth joint venture project between Quadrum and SBD and the second deal on the Upper West Side. Terms of the lease were not released.

March 17, 2015

Multifamily North Carolina Southeast

Camden Property Trust Opens Apartment Community in Charlotte

by John Nelson March 17, 2015

CHARLOTTE, N.C. — Camden Property Trust has opened Camden Southline, an upscale apartment community located at 2300 South Blvd. in Charlotte’s South End neighborhood. The apartment community offers studio, one- and two-bedroom apartments with amenities like a saltwater pool, on-site fitness center with virtual trainer and yoga zone, high-speed internet and Wi-Fi, cable through AT&T U-Verse and full-size washer and dryers. Camden Southline is also pet-friendly and features a Paw Spa and an unleashed dog park. The property is one of 10 Camden communities in the Charlotte metro area.

March 17, 2015

Indiana Midwest Multifamily Seniors Housing

Clark’s Crossing Senior Facility to Open in Vincennes, Ind.

by Danielle Everson March 16, 2015

VINCENNES, IND. — Flaherty & Collins Properties and Myszak + Palmer will host a grand opening ceremony for Clark’s Crossing, a senior living center in Vincennes on March 18. The property is located at 300 N. 6th St. Clark’s Crossing features 47 one- and two-bedroom apartment homes, which include fully equipped kitchens with energy efficient appliances, hardwood flooring, oversized closets, and washers and dryers. The project is an adaptive reuse of two historic buildings. The development used the sale of historic tax credits and rental housing tax credits to turn the two buildings into a senior living facility. A collaborative effort between Myszak + Palmer, Flaherty & Collins Properties, Vincennes Community School Corporation (VCSC), The Vincennes Education Foundation and Vision Communities, the project involved the reuse of the old Clark Middle School and Adams Coliseum. Part of the project included the restoration of Adams Coliseum, which included the addition of new, brighter lighting, painted bleachers and new windows at the historic gym. Adams Coliseum will be run by The Vincennes Education Foundation, and will include programming that will encourage resident and community interaction. Kuhl & Grant LLP provided legal services and McKinley Development LLC provided consulting services on the project. …

March 16, 2015

Connecticut Multifamily Northeast

IPA Arranges $115.5M Sale of 323-Unit Multifamily Property in Connecticut

by Amy Works March 16, 2015

STAMFORD, CONN. — Institutional Property Advisors (IPA) has brokered the sale of Avalon on Stamford Harbor, a multifamily property located in Stamford. The property sold for $115.5 million, or $357,585 per unit. Located at 150 Southfield Ave., the waterfront property features 323 residential units, a marina and 72 boat slips. Steve Witten and Victor Nolleti of IPA, a division of Marcus & Millichap, represented the buyer, TGM Anchor Point LLC, in the transaction. The seller was Harbor Financing LLC.

March 16, 2015

Multifamily New York Northeast

Rosewood Realty Group Brokers $38M Sale of 283-Unit NYC Apartment Complex

by Amy Works March 16, 2015

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building, 283-unit apartment complex located at 1711-1751 Fulton St. in Brooklyn’s Bedford-Stuyvesant neighborhood. Bushburg Properties purchased the 277,200-square-foot complex for $38 million from E&M Associates. In addition to the residential space, the property features nine commercial units, as well as parking spaces. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction.

March 16, 2015

Multifamily New York Northeast

GFI Arranges $1.95M Sale of Brooklyn Apartment Building

by Amy Works March 16, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story walk-up apartment building located at 255 Himrod St. in Brooklyn’s Bushwick neighborhood. The vacant property, which is fully renovated, sold for $1.95 million or $325,000 per unit. Constructed in 1931, the property features six apartment units. Daniel Shragaei of GFI represented the buyer and seller in the transaction. The names of the buyer and seller were not released.

March 16, 2015

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51M

by John Nelson March 16, 2015

BUFORD, GA. — Steadfast Apartment REIT has acquired Preston Hills at Mill Creek, a 464-unit apartment community in Buford, roughly 35 miles outside of downtown Atlanta. The Orange County, Calif.-based REIT purchased the community for roughly $51 million and has now invested more than $350 million in nine apartment communities in the Midwest and Southeast. Constructed in 2000, the multifamily property is more than 90 percent occupied and is comprised of one- to three-bedroom units ranging from 882 to 1,426 square feet. Average in-place rents are $899 per month. The apartment community’s amenity package includes two resort-style swimming pools, a clubhouse, tennis court, two fitness centers, volleyball court, detached garages, business center, playground, spa and valet dry cleaning. Steadfast plans to upgrade the unit interiors and common areas in the next several months.

March 16, 2015

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