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Multifamily

The-Beverly-Portland-OR
AcquisitionsMultifamilyOregonRetailWestern

Newmark Negotiates Sale of The Beverly Retail, Multifamily Property in Portland, Oregon

by Amy Works

PORTLAND, ORE. — Newmark has arranged the sale of The Beverly, a boutique mixed-use asset in Portland’s Hollywood District. Terms of the transaction were not disclosed. Originally delivered as condominiums in 2009, the 48,684-square-foot community features ground-floor retail space and 53 high-end residential units above. Whole Foods Market anchors the retail space. Nick Kucha, Nick Bicardo, Jakob Nicholls, Robert Black and Sam Lawhead of Newmark represented the undisclosed seller, while Tim Sotoodeh represented the undisclosed buyer in the deal.

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1525-W-Indian-School-Rd-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

ABI Multifamily Brokers $2.4M Purchase of Apartment Building in Phoenix

by Amy Works

PHOENIX — ABI Multifamily has arranged the acquisition of a multifamily property located at 1525 W. Indian School Road in Phoenix. The asset traded for $2.4 million, or $136,111 per unit. Both the undisclosed buyer and seller are based in Arizona. Built in 1959, the two-story property features 18 apartments in a mix of four studio units, eight one-bedroom/one-bath units and six two-bedroom/one-bath units. The asset also offers parking for each unit and an on-site laundry facility. Andrew Arambula, Tom Palestina and Bryce Neagle of ABI Multifamily represented the buyer in the deal.

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LoansMidwestMultifamilyOhio

Affinius Capital Provides $165.7M for Refinancing of Three-Property Multifamily Portfolio in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Affinius Capital LLC has provided $165.7 million in loans for the refinancing of three multifamily properties in Columbus. The communities include The Thomas at Grandview Crossing, The Sage at Jeffrey Park and The Tillmore at Quarry Trails. The borrower was Columbus-based developer Thrive Cos. The Thomas at Grandview Crossing offers 310 units across four buildings. Amenities include a fitness center, outdoor living area and numerous lounging areas. The property is located within Grandview Crossing, a 55-acre mixed-use development. The Sage at Jeffrey Park is a 310-unit community with amenities such as two pools, a sauna, coffee shop, coworking space, bike storage and a community center with gaming room and fitness center. The property is nestled within Jeffrey Park, a 41-acre mixed-use development. The Tillmore at Quarry Trails offers 293 units across nine buildings. Situated within a 180-acre park, the property features a pool, fitness center, business center and clubhouse.

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IllinoisLoansMidwestMultifamily

CEDARst Receives $44M Loan for Refinancing of Chicago Apartment Complex

by Kristin Harlow

CHICAGO — CEDARst Cos. has received a $44 million loan for the refinancing of Duncan Apartments in Chicago. Citigroup provided the CMBS loan, which was arranged by Berkadia. The first mortgage loan features a fixed interest rate of 6.67 percent over a five-year term. CEDARst, a Chicago-based real estate development firm, redeveloped the 260-unit apartment complex in 2020. A $51.5 million existing first mortgage from New York-based ACRE was fully repaid. Additional equity was secured via a large, Midwest-based family office.

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194-Washington-St.-Hartford
AcquisitionsConnecticutMultifamilyNortheast

NEPCG Negotiates Sale of 141-Unit Apartment Building in Hartford, Connecticut

by Taylor Williams

HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 141-unit apartment building located at 194 Washington St. in Hartford. The building houses 131 one-bedroom units and 10 two-bedroom apartments. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Brokers $7.5M Sale of Multifamily Development Site in Hoboken

by Taylor Williams

HOBOKEN, N.J. — CBRE has brokered the $7.5 million sale of a 13,000-square-foot multifamily development site located at 511-521 Newark St. in Hoboken. The site is part of a portfolio of seven Northern New Jersey parcels that have collectively been approved for the development of 450 units. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the owner, AIRN Management, in the land sale. The buyer, a private developer based in Hudson County, did not provide further details or plans for the site.

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DevelopmentMultifamilyNew YorkNortheastTop Stories

AMS to Develop $458M Teutonia Hall Luxury Apartment Project in Yonkers, New York

by Kristin Harlow

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted final approval of financial incentives for Teutonia Hall, a $458 million luxury apartment project comprising two 41-story towers. AMS Acquisitions is the developer. Located in Yonkers, a northern suburb of New York City, the two-phase development will feature a total of 906 apartment units, 91 of which will be affordable. Plans also call for 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as a parking facility for residents. Construction for Phase I is expected to begin in September, with completion slated for December 2027. Phase II construction is anticipated to begin in December 2028, with completion slated for December 2031. The developer received approval for $12.9 million in sales tax exemptions and $4.5 million in mortgage recording tax exemptions. The two phases of the project are estimated to create 1,100 construction jobs. According to a cost-benefit analysis, the project will create $2.35 for every $1 of incentives. The developer is also requesting a 20-year Payment in Lieu of Taxes agreement. YIDA also voted preliminary approval of financial incentives for Champlain Hudson Power …

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Ascent-North-Austin
LoansMultifamilyTexas

Colliers Mortgage Provides $49M Agency Loan for Refinancing of North Austin Apartment Community

by Taylor Williams

AUSTIN, TEXAS — Colliers Mortgage has provided a $49 million Fannie Mae loan for the refinancing of Ascent North, a 460-unit apartment community in North Austin. The newly renovated property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include two pools, a fitness center, business center, media lounge, outdoor grilling and dining stations, resident clubhouse and a dog park. Fritz Waldvogel of Colliers Mortgage originated the 60-month loan on behalf of the borrower, Dallas-based SPI Advisory.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Arranges Sale of 195-Unit Multifamily Portfolio in Bedford, Texas

by Taylor Williams

BEDFORD, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of two multifamily properties totaling 195 units in Bedford, located northeast of Fort Worth. Avanti on Central and Avanti on Pipeline total 137 units and 58 units, respectively, and offer one-, two- and three-bedroom floor plans. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a local private investor, in the transaction and procured the buyer, a Dallas-based partnership. Both parties requested anonymity.

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The-Victor-Fresno-CA
AcquisitionsCaliforniaMultifamilyWestern

TMG Arranges Sale of 232-Unit The Victor Multifamily Property in Fresno, California

by Amy Works

FRESNO, CALIF. — The Mogharebi Group (TMG) has brokered the sale of The Victor, a multifamily community in Fresno. A Washington-based private investment group sold the asset to a Central Valley-based private investment group for nearly $30 million. Situated on 8.7 acres at 1577 E. Bulldog Lane, The Victor features 232 apartments ranging in size from 800 square feet to 1,000 square feet. Unit amenities include in-unit washers/dryers, large balconies, fireplaces and ceiling fans. Community amenities include a resort-style pool, outdoor picnic area, fitness center and business center. The garden-style property was built in 1974. Robin Kane and Brendan Kane of TMG’s Fresno office represented the seller in the deal. The buyer assumed the current loan on the property, which has eight years remaining at a 3.94 percent interest rate with three years of interest-only payments remaining.

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