Multifamily

Marcus & Millichap Brokers $19.3M Sale of Two Adjacent Apartment Communities in Fort Myers

by John Nelson November 5, 2014

FORT MYERS, FLA. — Marcus & Millichap has brokered the sale of Bella Rosa Apartments and Park Place Apartments in Fort Myers. Located directly across the street from each other, the two assets sold for approximately $19.3 million. The 160-unit Bella Rosa Apartments features two on-site laundry facilities, a fitness center, playground, dog walking area, picnic areas, business center, clubhouse and a swimming pool. The 177-unit Park Place Apartments includes an on-site laundry facility, fitness center, playground, picnic areas and two swimming pools. Michael Regan and Frank Carriera of Marcus & Millichap’s Tampa office represented both the buyer and seller in the transaction.

November 5, 2014

Colorado Multifamily Western

Advenir Acquires Two Apartment Communities in Denver

by Nellie Day November 5, 2014

DENVER – Advenir has acquired two apartment communities in the Denver submarket of Longmont. The apartments sold for a combined purchased price of about $80 million, according to industry sources. The communities included in the transaction are the 360-unit, 18-building Advenir@Wyndam, formerly Wyndam Apartment Homes, and the 210-unit, 15-building Advenir@Wildwood, formerly Wildwood Apartment Homes. Advenir@Wyndam is located at 2540 Sunset Drive. It was built in 1990 and renovated in 2010. Advenir@Wildwood is located at 3226 Lake Park Way. It was also recently renovated. Advenir has acquired 1,000 apartment units since August in the Greater Denver area, and nearly 3,000 units since late 2011. The firm is actively looking to expand its portfolio. Advenir represented itself in this transaction. The unnamed seller was represented by HFF’s Jordan Robbins. Freddie Mac financing was secured by Eric Tupler and Josh Simon of the same firm.

November 5, 2014

Multifamily Oregon Western

CBRE Global Investors Buys Arbor Heights in Portland for $54.1M

by Nellie Day November 5, 2014

PORTLAND, ORE. – CBRE Global Investors has acquired the 348-unit Arbor Heights apartment community in Portland for $54.1 million. The community is located at 15199 SW Royalty Parkway. Arbor Heights was 95 percent occupied at the time of sale. It was built in 1997 in the Portland submarket of Tigard, just 10 miles from the city’s downtown. The seller, Capri Capital Partners LLC, was represented by ARA’s Gail Neuburg. Capri Capital owned the asset on behalf of one of its institutional clients.

November 5, 2014

Multifamily Texas

Construction Begins on Apartment Tower in Houston

by Haisten Willis November 4, 2014

HOUSTON — Marquette Cos., in partnership with Hunt Cos. and Ares Management have begun construction on Catalyst Houston. The 28-story luxury apartment building is located at 1423 Texas Ave. in Houston’s central business district. The building is scheduled for completion in the summer of 2016. Houston-based architect Ziegler Cooper designed the tower, which will include 361 apartment units with one-, two- and three-bedrooms layouts. The apartments will feature views of downtown and Minute Maid Park, with amenities including hardwood floors, quartz countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. Community amenities will include a Wi-Fi lounge, outdoor dog run with a pet wash, a club room, meeting room, gym and swimming pool.

November 4, 2014

Loans Multifamily New York Northeast

Mission Capital Advisors Arranges $148.5M Loan for Queens Plaza South Development

by Amy Works November 4, 2014

NEW YORK CITY — Mission Capital Advisors has arranged $148.5 million in non-recourse construction financing for the development of Queens Plaza South, a rental apartment building in Long Island City, Queens. The 44-story property will feature 391 apartment units, 165 parking spaces and 20,000 square feet of retail space. On-site amenities will include a rooftop pool, fitness center, lounge and children’s playroom. Mission Capital represented the sponsor, a joint venture between Property Markets Group, Karman Hakim and New Valley LLC, in arranging the financing with Deutsche Bank. The loan represented 70 percent of the total capitalization for the project. NorthStar Finance provided a $40.3 million mezzanine loan bringing the total financing to $188.7 million or 90 percent of the total project capitalization. Jason Cohen, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital represented the sponsor.

November 4, 2014

Loans Multifamily New York Northeast

Canyon Capital Provides $120M Construction Loan for Brooklyn Residential Project

by Amy Works November 4, 2014

NEW YORK CITY — Canyon Capital Realty Advisors LLC has provided $120 million in senior construction financing to LSG 365 Bond Street LLC, an affiliate of Lightstone. The loan will be used for the ground-up development of a 12-story residential community in Brooklyn’s Gowanus neighborhood. Located at 365 Bond St., the multifamily property will feature 429 residential units, including 86 affordable housing units. Additionally, the project will include a public esplanade along the Gowanus Canal, which will provide a lighted walkway, public outdoor space and access to the canal. Meridian Capital Group advised Lightstone on the transaction.

November 4, 2014

The property includes three lakes and a resort-style pool and spa.

Illinois Midwest Multifamily

Connor Group Buys Luxury Apartment Complex in Chicago Suburb for $61.8M

by Danielle Everson November 4, 2014

NAPERVILLE, ILL. — The Connor Group has acquired a 321-unit luxury apartment community in Naperville for $61.8 million. Glenmuir is located approximately 40 miles west of downtown Chicago. The property includes three lakes and a resort-style pool and spa. Apartment units feature townhome-style entries, fireplaces and gourmet kitchens. The Connor Group purchased the property from Glenmuir Acquisitions LLC. The Connor Group owns more than $1.6 billion in assets. In addition to the Chicago acquisition, it owns and operates communities in Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.

November 4, 2014

Loans Multifamily Northeast Pennsylvania

HFF Closes Sale, Arranges Financing for 196-Unit Multifamily Community

by Amy Works November 4, 2014

YARDLEY, PA. — HFF has brokered the sale of Yardley Crossing, a multifamily community located along the Delaware River in Yardley. Additionally, HFF arranged Fannie Mae acquisition financing on behalf of the buyer, Relative Properties. Located at 1800 Kathy Dr., the 196-unit community features two- and three-bedroom townhome-style units and 12 one-bedroom flats. Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room. Zac Pierce, Mark Thomson and Jose Cruz of HFF represented the seller, Fairfield Belmondo LLC, in the transaction. Ryan Ade and James Conley led the HFF debt placement team to secure financing for the buyer.

November 4, 2014

California Multifamily Western

San Francisco Apartment Building Sells for $3.1M

by Nellie Day November 4, 2014

SAN FRANCISCO – A five-unit apartment building in San Francisco has sold to an unnamed buyer for $3.1 million. The community is located at 59 Collingwood Street. The seller, a private investor, was represented by Joseph Levy and Mark Mason of Marcus & Millichap’s San Francisco office.

November 4, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Arranges $13.5M HUD Loan for Construction of Seniors Housing Facility

by Danielle Everson November 4, 2014

SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.

November 4, 2014

Newer Posts

Older Posts