Multifamily

Fifield Cos. Begins Construction of 210-Unit Wynwood Station Apartment Community in Miami

by John Nelson February 12, 2024

MIAMI — Fifield Cos. has begun construction on Wynwood Station, a 210-unit transit-oriented apartment community development at 45 N.E. 27th St. in the Wynwood neighborhood of Miami. Upon completion, the building will span eight stories and feature 11,000 square feet of ground-floor retail space. Apartments will range from 567 to 1,036 square feet in size, with a mix of studio, one- and two-bedroom floorplans. Amenities at the community will include a resident lounge, party room, makers room, demonstration kitchen, fitness center, golf simulator, pet spa, remote work area, rooftop sun deck, soaking pool, hot tub and outdoor grills and dining areas. Completion is scheduled for April 2025. The project team includes MSA Architects, interior designer IDDI and general contractor Kast Construction.

February 12, 2024

Acquisitions Multifamily New York Northeast

CBRE Brokers Sale of 501-Unit Apartment Community in White Plains, New York

by Taylor Williams February 12, 2024

WHITE PLAINS, N.Y. — CBRE has brokered the sale of 15 Bank Apartments, a 501-unit multifamily community located north of New York City in White Plains. Built in 2003, the transit-oriented community consists of two interconnected high-rise towers that house one- and two-bedroom units. Amenities include a fitness center, resident lounge, indoor pool, outdoor courtyards and a children’s playroom. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz of CBRE brokered the deal. The buyer and seller were not disclosed.

February 12, 2024

California Loans Multifamily Western

Northmarq Arranges $82M Refinancing for The Cartwright Apartment Complex in Irvine, California

by Amy Works February 12, 2024

IRVINE, CALIF. — Northmarq’s West Palm Beach debt and equity team of David Gahagan, Chris Hammel and Chandler Kaye has arranged an $82 million refinancing for The Cartwright, a multifamily property in the Orange County city of Irvine. The firm arranged financing on behalf of the first-time developer through a correspondent relationship with a life insurance company. The refinancing features a five-year term with interest-only payments for the full life of the loan. Built in 2021, The Cartwright features 272 affordable workforce apartments. The property is located at 17600 Cartwright Road.

February 12, 2024

Acquisitions California Multifamily Seniors Housing Western

Avison Young Brokers $23.5M Sale of Seniors Housing Facility in Los Angeles

by Amy Works February 12, 2024

LOS ANGELES — Avison Young has arranged the $23.5 million sale of a seniors housing facility located at 6700 Sepulveda Blvd. in the Van Nuys neighborhood of Los Angeles. Boca Raton, Fla.-based Pinnacle Holdings of Florida sold the asset to an entity of California Healthcare & Rehabilitation Center, which currently operates the property. Situated on two acres, the 49,818-square-foot facility features 201 beds for seniors. Peter Sherman and Keith O’Donnell of Avison Young represented the seller in the off-market deal.

February 12, 2024

Acquisitions Midwest Minnesota Multifamily

CBRE Negotiates Sale of 168-Unit Multifamily Property in Eagan, Minnesota

by Kristin Harlow February 12, 2024

EAGAN, MINN. — CBRE has negotiated the sale of Lexington Hills, a 168-unit multifamily property in the Minneapolis suburb of Eagan. The sales price was undisclosed. Built in 1988, the community is located at 4116 Lexington Ave. South and comprises seven buildings. Floor plans average 723 square feet. Amenities include a fitness center, clubhouse, grilling area, playground, pool and laundry facilities. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, Monument Frozen Tundra LLC. Reacor Ltd. was the buyer.

February 12, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.2M Sale of Apartment Building in Chicago’s Buena Park

by Kristin Harlow February 12, 2024

CHICAGO — Interra Realty has brokered the $3.2 million sale of a 12-unit apartment building in Chicago’s Buena Park neighborhood. Located on North Kenmore Avenue, the property was originally built in 1896 and last renovated in 2014. Situated three blocks from Wrigley Field, the asset was fully occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the buyer, Drexel Properties, and the seller, a private investor.

February 12, 2024

Acquisitions Florida Loans Multifamily Southeast

Berkadia Arranges $32.2M Acquisition Financing for Palmera Pointe Apartments in Tampa

by John Nelson February 9, 2024

TAMPA, FLA. — Berkadia has arranged $32.2 million in financing for the acquisition of 246 units at Palmera Pointe Apartments, a 361-unit rental condominium community located at 7417 Palmera Pointe Circle in Tampa. Axonic Properties was the borrower and previously acquired 36 units at the property. Mitch Sinberg, Brad Williamson, Matthew Robbins and Scott Wadler of Berkadia’s South Florida office secured the loan on behalf of the borrower. The five-year, non-recourse loan features $25 million of initial funding with an additional $7.2 million of funding for Axonic to execute its business plan.

February 9, 2024

Development Multifamily Texas

NRP Group Completes 368-Unit Mixed-Income Residential Project in Killeen, Texas

by Taylor Williams February 9, 2024

KILLEEN, TEXAS — Cleveland-based developer The NRP Group has completed Station42, a 368-unit mixed-income residential project located in the Central Texas city of Killeen. Units come in one-, two- and three-bedroom floor plans, and more than half of the residences are reserved for households earning 80 percent or less of the area median income. The amenity package comprises a pool, fitness center, clubroom, gaming area, communal kitchen, coworking lounge, dog park, outdoor dining and entertainment areas and package handling services. Project partners include The City of Killeen Public Facility Corp., J.P. Morgan and Texas Capital Bank.

February 9, 2024

Acquisitions Multifamily Texas

Colliers Arranges Sale of 152-Unit Apartment Complex in Metro Houston

by Taylor Williams February 9, 2024

TOMBALL, TEXAS — Colliers has arranged the sale of Oak Bend Place, a 152-unit apartment complex in the northern Houston suburb of Tomball that was originally built in 1984. According to Apartments.com, the property offers two-bedroom units that range in size from 834 to 907 square feet and amenities such as a pool, pet play area and outdoor grilling and dining stations. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The buyer was not disclosed.

February 9, 2024

Acquisitions Colorado Multifamily Western

Garrett Cos. Sells Two-Property Multifamily Portfolio in Metro Denver to Harbor Group for $132.5M

by Amy Works February 9, 2024

CASTLE ROCK AND DENVER, COLO. — The Garrett Cos. has completed the sale of a two-property multifamily portfolio, totaling 434 apartments, to affiliates of Harbor Group International for $132.5 million. The portfolio includes The Prospector Modern Apartments at 3360 Esker Circle in Castle Rock and Ladora Modern Apartments at 18590 E. 61st Ave. in Denver. Prospector features 238 one-, two- and three-bedroom floorplans averaging 1,013 square feet, and Ladora offers 196 one-, two- and three-bedroom floorplans with an average apartment size of 1,024 square feet. Both assets were built in 2023 and are approaching lease up. Community amenities at the properties include resort-style pools, fitness centers, mail and package services, and pet parks and spas. Terrance Hunt, Shane Ozment, Andy Hellman and Justin Hunt of CBRE’s multifamily investment properties team in Denver represented the seller. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE’s New York office, along with Brady O’Donnell and Jill Haug of CBRE’s Denver office, arranged acquisition financing for the buyer.

February 9, 2024

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