Property Type

NRP Group, World Premier Investments Begin Construction of 184-Unit Apartment Project Near Boston

by Alex Patton May 22, 2020

WAKEFIELD, MASS. — A partnership between NRP Group and World Premier Investments has begun construction of Grayson Lofts at Wakefield Station, a 184-unit apartment community in Wakefield, a northern suburb of Boston. Located at 178 Albion St., the project is a redevelopment of a three-story mill building that was previously used as office space. The west side of the U-shaped building will retain its office space while the east side will be redeveloped for a residential project featuring one- and two-bedroom floor plans. The development team will also construct an additional three stories on top of the existing building that will also feature residential space. Canadian Imperial Bank of Commerce provided construction financing for the project. Construction is slated to be complete in 2021.

May 22, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $45.8M Fannie Mae Acquisition Loan for Multifamily Property in Ambler, Pennsylvania

by Alex Patton May 22, 2020

AMBLER, PA. — Greystone has provided a $45.8 million Fannie Mae loan for the acquisition of The Woods Apartments, a 321-unit multifamily property in the northern Philadelphia suburb of Ambler.The borrower was Woods Realty Associates. Located at 1410 E. Butler Pike, the garden-style property was originally constructed in 1974 and features one-, two- and four-bedroom floor plans. Dan Sacks of Greystone arranged the loan, which carries a 12-year term with a 30-year amortization schedule.

May 22, 2020

Acquisitions Industrial New Jersey Northeast

Venture One Acquires 31,222 SF Industrial Building in Little Ferry, New Jersey

by Alex Patton May 22, 2020

LITTLE FERRY, N.J. — Venture One Real Estate has acquired a 31,222-square-foot industrial building in Little Ferry, a northwestern suburb of New York City. Located at 3 Alsan Way, the single-tenant building was constructed in 1970 and features four exterior docks and parking for 35 vehicles. Venture One will implement a capital improvement plan that will feature office renovations, fresh paint jobs and the installation of LED lights. Jeff Chaus and Brian Scheuer of Chaus Realty LLC represented Venture One in the transaction. Justin Kang of Good Neighbor Realty represented the undisclosed seller.

May 22, 2020

Acquisitions Connecticut Multifamily Northeast

NPCG Brokers $17M Sale of Multifamily Community in Norwalk, Connecticut

by Alex Patton May 22, 2020

NORWALK, CONN. — Northeast Private Client Group (NPCG) has brokered the $17 million sale of Point Rock Apartments, a 54-unit luxury multifamily property in Norwalk, an eastern suburb of Stamford. Located at 34 Oakwood Ave., the property offers one- and two-bedroom floor plans and amenities including a fitness center and resident clubhouse. The four-story building was constructed in 2015. Brad Balletto, Rich Edwards and Jeff Wright represented the seller, a Connecticut-based developer, in the transaction. The team also procured the buyer, a New York-based investor. Both parties requested anonymity.

May 22, 2020

Acquisitions New York Northeast Retail

Schuckman Realty Arranges Sale of 14,000 SF Retail Building in Rockville Centre, New York

by Alex Patton May 22, 2020

ROCKVILLE CENTRE, N.Y. — Schuckman Realty Inc. has arranged the $2.3 million sale of a 14,000-square-foot retail building in Rockville Centre, a city on Long Island. Located at 120 North Village Ave., the single-tenant property was constructed in 1957 and was leased to Chase Bank at the time of sale. Kenneth Schuckman and Edward Gottlieb of Schuckman Realty represented the buyer, ABEN Village LLC, in the transaction. Michael Ventre and Robert Reinhardt of Windsor Commercial Real Estate represented the undisclosed seller.

May 22, 2020

Acquisitions California Multifamily Western

Oakmont Properties Sells Fountains at Point West Multifamily Community in Sacramento for $85.1M

by Amy Works May 22, 2020

SACRAMENTO — San Rafael, Calif.-based Oakmont Properties has completed the disposition of The Fountains at Point West, a value-add apartment property located at 1761 Heritage Lane in Sacramento. Salt Lake City-based Bridge Investment Group acquired the asset for $85.1 million. Built in 1974, The Fountains at Point West features 339 units in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities include a 12,000-square-foot clubhouse; theater room; multi-story fitness center with racquetball courts; three pools and spas; multiple waterways and fountains; a barbecue area; three tennis courts; a basketball court; underground garage parking; and elevators serving the three-story buildings. The property recently underwent exterior renovations, including new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual-pane windows, exterior paint, landscaping and an upgraded fitness center and clubhouse. The seller has fully renovated 23 units, allowing Bridge Investment Group to renovate the remaining the units and revitalize the remainder of the property. Marc Ross of CBRE’s Sacramento office represented the seller in the transaction.

May 22, 2020

Acquisitions Industrial Nevada Western

Lincoln Property Co. Enters Nevada Market, Buys Hughes Airport Center for $72M

by Amy Works May 22, 2020

LAS VEGAS — The Desert West Region of Lincoln Property Co. (LPC) has acquired its first-ever asset in Nevada. The company purchased Hughes Airport Center, a six-building industrial portfolio located in Las Vegas’ airport submarket. An undisclosed seller sold the asset for $72 million. At the time of sale, the 425,752-square-foot industrial complex was 98 percent occupied. The property is part of the larger 3.3 million-square-foot Hughes Airport Center master-planned business park, which includes office and industrial product across 420 acres. Located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road, the portfolio offers unit sizes ranging from 4,352 square feet to 86,674 square feet, with the ability to support a variety of uses including distribution, warehouse, office and flex. The asset also features 3.5 acres of on-site parking with near-immediate access to McCarran International Airport and interstates 215 and 15. Darla Longo and Barbara Emmons of CBRE’s National Partners team represented the seller. Kevin Higgins of CBRE will handle leasing for the property, while LPC, in partnership with its affiliate Lincoln Harris, will lead all property management services. LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico, and the company …

May 22, 2020

Acquisitions California Multifamily Western

Decron Properties Acquires Rancho Luna Sol Multifamily Complex in Bay Area for $71.5M

by Amy Works May 22, 2020

FREMONT, CALIF. — Los Angeles-based Decron Properties has entered the Fremont market with the $71.2 million purchase of the Rancho Luna Sol apartment community. With this acquisition, the company increased its regional portfolio to 1,054 units across six properties. Located at 3939 Monroe Ave., Rancho Luna Sol features 188 apartments in a mix of one- and two-bedroom floor plans. Over the past six years, the property, which was built in 1980, received nearly $8 million in interior and exterior improvements. Unit amenities include wood-style flooring, granite countertops, custom Shaker cabinets, energy-efficient appliances and in-unit washers/dryers. The property also features a variety of outdoor spaces and offerings, including a swimming pool, for residents. Mark Leary, John McCulloch and Robert Le Doux of Newmark Knight Frank represented the buyer and undisclosed seller in the deal.

May 22, 2020

Industrial Loans Multifamily Washington Western

Gantry Arranges $24.8M in Financing for Two Properties Near Puget Sound

by Amy Works May 22, 2020

TACOMA AND EVERETT, WASH. — San Francisco-based Gantry has arranged $24.8 million in financing for two properties located in Washington’s Puget Sound region. Mike Wood of Gantry’s Seattle office secured the financing for both properties through two correspondent life insurance companies The firm arranged a three-year, $17 million bridge loan for the Brewery Blocks, a multifamily property in Tacoma. The newly built community features 49 apartments and 31,000 square feet of commercial space. Wood secured the loan for the borrower, Horizon Commerce Partners, with a West Coast-based life insurance company. Additionally, Wood arranged a $7.8 million loan for two buildings at Seaway Business Park in Everett. The loan includes five years of interest-only payments. Built in 2003, the two industrial buildings are located at 1330 and 1500 Industry St. and offer a total of 112,475 square feet. Building G consists of 46,590 square feet and Building H features 65,885 square feet. The properties offer 24-foot clear heights and reinforced concrete construction.

May 22, 2020

Acquisitions Arizona Multifamily Western

SVN | Desert Commercial Negotiates $11.3M Purchase of Ridgewood Gardens Apartments in Tucson

by Amy Works May 22, 2020

TUCSON, ARIZ. — SVN | Desert Commercial Advisors has brokered the acquisition of Ridgewood Gardens, a multifamily property located at 3302 S. Pantano Road in Tucson. Ridgewood USA LLC sold the property to Lilly Tucson Investments for $11.3 million. Situated 10 minutes from The University of Arizona, the 148,494-square-foot Ridgewood Gardens offers 171 apartments. The property is undergoing upgrades, including the installation of separate water meters to individual units in an effort to reduce water usage. Danny Lee of SVN | Desert Commercial represented the buyer in the deal.

May 22, 2020

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