Property Type

Milhaus Underway on Phase II of $75M Multifamily Project in Pittsburgh

by Alex Patton June 23, 2020

PITTSBURGH — Milhaus, an Indianapolis-based developer, is underway on Phase II of Arsenal 201, a $75 million multifamily project in the Lawrenceville neighborhood of Pittsburgh. Located at 147 39th St., the project will add 343 apartment units in studio, one-, two- and three-bedroom floor plans to the existing 243 units. Amenities will include a fitness center, dog park and pet spa, outdoor kitchen, community courtyard and a pool. Ten percent of the units will be designated as affordable to residents earning 50 percent or less of the median area income. CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank provided debt and equity financing for the project. Dwell Design Studio designed the project, and Franjo Construction is the general contractor. Construction is slated to be complete in summer 2022.

June 23, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $17.9M Acquisition Loan for Multifamily Community in Fayetteville, North Carolina

by Alex Tostado June 23, 2020

FAYETTEVILLE, N.C. — Berkadia has provided a $17.9 million Fannie Mae acquisition loan for Ardmore Pointe, a 291-unit multifamily community in Fayetteville. The 10-year loan features a fixed 3.01 percent interest rate and a 65 percent loan-to-value ratio. The property offers one-, two- and three-bedroom floor plans averaging 1,051 square feet. Communal amenities include a clubhouse, pool, dog park, fitness center and a car wash area. The asset is situated at 3325 Oak Forest Drive, eight miles west of downtown Fayetteville. Mitch Sinberg and Brad Williamson of Berkadia originated the loan on behalf of the buyer, One Real Estate Investments. The seller and sales price were not disclosed.

June 23, 2020

Northeast Pennsylvania Retail

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Patton June 23, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.

June 23, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $22.2M Sale of Adjacent Apartment Buildings in Manhattan

by Alex Patton June 23, 2020

NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.

June 23, 2020

Acquisitions California Retail Western

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Arizona Development Multifamily Western

Watermark Residential Buys Development Site for $43M Multifamily Community Near Phoenix

by Amy Works June 23, 2020

GILBERT, ARIZ. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired a 10-acre land site located in Gilbert for the development of The Wyatt by Watermark, a $43 million apartment project located at 1205 S. Gilbert Road. Slated for completion in late 2021, The Wyatt will feature 216 one-, two- and three-bedroom apartments averaging 978 square feet. Units will include a gourmet bar-kitchen with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers/dryers. Community amenities will include a clubhouse, 24-hour fitness center, swimming pool with cabana, pet-friendly park and dog spa. The Wyatt is the third of six developments to be funded by the Watermark 3G Development Fund II, which closed in late 2019. Watermark also owns the 250-unit Watermark at Gateway Place in Gilbert.

June 23, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates $24.7M Sale of Marymount Place Apartments in Santa Clara, California

by Amy Works June 23, 2020

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale Marymount Place Apartments, a multifamily property comprising three adjacent buildings in Santa Clara. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the undisclosed buyer and seller in the $24.7 million transaction. The portfolio includes: 1962 Bellomy St. — Built in 1961, the 37-unit property features a mix of studio, one-, two- and three-bedroom layouts. The community sold for $15.9 million. 1978 Bellomy St. — Developed in 1964, the 14-unit apartment building offers a mix of one-, two- and four-bedroom floor plans. The property sold for $6.1 million. 1972 Bellomy St. — Constructed in 1951, the eight-unit property features one-bedroom floor plans and sold for $2.7 million. The portfolio offers shared community amenities including on-site laundry facilities, a swimming pool and covered parking.

June 23, 2020

Acquisitions California Healthcare Office Western

CREST Properties Sells DaVita-Occupied Medical Office Building in Orange County for $8.4M

by Amy Works June 23, 2020

TUSTIN, CALIF. — CREST Properties has completed the disposition a medical office property located at 721 W. First St. in Tustin. of A Southern California-based private investor acquired the asset for $8.4 million. DaVita Healthcare occupies the entire 11,499-square-foot building. Ian Schroeder, Melissa Ley and Allison McDuffie of CBRE of represented the seller in the deal.

June 23, 2020

Acquisitions Multifamily Oregon Western

Marcus & Millichap Brokers $4.6M Sale of Two Apartment Properties in Roseburg, Oregon

by Amy Works June 23, 2020

ROSEBURG, ORE. — Marcus & Millichap has arranged the sale of West Vue and Poplar Apartments, two multifamily communities located in Roseburg. A private seller sold the assets to a limited liability company for $4.6 million. Located at 731 and 857 NE Alameda Ave., West Vue was built in 1956 and contains 50 units in a mix of two- and three-bedroom layouts, while Poplar Apartments was built in 1965 and features 13 two-bedroom flats. Danalee Corso, Nygel Drury and Whitney Rhoades of Marcus & Millichap’s Portland office represented the seller and buyer in the deal.

June 23, 2020

Development Illinois Midwest Multifamily

Wingspan Development, Integrated Capital Underway on $60M Apartment Community in Plainfield, Illinois

by Kristin Harlow June 23, 2020

PLAINFIELD, ILL. — Wingspan Development Group and Integrated Capital Management have formed a joint venture to develop Sixteen|30, a $60 million apartment community in Plainfield, about 40 miles southwest of Chicago. The 284-unit garden-style property is located at 14700 Wallin Drive. Amenities will include a clubhouse, swimming pool, fitness center, package room, bark park and bocce ball courts. The project will feature a mix of studio, one-, two- and three-bedroom units in a variety of floor plans. Construction has commenced with completion slated for spring 2021. “Sixteen|30 will provide much needed multifamily housing to the village of Plainfield, which has been a challenging submarket for developers to obtain entitlements for new multi-tenant residential product,” say the developers. “This high barrier to entry and scarcity of supply is further amplified by underserved demand resulting from Plainfield’s close proximity to multiple employment centers, high ranking school district and overall quality of life.”

June 23, 2020

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