Property Type

Woodbine Legacy Investments Purchases W Atlanta-Buckhead for $73M

by Camren Skelton July 26, 2017

ATLANTA — Woodbine Legacy Investments (WLI) has acquired W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The sales price was not disclosed, but the Atlanta Business Chronicle reports the Texas-based private real estate fund, created by Woodbine Development Corp. in June, acquired the asset for $73 million. Mark Elliott and Todd Ratliff of Hodges Ward Elliott brokered the transaction. W Atlanta-Buckhead is home to Whiskey Blue, a rooftop bar and Cook Hall restaurant. The hotel also features a 24-hour fitness center, yoga and barre classes, an infinity pool and 11,000 square feet of flexible indoor and outdoor meeting and event space. W-Atlanta Buckhead marks the second acquisition for WLI.

July 26, 2017

Florida Multifamily Southeast

Castle Lanterra Acquires Apartment Community in West Palm Beach for $63.5M

by Camren Skelton July 26, 2017

WEST PALM BEACH, FLA. — Castle Lanterra Properties (CLP) has purchased Loftin Place, a 259-unit multifamily community in West Palm Beach, for $63.5 million. Avery Klann of ARA Newmark brokered the transaction on behalf of the seller, Cypress Real Estate Advisors. David Layman of Greenberg Traurig and Mitch Clarfield of Berkely Point Capital represented CLP. Constructed in 2015, Loftin Place includes a mix of studio, one- and two-bedroom floor plans, and features a rooftop tennis court, jogging track, gazebo, sundeck, swimming pool, fitness center, yoga studio and grilling stations.

July 26, 2017

Florida Multifamily Southeast

Cushman & Wakefield Brokers $47M Sale of Multifamily Asset in Orlando

by Camren Skelton July 26, 2017

ORLANDO, FLA. — Cushman & Wakefield has arranged the $47 million sale of Advenir at Broadwater, a 408-unit apartment community located at 6677 Tanglewood Bay Drive in Orlando. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented Advenir in the sale to Emma Capital, which assumed a Freddie Mac loan with six years remaining on the term. Constructed in 1988, the property features two swimming pools, a clubhouse, fitness center, racquetball court, business center, picnic areas, grilling station and a dog park.

July 26, 2017

Georgia Office Southeast

Simpson Organization, Harbert Management Sell Office Building in Midtown Atlanta for $35.3M

by Camren Skelton July 26, 2017

ATLANTA — A joint venture between The Simpson Organization and Harbert Management Corp. has sold 730 Midtown, an 11-story, Class A office building in Atlanta’s Midtown district, for $35.3 million. David Meline and Samir Idris of Cushman & Wakefield represented the seller, and Mike Ryan and Brian Linnihan of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Crestlight Capital. Located at 730 Peachtree Street N.E., the 217,090-square-foot office building features an outdoor courtyard, 55-seat conference center and on-site property management office. The property was 92 percent leased at the time of sale.

July 26, 2017

North Carolina Retail Southeast

Marcus & Millichap Secures $17.1M Sale of Shopping Center in Durham

by Camren Skelton July 26, 2017

DURHAM, N.C. — Marcus & Millichap has brokered the $17.1 million sale of Homestead Market, a 164,200-square-foot shopping center in Durham. Andrew Margulies of Marcus & Millichap represented the seller, a Raleigh-Durham-based family partnership, in the transaction, and procured the buyer, a Florida-based real estate investment and development company. Constructed in 1988 and renovated in 2014, Homestead Market is home to Roses, Fitness World, Shiki Sushi and Bean Trade’s Coffee. The property was 98 percent leased at the time of sale.

July 26, 2017

Massachusetts Multifamily Northeast Top Stories

Bell Partners Buys 196-Unit Olmsted Place Apartments in Boston for $103M

by Nellie Day July 26, 2017

BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave. Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted. The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased the site in 2012 for $10 million from Home for Little Wanderers, a nonprofit, then completed the development. “We are thrilled to have created a win for our partnership and for the City of Boston by creating middle-class housing in a community that has long needed it,” says Curtis Kemeny, CEO of Boston Residential Group. Olmsted Place features studios to three-bedroom units. The units range in size from 530 square feet to 1,300 square feet. The community was the first new residential project for several decades in a rapidly improving section of Jamaica Plain. Boston Residential Group is a residential developer with projects in Boston submarkets such as Back Bay, South Boston and the Charlestown Navy Yard. The Carlyle Group is a Washington, …

July 26, 2017

Multifamily New Jersey Northeast

Azure Partners Completes Sale of 219-Unit Apartment Property in Newark, New Jersey

by Amy Works July 25, 2017

NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.

July 25, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Ready Capital Structured Finance Secures $12.1M Loan for Mixed-Use Building in the Bronx

by Amy Works July 25, 2017

NEW YORK CITY — Ready Capital Structured Finance has arranged a $12.1 million loan for the refinancing, renovation and stabilization of a mixed-use building located at 926 Southern Blvd. in the Woodstock neighborhood of the Bronx. The undisclosed borrower will use the loan to complete a gut renovation and reconfiguration of the loft apartments and street-level retail suites. The 50,700-square-foot building features residential units and 6,700 square feet of retail space. The non-recourse, interest-only loan features a 24-month term with one extension option, flexible pre-payment and is inclusive of facilities to provide future funding for capital expenditures and interest and carry reserves. David Cohen of Ready Capital negotiated the financing.

July 25, 2017

Hospitality Loans Massachusetts Northeast

HREC Capital Markets Arranges $6.2M in Refinancing for 208-Room La Quinta Inn & Suites in Massachusetts

by Amy Works July 25, 2017

SPRINGFIELD, MASS. — HREC Capital Markets Group has arranged a $6.2 million senior loan for the refinancing of a La Quinta Inn & Suites, located at 100 Congress St. in Springfield. The hotel features 208 guestrooms. John Siska of HREC’s Boston office negotiated the loan for the borrower, a private owner-operator. A local community bank provided the financing.

July 25, 2017

New Jersey Northeast Office

Markeim Chalmers Negotiates $2.4M Sale of Two Office Buildings in Cherry Hill, New Jersey

by Amy Works July 25, 2017

CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.

July 25, 2017

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