Multifamily

CONNOR GROUP BUYS LENNOX FLATS IN COLUMBUS FOR $17M

by admin January 7, 2014

COLUMBUS, OHIO — The Connor Group, a Centerville, Ohio-based real estate investment firm, has purchased Lennox Flats from Kinnear Road Redevelopment LLC for $17 million. The 194-unit community is located within walking distance of Ohio State University and features five different floor plans, as well as a resort-style swimming pool, 24-hour fitness center and private theater. The Connor Group, which specializes in Class A apartment communities in Class A locations, owns nine communities in the Columbus market.

January 7, 2014

DOUGHERTY CLOSES $11.2M LOAN FOR BUZZA LOFTS OF UPTOWN

by admin January 7, 2014

MINNEAPOLIS — Dougherty Mortgage LLC has originated an $11.2 million HUD-insured 223(f) loan for the refinancing of Buzza Lofts of Uptown, a 136-unit multifamily property in Minneapolis. The self-amortizing loan features a 35-year term. The property was originally built in 1907 as a warehouse building and was renovated in 2012 into an apartment building. As part of the renovation, the owner secured federal historic preservation tax credits and a matching Minnesota historic preservation tax credit. The property operates as a Section 42 Low Income Housing Tax Credit property with all of the units having restricted rents at 60 percent or less of the area median income.

January 7, 2014

Multifamily Southeast

HISTORIC DRAYTON MILL PURCHASED FOR CONVERSION TO LUXURY APARTMENTS

by admin January 6, 2014

SPARTANBURG, S.C. — Westbridge Partners and TMS Development have reached an agreement to purchase the historic Drayton Mill, two 111-year-old former mill buildings located minutes from downtown Spartanburg. Westbridge and TMS will purchase the buildings from property owner Pacolet Milliken. The development team, headed by Pacolet Milliken, will develop 288 apartment units in the former mills, which feature 16-foot ceilings, maple floors and heavy timber construction. The project team features Durham, N.C.-based architect Belk Architecture, historic consultant Meek Architecture and Atlanta-based general contractor Gay Construction Co. In addition to the apartments, Pacolet Milliken plans to develop an event space, restaurant, community center and office space at the 230-acre Drayton Mill site. The development will be connected to the Spartanburg Trails & Greenway Master Plan via a one-mile greenway. Construction is slated to begin this spring, pending approval from the National Park Service.

January 6, 2014

Multifamily Southeast

NAI EARLE FURMAN BROKERS $19.4M SALE OF COLUMBIA APARTMENT COMMUNITY

by admin January 6, 2014

COLUMBIA, S.C. — NAI Earle Furman’s multifamily division has arranged the sale of the Palms at Premier Park, a 240-unit apartment complex located at 1155 Clemson Frontage Road in Columbia. The Class B community, which was built in 2008, sold for approximately $19.4 million. Charleston, S.C.-based Companion Foundation and Companion Associates Inc. purchased the community from Greensboro, N.C.-based BRC Columbia LLC. Palms at Premier Park was 91 percent occupied at the time of sale.

January 6, 2014

Multifamily Northeast

BCRE SELLS 362-UNIT LUXURY APARTMENT BUILDING IN NYC FOR $139M

by admin January 6, 2014

NEW YORK CITY — Brack Capital Real Estate (BCRE) has sold The Greystone, a 362-unit luxury apartment building at 212 W. 91st St., for approximately $139 million. Acuity Capital Partners purchased the property. BCRE converted The Greystone, which was built as a hotel in 1923, into a luxury residential property in 2009. The Greystone includes apartments ranging from studios to three-bedroom units with modern design elements and premium finishes. Amenities at the property include a resident’s lounge, fitness center, bicycle storage, valet service, landscaped roof lounge and sun deck. Aaron Jungreis of Rosewood Realty Group represented the seller and buyer in the transaction. Eastdil Secured acted as an advisor to the seller. Acuity has taken out a $113.7 million loan facility on the property from Ares Commercial Real Estate, which was arranged by Michael Edery of Paradigm Funding.

January 6, 2014

Multifamily Texas

MARCUS & MILLICHAP BROKERS SALE OF 62-UNIT APARTMENT COMPLEX IN FORT WORTH

by admin January 6, 2014

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Ambassador, a 62-unit multifamily building in Fort Worth. Originally constructed in 1962 and recently renovated, the property is located at 511 Tierney Road, in proximity to Highway 180. Apartment options include one- and two-bedroom layouts ranging from 640 to 960 square feet. Stephen Crittenden of the Ware Jarnagin team of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Crittenden also secured the buyer, another private investor.

January 6, 2014

Multifamily Texas

SUSTAINABLE 302-UNIT APARTMENT COMPLEX OPENS IN AUSTIN

by admin January 6, 2014

AUSTIN, TEXAS — Architect BOKA Powell LLC and contractor Southern Cross Construction have completed RiverView, a 302-unit sustainable apartment complex in Austin. The four-building property sits on a four-acre waterfront site on Lady Bird Lake, in close proximity to Interstate 35, and offers amenities such as a fitness center, swimming pool, resident lounge and business center. Sustainable features of the LEED Silver-certified development include water-saving plumbing fixtures, local and recycled materials and a roof system that collects, filters and stores rainwater in a cistern for irrigation. Studio, one- and two-bedroom options are available with rents starting at $1,158 per month. Dallas-based CDK Realty Advisors LP provided equity for the project, The Whitworth Company acted as project manager, and Molly Nelson of Prestonwood Design Group served as interior designer.

January 6, 2014

Multifamily Western

XENIA HEIGHTS IN DENVER SELLS FOR $1M

by admin January 6, 2014

DENVER – The 23-unit Xenia Heights apartments in Denver has sold to King Realty Holdings, LLC for $1 million. The community is located at 1371 Xenia Street. It was built in 1961. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and the local seller in this transaction.

January 6, 2014

Midwest Seniors Housing

BERKADIA PROVIDES $28M IN FINANCING FOR THREE SENIORS HOUSING PROPERTIES

by admin January 6, 2014

HORSHAM, PA. — Berkadia Commercial Mortgage LLC has provided three acquisition loans totaling $28 million for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s seniors housing and healthcare group, originated the loans for the seniors housing properties located in Ohio, Wisconsin and Georgia.Lautner arranged a $11.9 million loan through Fannie Mae for Hyland Park of Fitchburg in suburban Madison, Wis. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property features 82 independent and assisted living units and is 98 percent occupied. Berkadia also provided a $7.6 million loan through Fannie Mae for Woodlands of Middletown, located in suburban Cincinnati. The senior living community features 61 assisted living and memory care units, which have studio and one-bedroom layouts, as well as companion suites. The 10-year loan includes a fixed interest rate and 30-year amortization schedule. The property is currently 93 percent occupied. In addition to the Fannie Mae financings, Lautner arranged an $8.5 million loan through Berkadia’s proprietary bridge lending program for Peachtree Plantation, a 64-unit assisted living and memory care facility located in Oakwood, Ga.

January 6, 2014

Seniors Housing Western

SUMMIT HEALTHCARE REIT BUYS ASSISTED LIVING FACILITY IN REDDING

by admin January 6, 2014

REDDING, CALIF. — Summit Healthcare REIT has acquired a 40-unit assisted living facility in Redding for $3.5 million. The 26,000-square-foot facility has been triple-net leased to an affiliate of Compass Senior Living. This is Summit’s first acquisition since changing its name from Cornerstone Core Properties REIT this past October.

January 6, 2014

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