Multifamily

HAP Investments Opens Eight-Unit Apartment Building in East Harlem

by Amy Works January 15, 2015

NEW YORK CITY — HAP Investments LLC has opened HAP 1, a residential building located at 419 East 117th St. in East Harlem. The six-story property features eight apartments, including a duplex penthouse and full-floor garden apartment. The original building was renovated and two floors and an elevator were added. All units offer Porcelanosa bath and kitchen features, as well as in-unit washer/dyers. The building features a rooftop terrace and a backyard garden, which is available for the lower level full-floor apartment.

January 15, 2015

Florida Multifamily Southeast

Northland Investment Corp. Buys Two Apartment Communities in Florida

by John Nelson January 15, 2015

COCONUT CREEK AND WEST PALM BEACH, FLA. — Northland Investment Corp. has acquired two apartment communities in Coconut Creek and West Palm Beach. The two properties include the 300-unit Cypress Shores in Coconut Creek and the 202-unit Village Place in West Palm Beach. Cypress Shores’ amenities include a pool and poolside Wi-Fi, picnic areas, a fitness center, tennis and sand volleyball courts, car wash bay and three lakes with fountains. At Village Place, the amenities include a computer lounge, area for barbeques and picnics, multipurpose court for sports and recreation, swimming pool, dog park and a fitness center. With these two transactions, Northland now owns and operates 20 properties spanning 5,600 apartment units in Florida.

January 15, 2015

Georgia Multifamily Southeast Student Housing

PEP Buys Student Housing Community Near Georgia Tech for $28M

by John Nelson January 15, 2015

ATLANTA — Pierce Education Properties (PEP) has purchased 100 Midtown, an off-campus student housing community serving Georgia Institute of Technology and Georgia State University students, for $28 million. KeyBank Real Estate Capital provided PEP with $14.3 million in debt financing for the acquisition. The 330-bed, 118-unit 100 Midtown is located across from the Georgia Tech campus in the heart of Midtown Atlanta. The fully furnished community features two- and four-bedroom units, each equipped with modern appliances and washers and dryers. PEP will be adding large, flat-screen TVs in every unit. Property amenities include a 24-hour fitness center, movie theater, computer lab, video gaming room, conference room and study rooms. 100 Midtown also houses a Chinese restaurant on-site, Chinese Buddha.

January 15, 2015

Midwest Missouri Multifamily

The Opus Group Begins Construction on Luxury Apartment Building in St. Louis

by Danielle Everson January 14, 2015

ST. LOUIS — The Opus Group, in partnership with AIG GlobalReal Estate, has begun construction on a 12-story luxury apartment building in the Central West End neighborhood of St. Louis. The building will include 217 apartment units featuring alcove, one-, two-bedroom and penthouse floor plans. Amenities will include a fitness center, a pool terrace with an outdoor grilling space and fire pits, bar and club rooms, a dog wash and underground parking. Opus Development Co. LLC is the developer and Opus Design Build LLC is the design-builder. Opus AE Group LLC is the architect and structural engineer of record. Minneapolis-based ESG Architects provided conceptual design services. Completion of the project is slated for fall 2016.

January 14, 2015

California Multifamily Western

Decron Properties Buys Highland Gardens Apartments in Silicon Valley for $86M

by Nellie Day January 14, 2015

MOUNTAIN VIEW, CALIF. — Decron Properties Corp. has purchased the 187-unit Highland Gardens apartment community in the Silicon Valley submarket of Mountain View for $86 million. The community is located at 222 and 234 Escuela. Highland Gardens was built in 1964 and recently underwent a renovation. Common-area amenities include a resort-style swimming pool, fitness center, recreation areas and covered parking. Decron plans to further upgrade the community. They will include a relocation and expansion of the fitness center, the creation of a Wi-Fi lounge, a new Jacuzzi/spa and enhanced landscaping with outdoor fire pits. This acquisition is Decron’s first in the Bay Area. The firm has an additional $63-million worth of assets under contract that are set to close by the end of the month. Decron is the development arm of the Nagel Family Trust, which owns and manages more than 5,000 multifamily units, primarily in Southern California. The firm plans to invest up to $350 million in the San Francisco Bay Area and Silicon Valley submarkets this year, according to David Nagel, Decron’s president and CEO. The seller was a joint venture between Maximus Real Estate Partners and Rockpoint Group LLC. The transaction was executed by Stan Jones, Phil …

January 14, 2015

Arizona Multifamily Western

Pinnacle South Mountain Apartments in Phoenix Sells for $63M

by Nellie Day January 14, 2015

PHOENIX — FPA Multifamily has purchased the 552-unit Pinnacle South Mountain apartment community in Phoenix for $63 million. The community is located at 5151 E. Guadalupe Road. Pinnacle is situated near the 16,000-acre South Mountain Park, which offers hiking and biking trails. It is also near the Ahwatukee Foothills Town Center. The community was developed in two phases in 1995 and 1997. Common-area amenities include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas. The seller was Essex Property Trust. The transaction was executed by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.

January 14, 2015

California Multifamily Western

The South Orange Grove Apartments in Pasadena Sell for $9.5M

by Nellie Day January 14, 2015

PASADENA, CALIF. – The South Orange Grove Apartments have sold to a Unison Investment Co. for $9.5 million. The 20-unit community is located at 164, 168, 172, 176 and 180 S. Orange Grove Blvd. It was the first multifamily structure to be built on South Orange Grove Boulevard, following a zoning change in 1948. The seller, an entity of City Ventures, was represented by Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura.

January 14, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $60.3M in Construction Financing for Astoria Multifamily Development

by Amy Works January 14, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in the Astoria neighborhood of Queens. The three-year, interest-only loan, which was provided by CIT Real Estate Finance, features a LIBOR-based, floating-rate and two one-year extension options. Glenmont Capital Management provided the $15.5 million joint-venture equity. Tal Bar-Or of Meridian Capital Group negotiated the transactions. The undisclosed sponsor plans to develop a 143,320-square-foot structure on the site, which is located at 31-53 31st St. and was acquired through an off-market transaction. The property will feature 114 apartments, parking, retail space, storage and a community facility. On-site amenities will include a 24-hour doorman, sound-proof construction, on-site parking, a laundry room, bicycle storage, a media room, a fitness and yoga room, grocery storage, tenant storage and rooftop decks for grilling and lounging.

January 14, 2015

Multifamily New York Northeast

GFI Realty Arranges Sale of Ridgewood Residential Building in Queens

by Amy Works January 14, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story, walk-up apartment building located at 17-31 Linden St. in the Ridgewood section of Queens. A local investor purchased the property for $1.5 million, or $250,000 per unit. Built in the 1930s, the property consists of six units, four of which were delivered vacant. Alexandra Rossland of GFI Realty Services represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.

January 14, 2015

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 24-Unit Apartment Complex in Massachusetts

by Amy Works January 14, 2015

FALL RIVER, MASS. — Marcus & Millichap has brokered the sale of Jencks/Flint Street Apartments, a multifamily complex located at 311 Jencks St., 322 Flint St. and 309 Flint St. in Fall River. A limited liability company purchased the 24-unit property for $1.1 million. The property features 18 two-bedroom units, six one-bedroom units, laundry facilities in each building and off-street parking. Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the seller, a private investor, and secured the buyer in the transaction, which closed with a 9.69 percent cap rate.

January 14, 2015

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