Property Type

Greysteel Arranges Sale of Orchard Hills Apartment Complex in Metro Dallas

by Haisten Willis November 3, 2015

GARLAND, TEXAS — Greysteel has arranged the sale of Orchard Hills, a 50-unit multifamily community in Garland. Greysteel’s Texas multifamily investment sales team of Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss represented Meadows Denison Investments LLC in the sale of Orchard Hills to Oyster Rock LLC. Located along West Kingsley Road, Orchard Hills is a garden-style community featuring 24 one-bedroom units and 26 two-bedroom, two-bathroom units. The property offers residents a blend of urban amenities and outdoor activities with a playground, 1.6 miles of trails, a disc golf course, baseball and soccer fields, as well as swimming and recreation at Audubon Park.

November 3, 2015

Opus Group Completes Three Luxury Off-Campus Student Housing Projects

by Christina Cannon November 3, 2015

ANN ARBOR, MICH. , COLUMBIA, MO., AND AMES, IOWA — The Opus Group has completed the development of three luxury, off-campus student housing projects. The projects are ArborBLU near the University of Michigan in Ann Arbor; District Flats near the University of Missouri in Columbia; and The Foundry near Iowa State University in Ames. Opus Development Co. was the developer, Opus Design Build was the design builder, and Opus AE Group was the architect and structural engineer of record for all three projects. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect for The Foundry and District Flats, and J. Bradley Moore & Associates was the design architect for ArborBLU. All three of the luxury apartments feature a variety of amenities including fitness centers, study lounges, clubrooms, garage parking, tanning and other shared community spaces. Residents of the new buildings will also have access to in-unit washers and dryers, granite countertops, stainless steel appliances and flat-screen televisions in the fully furnished apartments. ArborBLU was built on top of an existing Pizza House restaurant, which stayed open throughout construction. The 13-story student housing complex features 242 beds. In addition to the amenities described, the building also has a rooftop terrace …

November 3, 2015

Loans Midwest Nebraska Office

Q10 | Daisley Ruff Financial Arranges $7M in Financing for Office Property in Omaha

by Christina Cannon November 3, 2015

OMAHA, NEB. — Q10 | Daisley Ruff Financial has arranged $7 million in permanent financing for Aksarben Village 2, a Class A office property in Omaha. The loan features a 10-year, fixed-rate term with a 25-year amortization schedule. The non-recourse loan also features no holdbacks for tenant improvements or reserves. Steve Ruff and Eric Petersen of Q10 | Daisley Ruff Financial arranged the financing.

November 3, 2015

Industrial Michigan Midwest Office

Colliers Arranges Sale of 50,000 SF Flex Property in Troy, Michigan

by Christina Cannon November 3, 2015

TROY, MICH. — Colliers International has arranged the sale of a 50,000-square-foot flex building in Troy, a northern suburb of Detroit. The property is located on West Maple Road. Wild Bills Tobacco purchased the building from Atlas Building LLC for an undisclosed amount and plans to renovate the entire building and relocate its corporate offices to the facility. Raffi Derbabian of Colliers represented Wild Bills Tobacco.

November 3, 2015

Midwest Ohio Retail

Friedman Brokers Sale of 41,780 SF Retail Property in Cleveland, Ohio

by Christina Cannon November 3, 2015

CLEVELAND, OHIO — Friedman Integrated Real Estate Solutions has brokered the sale of a 41,780-square-foot retail property in Cleveland. Brooklyn Centre is located at 3712-3762 W. 125th St. and is situated on 2.9 acres. The retail center was built in 1993 and is comprised of three buildings. The largest building is 29,780 square feet and is configured for a single tenant. The other two buildings are 6,000 square feet each. One facility is for a single tenant, and the other is a multi-tenant building. Tenants in Brooklyn Centre include Rent-A-Center and CVS Pharmacy. Rich Deptula of Friedman represented both undisclosed parties in the transaction.

November 3, 2015

Indiana Midwest Multifamily Student Housing

Trinitas Breaks Ground on Student Housing Project in Downtown Indianapolis

by Christina Cannon November 3, 2015

INDIANAPOLIS — Trinitas has broken ground on The Collegiate, a 193-unit, 669-bed student housing project that will reside on 2.8 acres of land in downtown Indianapolis and serve students of Indiana University–Purdue University Indianapolis. The project will feature a mix of one-, two-, three- and four-bedroom apartments. Each fully furnished unit will include bedrooms with private bathroom suites, walk-in closets, a washer and dryer unit and high-speed Internet with wireless capabilities. The complex, designed by Ratio Architects, includes two buildings ranging from five to 11 stories and is anticipated to open in August 2017. It will include 3,100 square feet of retail space and 370,000 square feet of amenities, including a five-level parking garage, outdoor courtyard with a basketball court, and resort-style pool and sundeck with water volleyball and grilling stations. Student residents will have access to a 5,196 square foot, all-inclusive clubhouse featuring a fitness center, free tanning, a computer café, private study lounges, gaming stations and large-screen TVs.

November 3, 2015

Multifamily New York Northeast

Ariel Properties Brokers $90M Sale of 13-Property Multifamily Portfolio in the Bronx

by Amy Works November 3, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.

November 3, 2015

Loans Multifamily Northeast Pennsylvania

Greystone Provides $46M in Bridge Financing for 310-Unit Apartment Complex in Pennsylvania

by Amy Works November 3, 2015

EAGLEVILLE, PA. — Greystone has provided a $46 million bridge loan for the acquisition of Riverview Landing at Valley Forge in Eagleville. Nathan Schuss of Greystone originated the loan on behalf of Liss Property Group. Greystone presented the financing opportunity with an introduction to a joint venture equity partner, Azure Investments. This opportunity enabled Liss Property Group to acquire the 310-unit multifamily property, which features a resort-style pool and clubhouse, fitness center and business center.

November 3, 2015

Connecticut Northeast Office

O,R&L Commercial Brokers Sale of 25,777 SF Office Building in Connecticut

by Amy Works November 3, 2015

CHESHIRE, CONN. — O,R&L Commercial LLC has brokered the sale of an office building located at 1154 Highland Ave. in Cheshire. Marshall Enterprises LLC sold the 25,777-square-foot Class A office building to RPG Holdings LLC for an undisclosed price. The new owners plan to convert the first floor of the building into a medical office space for a future urgent care facility. Richard Guralnick of O,R&L represented the seller, while Dan Garofalo and John Mullin of Reno Properties represented the buyer in the transaction.

November 3, 2015

Multifamily New York Northeast

Apartment Building in Brooklyn Sells for $5.6M

by Amy Works November 3, 2015

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.

November 3, 2015

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