Multifamily

Besen & Associates Brokers Sale of 70,000 SF Apartment Building in Bronx for $11M

by David Cohen March 21, 2018

NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.

March 21, 2018

Development Georgia Multifamily Southeast

Prestwick to Build Multifamily Community Along Chattahoochee River in Metro Atlanta

by Camren Skelton March 21, 2018

SMYRNA, GA. — Atlanta-based developer Prestwick Cos. has unveiled plans to build The Eddy at Riverview Landing, a 310-unit apartment community in Smyrna, roughly 17 miles north of downtown Atlanta. The community will be located along the Chattahoochee River within Riverfront Landing, an 82-acre mixed-use project under development by Ardent Cos. The Eddy is one of the first components to rise at the project. The community will offer one- to three-bedroom floor plans ranging in size from 632 to 1,435 square feet, and rents will start at $1,150 per month. Interiors will include granite countertops, hardwood plank flooring, high-end cabinetry and stainless steel appliances. Community amenities will include an infinity pool with cabanas, fitness center, dog wash, resident lounge and on-site bike storage. In addition, The Eddy will include a 12-acre park and 8,000 square feet of retail that will house a coffee shop, restaurant and coworking space. Prestwick Cos. will dedicate the waterfront park to the City of Smyrna upon completion. Residents at the community will have access to Riverview Landing’s amenities, which will include a kayak launch, public dock, observation decks and a community theater. Matrix Residential, a subsidiary of Atlanta-based multifamily investor and developer Pollack Shores, will manage …

March 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers Sales of Two Apartment Communities in Miami Beach Totaling $32.2M

by Camren Skelton March 21, 2018

MIAMI BEACH, FLA. — Cushman & Wakefield has brokered the sales of two apartment communities in Miami Beach totaling $32.2 million. The first transaction was for a six-story, 52,133-square-foot redevelopment property located at 550 9th St. ADME Real Estate LLC sold the property to 550 9th LLC for $17.6 million. The second transaction was for a 23,260-square-foot community located at 250 Collins Ave. Drago Capital Miami LLC acquired the 27-unit property from TwoFifth Collins LLC for $14.6 million. Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the sellers in both transactions. The property at 550 9th St. was constructed in 1966 and previously operated as a 196-bed seniors housing community. The property has redevelopment potential for multiple uses including a hotel, apartments, office and medical space. The property at 250 Collins Ave. includes a mix of one- to three-bedroom units and features a rooftop pool and terraces or balconies in each unit.

March 21, 2018

Loans Michigan Midwest Multifamily

Hunt Mortage Group Provides $16M Acquisition Loan for Multifamily Property in Ann Arbor

by Kristin Harlow March 21, 2018

ANN ARBOR, MICH. — Hunt Mortgage Group has provided a $16 million Fannie Mae loan for the acquisition of Woodchase Apartments in Ann Arbor. The 144-unit garden-style apartment community, located at 1100 Rabbit Run Circle, features 11 buildings and is currently 98 percent occupied. Amenities include a pool, clubhouse and laundry room. Matt Shane of Q10 | Lutz Financial Services arranged the 15-year loan, which features a 30-year amortization schedule. Woodchase Acquisition LLC was the borrower.

March 21, 2018

California Development Mixed-Use Multifamily Office Restaurant Retail Western

Trammell Crow-Led Group to Build $500M Mixed-Use Project in Bay Area

by Amy Works March 21, 2018

ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres: Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community. Block 6 – Trumark Homes will develop 123 townhomes. Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with …

March 21, 2018

California Development Multifamily Student Housing Western

HighBridge to Develop 708-Bed Student Housing Community Near University of California, Davis

by Amy Works March 21, 2018

DAVIS, CALIF. — HighBridge Properties will soon break ground on Lincoln40, a 708-bed student housing community located near the University of California, Davis. The community will include a mix of three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a fitness center, game room, café lounge, swimming pool with cabanas, and outdoor lounges with barbeque stations and gas fire pits. In addition, the community will offer LincolnLift, a student rental-assistance program that will offer reduced monthly rents to students based on 50 to 60 percent of the area’s median income. The program will be available for up to 10 percent of the property’s residents. Lincoln40 is expected to open in time for the 2020-2021 academic year.

March 21, 2018

Indiana Loans Midwest Multifamily

CBRE Arranges $1.6M Refinancing for Apartment Property in Indianapolis

by Kristin Harlow March 21, 2018

INDIANAPOLIS — CBRE has arranged a $1.6 million loan for the refinancing of Monon Station Apartments in Indianapolis. Dan Gable and Jason Brown of CBRE arranged the 10-year Freddie Mac Small Business Loan, which features a 30-year amortization schedule. Barratt Asset Management was the borrower. The 28-unit apartment property underwent a renovation in 2016.

March 21, 2018

Villas-at-Willow-Springs-San-Marcos-Texas

Affordable Housing Loans Multifamily Seniors Housing Texas

KeyBank Provides $23.7M in Acquisition Financing for Two Affordable Housing Assets in Texas

by Taylor Williams March 20, 2018

SAN MARCOS AND LUBBOCK, TEXAS — KeyBank Real Estate Capital has provided $23.7 million in financing for the acquisition of two affordable housing properties in Texas. The financing for the 220-unit Villas at Willow Springs in San Marcos and the 144-unit Cantibury Pointe in Lubbock was secured on behalf of nonprofit Harmony Housing. Both properties were developed in the early 2000s. John Gilmore IV and Jeff Rodman of KeyBank structured the loans through Fannie Mae.

March 20, 2018

Acquisitions Florida Loans Multifamily Southeast

Berkadia Closes $40.5M Acquisition Loan for Multifamily Community in Orlando

by Camren Skelton March 20, 2018

ORLANDO, FLA. — Berkadia has provided a $40.5 million acquisition loan for Art Avenue Apartment Homes, a 300-unit multifamily community located at 10201 Lee Vista Blvd. in Orlando. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 10-year, Freddie Mac loan with five years of interest-only payments on behalf of the borrower, Robbins Property Associates. Colony NorthStar Inc. sold the property to Robbins for an undisclosed price. Art Avenue includes studio to three-bedroom apartment units with granite-look countertops, stainless steel appliances, faux-wood flooring and patios or terraces. Community amenities include an internet lounge, coffee bar, fitness center, children’s art room, resort-style pool and an outdoor fire pit.

March 20, 2018

Development Florida Loans Multifamily Southeast

HSF Provides $35.5M Construction Loan for Apartment Community in Tampa Bay Area

by Camren Skelton March 20, 2018

ST. PETERSBURG, FLA. — Hall Structured Finance (HSF) has provided a $35.5 million construction loan for the development of The Vantage, a 211-unit apartment community in St. Petersburg. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the project developer, Michigan-based DevMar Development. The 11-story apartment community will feature a rooftop pool, terrace and veranda, fitness center and a yoga room. The property is located one mile from downtown St. Petersburg within the EDGE district, a walkable community that houses retail, restaurants, nightlife and art galleries. DevMar Development expects to deliver The Vantage in September 2019.

March 20, 2018

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