Property Type

Alliance Residential Breaks Ground on 237-Unit High-Rise Seniors Housing Project in Downtown Portland

by Amy Works April 26, 2021

PORTLAND, ORE. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion.

April 26, 2021

Acquisitions Multifamily New Mexico Western

RanchHabor, Westgrove Partners Acquire Value-Add Multifamily Portfolio in Albuquerque

by Amy Works April 26, 2021

ALBUQUERQUE, N.M. — A joint venture partnership between RanchHarbor and Westgrove Partners has purchased a two-property multifamily portfolio in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. The properties, Candlewood Village and Candelaria Heights, have been rebranded to The Grove and The Heights at Tramway, respectively. The two assets offer a total of 79 garden-style apartments. Located at 12050 Candelaria Road NE, The Grove was built in 1985 and features 59 units ranging from 650 square feet to 950 square feet spread across eight buildings. Additional amenities include 87 uncovered parking spaces and a common area with a pool. Built in 1972 at 301 Lori Place NE, The Heights offers 20 units ranging from 807 square feet to 1,100 square feet and 30 parking spaces. The joint venture plans to implement institutional-grade property management at the properties and perform interior and exterior renovations to reposition the assets. Interior improvements will include painting, installing new flooring and updating lighting, cabinet and fixtures in kitchens and bathrooms. Exterior renovations will include new paint and improvements to the buildings’ façades, landscaping and lighting in addition to clubhouse and common-area amenity renovations.

April 26, 2021

Acquisitions Industrial New York Northeast

Marcus & Millichap Brokers $15.2M Sale of Brooklyn Industrial Building

by Taylor Williams April 26, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $15.2 million sale of a 30,697-square-foot industrial building located at 73-99 Empire Blvd. in the Crown Heights area of Brooklyn. The site also houses an 8,000-square-foot retail building. John Brennan, Jason Grunberg, Jakub Nowak and Samuel Finkler of Marcus & Millichap represented the seller and buyer in the transaction. Both parties were individuals/personal trusts that requested anonymity.

April 26, 2021

Affordable Housing Loans Multifamily Utah Western

KeyBank Provides $31.3M in Financing for Affordable Housing Project in Salt Lake City

by Amy Works April 26, 2021

SALT LAKE CITY — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.3 million private placement construction and permanent loan to Wasatch Residential Group for the development of Quade Apartments, an affordable multifamily property in Salt Lake City. The five-story Quade Apartments will feature 237 units in a mix of studio, one-, two- and three-bedroom floor plans, a parking structure, clubhouse, swimming pool, hot tub, fitness center and outdoor courtyard with picnic area. All apartments will be restricted to residents earning 60 percent of the area median income under the Low-Income Housing Tax Credit (LIHTC) program. Additional financing will be provided by LIHTCs purchased by Goldman Sachs. The Utah Housing Corp. issued the tax credits and private activity bonds. Sarah Geis and Tim Gerstmann of KeyBank’s CDLI team structured the financing.

April 26, 2021

Acquisitions Connecticut Multifamily Northeast

NE Private Client Group Arranges Sale of Two Connecticut Multifamily Assets Totaling 39 Units

by Taylor Williams April 26, 2021

DANBURY AND BRANFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the sale of two multifamily assets in Connecticut totaling 39 units. Willow Park Apartments is a 21-unit complex in Danbury, and Cedar Street Apartments is a 19-unit property in Branford. The properties sold for a combined $5.2 million. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented the buyer and seller, both of which requested anonymity, in the deals.

April 26, 2021

Acquisitions Arizona Office Western

Cushman & Wakefield|PICOR Arranges $3.6M Sale of Office Space in Arizona

by Amy Works April 26, 2021

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of an office space located at 4555 and 4585 E. Speedway Blvd. and 1111, 1145, 1201, 1209, 1217, 1225, 1231 N. Venice Ave. in Tucson. Serenity Holdings III LLC acquired the asset from Eugene Pamfiloff and Erena Pamfiloff for $3.6 million. The property offers a total of 31,471 square feet of office space. Thomas Nieman of Cushman & Wakefield|PICOR represented the seller, while Paul Hooker, also of Cushman & Wakefield|PICOR, represented the buyer in the deal.

April 26, 2021

Acquisitions Arizona Multifamily Student Housing Western

Taylor Street Advisors Arranges $2.4M Sale of Student Housing Property in Tucson

by Amy Works April 26, 2021

TUSCON, ARIZ. — Taylor Street Advisors has directed the sale of Saratoga Apartments, a student housing property located at 901 N. First St. in Tucson. The property is situated about 1.3 miles west of the University of Arizona. An undisclosed buyer acquired the asset for $2.4 million, or $87,500 per unit. The Class B student housing property features 16 two-bedroom units and 12 one-bedroom units. The new ownership plans to renovate the property.

April 26, 2021

Leasing Activity New York Northeast Office

Jack Resnick & Sons Negotiates Two Office Leases in Manhattan’s Bryant Park

by Taylor Williams April 26, 2021

NEW YORK CITY — Locally based landlord Jack Resnick & Sons has negotiated two new office leases at 8 W. 40th St. in Manhattan’s Bryant Park neighborhood. Global commodity merchandiser Trammo Inc. signed a lease for 6,667 square feet, and The American Friends of Tel Aviv University (AFTAU) inked a deal of an undisclosed size. Greg Taubin of Savills represented Trammo Inc., while Glenn Roberts of Fenway Equities represented AFTAU. Brett Greenberg and Fran Delgorio represented Jack Resnick & Sons on an internal basis.

April 26, 2021

Development North Carolina Office Southeast Top Stories

Apple to Open $1B Office Campus in North Carolina’s Research Triangle, Add 3,000 Jobs

by Taylor Williams April 26, 2021

CUPERTINO, CALIF. — Apple Inc. (NASDAQ: AAPL) will open a $1 billion office campus in North Carolina’s Research Triangle, a move that is expected to add more than 3,000 new jobs to the local economy. The move is part of a larger, $430 billion expansion and capital investment program that the Cupertino-based tech giant projects will bring about 20,000 new jobs to the country over the next five years. According to the Raleigh News & Observer, North Carolina’s Economic Investment Committee, for its part, approved a job creation and tax incentives plan for Apple that was valued at $845 million over 40 years, the largest such grant in state history. The local newspaper also reports that the campus will span about 1 million square feet and will be located in Wake County on a site near the border of Cary and Morrisville, two smaller towns on the south side of the triangle. A construction timeline has not yet been released. As part of its commitment to the Tar Heel State, Apple plans to launch a $100 million fund to support local schools and invest $110 million in improving pieces of local infrastructure, such as bridges and telecommunications systems. The new …

April 26, 2021

Acquisitions Florida Office Retail Southeast

Tricera Capital, LNDMRK Acquire Cube Wynwd Office Building in Miami for $28M

by Julia Sanders April 23, 2021

MIAMI — Tricera Capital, a Miami-based real estate investment firm, and LNDMRK Development have acquired Cube Wynwd, a newly constructed office building with ground-floor retail space in Miami’s Wynwood neighborhood. RedSky Capital sold the property to the buyers for $28 million. Scott Wadler and Michael Basinski of Berkadia arranged the $27.5 million loan for the sale. Developed by RedSky Capital LLC, Cube Wynwd is an eight-story building with approximately 100,000 square feet of office and retail space with a rooftop terrace. Located at 222 NW 24th St., the property is close to area attractions including Wynwood Walls, Panther Coffee, Salty Donut, KYU and Bar Taco. Coworking operator Spaces occupies about 30 percent of the office space and about 1,700 square feet of the retail space in Cube Wynwd’s lobby. Other retail tenants include a Rome-based Bonci Pizza and Mini Market. Tricera and LNDMRK obtained acquisition financing from South Florida-based Amerant . Glacier Credit Strategies provided a mezzanine loan to the buyers as well. Law firm Polsinelli represented Tricera and LNDMRK in the transaction.

April 23, 2021

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