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Multifamily

AcquisitionsGeorgiaMultifamilySoutheast

Marcus & Millichap Arranges $42M Sale of Apartment Complex in Central Georgia

by Alex Tostado

WARNER ROBINS, GA. — Marcus & Millichap has arranged the $42 million sale of Sandpiper Apartments, a 34-building, 530-unit multifamily complex in Warner Robins. Built in 1986 and located on Leisure Lake Drive about seven miles from Robins Air Force Base, the property offers one- and two-bedroom floor plans. Amenities include a mini-movie theater, swimming pool, 24-hour fitness center and a dog park. Sandpiper Apartments was 97 percent occupied at the time of the sale. Dana Newton and Mike Maxwell of Marcus & Millichap’s Philadelphia office represented the buyer in the transaction. The seller was not disclosed.

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AcquisitionsFloridaMultifamilySoutheast

Uptown Ambrus Investments Acquires Multifamily Community in Tampa for $23.5M

by Alex Tostado

TAMPA, FLA. — Uptown Ambrus Investments LLC has acquired University Gardens, a 292-unit multifamily complex in Tampa’s University Square submarket, for $23.5 million. A local limited liability company sold the asset. The asset features studio, one-, two- and three-bedroom floor plans. Built in phases between 1969 and 1974, the property offers amenities such as a courtyard, swimming pool, playground, volleyball court, pet play area and a picnic area. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan of Franklin Street represented both the buyer and seller in the transaction. Casey Siggins and Ben Miller of Franklin Street Capital Advisors provided acquisition financing for the buyer.

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AcquisitionsConnecticutMultifamilyNortheast

Chozick Realty Orchestrates $7.5M Sale of Fractured Condominium Complex

by David Cohen

HARTFORD, CONN. — Chozick Realty has arranged the $7.5 million sale of Wickham Garden, a fractured condominium in Hartford. Located at 1267 Burnside Ave., the 100-unit complex was built in the mid-1960s and declared a condominium in 1988. Only 10 units were sold at that time, leaving the property as a “fractured” condominium complex with 90 apartment units. Rick Chozick of Chozick Realty represented the seller in the transaction, who acquired the property in the mid-1990s. The buyer was North Point Management.

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $2.8M Sale of Apartment Building in Massachusetts

by David Cohen

FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 22-unit apartment building in downtown Framingham. Located at 139-143 Hollis St., the property is comprised of 12 two-bedroom units, nine one-bedroom units and one studio apartment. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

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DevelopmentMidwestMissouriMultifamily

Propper Construction Services Nears Completion of 265-Unit Luxury Apartment Complex in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Propper Construction Services is nearing completion of 5300 Centre Apartments, a 265-unit luxury apartment complex in St. Peters, about 30 miles west of St. Louis. Slated to open this summer, the two-building property is situated at the intersection of Mexico Road and St. Peters Centre Boulevard near St. Peters City Centre Park. The buildings are connected by a covered bridge. Green space built on top of parking decks features community gardens, individual garden plots, outdoor gaming areas, grilling stations and recreational space. Other amenities include a pool, fitness center, yoga studio, dog park and pet salon. Monthly rental rates will range from $920 for studios to $2,555 for three-bedroom suites. Leasing is underway. Propper is the developer, while Zwick + Gandt Architecture is the architect and S.M. Wilson and Co. is the general contractor.

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IllinoisLoansMidwestMultifamily

ASC Arranges $5.3M Bridge Loan for Multifamily Complex in Oak Forest, Illinois

by Kristin Harlow

OAK FOREST, ILL. — American Street Capital (ASC) has arranged a $5.3 million bridge loan for a 72-unit multifamily complex in Oak Forest, about 24 miles south of Chicago. The garden-style property is comprised of two buildings and 98 parking spaces situated on 2.1 acres. Floor plans average 850 square feet. Igor Zhizhin of ASC arranged the 12-month, nonrecourse loan with an agency lender.

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Evolve-South-Bay-Carson-CA
CaliforniaDevelopmentMultifamilyWestern

MBK Rental Living, Snyder Langston Break Ground on 300-Unit Apartment Community in Southern California

by Amy Works

CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.

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CaliforniaLoansMultifamilySeniors HousingWestern

Cushman & Wakefield Arranges $26.4M Refinancing for Assisted Living Community in California

by Amy Works

FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.

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Affordable HousingMarket ReportsMidwestMidwest Market ReportsMultifamilyOhio

The Columbus Way: Collaboration Is Key to Delivering Affordable Housing

by Kristin Harlow

Columbus, Ohio’s exploding population growth and strong economy are reflected in a red-hot housing market. Each weekend, open house signs dominate intersection corners. It is hard to miss big splashy billboards announcing new market-rate apartment complexes along our major I-70 and I-71 corridors. Last spring, Realtor.com named Columbus as the fourth-hottest housing market in the country. The bad news is our housing supply is not keeping up with demand. In fact, the Building Industry Association of Central Ohio notes that by 2050, when we’ll have a predicted 500,000 new jobs and 1 million new residents, a general housing shortfall of 43 percent will occur if we continue on our current building rate of 8,000 new units per year. We need 14,000 units for all incomes per year to keep up. Affordable housing gap An affordable housing crisis runs even deeper. Columbus’ booming housing market widens the gap for residents seeking affordable, safe and decent homes. Low- and moderate-income working families desperately need greater access to affordable housing near our city’s job centers. Service jobs abound in and around the city core, but most of our urban neighborhoods are quickly gentrifying, and rents have spiked due to their appeal to higher …

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