Multifamily

IPA Brokers $16.4M Sale of Connecticut Apartment Community

by Amy Works December 3, 2014

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hunters Crossing, an apartment community located in Middletown’s Westlake district. Hunters Crossing LLC purchased the 198-unit community for $16.4 million, or $82,800 per unit, from Middletown Apartment Associates LLC. Located at One Russet Lane, the community features 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry facilities and a nature trail. Steve Witten, Victor Nolletti and Eric Pentore of IPA represented both the seller and buyer in the transaction.

December 3, 2014

Multifamily New York Northeast

Kalmon Dolgin Affiliates Negotiates $4.5M Sale of 8,000 SF Brooklyn Lot

by Amy Works December 3, 2014

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an 8,000-square-foot lot at 180 Concord St. in Brooklyn’s Vinegar Hill section. Red Rock Resources sold the property to Greentown Equities for $4.5 million. The property consists of a 5,000-square-foot building and a 3,000-square-foot parking lot. Greentown Equities plans to develop two four-story residential buildings totaling 14 units, on the site. Robert Klein of Kalmon Dolgin represented both parties in the transaction.

December 3, 2014

Seniors Housing Southeast Tennessee

NHI to Acquire Eight Seniors Housing Communities for $476M

by John Nelson December 3, 2014

MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.

December 3, 2014

Illinois Midwest Multifamily Seniors Housing

IMPACT Strategies Begins Construction on Seniors Housing Project in Belleville, Ill.

by Danielle Everson December 3, 2014

BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.

December 3, 2014

Florida Multifamily Southeast

Trio of Florida-Based Companies Team Up for Multifamily Project in Orlando

by John Nelson December 3, 2014

ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties are partnering to develop, manage and build a 240-unit apartment community in Orlando. The property will be located on a 9.5-acre site at the corner of John Young Parkway and Taft-Vineland Road. The joint venture project between the three Florida-based companies is expected to break ground in the first quarter of 2015, with delivery projected for the first quarter of 2016.

December 3, 2014

Multifamily Texas

M&M Arranges Sale of Apartment Building in Fort Worth

by Haisten Willis December 3, 2014

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of University Village Apartments, a 15-unit apartment property in Fort Worth. Trey McGhin of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. A Fort Worth-based limited liability company purchased the property in a 1031 tax-deferred exchange. Mason Green of the firm’s Fort Worth office represented the buyer. University Village Apartments is located at 3123-3125 S. University Drive and is within walking distance of Texas Christian University. The property was built in 1959 and sits on .3 acres. It spans 8,800 square feet with an average unit size of 586 square feet.

December 3, 2014

Multifamily Texas

Eastern Union Arranges $3.3M Loan for Apartment Complex in Tulsa

by Haisten Willis December 3, 2014

TULSA, OKLA. — Eastern Union Funding has arranged a $3.3 million acquisition loan for financing of The Landing, an apartment complex located at 9743 E. 12th St. in Tulsa .The complex includes 16 two-story buildings totaling 126 units. Built in 1973, the property includes a mix of one- and two-bedroom units ranging in size from 700 to 1,000 square feet. Motti Blau of Eastern Union Funding arranged financing through Arbor Commercial Mortgages. The transaction is a non-recourse, 10-year loan with 4.5 percent interest.

December 3, 2014

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Increase in Supply and Rents Follow Rising Demand in Boston Apartment Market

by Jaime Lackey December 3, 2014

The Boston apartment market ranked among the nation’s top cities for revenue growth throughout much of 2013 and 2014. Apartment developers took note of the region’s strong revenue performances and construction levels ramped up, reaching over 7,000 units during the past four quarters. Construction has remained elevated and supply volumes have increased, but not outpacing demand of more than 8,000 units per year. The new luxury apartments provide a lifestyle that is very attractive and, in many cases, comparable to condominium living for would-be buyers who are now renting when faced with few options for buying the limited supply of new condominiums. Luxury apartments offer an excellent alternative and a lifestyle experience that is more akin to condo living than what previous rental buildings offered. Boston has needed new rental inventory for some time now, given that 60 percent of the existing apartment inventory was built prior to 1980. Many of the new luxury buildings feature condo-style finishes, state-of-the-art amenities and services, windows that open, high ceilings, and updated systems. These new buildings also offer a greater variety of floor plans that better address the needs of millennials and professionals who are flocking to downtown Boston for jobs and social …

December 3, 2014

Colorado Multifamily Western

Phoenix Realty Group Acquires Chelsea Park Village in Aurora

by Nellie Day December 3, 2014

AURORA, COLO. — Phoenix Realty Group (PRG) has acquired the 600-unit Chelsea Park Village in Aurora for an undisclosed sum. The community is located at 11850 East Maple Ave. Chelsea Park is situated near many of Denver’s major employment hubs, including the Denver Tech Center (DTC), the Lowry Redevelopment Area, the Stapleton Redevelopment Area and Fitzsimons Lifescience Campus. The community is currently 97 percent occupied. Common-area amenities include a renovated clubhouse and leasing center, heated swimming pool and spa with patio area, splash park, two saunas, fitness center, turfed soccer field, baseball field, basketball court, dog park and a new playground. PRG plans to further enhance both the community amenities and unit interiors. CBRE’s David Potarf and Dan Woodward represented both the buyer and unnamed seller in this transaction. Sandler O’Neill + Partners served as PRG’s financial advisor. It also sourced its joint venture equity.

December 3, 2014

California Multifamily Western

Alliance Residential Buys Lasselle Place in Moreno Valley for $45M

by Nellie Day December 3, 2014

MORENO VALLEY, CALIF. — Alliance Residential has acquired the 304-unit Lasselle Place apartment complex for $45 million. The garden-style community is located at 15700 Lasselle Street in the Rancho Belago submarket. Lasselle Place was built in 2005. It is situated near Meridian Business Park, World Logistic Center and March Air Force Base Redevelopment. Common-area amenities include a fitness center, business center, and community lounge that opens to a central pool and spa. The seller, a large, Los Angeles-based institutional investor, was represented by Dean Zander, Vince Norris, Margie Molloy and Spencer Scott of Berkadia. The team notes Alliance was one of the first developers to build Class A apartment communities in Moreno Valley during the past development cycle.

December 3, 2014

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