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Multifamily

MultifamilyTexas

Oden Hughes, Desarrollos Delta Break Ground on 308-Unit Apartment Community in San Antonio

by Taylor Williams

SAN ANTONIO — Oden Hughes LLC and development partner Desarrollos Delta have broken ground on Amara Apartments, a 308-unit multifamily community located at 19327 Talavera Ridge in northwestern San Antonio. The property will consist of one-, two- and three-bedroom units ranging from roughly 600 to 1,365 square feet. Scheduled to open in mid-2018, the 23-acre project will be the latest addition to The Rim, a 700-acre, mixed-use development with office, retail and residential space. Austin-based Kelly Grossman Architects designed the multifamily project.

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MultifamilyTexas

Marcus & Millichap Brokers Sale of 192-Unit Apartment Complex in San Antonio

by Taylor Williams

SAN ANTONIO — Marcus & Millichap has brokered the sale of The Richland Apartments, a 192-unit multifamily complex located at 7791 Woodchase Drive near the South Texas Medical Center and the University of Texas at San Antonio. Amenities include a pool, 24-hour fitness center and a resident clubhouse with a game room. Will Balthrope, Drew Kile and Jordan Featherston of Marcus & Millichap represented the seller in the transaction and procured the buyer.

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FloridaMultifamilySoutheast

CBRE Arranges $50.7M Sale of Apartment Community in Southwest Orlando

by John Nelson

ORLANDO, FLA. — CBRE has arranged the $50.7 million sale of Mission Club, a 356-unit apartment community located off International Drive at 6739 Mission Club Blvd. in southwest Orlando. White Eagle Property Group purchased the asset from Mission Club Owner LLC. Built in 1996, the gated property features a clubhouse, sports courts, pool and sundeck, whirlpool spa, 3D surround sound theater, fitness center, business center, playground with a wading pool and private garages. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

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MultifamilySoutheastTennessee

Continental Realty Acquires Apartment Community in Metro Nashville for $47.3M

by John Nelson

MURFREESBORO, TENN. — Continental Realty Corp. has acquired Bell Murfreesboro, a 320-unit apartment community located at 3920 Puckett Creek Crossing in Murfreesboro, about 35 miles southeast of Nashville. The Baltimore-based investment firm purchased the asset from Bell Partners Inc. for $47.3 million. Built in 2008, the property features a clubhouse, swimming pool, recreational area and a pond. The one-, two- and three-bedroom units average 1,028 square feet, and 73 units feature one- or two-car garages. Russ Oldham, Steve Massey and Brett Kingman of CBRE Nashville represented Bell Partners in the transaction. This is the ninth acquisition for Continental Realty Fund IV, a $164 million fund that purchases value-add retail and multifamily properties in the Mid-Atlantic and Southeast.

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MultifamilyNew JerseyNortheast

Construction Tops Out on Multifamily Development in Weehawken, New Jersey

by Haisten Willis

WEEHAWKEN, N.J. — Avora, a condominium development in Weehawken, has topped out at 11 stories, representing a significant construction milestone for the property, which offers views of midtown Manhattan. Landsea is the developer for the project. When complete, Avora will include 184 units and 6,000 square feet of street-level retail space. Initial occupancy is scheduled for first quarter 2018.

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MultifamilyNew YorkNortheast

Two Multifamily Properties Known as The Style Open in East Harlem, NYC

by Haisten Willis

NEW YORK CITY — The Style, a pair of condominiums designed by Gene Kaufman Architect (GKA) and originally slated for delivery last summer, are now open at 51 E. 131st St. and 48 East 132nd St. in the East Harlem neighborhood of Manhattan. The Fane Organization was the developer for both properties. Located on a single parcel of land, the structures surround a 1,900-square-foot courtyard with trees, benches and tables. The 8,300-square-foot property at 51 E. 131st St. spans six stories and 12 units, while an adjacent 13,000-square-foot building spans seven stories and 19 units. The units in both structures are a mix of studios and one- and two-bedroom apartments. Amenities at The Style include a fitness center, recreation space and indoor bike storage. Pitchon Design Group handled interior design responsibilities.

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CaliforniaLoansMultifamilyTop StoriesWestern

Alcion Ventures, Genton Property Group Receive $239M to Develop Four Seasons Private Residences in LA

by Nellie Day

LOS ANGELES — A joint venture between Alcion Ventures and Genton Property Group has received $239 million in financing to develop the Four Seasons Private Residences Los Angeles. Construction has already begun for the luxury project, which features 59 for-sale units. It is scheduled for completion in mid-2019. The Four Seasons Private Residences will be situated across from the Four Seasons Los Angeles at Beverly Hills, near the intersection of Third Street and Wetherly Drive. The property will be near Cedars-Sinai Hospital, Beverly Hills’ Golden Triangle and the North Robertson Boulevard shopping district. The 12-story, LEED-certified tower will feature custom residences with interiors inspired by California-modern designer Richard Neutra. Architecture firm CallisonRTKL designed the property. The units will offer a variety of floorplans with luxury features and amenities, including floor-to-ceiling, retractable glass walls, open-concept indoor/outdoor living and dining spaces, professional-grade gourmet kitchens, spa bathrooms with soaking tubs, separate glass-walled showers with dual-sinks, marble-topped vanities, rooftop gardens, and views from the Hollywood Hills to the downtown skyline. Property features include a heated outdoor lap pool and poolside cabanas, state-of-the-art fitness center with spin, cardio, weight equipment and private training and yoga rooms, private spa treatment rooms, an IMAX theater for private …

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IndustrialMultifamilyNew YorkNortheast

A&G Realty Partners Launches Non-Retail Properties Division

by Haisten Willis

MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and multifamily.

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LoansMassachusettsMultifamilyNortheast

MassHousing Provides $9.3M Financing for Multifamily Complex in Greater Boston

by Haisten Willis

GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.

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