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Multifamily

AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $9.2M Sale of Apartment Building in Chicago’s Rogers Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of Elevation Lofts in Chicago’s Rogers Park neighborhood for $9.2 million. The property features 40 apartment units and retail space at 1531 W. Howard St. Amenities at the building, constructed in 2020, include a rooftop terrace, community room, fitness center, dog run, onsite parking and bike storage. Joe Smazal and Colin O’Malley of Interra represented the undisclosed seller as well as the buyer, Becovic Residential LLC. The sales price represents the highest price paid for an individual property in Rogers Park so far this year, according to Interra.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

FCP Acquires Grand Arbor Reserve Apartments in Raleigh for $48M

by John Nelson

RALEIGH, N.C. — Chevy Chase, Md.-based FCP has purchased Grand Arbor Reserve, a 297-unit apartment community located at 2419 Wycliff Road in Raleigh. Howard Jenkins of CBRE represented the undisclosed seller in the $48 million transaction. Situated near I-440 and the UNC Rex Hospital, Grand Arbor Reserve comprises mostly two- and three-bedroom apartments. Amenities include a swimming pool, fitness center, playground, dog park and a volleyball court. The property was originally built in 1969, according to Apartments.com.

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AcquisitionsMultifamilyTexas

TMG Negotiates Sale of 150-Unit Multifamily Property in Killeen, Texas

by Taylor Williams

KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Hoodview Apartment Homes, a 150-unit property in the Central Texas city of Killeen. Built in 1975, the property primarily offers two- and three-bedroom units with an average size of 973 square feet and amenities such as a pool and onsite laundry facilities. Will Clarke of TMG represented the seller in the transaction, and Paul Yazbeck of TMG represented the buyer. Both parties requested anonymity.

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AcquisitionsMultifamilyNorthmarqTexas

Northmarq Brokers Sale of 135-Unit Brooks Townhomes in San Antonio

by Taylor Williams

SAN ANTONIO — Northmarq has brokered the sale of Brooks Townhomes, a 135-unit multifamily property in San Antonio. Built in 1974 on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, playground, basketball court, outdoor grilling and dining areas and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The team also procured the buyer, Los Angeles-based Convergence Capital Management, which plans to implement a value-add program.

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AcquisitionsMultifamilyNew YorkNortheast

JLL Arranges $387.5M Sale of Manhattan Multifamily Property

by Taylor Williams

NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.

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DevelopmentMultifamilyNew JerseyNortheast

Park Stone, Fields Grade Begin Leasing 99-Unit Apartment Building in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $3.8M Sale of Apartment Building in Beverly, Massachusetts

by Taylor Williams

BEVERLY, MASS. — Marcus & Millichap has brokered the $3.8 million sale of a seven-unit apartment building in Beverly, a northeastern suburb of Boston. The unit mix comprises four one-bedroom apartments, one two-bedroom residence and two three-bedroom units, as well as two commercial spaces. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.

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LoansMidwestMultifamilyOhio

Colliers Mortgage Arranges $102.3M Bridge Loan for Multifamily Portfolio Acquisition in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Colliers Mortgage has arranged a $102.3 million bridge loan for the acquisition of a three-property multifamily portfolio in Columbus. The portfolio totals 744 units, but the names and addresses of the properties were not disclosed. A debt fund provided the three-year loan, which features interest-only payments. Troon Dowds, Zach Shope and Murray Kornberg of Colliers Mortgage arranged the loan on behalf of the undisclosed borrower.

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AcquisitionsMidwestMissouriMultifamily

CBRE Brokers Sale of 348-Unit Multifamily Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — CBRE has brokered the sale of Wild Oak in Kansas City for an undisclosed price. The 348-unit multifamily property is located at 7987 NE Flintlock Road. Amenities include two pools, a recently renovated clubhouse and a fitness center. Jeff Stingley and Max Helgeson of CBRE represented the seller, Missouri-based Maxus. Florida-based Stoneweg US was the buyer.

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Affordable HousingDevelopmentKansasMidwestMultifamilySeniors Housing

Rau Construction Completes Renovation of Affordable Seniors Housing Building in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Rau Construction has completed a significant renovation of Town House in downtown Kansas City. Formerly known as Cross Lines Tower, the property is now home to 130 units for seniors age 55 and older who earn between 30 and 60 percent of the area median income. The building originally opened in 1951 as a hotel and was converted into affordable housing in 1981. Amenities include a meeting room, tenant lounge, outdoor patio and garden area, community room and laundry facilities. UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit equity investment to fund and finance the $42 million project. KeyBank provided permanent financing. Additional financing partners included Commerce Bank, Kansas Housing Resource Corp., Kansas Development Finance Authority and the North East Economic Development Corp. The development team included Foutch Brothers as the architect, Hughes Development Co. and Tier 1 Development Group LLC as co-developers and Universal Management Inc. as property manager.

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