Multifamily

CMT Developers Underway on 514-Unit Multifamily Project in Elizabeth, New Jersey

by Alex Patton March 11, 2020

ELIZABETH, N.J. — CMT Developers LLC is underway on development of Jersey Walk, a 514-unit multifamily project in Elizabeth, a southwestern suburb of New York City. The Class A project, which will be located at 901 E. Jersey St., will be developed in two phases. Phase I will include two buildings totaling 218,292 square feet, which will feature 274 units in studio, one- and two-bedroom floor plans. Phase I will also include 3,000 square feet of ground-floor retail space and amenities including a gym, indoor pool and rooftop lounge. Phase II will include two six-story buildings featuring 240 units. The project is a repositioning of the former Elizabeth General Hospital, which has been vacant for more than 20 years. The new development plans to renovate and incorporate a 540-space, freestanding parking garage retained from the hospital. Parkview Financial has provided a $56 million construction loan for Phase I, which is slated for completion in spring 2021. The construction timeline for Phase II has not yet been determined.

March 11, 2020

Development Multifamily New Jersey Northeast

TFE Properties Opens 117-Unit Luxe Apartments in Woodbridge, New Jersey

by Alex Patton March 11, 2020

WOODBRIDGE, N.J. — TFE Properties has opened Luxe Apartments, a 117-unit multifamily property in Woodbridge, a southwestern suburb of New York City. Located at 1 Woodbridge Center across from Woodbridge Center Mall, the property features one- and two-bedroom floor plans with amenities including a fitness center and a yoga studio. The residential space is located on floors three through nine, and the second floor features 18,000 square feet of office space.

March 11, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5.4M Sale of Multifamily Building in Manhattan

by Alex Patton March 11, 2020

NEW YORK CITY — Rosewood Realty Group has arranged the $5.4 million sale of a 17-unit multifamily building in Manhattan. The 7,986-square-foot property is located at 336 E. 82nd St. and was completed in 1920. At the time of sale, 15 of the 17 units were vacant. Ryan Lai of Rosewood represented the buyer, Bettina Equities, in the transaction. Jack Zalta, also of Rosewood, represented the seller, Townhouse Management.

March 11, 2020

Acquisitions Arizona Multifamily Student Housing Western

IPA Negotiates $123M Sale of Student Housing Asset at Arizona State in Tempe

by Amy Works March 11, 2020

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of West Sixth, a core-plus, condo-quality student housing community located steps from Arizona State University in Tempe. An undisclosed buyer acquired the asset for $123 million. Peter Katz, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the buyer in the transaction. Completed in 2011, the two-tower West Sixth features 375 units, totaling 625 beds, with floor-to-ceiling windows and resort-style amenities. The property has reached at or near full occupancy every year since its 2011 opening. Currently, the asset is 98 percent occupied and 88 percent pre-leased for the upcoming school year.

March 11, 2020

Loans Midwest Multifamily Nebraska

NorthMarq Provides $19.3M Refinancing for Apartment Community in Lincoln, Nebraska

by Kristin Harlow March 11, 2020

LINCOLN, NEB. — NorthMarq has provided a $19.3 million Fannie Mae loan for the refinancing of Wilderness Hills Flats in Lincoln. The 168-unit apartment community is located at 3055 Crescent Drive within the Wilderness Hills commercial development. Amenities include a bike repair station, dog park, outdoor grill area and package service. Bob Chalupa of NorthMarq arranged the 15-year loan on behalf of the undisclosed borrower.

March 11, 2020

Loans Multifamily Office Retail Washington Western

Gantry Arranges $40M in Financing for Office Building, Apartment Asset in Seattle

by Amy Works March 11, 2020

SEATTLE — San Francisco-based Gantry, an independent commercial banking firm, has secured $40 million in permanent financing for the Ainsworth & Dunn (A&D) Building and newly constructed 10 Clay Apartments in Seattle. The mixed-use residential and historic office project is located at 10 Clay St. and 2815 Elliott Ave. in Seattle’s Waterfront neighborhood. The multifamily component consists of a six-story, 62-unit, mid-rise apartment complex with more than 7,000 square feet of ground-floor retail space. The redeveloped A&D Building is a three-story historic landmark property with 32,615 square feet of commercial office space. The two buildings are connected by one level of subterranean parking and a ground-level breezeway between the properties. Mike Taylor and Mike Wood of Gantry’s Seattle office co-brokered the financing. The pair arranged the 13.5-year term financing through Principal Global Investors on behalf of A&D Partners.

March 11, 2020

Acquisitions Colorado Multifamily Western

Watermark Residential Sells 244-Unit Multifamily Community in Colorado Springs

by Amy Works March 11, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has completed the disposition of Watermark on Union, a Class A apartment property located in the master-planned community of Briargate in northern Colorado Springs. California-based NALS Apartment Homes purchased the asset for an undisclosed price. Located at 9915 N. Union Blvd., Watermark on Union features 244 apartments with nine- to 12-foot ceilings, walk-in closets, full-size washers and dryers, stainless steel appliances, granite countertops, personal balconies or patios, and detached garages in select units. Community amenities include a resort-style pool with cabanas, fully equipped clubhouse, outdoor fire pit area, dog park and 24-hour fitness center. Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily represented the seller in the deal.

March 11, 2020

Acquisitions California Multifamily Top Stories Western

Acacia Capital Buys Park Hacienda Apartment Community in Bay Area for $248M

by Kristin Harlow March 11, 2020

PLEASANTON, CALIF. — JLL Capital Markets has arranged the $248 million sale of Park Hacienda, a 540-unit apartment community within the Hacienda Business Park in Pleasanton, about 30 miles north of San Jose. Equity Residential (NYSE: EQR) sold the property to Acacia Capital Corp. The garden-style community is situated on 24 acres at 5650 Owens Drive. Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 square feet. Renovated units feature stainless-steel appliances, full-size washers and dryers, and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered parking and direct public park access. Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette of JLL represented the seller. The sales price of $459,000 per unit makes it one of the largest single-asset, value-add, multifamily sales in Bay Area history, according to JLL. Chicago-based Equity Residential is a publicly traded real estate investment trust focused on the acquisition, development and management of rental apartment properties. The company owns or has investments in 309 properties consisting of 79,962 units, primarily located in Boston, New York, Washington D.C., Seattle, San Francisco, Southern California and Denver. Equity’s stock price closed …

March 11, 2020

Acquisitions Georgia Multifamily Southeast

FCP Acquires Three Apartment Complexes in Metro Atlanta for $71.7M

by Alex Tostado March 10, 2020

DOUGLASVILLE AND AUSTELL, GA. — FCP has acquired a 652-unit multifamily portfolio comprising Place at Midway and Stewart’s Mill in Douglasville and Forest Glen in Austell for $71.7 million. The 200-unit Place at Midway is located at 2281 Midway Road, 21 miles west of downtown Atlanta. The 188-unit Stewart’s Mill is situated at 3421 W. Stewart Mill Road, about six miles from Place at Midway. Forest Glen offers 264 units at 4236 Austell Road, 18 miles northwest of downtown Atlanta. FCP has hired Pinnacle to manage the three communities, bringing the total FCP-owned units that Pinnacle manages to 8,566 units. FCP owns 14 properties comprising 2,810 units in metro Atlanta. Nathan Swenson of Cushman & Wakefield represented the undisclosed seller in the transaction. FCP will assume the existing Fannie Mae loans at each property.

March 10, 2020

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates $67M Sale of New Multifamily Community in Central Florida

by Alex Tostado March 10, 2020

KISSIMMEE, FLA. — Cushman & Wakefield has negotiated the $67 million sale of Integra Sunrise Parc Apartments, a 300-unit multifamily community in Kissimmee. The property was delivered in 2019 and is situated at 4701 Luminous Drive, six miles east of Disney World and 23 miles south of downtown Orlando. The property comprises eight four-story buildings, a clubhouse and 10 garage buildings. The community, which was 83 percent occupied at the time of sale, offers one-, two- and three-bedroom floor plans averaging 972 square feet. Communal amenities include a zero-entry saltwater pool, outdoor yoga studio, dog park, grilling area, bocce ball court, hammocks, courtyard, Zen garden, 24-hour CrossFit gym, fitness studio, dog spa, coffee bar, business center, package receiving services, and a virtual golf and multi-sport simulator. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, a partnership between Panther Residential Management, Integra Land Co. and CrossHarbor Capital Partners, in the transaction. Bluerock Value Exchange acquired the asset for $223,333 per unit.

March 10, 2020

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