Multifamily

TruAmerica Buys Two Dallas-Area Apartment Communities Totaling 541 Units

by Taylor Williams September 1, 2021

MESQUITE AND ARLINGTON, TEXAS — Los Angeles-based TruAmerica Multifamily has purchased two apartment communities in the Dallas area totaling 541 units. Mission Ranch Apartments is a 295-unit property located in the eastern suburb of Mesquite that offers one-, two- and three-bedroom units. The Heights, located in Arlington, consists of 162 single-family townhomes and 84 apartments on a 35-acre site. TruAmerica plans to renovate unit interiors at both Mission Ranch and The Heights while also upgrading the amenity spaces at the latter property.

September 1, 2021

Development Multifamily New Jersey Northeast

Partnership Completes 199-Unit RIVET 26 Apartment Project in Jersey City

by Taylor Williams September 1, 2021

JERSEY CITY, N.J. — A partnership between New Jersey-based developer The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments has completed RIVET 26, a 199-unit apartment project in Jersey City. The transit-served property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. In 2019, the partnership completed a 163-unit sister community across the street that is known as RIVET. Residents of both communities also have access to 75,000 square feet of shared amenity space that includes a 15,000-square-foot courtyard with a sundeck, gaming areas, grilling stations, an indoor lounge, pet spa and a fitness center with a yoga studio. The first move-ins at RIVET 26, which was designed by Netta Architects, began in June, and occupancy is now at roughly 50 percent. Monthly rents start around $1,500 for a studio unit.

September 1, 2021

Acquisitions Multifamily Washington Western

Colliers Brokers $6.3M Sale of Terri Ann Apartments in Seattle’s First Hill Neighborhood

by Amy Works September 1, 2021

SEATTLE — Colliers has arranged the sale of Terri Ann Apartments, a multifamily building located at 1331 Terry Ave. in Seattle’s First Hill neighborhood. Seattle-based Cadence Real Estate acquired the property from a local investor for $6.3 million. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller and sourced the buyer in the deal. Originally built in 1967, Terri Ann Apartments features 25 residential units.

September 1, 2021

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $2.5M Sale of Agave Apartment Building in Phoenix

by Amy Works September 1, 2021

PHOENIX — Marcus & Millichap has arranged the sale of Agave, a multifamily property located at 6801 N. 17th Ave. in Phoenix. A private investor acquired the asset for $2.5 million in an all-cash transaction. The name of the seller was not released. Built 1966, Agave features 11 apartments, including seven completely renovated units, one lightly renovated unit and three unrenovated units. Additionally, eight units have private back patios. Paul Bay of Marcus & Millichap’s Phoenix office represented both parties in the transaction. Jonathan Weir and Stefan Ignjatovic of Marcus & Milichap’s South Bay office referred the buyer in the deal.

September 1, 2021

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $3.8M Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow September 1, 2021

SPIRIT LAKE, IOWA — Colliers Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Tallgrass Village II in northern Iowa’s Spirit Lake. Built in 2019, the 49-unit multifamily property consists of one two-story apartment building and three two-story townhome buildings. The 10-year loan features a 30-year amortization schedule. An entity doing business as Tallgrass Village II LLC was the borrower.

September 1, 2021

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers $27M Sale of Five Multifamily Buildings in Manhattan

by Taylor Williams September 1, 2021

NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of five multifamily buildings in Manhattan. The properties are part of a portfolio of assets owned by Metro Management. Two buildings at 320-326 and 329-333 W. 55th St. totaling 63 units sold to an undisclosed buyer for $11.5 million, and two buildings located at 357 W. 22nd St. and 359 W. 22nd St. in Chelsea sold to Lockhill Properties for $8 million. The final property at 335 W. 19th St. comprises 45 units and fetched a sales price of $7.5 million. Cushman & Wakefield’s Robert Shapiro, Nicholas Kontos, Andrew Berry, Michael Gembecki, Charlie Gravina and Austin Fabel represented Metro Management in the transactions. The firm also represented the buyers in the dispositions of the first four assets.

September 1, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $3M Condo Bulk Sale in Uptown Chicago

by Kristin Harlow September 1, 2021

CHICAGO — Kiser Group has negotiated the sale of 29 condominium units within a 37-unit multifamily property in Chicago’s Uptown neighborhood for $3 million. The asset is located at 850 W. Margate Terrace. The 29 units in the transaction include 10 studios, three junior one-bedroom units, 13 one-bedroom units and three two-bedroom units. Andy Friedman and Jake Parker of Kiser represented both the buyer, Lakepoint Properties, and the seller, an unnamed family trust. According to Kiser, a full-building deconversion will likely occur at a later date since the buyer will own 75 percent of the units. Under the Condominium Property Act in Illinois, a condo building can be sold if 75 percent of ownership is in agreement.

September 1, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $10.5M Sale of West New York Multifamily Portfolio

by Taylor Williams September 1, 2021

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a three-property, 66-unit multifamily portfolio in West New York, located across the Hudson River from Manhattan. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap represented the seller and the buyer, both of which were private investors that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.

September 1, 2021

Development Georgia Multifamily Southeast

Portman, National Real Estate Advisors Break Ground on Multifamily Project in Midtown Atlanta

by Julia Sanders August 31, 2021

ATLANTA — A joint venture between Portman Residential and National Real Estate Advisors LLC has broken ground on 10th and Spring, a 29-story multifamily project in Atlanta’s Midtown district. Portman Residential secured a $117 million construction loan for the project, according to the Atlanta Business Chronicle. Located at the corner of Spring Street and 10th Street NW, 10th and Spring will include 370 residential units, as well as 11,000 square feet of retail space. Community amenities will include a pool, fitness center and a clubroom. The project will serve as the first phase of a 4.1-acre master-planned mixed-use development led by Portman Residential. The larger development plan will also feature a 525,000-square-foot, Class A office building; about 20,000 square feet of event space; and a hotel that will feature at least 225 guest rooms. As part of the project, the historic site of H.M. Patterson & Son’s Spring Hill Chapel will be transformed into a venue with food and beverage options, as well as the new hotel. Atlanta-based Cooper Carry will be the architectural firm for the project. Fogarty Finger will do the interior design for the development, and JE Dunn will oversee construction services. National Real Estate Advisors LLC …

August 31, 2021

Development Multifamily Southeast Tennessee

Fogelman Completes Redevelopment Project at 614-Unit Stewarts Ferry Apartments in Nashville

by Julia Sanders August 31, 2021

NASHVILLE, TENN. — Fogelman Properties has completed the redevelopment of Stewarts Ferry, a 614-unit multifamily community located at 8100 Stewarts Ferry Parkway in Nashville. The renovation project took 18 months, and the development cost was $1 million. Fogelman made interior and exterior upgrades, as well as made enhancements to the pool area including the addition of an outdoor kitchen, LED lighting and brick pool deck. The community also unveiled a new fitness center with equipment and workout programs. Built in 1986, Stewarts Ferry offers one- and two-bedroom apartments and townhomes with rental rates starting at $1,113. The units feature oak cabinets and vanities, washers and dryers, patios or balconies, fireplaces and walk-in closets, as well as upgraded units available for rent. Additional community amenities include two stocked fishing ponds, a lighted tennis court and a community walking trail. The property is currently 97 percent occupied.

August 31, 2021

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