Property Type

Truamerica, Investcorp Purchase Orlando Multifamily Portfolio for $98M

by John Nelson June 2, 2017

ORLANDO, FLA. — A joint venture between Truamerica Multifamily and Investcorp has purchased a two-property multifamily portfolio totaling 708 units in Orlando for $98 million. The communities include the 360-unit Montevista at Windermere and the 348-unit Highpoint Club. Each community features a mix of one- and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center. The joint venture plans to launch a value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves. Other improvements will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors. Richard Jordan of CBRE’s Atlanta office arranged a seven-year, floating-rate, agency loan on behalf of the joint venture. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction.

June 2, 2017

Loans Multifamily North Carolina Southeast

Medalist Capital Arranges $71M Financing for Two Apartment Communities in Raleigh, Durham

by John Nelson June 2, 2017

RALEIGH AND DURHAM, N.C. — Medalist Capital has arranged $71 million in financing for two apartment communities in Raleigh and Durham. The properties include the 203-unit Gramercy in downtown Raleigh and the 229-unit Solis Ninth in downtown Durham. Howard Brooks of Medalist Capital’s Raleigh office arranged the two separate loans through a life insurance company on behalf of the undisclosed borrowers.

June 2, 2017

Florida Multifamily Southeast

Robbins Electra Acquires Multifamily Community in South Florida for $61.2M

by John Nelson June 2, 2017

MIAMI — Robbins Electra has acquired The Broadwater at the Hammock Apartments, a 424-unit multifamily community located at 15000 S.W. 104th St. in Miami. Robbins Electra purchased the asset from HRA Broadwater for $61.2 million. Broadwater’s community amenities include two swimming pools, a fitness center, jogging trail, sand volleyball court and an indoor racquetball court. Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate of Colliers International represented both parties in the off-market transaction. Robbins Electra plans to rebrand the property Lago Paradiso and renovate the interiors and community amenities.

June 2, 2017

Florida Multifamily Southeast

Passco Purchases Apartment Property in Metro Tampa for $49.7M

by John Nelson June 2, 2017

RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.

June 2, 2017

California Mixed-Use Top Stories Western

Shapell Liberty Investment Properties Breaks Ground on $150M Mixed-Use Project in Los Angeles

by Kristin Harlow June 2, 2017

LOS ANGELES — Shapell Liberty Investment Properties has broken ground on The Vineyards at Porter Ranch, a $150 million mixed-use project in Los Angeles’ Porter Ranch neighborhood. In addition to restaurants and shops, the 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser-Permanente medical office building, hotel and 266-unit luxury apartment complex. The project is a joint venture between Shapell Properties Inc. and Liberty Building Co. The Vineyards is being developed on the north and south sides of Rinaldi Street at the western intersection of Porter Ranch Drive. The design includes a main street and central green area that will host community events. Other features include a 4,000-square-foot community meeting room, solar panels on rooftops to help supply power to the complex, a rainwater capture and irrigation recycling system, and electric car charging stations. “The Vineyards will be a sophisticated, pedestrian-oriented retail experience that not only will serve as a central gathering spot for Porter Ranch residents, but also as the prime choice for higher-end shops and restaurants serving this entire region,” says John Love, vice president of Shapell Properties. Completion of the main shopping center is expected in late 2018. Additional phases, including the hotel and apartment community, are …

June 2, 2017

Market Reports Multifamily Texas Texas Market Reports

Fort Worth Multifamily Market: Boom Town for the Foreseeable Future

by Taylor Williams June 2, 2017

To many people, Dallas and Fort Worth are one and the same. But to local Texans, they are two distinctly different cities in which to work, live and play. And to investors, the fundamental strategies are drastically different. Many consider Fort Worth to be the region’s cultural center and the “cooler” place to live. In terms of job growth, both cities are booming and are magnets for young, talented professionals. With this job growth comes a burgeoning multifamily market with future potential that is sure to remain strong. Here’s why. Job growth in the region continues to outpace the national average by more than 50 percent, and the Dallas-Fort Worth metropolitan area is ranked among the highest-growth metro territories in the country. More than 100,000 jobs have been added over the past year, thanks in large part to major corporate relocations and expansions. Toyota and Liberty Mutual are examples of two major companies committed to growth in the local market. In addition, over the next five years, the demographic of 20- to 34-year-olds is projected to increase by close to 100,000 people – one of fastest rates in the country. These millennials typically prefer to rent and are less likely …

June 2, 2017

California Retail Western

AMC Theatres Complex in San Diego Trades for $36M

by Nellie Day June 1, 2017

SAN DIEGO — A joint venture between Citivest Commercial Investments LLC and Hutensky Capital Partners has acquired a freestanding AMC Theatres complex in San Diego for $36 million. The property is located within Palm Promenade Shopping Center, which is home to tenants including Walmart, The Home Depot and Vons. The acquisition also included available development rights. Plans for additional development have yet to be announced.

June 1, 2017

California Industrial Western

Sorrento West Properties Acquires Industrial Building in San Diego for $20M

by Nellie Day June 1, 2017

SAN DIEGO — Sorrento West Properties has purchased a 117,354-square-foot industrial building in the San Diego submarket of Poway for $20 million. The property is located at 14145 Danielson St. It is situated on 7.2 acres. Sorrento West represented itself, while Mickey Morera and James Duncan represented the seller in this off-market transaction.

June 1, 2017

Colorado Industrial Office Western

Cress Capital Purchases Office, Industrial Portfolio in Fort Collins

by Nellie Day June 1, 2017

FORT COLLINS, COLO. — Cress Capital has purchased a 500,000-square-foot office and flex industrial portfolio in Fort Collins. The property is known as the Prospect Portfolio. It was built between 1984 and 2004. Prospect Portfolio is situated near the intersection of Prospect and Timberline, one mile west of I-25.

June 1, 2017

California Industrial Western

Westcore Buys Industrial Property in Stockton for $14.4M

by Nellie Day June 1, 2017

STOCKTON, CALIF. — Westcore Properties has purchased a 277,500-square-foot industrial property in Stockton for $14.4 million. The property is one mile west of I-5. It can accommodate mid-sized users seeking 25,000 to 75,000 square feet of space. Mike Goldstein of Colliers International represented both the buyer and unnamed seller in this transaction.

June 1, 2017

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