Multifamily

Trillist Cos. Breaks Ground on YOO on the Park in Midtown Atlanta

by John Nelson February 12, 2015

ATLANTA — The Trillist Cos. Inc. has begun construction on YOO on the Park, a 25-story apartment tower located adjacent to Piedmont Park in Midtown Atlanta. The Trillist Cos. partnered with London-based YOO Studio on the 245-unit multifamily project, which will be located at 207 13th St. between Juniper Street and Piedmont Avenue. The property’s amenity package will include multiple resident lounges, game rooms, a virtual golf simulator, indoor and outdoor fitness facilities, resort-style pool and lounge, 24-hour concierge services, bike fix-it station and pet facilities with dog grooming stations. Trillist Cos. and YOO Studio are expecting a summer 2016 completion.

February 12, 2015

Claiborne Hughes Health Center Franklin Tennessee

Multifamily Seniors Housing Southeast Tennessee

CFG Capital Markets Brokers $7.5M Sale of Tennessee Skilled Nursing Facility

by John Nelson February 12, 2015

FRANKLIN, TENN. — CFG Capital Markets has brokered the $7.5 million sale of Claiborne Hughes Health Center, a 157-bed skilled nursing facility (SNF) located in the town of Franklin. The facility is located approximately 30 minutes south of Nashville and is one of five licensed skilled nursing facilities in the county. The building was originally constructed in 1949 as a high school and converted into a SNF in 1981. Claiborne Hughes was sold for $47,770 per bed to a private investor group. Proceeds were used to fully retire HUD mortgage debt and other liabilities. Michael Burchell, Mike Coiro and Samer Tahboub of CFG Capital Markets were the advisors on the transaction representing the seller.

February 12, 2015

Mixed-Use Multifamily Retail Texas

Construction Begins on SkyHouse Main Tower in Houston

by Haisten Willis February 11, 2015

HOUSTON — A development team including Jim Borders and Novare Group, with co-sponsor Batson-Cook Development Co., local development partner Peter W. Dienna, general contractor Batson-Cook Construction Co. and architectural firm Smallwood, Reynolds, Stewart, Stewart, has broken ground on SkyHouse Main. The development will be located at 1725 Main St. in Houston and will feature 336 residences across 24 stories, along with 7,200 square feet of street-level retail space. SkyHouse Main apartment homes will have floor-to-ceiling glass and high-end finishes, including stainless steel appliances, granite countertops, wood floors, balconies and high-speed Internet. The amenity package included a top floor featuring a club room, fitness center, pool and grilling area and unimpeded views of Houston. The project is within walking distance of more than 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium. The project will be adjacent to the Bell Station Metrorail stop, providing access to the Texas Medical Center. SkyHouse Main is the 14th SkyHouse-branded apartment community in the United States following projects in Dallas, Houston, Austin, Atlanta, Tampa, Orlando, Charlotte and Raleigh. The project will generate more than 500 temporary construction jobs and about 50 permanent jobs when finished. Batson-Cook Development …

February 11, 2015

Multifamily Texas

Henry S. Miller Arranges Sale of Apartment Complex in Dallas

by Haisten Willis February 11, 2015

DALLAS — Henry S. Miller Co.’s Fred Dumlao has brokered the purchase of Las Brisas Apartments. The 244-unit apartment complex is located at 9911 Whitehurst Drive in northeast Dallas, just south of I-635. Whitehurst 9911 Partners LLC purchased the apartment complex and has chosen City Gate Property Group as the property management partner. Greysteel represented the seller in the transaction.

February 11, 2015

Florida Multifamily Southeast

Atlantic|Pacific Opens Luxury Apartment Community in Port St. Lucie

by John Nelson February 11, 2015

PORT ST. LUCIE, FLA. — Atlantic | Pacific Development (A|P Development), the development platform under Atlantic | Pacific Cos. (A|P Cos.), has opened The Atlantic at Tradition, a 252-unit luxury apartment community in Port St. Lucie. The property is the Town of Tradition’s first luxury apartment community. The property features a swimming pool, fitness center, meeting rooms, children’s playroom, movie theater and an outdoor summer kitchen. Each unit features kitchens with stainless steel appliances, wood flooring in all living areas, washer and dryer units and personal balconies and patios.

February 11, 2015

Massachusetts Multifamily Northeast

Wood Partners Breaks Ground on 224-Unit Multifamily Development

by Amy Works February 11, 2015

ANDOVER, MASS. — Wood Partners LLC has broken ground on a mixed-income rental community on the former site of the Rolling Green Golf Course on Wood View Way in Andover. The 224-unit development will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units, 56 of which will be affordable units. Leasing is expected to being in April 2016 and construction is slated for completion in July 2016. Interior finishes will include granite countertops, stainless steel appliances, wood cabinets, upgraded lighting and plumbing fixtures and wood-plank style flooring. Additionally, each residential building will include a fitness center with cardio and weigh-training and yoga/stretching space. The community clubhouse will feature gaming and media functions, wireless connectivity, a coffee bar and serving kitchen. Other on-site amenities include a saltwater pool, expansive sundeck, two courtyards with grilling stations and outdoor dining space, a multi-use recreational field, half basketball court, children’s outdoor play equipment and a dog park. The property will be managed by Wood Residential Services, Wood Partners’ property management division. WP East Builders is the general contractor, BlackRock is the equity partner, and Chelsea, Mass.-based The Architectural Team designed the community.

February 11, 2015

Mixed-Use Multifamily New York Northeast

City Urban Realty, MRC Buy Greenwich Village Mixed-Use Property for $27.5M

by Amy Works February 11, 2015

NEW YORK CITY — City Urban Realty and Madison Realty Capital have acquired a mixed-use residential and commercial property located at 14-16 Fifth Ave. in Greenwich Village. The partnership purchased the asset for $27.5 million from an undisclosed seller. The five-story, 20,219-square-foot building features 18 residential units, two commercial spaces and 52 feet of frontage along Fifth Avenue. The property also features 43,000 square feet of additional residential development rights. The buyers plan to renovate the existing apartments, lease-up vacant units and explore potential redevelopment options for the property. Additional terms of the transaction were not disclosed.

February 11, 2015

Multifamily Northeast Pennsylvania

HFF Arranges Sale of 198-Unit Apartment Community in West Chester

by Amy Works February 11, 2015

WEST CHESTER, PA. — HFF has arranged the sale of Halstead, an apartment and townhome community in West Chester. TGM Associates sold the 198-unit property to Metropolitan Management Corp. for an undisclosed price. Situated on 11 acres at 812 Goshen Road, the property consists of six two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 square feet each and townhomes averaging 1,076 square feet. Community amenities include a newly renovated clubhouse, fitness center and bark park. Mark Thomson, Zac Pierce and Jose Cruz of HFF represented the seller in the transaction.

February 11, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $5.4M Sale of Brooklyn Apartment Building

by Amy Works February 11, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 729 Lafayette Ave. in Brooklyn. Bart Zimmerman of the Barcel Group purchased the 17-unit property for $5.4 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds from Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company in the transaction.

February 11, 2015

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Debt and Equity Options Fuel Greater Philadelphia’s Multifamily Market

by Jaime Lackey February 11, 2015

How long will the scorching hot multifamily market hold up? The transactional markets continue to be bolstered by low interest rates, as well as an insatiable appetite from both private and institutional equity. I don’t believe the multifamily market will cool off in 2015. Our HFF multifamily team in Philadelphia will soon be shattering price per unit records in both the suburbs and in Center City Philadelphia. Interestingly enough, half of our transactions will be purchased by new buyers, meaning buyers new to our market, new start-up companies, or established funds that are new to the multifamily arena. As is typically the case, attractive debt and abundant equity are fueling the fire. With respect to multifamily debt, it has been encouraging to see some true competition back in the market. We enter 2015 with an extremely robust debt environment wherein the agencies are being forced to compete with regional banks, life companies and CMBS options. Back in October, HFF brokered the sale of Yardley Crossing in Bucks County. This 196-unit, Class B asset, built in the early 1970s, was priced slightly below a 6 percent cap rate and roughly $170,000 per unit, but still commanded 25 tours and 15 offers. …

February 11, 2015

Newer Posts

Older Posts