FORT LAUDERDALE, FLA. — Oak Grove Capital has arranged the $9.5 million refinance of Venice Cove, a 150-unit apartment community in Fort Lauderdale. Tim Leonhard of Oak Grove Capital arranged the standard rate lock loan through Freddie Mac on behalf of the unnamed borrower.
CHARLESTON, S.C. — TD Bank has provided approximately $6 million for the renovation and rehabilitation of 100 affordable housing multifamily units in Charleston’s Ashley River submarket. Lori Swan of TD Bank structured the five-year loan with a 25-year amortization schedule on behalf of the developer, The Hampstead Group. The loan will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments were built in the 1970s as low-income housing and recently fell into disrepair. As part of its planned remodeling, Hampstead will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Construction began in January 2015 and is expected to be complete within the next 15 months.
After years atop the commercial real estate food chain, the multifamily sector remains the darling of the commercial real estate investment world, according to Integra Realty Resources (IRR). In its annual Viewpoint study, the commercial real estate valuation, consulting and advisory firm reports that 95 percent of the major U.S. markets it tracks are currently in the expansionary phase of the real estate life cycle. In the expansionary phase, 95 percent of U.S. metros are experiencing decreasing vacancy rates, moderate-to-high new construction, high absorption, moderate-to-high employment growth and medium-to-high rental rate growth. One of the many multifamily markets in that category is Miami. “Miami is definitely in an expansion phase because we’re building new product. There are 2,500 units under construction in downtown Miami and about 7,000 units county-wide under construction,” says Anthony Graziano, senior managing director of IRR – Miami/Palm Beach. Graziano has been with IRR since its inception in 1999. “The new construction, coupled with sub-5 percent vacancies and rent growth at 8 to 12 percent annually — that puts us in the expansion phase.” Miami is ahead of the national average in several statistical categories, such as Class A and B vacancy rates and rental rate growth. …
SAN FRANCISCO – A 12-unit apartment building in San Francisco has sold to a limited liability company for $3.6 million. The community is located at 312 Baker Street. It was built in 1905. The buyer and seller, private investors, were represented by Clinton Textor and Marques Fields of Marcus & Millichap’s San Francisco office.
AUSTIN — ARA has arranged the sale of Bluffs at Townlake, a 300-unit apartment community in Austin. Andrew Shih of ARA Austin represented the seller, The Lighthouse Group, which is based out of Pacific Palisades, Calif. Austin-based Thrive FP, a real estate investment firm specializing in debt and equity transactions, was the buyer. The property was acquired through a Wells Fargo/Fannie Mae loan assumption led by Sheri Stettner of Wells Fargo. Thrive FP was able to add a sizeable supplemental loan at closing. Built in 1974, Bluffs at Townlake is a garden-style apartment community that includes efficiency, one- and two-bedroom units. Amenities include a sand volleyball court, indoor basketball court, a health and fitness center, a dog park and an urban oasis pool. The property is also within walking distance of Lady Bird Lake as well as the Roy Butler hike and bike trail. Occupancy was 97 percent at the time of sale.
OXFORD, MISS. — Asset Campus Housing (ACH) has begun construction on Domain at Oxford, an off-campus student housing community in Oxford that will serve University of Mississippi students. The leasing center will open this fall, and the community will open for residents in fall 2016. Domain at Oxford will be a gated 216-unit property with 642 beds located within one mile of the University of Mississippi. The community will provide students with floor plan options including one-, two-, and four-bedroom apartments and townhomes. Every fully furnished apartment will come standard with hardwood-style floors, granite countertops, flat-screen TVs, stainless steel appliances, private bathrooms, full-size washer and dryer and other features. Domain at Oxford will feature an 11,000-square-foot clubhouse, a resort-style pool, Internet café, outdoor fire pit, sand volleyball, poolside hammock lounge area, video gaming center, complimentary tanning, group fitness studio, 24-hour gym and multiple private group study rooms.
LONG BEACH, CALIF. – The 40-unit Bixby Park Apartments in Long Beach has sold to a local private investor for $6.2 million. The community is located at 1132 San Antonio Drive and 4481 Orange Ave., in the Bixby Knolls submarket. Robert Stepp of Stepp Commercial represented both the buyer and sellers, Pathfinder Partners and Ryanik, in this transaction.
INDIANAPOLIS — Developer Flaherty & Collins Properties will break ground on a 28-story, $121 million mixed-use luxury residential apartment tower on the north parcel of the former site of Market Square Arena. The property is located at the corner of Market and Alabama streets in downtown Indianapolis. The development consists of 292-luxury one-, two- and three-bedroom apartments. The units will feature floor-to-ceiling glass, solar shades, quartz countertops in kitchens and baths, gourmet kitchens with energy-efficient appliances that include side-by-side refrigerators and recessed balconies. Select units will include private terraces.The development, at nearly 300 feet tall, will also feature a 40,000-square-foot Whole Foods Market. A groundbreaking ceremony for the project will take place on Wednesday, Feb. 18.
RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.
RALEIGH, N.C. — Wood Partners LLC will soon begin development on Six Sixteen, a $40 million, 207-unit luxury apartment community located at 616 Oberlin Road in Raleigh. The asset will be located on the site of a vacant office building next door to Cameron Village Shopping Center. Wood Partners’ property management division, Wood Residential Services, will manage the community. The property will begin leasing in May 2016 with completion set for November 2017. JDavis Architects designed the community to wrap around a central courtyard that will feature a swimming pool, bocce ball courts, barbecue areas and an outdoor TV-viewing lounge. Other amenities will include an indoor TV lounge, billiards lounge, poker and wine-tasting room, fitness center, bike repair/maintenance room, dog-grooming room, parking garage, rooftop clubroom/patio and indoor storage units. Jim Anthony of Colliers International brokered the land sale for the site of Six Sixteen.
