Multifamily

Essex Brokers $6.4M Sale of Multifamily Property in Evanston, Illinois

by Kristin Harlow June 9, 2017

EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.

June 9, 2017

Michigan Midwest Multifamily

State of Michigan Provides $1M Grant for Redevelopment of Former Statler Hotel Site in Detroit

by Kristin Harlow June 9, 2017

DETROIT — The Michigan Department of Environmental Quality (MDEQ) has provided a $250,000 loan and a $750,000 grant for the redevelopment of the former Statler Hotel site in Detroit. The Detroit/Wayne County Port Authority received the funding. Located at the corner of Washington Boulevard and Park Avenue, the property has been vacant since the hotel was abandoned in 1975 and demolished in 2005. The MDEQ brownfield grant and loan will cover the costs of mitigating the environmental contamination at the site. VG Statler City LLC will then construct a mixed-use building with 288 apartment units, ground-floor retail and underground parking. The redevelopment will meet national green building standards, including a green roof, and will bring an estimated 58 jobs and 400 residents to the area. The MDEQ’s brownfield redevelopment program provides grants and loans to local governments for environmental activities on brownfield properties where redevelopment is proposed.

June 9, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 42-Unit Apartment Property in Mount Prospect, Illinois

by Kristin Harlow June 9, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 42-unit apartment community consists of one- and two-bedroom units. 29SC plans to invest $500,000 in capital improvements to the property, which was under family ownership. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements will include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas. This is the fifth Chicagoland multifamily property acquisition for 29SC.

June 9, 2017

Multifamily New York Northeast

Propco Holdings Selects UA Builders Group for 120,000 SF Residential Development in West Bronx

by Amy Works June 9, 2017

NEW YORK CITY — Propco Holdings has selected UA Builders Group for the ground-up development of a residential property located at 2061-2065 Ryer Ave. in the West Bronx. The 12-storybuiding will feature 120,000 square feet of residential space. Badaly & Badaly Architects is serving as architect for the project.

June 9, 2017

District of Columbia Loans Multifamily Southeast Top Stories

CapitalSource Provides $100M Construction Loan for Multifamily Property in Washington, D.C.

by Kristin Harlow June 9, 2017

WASHINGTON, D.C. — CapitalSource has provided a $100 million loan for the construction of Portals Residential Phase V Building, located in downtown Washington. The 373-unit multifamily property will be 13 stories tall. Units will range in size from 506 square feet to 3,400 square feet. Portals Residential Phase V Building is part of the final phase of a 3 million-square-foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings. The building design includes a sky terrace level with multiple living and meeting rooms, and an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot walkway around the entire building. Other property amenities include a fitness facility, enclosed garden, dog grooming rooms, interior lounges and meeting rooms. The borrower is an affiliate of Republic Properties Corp., part of the Republic Family of Companies and a full-service real estate development and management firm. Parse Capital provided mezzanine financing, while CBRE brokered the loan transaction. CapitalSource, a division of Pacific Western Bank, provides commercial loans to small and middle-market businesses. Los Angeles-based Pacific Western Bank maintains over $21 billion in assets. — Kristin Hiller

June 9, 2017

Multifamily Utah Western

SALT Development Completes Two Phases at $100M 4th West Apartments in SLC

by Nellie Day June 8, 2017

SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.

June 8, 2017

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Colliers Arranges $4.1M Loan for Mixed-Use Property in Philadelphia

by Amy Works June 8, 2017

PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.

June 8, 2017

Florida Multifamily Southeast

Rockefeller Group, Stiles Sell Apartment Tower in Downtown Fort Lauderdale for $133.6M

by John Nelson June 8, 2017

FORT LAUDERDALE, FLA. — A joint venture between Rockefeller Group and Stiles has sold Amaray Las Olas, a newly built, 30-story apartment tower located at 215 S.E. 8th Ave. in downtown Fort Lauderdale. An entity known as Amaray Las Olas by Windsor, which is managed by Boston-based GID Investment Advisers, purchased the asset for $133.6 million, according to the South Florida Business Journal. The outlet also reported that TH Real Estate, the real estate investment arm of TIAA, provided a $65 million loan to the buyer. Rockefeller and Stiles completed the 254-unit tower in 2016, marking the first joint venture project between the two firms. The property comprises studio, one-, two- and three-bedroom residences with balconies and high-quality finishes. Community amenities include an elevated pool surrounded by private cabanas, an entertainment pavilion and deck, fitness center, saunas and massage/treatment room, clubroom, beverage lounge, conference and business center, bike storage, outdoor lanai with fire pit, dog spa and a park. Robert Given, Zach Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield placed the debt for the buyer.

June 8, 2017

Florida Multifamily Southeast

Development Partnership Sells Apartment Community in West Miami for $61M

by John Nelson June 8, 2017

WEST MIAMI, FLA. — A partnership between Estate Investments Group, Fortune Capital Partners and Mattoni Group has sold Soleste Club Prado, a 196-unit apartment community located at 950 Red Road in West Miami. Grand Peaks purchased the property for $61 million. The development partnership recently delivered the asset, which comprises one-, two- and three-bedroom units commanding rental rates from $1,680 to $3,475 per month. Community amenities include a pool with spa, sundeck and private cabanas, outdoor kitchen and bar, resident lounge, kids gaming zone, rooftop serenity garden, fitness studio and a parking garage. Robert Given, Zachary Sackley, Troy Ballard and Neal Victor of Cushman & Wakefield represented the seller in the transaction.

June 8, 2017

Multifamily South Carolina Southeast

Berkadia Brokers $10.6M Sale of Apartment Community Near Greenville

by John Nelson June 8, 2017

SPARTANBURG, S.C. — Berkadia has arranged the sale of Mayfair Lofts, a 107-unit apartment community located at 100 W. Cleveland St. in Spartanburg, a town in South Carolina’s Upstate region near Greenville. A developer based in Georgia sold the asset to an investment firm based in South Carolina for $10.6 million. The community is an adaptive reuse of Arcadia Mill No. 2, which was built in 1922. Renovated in 2008 and fully occupied at the time of sale, Mayfair Lofts comprises one- and two-bedroom units outfitted with 16- to 18-foot ceilings, floor-to-ceiling windows, stained concrete floors, exposed brick interiors and monochromatic appliances. Community amenities include a pool, fitness center, library, dog park, clubroom with a pool table, enclosed parking garage, grills and a fire pit. Included in the purchase is 50,000 square feet of developable commercial space. Jeremiah Jarmin and Mark Boyce of Berkadia represented both the buyer and seller in the transaction.

June 8, 2017

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