Multifamily

LCOR Tops Out 267-Unit Apartment Building in Philadelphia

by Taylor Williams November 16, 2022

PHILADELPHIA — Developer LCOR has topped out The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The property will offer a mix of studio, one- and two-bedroom units, as well as two- and three-bedroom penthouses. The amenity package will comprise an outdoor pool, fitness center, multiple lounges, a rooftop deck, a children’s play area and concierge services. Hunter Roberts Construction Group is the general contractor for the project, which is scheduled for a fourth-quarter 2023 completion.

November 16, 2022

Acquisitions California Multifamily Western

AFL-CIO Building Investment Trust Sells 347-Unit Centerra Apartments in San Jose

by Amy Works November 16, 2022

SAN JOSE, CALIF. — AFL-CIO Building Investment Trust, advised by PNC Realty Investors, has completed the disposition of Centerra Apartments, a residential tower in San Jose. The name of the seller and acquisition price were not released. Located at 77 N. Almaden Ave., the 21-story Centerra Apartments features 325,169 square feet of residential space and 7,000 square feet of retail space. The 347-unit property offers a mix of one-, two- and three-bedroom apartments, including townhomes, live-work units, lofts and junior units. On-site amenities include a pool, spa, integrated parking structure, media lounge with bar and fireplace, fitness center, outdoor gathering spaces, conference center and game room. Scott Bales of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark arranged acquisition financing for the undisclosed buyer.

November 16, 2022

Acquisitions California Multifamily Western

Olympus Property Buys 272-Unit The Residences at Escaya in Chula Vista, California

by Amy Works November 16, 2022

CHULA VISTA, CALIF. — Olympus Property has acquired The Residences at Escaya, a multifamily community located in Chula Vista, between downtown San Diego and the Mexico border. Terms of the transaction were not released. Situated in the Otay Ranch neighborhood, The Residences at Escaya features 272 apartments, private garage and carport parking, a 30,000-square-foot walkable retail village, swimming pool, fitness center, clubhouse, outdoor lounge and barbecue area. Units range from 784 square feet to 1,560 square feet and offer quartz countertops, stainless steel appliances, full-height tile backsplashes, wood-style plank flooring, in-unit washers/dryers and ocean views from select units.

November 16, 2022

Georgia Loans Multifamily Southeast

Northmarq Provides $21.1M Freddie Mac Loan for CoHo Apartments in Atlanta’s Buckhead District

by John Nelson November 15, 2022

ATLANTA — Northmarq has provided a $21.1 million Freddie Mac loan for the refinancing of CoHo Apartments, a 128-unit multifamily community located at 177 N. Colonial Homes Circle NW in Atlanta’s Buckhead district. The property, which was built in 1948 and renovated in 2015, features a yoga studio, resort-style pool, outdoor grilling area, patio space, fitness center, fenced yards, gazebo, pet play/wash area, flexible lease options, onsite maintenance and a clubhouse. Faron Thompson of Northmarq’s Atlanta office originated the loan on behalf of the undisclosed borrower.

November 15, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges $10.3M Sale of Apartment Building in Evanston, Illinois

by Kristin Harlow November 15, 2022

EVANSTON, ILL. — Interra Realty has arranged the sale of a 43-unit apartment building in Evanston for $10.3 million. Originally constructed in 1918, the property at 612 Sheridan Road was 95 percent occupied at the time of sale. There are 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Brad Feldman of Interra represented the buyer, a local real estate investor. Patrick Kennelly and Paul Waterloo of Interra represented the seller, a private family group that had owned the property for more than 80 years.

November 15, 2022

Acquisitions Multifamily Texas

Newmark Arranges Sale of 252-Unit Gardens at West Apartments in San Antonio

by Taylor Williams November 15, 2022

SAN ANTONIO — Newmark has arranged the sale of Gardens at West, a 252-unit apartment community in San Antonio. According to Apartments.com, the property was built in 1995 and features one-, two- and three-bedroom units ranging in size from 664 to 1,269 square feet. Amenities include a pool, fitness center, business center, clubhouse, dog park and outdoor grilling and dining areas. Matt Michelson and Patton Jones of Newmark represented the seller, Regional Investment & Management, in the transaction. The buyer, locally based development and investment firm Embrey, will implement a value-add program and rebrand the property as The Hayden on West Avenue.

November 15, 2022

Development Multifamily Seniors Housing Texas

Braintree, Cadence McShane Underway on 163-Unit Seniors Housing Project in Spring, Texas

by Taylor Williams November 15, 2022

SPRING, TEXAS — A joint venture between Braintree Properties and Cadence McShane is underway on construction of Aviva Terranova Independent Senior Living Community in Spring, a northern suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures housing 163 independent living units. Additional features will include a fitness center, pool, theater, library, cybercafé and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023. Integral Senior Living will operate the property.

November 15, 2022

Development Loans Multifamily New Jersey Northeast

JLL Arranges $26.3M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams November 15, 2022

MONTGOMERY, N.J. — JLL has arranged a $26.3 million construction loan for The Somerset at Montgomery, a 115-unit multifamily project that will be located in Northern New Jersey. The property will comprise two four-story buildings that will house one-, two- and three-bedroom units with an average size of 1,221 square feet. Amenities will include a fitness center, playground, private office spaces and outdoor courtyards. Matthew Pizzolato, Jim Cadranell and Ryan Carroll of JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the borrower, Pennsylvania-based Country Classic Real Estate.

November 15, 2022

Acquisitions Arizona Multifamily Western

Weidner Apartment Homes Sells Trailside at Hermosa Pointe in Phoenix for $91M

by Amy Works November 15, 2022

PHOENIX — Weidner Apartment Homes has completed the disposition of Trailside at Hermosa Pointe, an apartment community in Phoenix. Knightvest Capital acquired the asset for $91 million, or $270,833 per unit. Built in 1984, Trailside at Hermosa Pointe features 336 apartments with full-size washers/dryers, wood-style vinyl flooring, carpet, tile entryways, walk-in closets, fireplaces and private balconies or patios. Community amenities include three swimming pools, a two-story leasing office and clubhouse, 24-hour fitness center with cardio and weight equipment, community playground, and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 15, 2022

Acquisitions Multifamily New York Northeast

Alpha Realty Negotiates $24M Sale of Brooklyn Apartment Building

by Taylor Williams November 15, 2022

NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the $24 million sale of an 82-unit apartment building in the Crown Heights area of Brooklyn. The five-story building at 792 Sterling Place houses 30 studios, 34 one-bedroom units and 18 two-bedroom residences. Lev Mavashev of Alpha Realty represented the buyer and seller, both of which requested anonymity, in the off-market transaction. The deal traded at a cap rate of 6.4 percent.

November 15, 2022

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