ANAHEIM, CALIF. — Berkadia Institutional Solutions has arranged the sale of Anavia, an apartment community in Anaheim’s Platinum Triangle area. Essex sold the asset to Chapman University for an undisclosed price. Tom Moran of Berkadia Irvine handled the off-market transaction. Originally built as a for-sale condominium project, Anavia features 250-units/550 beds with an average unit size of 1,249 square feet. The buyer plans to convert the property into student housing.
CHICAGO — Lument has provided a $73.4 million Fannie Mae loan for the refinancing of a 47-building, 793-unit multifamily portfolio located on the South Side of Chicago. Nicholas Diamond of Lument originated the loan on behalf of the borrower, Chicago-based Icarus Investment Group. Jonathan Bodner of Two Bins Capital arranged the loan. The transaction utilized Fannie Mae’s Structured Adjustable-Rate Mortgage product, which enabled the borrower to consolidate six loans — several bank loans, a bridge loan and an agency loan — into a single Fannie Mae loan. The loan features a 10-year term, five years of which are interest-only payments, and a 35-year amortization schedule.
CHICAGO — Interra Realty has arranged the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $27 million. The six buildings are located at 811 E. 46th St., 4500 S. Drexel Blvd., 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4727 S. Ingleside Ave. and 4746 S. Ingleside Ave. Originally built in the 1920s, the properties house studio, one-, two-, three-, four- and five-bedroom units. The portfolio was 90 percent leased at the time of sale. Some of the units are set aside for renters meeting affordable housing guidelines set by the Illinois Housing Development Authority and the City of Chicago. Lucas Fryman, Ted Stratman and Sam Gutierrez of Interra represented the seller, New York-based real estate investment group Raskin Risers. The team also procured the undisclosed buyer.
NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has acquired 298 Mulberry Street, a 96-unit multifamily community located in Manhattan’s NoHo neighborhood, for $115 million. Located at the corner of East Houston and Mulberry streets, the community features ground-floor retail space occupied by CVS/pharmacy. Shared amenities include a 24-hour doorman, fitness center, rooftop terrace and laundry room. All of the building’s units are market-rate rentals and feature walk-in closets and stainless steel kitchen appliances. The seller was a joint venture between Broad Street Development and an affiliate of Crow Holdings Capital. Andrew Scandalios, Rob Hinckley, Jeffrey Julien, Steven Rutman and Jonathan Faxon of JLL represented the seller in the all-cash, 1031 exchange transaction. Empire State Realty is a self-managed REIT that operates a portfolio of office, retail and multifamily properties within Manhattan and the greater New York City area. The company’s stock price closed at $6.90 per share on Wednesday, Dec. 21, down slightly from $8.65 one year ago. New York City-based Broad Street Development is a privately held real estate developer, investor and operator with a focus on office and residential properties. Dallas-based Crow Holdings is a privately owned real estate investment and development firm with $30 billion …
By Guy Enriquez, Vice President, NAI Capital The market for small- to medium-sized multifamily buildings ranging from 10 to 100 units in the City of San Bernardino has experienced a severe downturn in sales transactions recently. This was caused by the rapid increase in interest rates and a disconnect between buyers and sellers on pricing expectations. Cap rates on sales completed in the third quarter of 2022 show an increase of about 80 basis points year over year to 5.5 percent in the Inland Empire. Third-quarter 2022 sales volume in the Inland Empire fell to 15 transactions totaling $54 million. The area has been averaging 37 transactions totaling $180 million on a quarterly basis over the past four quarters. This quarter, the City of San Bernardino saw one sales transaction in this segment of the market, indicating the lack of deal volume. While rising interest rates caused a collapse of sales volume, combined with other general economic factors, San Bernardino’s rental market has remained very strong. The city’s overall multifamily physical vacancy rate has stood at 3.2 percent throughout 2022. The average rent for a one-bedroom unit increased from $949 to $966 per unit during the first three quarters of …
HOUSTON — A partnership between Southern California-based investment firm Bascom Group and New York-based investment manager Cadre has acquired The Montierra, a 346-unit apartment community in Houston’s Uptown/Galleria area. Sueba USA developed the property in 2003. According to Apartments.com, units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, clubhouse, lounge, movie theater, business center and outdoor grilling stations. Dustin Selzer of JLL represented the seller in the transaction. Brandon Smith, Annie Rice and Jamie Kline, also with JLL, arranged acquisition financing through California Bank & Trust. The new ownership plans to implement a value-add program.
DALLAS — Locally based investment firm Westmount Realty Capital has purchased Premier at Prestonwood, a 208-unit multifamily property in North Dallas. Built in 1995, the property offers one- and two-bedroom units with an average size of 1,027 square feet, as well as a pool, fitness center and a clubhouse. Westmount plans to upgrade the building exteriors and the interiors of select units while also enhancing the amenity package with the addition of a dog park and package lockers. The seller was not disclosed.
KISSIMMEE, FLA. — LV Lending has arranged an undisclosed amount of construction financing for Phase I of the expansion of Reunion Resort, a 2,226-acre resort community located in the Orlando suburb of Kissimmee. The borrower is Orlando Reunion Development LLC, a related company wholly owned by the same principle of Kingwood Orlando Reunion Resort LLC. The 31.6-acre expansion spans two contiguous parcels surrounding the property’s 10-acre Crystal Lagoon. The expansion will feature 1,800 vacation rental homes and townhomes and a hotel, as well as an amphitheater for events. The $1 billion expansion will take place over five phases and several years. Groundbreaking is slated to begin in 2024. Existing uses at Reunion Resort include thousands of luxury homes, villas and condominiums; three championship golf courses; seven food-and-beverage outlets; waterparks; 11 pools; a rooftop pool and private club faculty; and conference areas.
SILVER SPRING, MD. — A joint venture between CP Capital and The NRP Group plans to develop White Oak, a 390-unit, wrap-style apartment community in Silver Spring, a suburb of Washington, D.C. The developers expect to break ground in the first quarter of 2023. First units are expected to deliver in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year. The site will give future renters direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95 and the MD-200 Intercounty Connector. The five-story community will feature some townhome-style units, as well as an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, dog park, pet spa and a fitness center. White Oak marks the second time CP Capital, formerly known as HQ Capital Real Estate, has partnered with The NRP Group, having previously developed the Rockwell in Massachusetts.
VISTA, CALIF. — Rockwood Capital has purchased The Rylan, a multifamily property in downtown Vista, from StreetLights Residential for an undisclosed price. The Rylan offers 126 units, resort-style amenities and five ground-floor retail spaces. Hunter Combs of Walker & Dunlop represented the seller and buyer in the transaction.