Multifamily

CBRE Negotiates $31M Sale of Corsican Apartments in Denver

by Amy Works November 9, 2022

DENVER — CBRE has arranged the $31 million sale of Corsican Apartments, a multifamily community located in Denver’s Cheesman Park neighborhood. Justin Hunt, Andy Hellman, Erik Toll, Chris Hart and Jessica Graham of CBRE represented the seller, the property’s long-term ownership group, in the deal. The name of the buyer was not released. Built in 1968, Corsican features 82 apartments in a mix of one- and two-bedroom floor plans, with an average unit size of 820 square feet. The 11-story building offers underground parking, an indoor heated pool, steam room, dry sauna, fitness center, yoga studio and resident lounge/game room. The asset is located at 1330 Gaylord St.

November 9, 2022

Acquisitions Arizona Multifamily Western

Newmark Arranges Sale of 200-Unit Cobblestone Apartments in Phoenix

by Amy Works November 9, 2022

PHOENIX — Newmark has brokered the sale of Cobblestone Apartments, a multifamily community located at 15449 N. 25th Ave. in Phoenix. Terms of the transaction were not released. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller, Sharo Khastoo, in the deal. Built in 1980, the two-story property features 200 units in a mix of four floor plans ranging from 615-squrare-foot one-bedroom/one-bath to 967-square-foot two-bedroom/two-bath units. Community amenities include on-site maintenance and management, a fitness center, dog park, clubhouse equipped with a kitchen for private functions, pool area with grills and a spa.

November 9, 2022

Acquisitions California Multifamily Top Stories Western

Northland Acquires THEA at Metropolis Luxury Apartment Tower in Los Angeles for $504M

by Kristin Harlow November 9, 2022

LOS ANGELES — Northland has entered the California market with the acquisition of THEA at Metropolis, a 59-story luxury apartment tower in downtown Los Angeles. The U.S. subsidiary of China’s Greenland Holding Group sold the asset for $504 million, according to The Wall Street Journal. Northland says the purchase price represents a 40 to 45 percent discount to today’s replacement costs. The newspaper reports that the original asking price 18 months ago was $695 million, which was still less than the original development costs. High interest rates and falling rents have affected the apartment market nationally. Additionally, The Wall Street Journal cites California rent regulations and the ability of renters to move away from downtown Los Angeles due to remote work for contributing to suppressed property values. THEA was designed and built as for-sale condominiums before being converted into apartment units after construction. Completed in 2020, the 685-unit property is currently 91 percent occupied. THEA is part of a master-planned community named Metropolis. Residents are situated two blocks away from L.A. LIVE, a 5.6 million-square-foot sports and entertainment complex that encompasses numerous restaurants and bars, the 7,100-seat Microsoft Theater and Crypto.com Arena, home of the NBA’s Los Angeles Lakers and Los …

November 9, 2022

Acquisitions Georgia Multifamily Southeast

Capital Square Sells Ivy Commons Apartments in Metro Atlanta for $75.5M

by John Nelson November 8, 2022

MARIETTA, GA. — Capital Square has sold Ivy Commons Apartments, a 344-unit multifamily community located in Marietta, a northeast suburb of Atlanta. A group of Delaware statutory trust (DST) investors owned the 28.4-acre property, which was acquired by Capital Square in 2018. The property features 39 residential buildings with apartments in one-, two- and three-bedroom layouts. Community amenities include a swimming pool, fitness center, business center, tennis courts, laundry facility, playground and conference room. Investors saw a 200 percent total return on their 1031-exchange investment, according to Capital Square. The buyer was not disclosed.

November 8, 2022

Development Loans Multifamily Nevada Western

Growth Holdings Receives $85M Construction Loan for Otonomus Las Vegas Apartments

by Amy Works November 8, 2022

LAS VEGAS — Las Vegas-based Growth Holdings has received a $85 million first lien construction loan for the development of Otonomus Las Vegas, a residential and short-term rental property. Slated to open in fourth-quarter 2024, the 303-unit community will feature fully furnished apartments with stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting. The four- and five-story complex will offer open floor plans, 10-foot ceilings, walk-in closets and private balconies. Community amenities will include a fitness center, clubhouse, meeting space, lounge areas, three courtyards with picnic and barbecue areas, and two resort-style pools with cabanas. Additionally, the property will feature 38,000 square feet of retail offerings. Brad Ferguson of Dallas-based HALL Structured Finance (HSF) originated the loan. Las Vegas-based CORE Advisory Partners sourced the financing for the project.

November 8, 2022

Colorado Loans Multifamily Western

Capital One Provides $33.8M Freddie Mac Refinancing for Heights on Huron Apartments in Northglenn, Colorado

by Amy Works November 8, 2022

NORTHGLENN, COLO. — Capital One has provided a $33.8 million Freddie Mac floating-rate loan to refinance Heights on Huron, an apartment property in Northglenn. The borrower, FCP, will continue to partner with Avanti Residential following the financing. Jonathan Pratt, Rossana Bouchaya and Patrick Greenwood facilitated the 10-year loan, which includes five years of interest-only payments. Located 11 miles north of downtown Denver, Heights on Huron features 252 apartments in a mix of one- and two-bedroom layouts. Community amenities include a dog park, swimming pool, picnic area, playground and 24-hour emergency maintenance services.

November 8, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Brokers Sale of Gaar Scott Historic Lofts in Minneapolis

by Kristin Harlow November 8, 2022

MINNEAPOLIS — JLL Capital Markets has brokered the sale of Gaar Scott Historic Lofts in the North Loop neighborhood of Minneapolis for an undisclosed price. The property was originally built in 1885 and converted into multifamily units in 2001 with the assistance of historic tax credits. The six-story property features one-bedroom units with an average size of 900 square feet. There are also 4,000 square feet of commercial space. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Gaar Scott LP. Matthew Lawton, Scott Loving and Britta Lund of JLL arranged acquisition financing on behalf of the buyer, FPA Multifamily. North American Banking Co. provided the three-year, fixed-rate loan.

November 8, 2022

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $4.1M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow November 8, 2022

ARLINGTON HEIGHTS, ILL. — Interra Realty has negotiated the $4.1 million condo deconversion sale of a 34-unit property in Arlington Heights. Built in 1970, the property on North Salem Avenue comprises 30 one-bedroom units and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Salem Lane Condominium Association. The duo also represented the undisclosed buyer. The condo owners were interested in selling the property to avoid a potential special assessment due to deferred maintenance, according to Interra. The new owner plans to make repairs to the balconies and upgrade units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

November 8, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 144-Unit Parkwood Terrace Apartments in Metro Austin

by Taylor Williams November 8, 2022

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit apartment complex located in the northern Austin suburb of Round Rock. Built in 2000, the property offers one-, two- and three-bedroom units. Jordan Featherston, Kent Myers and Will Balthrope of IPA represented the seller, Los Angeles-based Langdon Street Capital, and procured the buyer, The Medve Group, in the transaction.

November 8, 2022

Development Multifamily Northeast Pennsylvania

National Real Estate, KRE Group Break Ground on 360-Unit Multifamily Project in Philadelphia

by Taylor Williams November 8, 2022

PHILADELPHIA — A partnership between National Real Estate Development (NRED) and New Jersey-based Kushner Real Estate Group has broken ground on 200 Spring Garden, a 360-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities, including a pool and a two-story fitness center, as well as retail and public green space. A tentative completion date was not disclosed.

November 8, 2022

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