Multifamily

Interra Realty Negotiates $5.2M Sale of Chicago Apartment Building

by Kristin Harlow October 28, 2021

CHICAGO — Interra Realty has negotiated the $5.2 million sale of 3546 N. Southport Ave., a property in the Southport Corridor of Chicago’s Lakeview neighborhood that includes 21 apartment units and two commercial spaces. Built in 1930, the building includes 12 studios and nine one-bedroom units that were 97 percent leased at the time of sale. Real Good Juice Co. and The Denim Lounge fully lease the commercial space. Brad Feldman of Interra represented the seller, a family trust that had owned the building for nearly 50 years. Feldman also represented the buyer, which plans to renovate the units, update hallways and add a bike room.

October 28, 2021

Acquisitions Multifamily New York Northeast

A&E Real Estate Acquires 19-Story Apartment Building in Manhattan

by Taylor Williams October 28, 2021

NEW YORK CITY — Locally based investment firm A&E Real Estate has acquired a 19-story apartment building located at 400 E. 57th St. in Manhattan’s Sutton Place neighborhood. The property features a mix of 263 rent-stabilized and market-rate units. SL Green sold the property to A&E Real Estate for an undisclosed price. The two firms also traded a multifamily property at 400 E. 58th St. earlier this year.

October 28, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $16M Sale of Orchard Court Apartments in Pennsville, New Jersey

by Taylor Williams October 28, 2021

PENNSVILLE, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $16 million sale of Orchard Court Apartments, a 156-unit community located in Pennsville, located in the southern part of the Garden State. The property was built on 14.2 acres in 1963 and consists of four studios, 96 one-bedroom units and 56 two-bedroom units. Jason Pucci and Justin Lupo of Kislak represented the seller, an affiliate of New Jersey-based investment firm Kamson Corp., in the off-market deal. Barry Waisbrod, also of Kislak, procured the buyer, an entity doing business as Orchard Court Apartments LLC.

October 28, 2021

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Condo Deconversions Will Continue in Chicagoland Area

by Kristin Harlow October 28, 2021

If we consider that 2017 was the year that deconversion sales in Chicago began in earnest, we are now four years into the cycle. I’m frequently asked my opinion of how much longer this cycle will last, and what it will look like going forward. To me, that comes down mainly to supply and demand, with an eye on change in the relevant state and city statutes governing these sales. The supply of condominiums in Chicago is still plentiful, especially condominiums that were converted from apartment buildings. While there was a bit of a condo-buying frenzy in the early part of 2021 as the world opened back up, that frenzy has dissipated. Condominiums that would typically take a couple of months to sell sold in days, and often at asking price. With that said, there was little meaningful price appreciation. The factors that hinder appreciation of these condominiums did not change: high amounts of rental units in the association; lack of amenities; and aging buildings that are either behind on maintenance or expensive to keep up. Those factors are unlikely to ever change. The current demand for multifamily properties is quite strong. Most investors sat on the sidelines in 2020, …

October 28, 2021

Acquisitions Kansas Midwest Multifamily

Marcus & Millichap Brokers Sale of 225-Unit Apartment Complex Near Kansas City

by Kristin Harlow October 27, 2021

OVERLAND PARK, KAN. — Marcus & Millichap has brokered the sale of Carson Street Towers, a 225-unit apartment complex in the Kansas City suburb of Overland Park. The sales price was undisclosed. Built in 2020, the property sits on just over two acres. Amenities include a fitness center, pool and covered parking. Jason Hornik, Greg Parker, Ryan Bowlby, Greg Price and Drew Isaac of Marcus & Millichap represented the seller, a private investor. The brokerage team also procured the buyer, Continental Realty Group.

October 27, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $8.3M Sale of Apartment Building in Skokie, Illinois

by Kristin Harlow October 27, 2021

SKOKIE, ILL. — Interra Realty has negotiated the $8.3 million sale of a 43-unit apartment building located at 4602 Grove St. in Skokie, a northern suburb of Chicago. The transaction marks the largest multifamily sale in Skokie in five years, according to CoStar Group. Built in 1927, the property consists of two-bedroom units that were 93 percent occupied at the time of sale. Residents have access to onsite laundry, storage lockers, bike storage and garage parking. Joe Smazal of Interra represented the local private buyer. The locally based seller had owned the building for nearly 50 years.

October 27, 2021

Acquisitions Multifamily North Carolina Southeast

Blue Heron Sells Indigo Apartments in Metro Raleigh for $121.9M

by Julia Sanders October 27, 2021

MORRISVILLE, N.C. — Blue Heron Asset Management has sold Indigo Apartments, a 489-unit multifamily community in Morrisville, for $121.9 million. The firm sold the asset to an undisclosed buyer via its third fund, Blue Heron Real Estate Opportunity Fund III. NorthMarq represented the seller in the transaction. Built in 2005 about eight miles south of Durham, Indigo Apartments offers one- and two-bedroom floorplans with features such as stainless steel appliances, full-size washers and dryers, fireplaces, private patios and balconies and wood-inspired plank flooring. Community amenities include a dog park, charcoal and gas grills, Wi-Fi lounge, fitness center and a clubhouse. Blue Heron, a Raleigh-based private equity real estate investment management and development firm, acquired Indigo in December 2018. Shortly after taking ownership, the firm completed a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrade of the amenity spaces.

October 27, 2021

Acquisitions Multifamily Texas

American Landmark Buys 328-Unit Palmetto Point Apartments in San Antonio

by Taylor Williams October 27, 2021

SAN ANTONIO — Tampa-based multifamily investment firm American Landmark has acquired Palmetto Point Apartments, a 328-unit community in San Antonio’s Medical Center submarket. The site is located across from USAA’s corporate headquarters on the city’s northwest side. Built in 2020, the gated community features one- and two-bedroom units ranging in size from 653 to 1,451 square feet. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Communal amenities include a resort-style pool with cabanas and an outdoor fireplace, clubhouse with a fitness center, business center, internet café and an entertainment room with billiards and flatscreen TVs. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller and developer, locally based firm Koontz Corp.

October 27, 2021

Georgia Kentucky Loans Multifamily Southeast

Cushman & Wakefield Secures $75M Refinancing for Three Multifamily Communities in Atlanta, Louisville

by Julia Sanders October 27, 2021

ATLANTA AND LOUISVILLE, KY. — Cushman & Wakefield has secured a $75 million loan on behalf of Middleburg Communities for the refinancing of a three-property, 1,154-unit apartment portfolio in Atlanta and Louisville. Blake Cohen, Mike Ryan and JP Cordeiro of Cushman & Wakefield secured the two-year loan through Synovus Bank. The portfolio includes Vesta Adams Park, a 298-unit apartment community located at 1991 Delowe Dr. SW in Atlanta. The apartment property offers one-, two- and three-bedroom units with an average unit size of 1,035 square feet. Units include updated kitchens, hard-surface flooring in common areas and air conditioning. Community amenities include a laundry facility, onsite management, onsite maintenance and a sports court. The property was 96 percent occupied at the time of sale. The portfolio also includes Vesta Bouldercrest, a 438-unit apartment community in Atlanta that offers one- and two-bedroom floorplans with an average unit size of 808 square feet. Units include updated kitchens and hard-surface flooring in common areas. Community amenities include a laundry facility onsite, onsite management, sports court and onsite maintenance. Located at 26 Bouldercrest Lane SE in Atlanta, the property is situated 9.9 miles from Hartsfield-Jackson Atlanta International Airport. The community was 95 percent occupied at …

October 27, 2021

Development Multifamily Texas

Cadence McShane Completes 242-Unit Broadway Chapter Multifamily Project in Fort Worth

by Taylor Williams October 27, 2021

FORT WORTH, TEXAS — General contractor Cadence McShane has completed construction of Broadway Chapter, a 242-unit multifamily project in Fort Worth’s Near Southside District. Developed by CRG Real Estate Solutions and designed by Lamar Johnson Collaborative, the property spans two acres and 320,000 square feet. Units come in studio, one- and two-bedroom formats and include private balconies. The amenity package consists of a pool, dog run, outdoor grilling areas, a fitness center, coffee bar, library, lounge and Zoom rooms. The development team also delivered a 98,000-square-foot parking garage as part of the project.

October 27, 2021

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