Multifamily

Marcus & Millichap Brokers Sale of 26 Multifamily Properties in Los Angeles for $102M

by Kristin Harlow April 22, 2020

LOS ANGELES — The Neema Group at Marcus & Millichap has brokered the sale of a 26-property, 642-unit multifamily portfolio sale in Los Angeles for a total value of $102 million. The private seller, a plastics broker that also invested in the multifamily sector, hired the Neema Group in early 2019 to market five of his properties for sale. Golden Bee Properties purchased the assets, which are located throughout the South Los Angeles and Panorama City neighborhoods, for $18.7 million. During the escrow process, the owner passed away and left control of the remaining portfolio to his trustees, who continued to work with the Neema Group. The remaining 21 properties were strategically divided into packages based on location, age and type. Cipolla Revocable Living Trust purchased three buildings totaling 62 units for $8.7 million. The properties, built between 1929 and 1960, are located within a mile of each other in Wilmington. An undisclosed buyer acquired eight buildings totaling 175 units, all located in Mid-City, for $33.5 million. Lastly, an undisclosed buyer purchased the Armor Collection for $42 million. It features 10 buildings constructed between 1912 and 1954. The 300 units are situated within two miles of each other in the …

April 22, 2020

Development Georgia Multifamily Southeast

Kaufman Capital, Atlantic Residential to Reposition Metro Atlanta Shopping Center into $50M Multifamily Community

by Alex Tostado April 21, 2020

DORAVILLE, GA. — Kaufman Capital Partners and Atlantic Residential will redevelop Village at Tilly Mill, a shopping center in Doraville, into a 320-unit, $50 million multifamily community. The property will offer studio to three-bedroom floor plans, including some units reserved for City of Doraville police staff at a discounted rate. The yet-to-be-named property will be situated at 6259 Peachtree Industrial Blvd., 18 miles northeast of downtown Atlanta. The City of Doraville approved $19 million in incentives for the developers. Due to the COVID-19 crisis, the timeline for completion has been extended to March 2023.

April 21, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $8.2M Refinancing Loan for Multifamily Community in South Florida

by Alex Tostado April 21, 2020

HIALEAH, FLA. — Hunt Real Estate Capital has provided an $8.2 million Fannie Mae refinancing loan for Oceanmar Park Apartments in Hialeah. The 104-unit community was built in 1967 and comprises 26 two-story buildings. The borrower, Oceanmar Park Apartments LLC, plans to invest $330,000 for new paint, new appliances and air conditioners, a security system, new garbage enclosure and repaving. The proposed plans will span a four-year period. The 15-year term loan features interest-only payments for the full term. The property is situated at 7155 W. 14th Court, 17 miles northwest of downtown Miami.

April 21, 2020

Development Massachusetts Multifamily Northeast

Toll Brothers, Carlyle Group to Develop 289-Unit Apartment Community in Woburn, Massachusetts

by Alex Patton April 21, 2020

WOBURN, MASS. — A joint venture between Toll Brothers Inc. and The Carlyle Group will develop Emblem 120, a 289-unit apartment community in Woburn, a northern suburb of Boston. The six-story building will feature 9,390 square feet of retail space and amenities including a resident lounge, coworking space, fitness center and pool. Wells Fargo Bank provided construction financing for the project. Toll Brothers Apartment Living will manage the development and leasing of the property. The construction schedule was undisclosed.

April 21, 2020

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $6.1M Refinancing for Multifamily Property in Minnesota

by Kristin Harlow April 21, 2020

HERMANTOWN, MINN. — Dougherty Mortgage LLC has provided a $6.1 million Fannie Mae loan for the refinancing of Green Acres in Hermantown, a suburb of Duluth. Constructed in phases from 1991 to 2010, the 83-unit multifamily property includes 13 buildings. The 10-year loan features a 30-year amortization schedule. GMP Living Inc. was the borrower.

April 21, 2020

Acquisitions California Multifamily Western

TMG Negotiates $39.6M Sale of Two-Property Multifamily Portfolio in Modesto, California

by Amy Works April 21, 2020

MODESTO, CALIF. — The Mogharebi Group (TMG) has facilitated the sale of The Commons Apartments and Summerview Apartment Homes in Modesto. A Southern California-based investor sold the assets to a Bay Area-based private investor for $39.6 million. Built on a 4.33-acre site in 1989, the 100-unit The Commons is located at 1600 Standiford Ave., while the 136-unit Summerview is situated on 5.03 acres at 3601 Prescott Road. The properties feature a variety of amenities, including swimming pools, hot tub, 24-hour fitness centers and reserved covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.

April 21, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers Sales of Two Multifamily Assets in Fresno Totaling $38.5M

by Amy Works April 21, 2020

FRESNO, CALIF. — Marcus & Millichap has brokered the sales of two apartment communities located in Fresno. The properties — Boulder Springs and Meadowbrook Apartments – sold for a combined cost of $38.5 million. Built in 1985 on 11.6 acres, Boulder Springs features 176 units, a fitness center, swimming pool, spa and basketball and tennis courts. The property, which is located at 3515 W. San Jose Ave., traded at $25 million, or $142,045 per unit. Located at 4912 N. Seventh St., Meadowbrook Apartments was built in 1971 on a 309,960-square-foot lot. The 39-building asset features 39 two-bedroom/one-bath units and 65 two-bedroom/two-bath units. The price was $13.5 million. Jon Mimms of Marcus & Millichap represented the undisclosed sellers and procured the undisclosed buyers in both transactions.

April 21, 2020

Acquisitions Colorado Multifamily Western

Schuman Cos. Sells Bears Village Apartments in Colorado for $12.9M

by Amy Works April 21, 2020

GREELEY, COLO. — Schuman Cos. has completed the sale of Bears Village Apartments, a multifamily property located at 509 18th St. in Greeley. California-based Black Point Capital acquired the asset for $12.9 million, which equates to $131,633 per unit and $193.58 per square foot. Over the past three years, the seller repositioned the 98-unit property from a student housing community to a market-rate apartment complex, including the addition of new systems and a fitness center. Previous to Schuman Cos.’ ownership, the University of Northern Colorado owned the asset. At the time of sale, the property was 97 percent occupied, of which 27 percent were students. Phil Dankner of Unique Properties / TNC Worldwide and Greystone-Unique Apartment Group, handled the transaction. Walter Scruggs of Black Point Capital worked with John Stewart of Grandbridge Real Estate Capital to secure acquisition financing.

April 21, 2020

Features Multifamily Student Housing

Student Housing CEOs Provide Insight on April Rent Collections, Pre-Leasing, Upcoming Academic Year

by Kristin Harlow April 21, 2020

The impact of the coronavirus (COVID-19) is being felt across every facet of the student housing industry. On and off campus, owners and operators have grappled with the cancellation of in-person classes and administrative orders by universities for students to vacate campus entirely in hopes of slowing the spread of the virus. As the situation continues to escalate, many in the industry are wondering what the virus’ impact will be on the months ahead and on the upcoming academic year. On Friday, April 17, Student Housing Business (SHB) released a complimentary webinar sponsored by Pavlov Media, during which four CEOs from top companies in student housing provided their perspective on the impact of COVID-19 on the industry. The discussion was led by Rich Kelley, publisher of SHB, with speakers including Wes Rogers, president and CEO of Landmark Properties; Rob Bronstein, president and founder of The Scion Group; Peter Stelian, CEO of Blue Vista Companies; and Christopher Merrill, co-founder and CEO of Harrison Street. April Rent Collections Despite mounting concerns over the impact the cancellation of in-person classes might have on rent collections, all four CEOs reported at least 90 percent of rent payments collected as of April 16. “Rent collections are currently at …

April 21, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers Sale of 48-Unit Multifamily Property in Queens for $16.7M

by Alex Patton April 20, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of a 48-unit multifamily property in Queens. Located at 31-65 29th St., the 39,549-square-foot building features studio, one-, two- and three-bedroom floor plans, and offers convenient access to LaGuardia Airport. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef represented the seller, a private investor. The buyer was also an undisclosed private investor.

April 20, 2020

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