CHICAGO — Parkview Financial has provided a $9.8 million loan for the construction of a 48-unit apartment project in Northwest Chicago. The two-building, four-story development will also include 10,400 square feet of ground-floor retail space and 56 parking spaces. A joint venture between Noah Properties and MPM Holdings is developing the project. Construction has commenced and completion is slated for late 2021.
UNION, N.J. — G.S. Wilcox, a commercial mortgage banking firm based in Northern New Jersey, has arranged a $49.8 million construction loan for a 266-unit multifamily project in Union, a suburb of Newark. The project represents Phase II of an existing multifamily development. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the floating-rate loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.
NEW YORK CITY — Alpha Realty has negotiated the $5 million sale of a 15-unit multifamily building located at 78-80 Christopher St. in Manhattan’s West Village neighborhood. Lev Mavashev and Shai Egison of Alpha Realty represented the buyer and seller in the off-market transaction. Both parties were locally based private investors who requested anonymity.
By Ted Bickel and Jeff Budish, Colliers MSP At the start of the pandemic last spring, conversations with developers, investors and operators varied from discouraging to catastrophic. Everyone expected the worst. Luckily for the industry, that is not what happened. Amid a year of great uncertainty across the economic spectrum, the Twin Cities multifamily market showed a great deal of resilience, overcoming many challenges in 2020. 2020 recap Considering that the marketplace was nearly frozen for the second quarter of 2020, overall transaction volume for 2020 was surprisingly strong. Minnesota saw a considerable uptick in activity toward the end of the year, driving annual totals up to just short of $1.3 billion. A strong bounce-back in the second half of the year speaks to strong demand drivers and generally solid operating performance — even during the economic shutdown. However, while vacancies did not run up, as many had feared, collections and bad debt suffered. Understandably, many tenants struggled to pay rent as stimulus waned later in the year. This had a notable effect on net operating income. Overall, pricing did not change, while cap rates lowered to some extent. Inexpensive debt, particularly from the agencies, was a large factor in …
ATLANTA — PRP has sold Perimeter 31, a 416-unit apartment community in Atlanta’s Central Perimeter submarket, for $98.8 million. The buyer was CWS. A partnership controlled by PRP acquired Perimeter 31 in November 2016 for $74.5 million. Over its ownership, PRP invested over $4 million in base building, amenities and in-unit renovations. According to PRP, Perimeter 31 maintained occupancy levels of 95 percent and rent collections of 98 percent despite the pandemic. Built in 2001, the Class A property includes six five-story buildings totaling 439,846 rentable square feet with an average unit size of approximately 1,000 square feet. The property’s amenities include a fitness center, swimming pool, structured parking with controlled access, outdoor grills, picnic area and a full-service business center. The apartment community is situated within a half-mile of Perimeter Mall and is close to the Dunwoody MARTA station.
COLLEGE STATION, TEXAS — Los Angeles-based investment firm Mountain Capital Partners has acquired 2818 Place and Parkway Place, two student housing properties in College Station totaling 1,128 beds that serve students of Texas A&M University. The garden-style properties total 350 units, were respectively built in 2008 and 2009 and feature amenities such as two pools, volleyball and basketball courts, fitness centers, game rooms, computer labs and study rooms. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the seller, Chicago-based Blue Vista Capital Management, in the transaction.
FORT WORTH, TEXAS — Locally based developer Palladium USA is underway on construction of Palladium Fain Street, a 90-unit mixed-income multifamily community in Fort Worth. The majority (81) of the units will be reserved for renters earning between 30 and 60 percent of the area median income, while the other nine units will be rented at market rates. Amenities will include a pool, fitness center, dog park, walking trails, conference room, computer lab and a playground. The first units are expected to be available for occupancy in April 2022. Cross Architects is designing the project, and BBL Construction is the general contractor.
WAYLAND, MASS. — Multifamily developer Wood Partners has broken ground on Alta at River’s Edge, a 218-unit apartment project in the western Boston suburb of Wayland. The property will offer one-, two- and three-bedroom units with stainless steel appliances, smart thermostats and private balconies. Amenities will include a clubroom, game lounge, fitness center, indoor golf simulator, a pool, fire pits and outdoor grilling stations. The opening is scheduled for summer 2022.
MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of Sibley Cove in Maplewood for $10.9 million. The apartment complex features 81 units. Chris Collins, Evan Miller and Seth Barnett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Twin Cities-based limited liability company.
LAS VEGAS — San Diego-based Tower 16 Capital has completed the sale of a three-asset multifamily portfolio in Las Vegas. An undisclosed buyer acquired the portfolio for $182 million. Tower 16 assembled the portfolio over the last 2.5 years and repositioned all the assets. Totaling 1,165 units, the portfolio includes Accent on Rainbow, Accent on Decatur and Accent on Sahara. All three received recent improvements including upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of the units. Tower 16 acquired the assets for $112 million and spent roughly $10.3 million on improvements. The buyer plans to continue the renovation efforts. Located at 6666 W. Washington Ave., Accent on Rainbow features 540 apartments, three pools, a new clubhouse, leasing office and gym. Accent on Decatur, located at 2950 S. Decatur Blvd., features 313 apartments, two pools, a new clubhouse and gym, two outdoor amenity areas and barbecues. Located at 4801 E. Sahara Ave., Accent on Sahara offer 312 apartments, a renovated clubhouse, two pools, a new gym, kids’ play area, barbecues and a dog park. Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover of Berkadia represented Tower 16 in the deal.
