PHILADELPHIA — HFF has closed the sale of Edgewater Apartments, a 290-unit, Class A multifamily complex in the Center City District of Philadelphia. An entity affiliated with JPMorgan purchased the property for approximately $113 million, according to the Philadelphia Business Journal. Edgewater Apartments is located at 2323 Race St. along the Schuylkill River in Center City Philadelphia’s northwest quadrant, known as Logan Square. Completed in 2005, the property includes a 12-story tower with 270 units plus 20 townhomes attached to a five-story, 491-space parking garage. Community amenities at the property include a club room with flat-screen television, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service and direct access to the riverfront walkways. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli of HFF marketed the property on behalf of the seller. According to HFF, this is the largest multifamily transaction to close in Philadelphia in more than 10 years.
Multifamily
PHILADELPHIA — Marcus & Millichap has arranged the $47.3 million sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. Clark Talone, Andrew Townsend and Ridge MacLaren in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Charter Court at East Falls includes two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business and fitness center, pet spa and door attendant.
NEW YORK CITY — Carlton Group has closed a $42 million construction loan and joint venture equity investment for a new condominium project in the Flatiron District of Manhattan. The financing will enable the developer, Gale International, to build a 37,000-square-foot condominium building, located at 21 West 20th St. The development includes 13 full-floor units, including four penthouse units with 100 feet of frontage and more than 4,000 square feet of private terrace space. Carlton arranged the construction loan and joint venture equity through a balance sheet lender at LIBOR plus 325 basis points and an equity joint venture participant, which includes an overseas investor. The development marks Gale International’s first condominium project in Manhattan.
KING OF PRUSSIA, PA. — Beech Street Capital has provided a $34 million, 10-year loan for the refinancing of Valley Forge Towers North, a 242-unit, 15-story apartment building in King of Prussia. Galman Group, which owns and manages more than 7,000 apartment communities and condominiums, was the borrower. The property includes one-, two- and three-bedroom units ranging in size from 1,079 square feet to more than 1,600 square feet. The property also features 11,000 square feet of office space, 19,000 square feet of retail, 8,000 square feet of commercial storage and 178 garage parking spaces. The fixed-rate loan includes a 30-year amortization schedule. Brian Sykes in Beech Street’s Boston office originated the transaction.
MIDLAND AND ODESSA, TEXAS — Related Real Estate Recovery Fund has acquired a 21-property, 3,000-unit multifamily portfolio in Midland and Odessa. Orion Residential sold the assets, according to the local newspaper Odessa American. New ownership will invest in capital upgrades at the properties and expects to begin renovations within six months. An arm of New York-based Related Cos., Related Real Estate Recovery Fund closed in January 2012 after raising $825 million in equity commitments and has since invested in markets including Boston, Chicago and New York City.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodstone Apartments, a 200-unit multifamily property in Fort Worth. Built in 1984, the garden-style complex offers one- and two-bedroom apartments, as well as amenities including laundry facilities, a clubhouse, swimming pool and spa. The community was 95 percent occupied at the time of the sale and is located at 6051 Bridge St., in proximity to the interchange of Loop 820 and I-30. Al Silva of Marcus & Millichap marketed the asset on behalf of the seller, British Columbia-based Ergas Group, and also procured the buyer, a California LLC. The property garnered 10 offers over a four-week marketing period. The new owner received a 10-year Fannie Mae loan for funds to upgrade both building exteriors and residence interiors.
DENVER – The 141-unit Mint Urban Hilltop apartment complex in Denver has sold to Hilltop Residential, LLC, for $17.3 million. The newly renovated community is located at 805 and 825 Dahlia Street, and 820 and 880-890 Dexter Street. The five buildings were constructed between 1957 and 1967. They total 103,696 square feet. The Calame Lewallen Team at Pinnacle Real Estate Advisors represented both the buyer and seller, Cardinal Group Moana LLC, in this transaction.
BEAVERTON, ORE. – The 207-unit Quatama Village in Beaverton has received $11.9 million in refinancing. The community is located at 380 NW Gina Way. The loan features a 10-year term and 30-year amortization schedule. It was arranged by Bob Spiro of NorthMarq Capital’s Seattle office through the firm’s seller/servicer relationship with Freddie Mac. The borrower was not named.
CHAMPAIGN, ILL. — CA Student Living is developing a 27-story student housing community in conjunction with HERE Enterprises that will open in July 2015. The property will include 143 units and 526 beds and is located off-campus on E. Green Street. The architect is Hartshorne Plunkard Architecture and the general contractor is Clayco Construction. According to CA Student Living, HERE Champaign will be the nation's first all-duplex apartment student housing high-rise and will feature amenities such as a fitness center, golf practice bays, a sauna, Internet café and a rooftop deck with hot tub and grills. The property will also include a four-story parking garage with space for approximately 250 vehicles, as well as a robotic valet parking system.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $5.2 million sale of 869 and 913 Thomas S. Boyland Street, two four-story apartment buildings located in the East New York section of Brooklyn. The multifamily properties feature a total of 51 rental units and a cell phone tower. GFI Realty represented the buyer, Coney Realty, and the seller in the transaction. The properties traded for approximately eight times the rent. The two buildings were constructed in 1930 and are located near the Rockaway and New Lots avenues subway stations.