Property Type

IPA Arranges $49.9M Sale of Connecticut Multifamily Property

by Amy Works April 8, 2015

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of TGM Waterford Commons, an apartment community located at 30 Catherine’s Way in Manchester. Beachwood Residential LLC purchased the 303-unit property from TGM Waterford LLC, an affiliated entity of New York City-based TGM Associates, for $49.9 million, or $165,000 per unit. The 13-building property features 47 one-bedroom/one-bath apartments, 193 two-bedroom/two-bath units and 63 three-bedroom/two-bath units ranging from 690 to 1,350 square feet. Units feature walk-in closets, in-home full-size washer/dryer units and a private patio or balcony area. Community amenities include a clubhouse, heated indoor swimming pool and spa, movie theater, fitness center, sauna and steam room, volleyball court, tennis court, playground, barbecue and picnic area, storage units and carports. Steve Witten and Victor Nolletti of IPA represented the seller in the transaction.

April 8, 2015

Mississippi Multifamily Southeast

Morgan Properties, DRA Advisors Acquire Apartment Community in Towson

by John Nelson April 8, 2015

TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.

April 8, 2015

Georgia Retail Southeast

Ziff Properties Buys Starbucks-Anchored Shopping Center in Columbus for $6.6M

by John Nelson April 8, 2015

COLUMBUS, GA. — Charleston, S.C.-based Ziff Properties has purchased St. Francis Marketplace, a 62,535-square-foot shopping center located in Columbus, for $6.6 million. The property was 98 percent leased at the time of sale to tenants such as Starbucks Coffee, Planet Fitness, Rent a Center, Peluso’s and The Yogurt Shoppe. The asset, which was constructed in 1971 and renovated in 1994, is located directly across from St. Francis Hospital. Ziff Properties acquired the property from Woodruff Real Estate. Craig Taylor of CBRE’s Atlanta office represented Ziff in the transaction.

April 8, 2015

Multifamily Northeast Rhode Island

CBRE/NE Brokers $31.7M Sale of Rhode Island Multifamily Community

by Amy Works April 8, 2015

WEST WARWICK, R.I. — CBRE/New England has brokered the sale of The Apartments at Royal Mills, a multifamily community located at 125 Providence St. in West Warwick. JG Royal Mill LLC/JJH Royal Mill LLC, an affiliate of Readville, Mass.-based Geraghty Associates, purchased the 251-unit property for $31.7 million from SBER Royal Mill LLC. The property consists of two main historic mill buildings: Royal Mill, ranging from four to six stories, and the four-story Ace Dye Mill. Additionally, the property features a two-story machine shop mill with two townhome units and a vacant two-story gatehouse building, which can be converted into amenity or residential space. Community amenities include a clubhouse, pool table, wet bar, fireplace, resident lounge, fitness and business centers, riverfront barbeque area, kayak launch, landscaped river walk, waterfall-powered hydro plant, landscaped common areas and courtyards and climate controlled on-site garage parking. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

April 8, 2015

Industrial Northeast Pennsylvania

The Garibaldi Group, Avison Young Broker Sale of 284,582 SF Industrial Property

by Amy Works April 8, 2015

YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.

April 8, 2015

Industrial New Jersey Northeast

Commercial Realty Group Buys 142,620 SF Industrial Building in New Jersey

by Amy Works April 8, 2015

PARSIPPANY, N.J. — Commercial Realty Group (CRG) has acquired an industrial building, located at 7 Eastmans Road in Parsippany, for an undisclosed price. CRG plans to reposition the 142,620-square-foot property to Class A status. Renovations and improvements will include a new roof and energy-efficient lighting, as well as raising ceiling heights to 24 feet in a portion of the building and upgrading the landscaping. Additionally, the buyer plans to reskin the building’s façade, upgrade the loading docks and expand the parking area. Jules Nissim, Stephen Elman and Chris Kinum of Cushman & Wakefield negotiated the transaction and represented the seller, a trust, in the deal. Additionally, CRG has retained Cushman & Wakefield to market and lease the property.

April 8, 2015

District of Columbia Multifamily Southeast

Greysteel Brokers Sale of Apartment Community in Northeast D.C.

by John Nelson April 8, 2015

WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Hampton Park, a 24-unit multifamily that also includes an adjacent land parcel located at 1215-1225 49th St. in northeast Washington, D.C. The property is located in Washington’s Deanwood neighborhood and is situated three blocks from the Deadwood Metrorail station. The seller, Mary Jenkins, sold the asset to Saha Capital Investments LLC for an undisclosed amount. Ari Firoozabadi, Kyle Tangney, John Mullen, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz of Greysteel represented the seller in the transaction.

April 8, 2015

New York Northeast Office

WeWork Leases 180,000 SF of Office Space in NYC’s Times Square

by Amy Works April 8, 2015

NEW YORK CITY — WeWork has signed a 19-year lease for 180,000 square feet of office space at 1460 Broadway in Times Square. The company will occupy the entire 16-story building except for the second and third floors, which will be converted into a multi-level retail space. WeWork, a provider of shared workspace, community and services for entrepreneurs, freelancers, startups and small businesses, will take occupancy of the property later this year. The property is jointly owned by Himmel + Meringoff and The Swig Company. Additional terms of the lease were not released.

April 8, 2015

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Developers Capitalize on Trends in Boston’s Apartment Market

by Jaime Lackey April 8, 2015

Young professionals are flocking to Boston to find higher-paying jobs generated by fruitful healthcare and technology industries. Pharmaceutical companies like GE Healthcare, Amgen and Novartis AG are expanding in Boston and Cambridge. In addition, professional, business services, education, and health services sectors have all surpassed pre-recession employment. In 2015, companies in Boston are projected to create 43,000 new jobs, which is a 1.7 percent annual increase. The increased pace of hiring will support household formation and elevate the area’s housing demand. The Greater Boston region is experiencing one of its largest residential building booms in recent history. Most of the area’s proposed and under-construction residences are apartments and many of them are on the luxury end, including the Ink Block and Troy Boston on the South End, and the Zinc in East Cambridge. Multifamily inventory will expand 1.6 percent this year, resulting in a total delivery of 7,250 new units. Many potential homeowners will choose renting over buying as more and more potential homebuyers prefer short commute times and the lifestyle that renting offers — a growing trend across many of the country’s major metros. Nationwide, apartments outperformed expectations for 2014. The national vacancy rate dipped as low as 4.2 …

April 8, 2015

Colorado Multifamily Western

The ConAm Group Buys PeakView Place Apartments in Denver

by Nellie Day April 8, 2015

DENVER — The ConAm Group has acquired the 296-unit PeakView Place apartments in Denver for an undisclosed sum. The community is located at 9959 E Peakview Ave. in the Englewood submarket. PeakView is situated near Denver’s largest employment center, the 850-acre Denver Technological Center (DTC). ConAm plans to carry out a $5.5-million renovation on the property. This will include construction of a new leasing office, new exterior siding, full interior upgrades, and overall enhancements to the common areas and landscaping. Common-area amenities include a pool and spa, as well as a fitness center. Units include modern floorplans, washers and dryers, central heat/air conditioning and fireplaces.

April 8, 2015

Newer Posts

Older Posts