Property Type

Pinnacle South Mountain Apartments in Phoenix Sells for $63M

by Nellie Day January 14, 2015

PHOENIX — FPA Multifamily has purchased the 552-unit Pinnacle South Mountain apartment community in Phoenix for $63 million. The community is located at 5151 E. Guadalupe Road. Pinnacle is situated near the 16,000-acre South Mountain Park, which offers hiking and biking trails. It is also near the Ahwatukee Foothills Town Center. The community was developed in two phases in 1995 and 1997. Common-area amenities include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas. The seller was Essex Property Trust. The transaction was executed by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.

January 14, 2015

California Multifamily Western

The South Orange Grove Apartments in Pasadena Sell for $9.5M

by Nellie Day January 14, 2015

PASADENA, CALIF. – The South Orange Grove Apartments have sold to a Unison Investment Co. for $9.5 million. The 20-unit community is located at 164, 168, 172, 176 and 180 S. Orange Grove Blvd. It was the first multifamily structure to be built on South Orange Grove Boulevard, following a zoning change in 1948. The seller, an entity of City Ventures, was represented by Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura.

January 14, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $60.3M in Construction Financing for Astoria Multifamily Development

by Amy Works January 14, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $44.8 million loan and $15.5 million in joint-venture equity for the construction of a multifamily property in the Astoria neighborhood of Queens. The three-year, interest-only loan, which was provided by CIT Real Estate Finance, features a LIBOR-based, floating-rate and two one-year extension options. Glenmont Capital Management provided the $15.5 million joint-venture equity. Tal Bar-Or of Meridian Capital Group negotiated the transactions. The undisclosed sponsor plans to develop a 143,320-square-foot structure on the site, which is located at 31-53 31st St. and was acquired through an off-market transaction. The property will feature 114 apartments, parking, retail space, storage and a community facility. On-site amenities will include a 24-hour doorman, sound-proof construction, on-site parking, a laundry room, bicycle storage, a media room, a fitness and yoga room, grocery storage, tenant storage and rooftop decks for grilling and lounging.

January 14, 2015

Mixed-Use New Jersey Northeast

NAI Hanson Secures Sale of 14,000 SF New Jersey Mixed-Use Property

by Amy Works January 14, 2015

KEANSBURG, N.J. — NAI James E. Hanson has facilitated the sale of a mixed-use property in Keansburg. Father and Sons Building and Remodeling purchased the building, which is located at 19-21 Carr Ave., for an undisclosed price. The 14,000-square-foot building is well suited to be repurposed into a residential property. John Schilp and Joan Cenicola of NAI Hanson represented the undisclosed seller in the transaction.

January 14, 2015

Multifamily New York Northeast

GFI Realty Arranges Sale of Ridgewood Residential Building in Queens

by Amy Works January 14, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a three-story, walk-up apartment building located at 17-31 Linden St. in the Ridgewood section of Queens. A local investor purchased the property for $1.5 million, or $250,000 per unit. Built in the 1930s, the property consists of six units, four of which were delivered vacant. Alexandra Rossland of GFI Realty Services represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.

January 14, 2015

Mixed-Use New York Northeast

TerraCRG Closes Sale of Mixed-Use Building for $1.2M in Brooklyn

by Amy Works January 14, 2015

NEW YORK CITY — TerraCRG has closed the sale of a mixed-use building located at 994 Atlantic Ave. on the border of Crown Heights and Clinton Hill in Brooklyn. The 3,200-square-foot property sold for $1.2 million, or $359 per square feet with a 5.52 percent cap rate. The property features two two-bedroom apartments and ground-floor retail space. The building is zoned M1-1, which means it is overbuilt by 1,600 square feet and is grandfathered in for mixed use. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG negotiated the transaction.

January 14, 2015

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 24-Unit Apartment Complex in Massachusetts

by Amy Works January 14, 2015

FALL RIVER, MASS. — Marcus & Millichap has brokered the sale of Jencks/Flint Street Apartments, a multifamily complex located at 311 Jencks St., 322 Flint St. and 309 Flint St. in Fall River. A limited liability company purchased the 24-unit property for $1.1 million. The property features 18 two-bedroom units, six one-bedroom units, laundry facilities in each building and off-street parking. Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the seller, a private investor, and secured the buyer in the transaction, which closed with a 9.69 percent cap rate.

January 14, 2015

Georgia Office Southeast

NCR Corp. to Build World Headquarters in Midtown Atlanta, Satellite Campus in North Atlanta

by John Nelson January 14, 2015

ATLANTA — NCR Corp., a consumer transaction technologies company with approximately 29,000 employees worldwide, has entered into an agreement to build a new world headquarters campus in Midtown Atlanta. NCR also plans to maintain its presence in the northern suburbs of Atlanta with a second campus. The new headquarters will be located at Centergy North at Technology Square on Spring Street. The new campus will be ready late in 2017 or early in 2018. The location for the campus in the northern suburbs is yet to be finalized, but it is expected to open during a similar timeframe, according to NCR Corp. “Technology is a critical sector for our local economy and we are honored to have NCR locate its global headquarters in Atlanta,” says Atlanta Mayor Kasim Reed. “Every day, businesses are voting with their feet and choosing the city of Atlanta as the place to bring their dreams and build their businesses. The best companies in the world are building their brands here, strengthening our economy and confirming Atlanta’s place as a leading city for business.”

January 14, 2015

Affordable Housing Maryland Multifamily Southeast

Enterprise Homes, SunTrust Team Up for $24.6M Renovation of Affordable Housing Project

by John Nelson January 14, 2015

FREDERICK, MD. — Enterprise Homes and SunTrust Bank are teaming up on the $24.6 million renovation of Taney Village Apartments in Frederick. Constructed in 1978, the building features 130 one-bedroom affordable homes designated for seniors and adults with disabilities earning up to 60 percent of the area median income. Thirteen of the apartments are reserved for residents with disabilities. The renovation will include new energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. Common areas including hallways, corridors and lobbies, the community room, fitness room and laundry facilities will also undergo renovations with new lighting, flooring, paint and furniture. New elevators will also be installed. The development cost will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, as well as loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. The design team includes general contractor Plano-Coudon, architect Grimm + Parker and property manager Habitat America. Renovations will be completed by fall 2015.

January 14, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Closes $12.4M Financing for Affordable Housing Community in Largo

by John Nelson January 14, 2015

LARGO, FLA. — Housing Trust Group (HTG) has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community in Largo. HTG will develop the property on a 4.4-acre site at 601 16th Ave. S.E. HTG secured the financing through Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program. Whispering Palms Apartments will feature a clubhouse, pool, fitness center, playground, computer lab and four units specifically for special needs families.

January 14, 2015

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