Multifamily

Woodmont Properties Breaks Ground on Apartment Community in New Jersey

by Amy Works March 3, 2015

MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.

March 3, 2015

Multifamily New York Northeast

Alpha Realty Brokers $7.6M Apartment Building Sale in the Bronx

by Amy Works March 2, 2015

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1314 Seneca Ave. in the Hunts Point section of the Bronx. The 60-unit apartment building sold for $7.6 million, or $126,000 per unit. Constructed in 1928, the 64,000-square-foot elevator building features residential units and two retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty represented the seller. Both the seller and buyer were local private investors.

March 2, 2015

Multifamily New Jersey Northeast

CBRE Group Inc. Arranges Sale of Two-Building Apartment Complex in New Jersey

by Amy Works March 2, 2015

NEWARK, N.J. — CBRE Group Inc. has brokered the sale of 1 and 2 Noll Place in Newark. The two-building apartment complex, which features 36 units, sold for $1.9 million. Charles Berger and Elli Klapper of CBRE represented the undisclosed seller in the transaction. The undisclosed out-of-state buyer plans to hold the property for investment purposes.

March 2, 2015

Multifamily Texas

San Antonio Commercial Arranges Sale of Cotton Crossing Apartments

by Haisten Willis March 2, 2015

NEW BRAUNFELS, TEXAS — San Antonio Commercial Advisors, a member of the Cushman & Wakefield Alliance, has arranged the sale of Cotton Crossing, a 118-unit, Class A apartment complex located in New Braunfels. Brandon Lo Porto and Scott Weems or San Antonio Commercial represented the buyer, a California-based private investor, and the seller, a Kentucky based partnership.

March 2, 2015

Multifamily Texas

Grandbridge Arranges $33.2M Loan for Apartment Complex in Metro Dallas

by Haisten Willis March 2, 2015

MCKINNEY, TEXAS — Grandbridge Real Estate Capital has arranged a $33.2 million loan secured by Century Lake Forest Apartments, a 334-unit apartment complex located in McKinney. Fannie Mae provided funding for the seven-year, fixed-rate acquisition loan. The loan includes a 30-year amortization schedule with three years of interest-only payments. Taylor Williams and Purvesh Gosalia of Grandbridge originated the transaction. The property was built in 2013 and is situated on more than15 acres located approximately 30 miles north of downtown Dallas. Century Lake Forest is comprised of 12 three-story buildings with 20 one-, two- and three-bedroom floor plan options.

March 2, 2015

Midwest Multifamily Wisconsin

Lee & Associates Brokers $2M Land Sale in Madison, Wis.

by Danielle Everson March 2, 2015

MADISON, WIS. — Lee & Associates has brokered the $2 million sale of land at 149 E. Wilson St. in Madison. McGrath Projects purchased the property and plans to build a luxury multistory housing project on the site. Steve Doran of Lee & Associates of Madison and Debby Dines of Dines Inc. were the brokers involved in the transaction. McShane Construction was the seller.

March 2, 2015

Columns on Wetherington Florence Kentucky Cincinnati

Kentucky Multifamily Southeast

Steadfast Apartment REIT Buys Kentucky Apartment Community for $25M

by John Nelson March 2, 2015

FLORENCE, KY. — Steadfast Apartment REIT has acquired Columns on Wetherington, a 192-unit apartment community located in Florence, roughly 15 miles outside of downtown Cincinnati. The REIT purchased the asset from an undisclosed seller for $25 million. The property was 92.7 percent occupied at the time of sale and in-place rents currently average $1,023. Completed in 2002, the apartment community features a clubhouse, fitness center, swimming pool, business center, outdoor basketball court, playground, putting green, car care center and access to a stocked fishing lake. Steadfast plans to improve the property’s interiors and common areas, including new signage, upgrades to the clubhouse, asphalt and concrete repairs and new pool furniture.

March 2, 2015

Westgate Apartments Spartanburg South Carolina

Loans Multifamily South Carolina Southeast

NorthMarq Arranges $2.8M Acquisition Loan for Apartment Community in Spartanburg

by John Nelson March 2, 2015

SPARTANBURG, S.C. — NorthMarq Capital has arranged $2.8 million in acquisition financing for Westgate Apartments, a 122-unit multifamily community in Spartanburg. Dave Stewart of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through an unnamed Fannie Mae DUS lender.

March 2, 2015

Multifamily Texas

Morgan Starts Construction on Apartment Community in Austin

by Haisten Willis February 27, 2015

AUSTIN — Morgan, a multifamily development, construction and property management company, has begun construction on an apartment project located at 4601 Rialto Blvd. in southwest Austin. US Bank is providing the construction financing. Pearl Lantana will include 444 units, with a mix of one-, two- and three- bedroom apartments ranging from 660 to 1,676 square feet. Completion of the project is slated for the fourth quarter of 2016. Amenities at the property will include views of downtown Austin, side-by-side refrigerator/freezers, full size washers and dryers, under-mount sinks, kitchen islands in some units, walk-in closets, USB outlets and patios or balconies. Pearl Lantana residents will also have access to pools and grilling stations, an e-lounge, clubroom and gym.

February 27, 2015

Multifamily Texas

Berkadia Negotiates Sale of Two Apartment Properties in Texas

by Haisten Willis February 27, 2015

IRVING AND COLLEGE STATION, TEXAS — Berkadia has negotiated the sale of two Texas multifamily properties. Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Burns and Gunn, along with Bill King, also brokered the sale of Meadows Point, located at 800 Marlon Pugh in College Station. Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans. The property is located near Texas State Highways 161 and 183. Las Vegas-based The Chancellor LLC sold the property to Northgate Investors LLC of Avon, Conn. Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans. The property is situated near Texas A&M University’s campus and members of the community have access to Texas State Highway 6. The buyer was CCSHP College Station LP of Philadelphia, and the seller was SW Meadows Point LP of Richardson.

February 27, 2015

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