Multifamily

Passco Acquires Apartment Community in Florida’s Space Coast for $53.5M

by John Nelson May 19, 2017

WEST MELBOURNE, FLA. — Passco Cos. has purchased The Haven at West Melbourne, a 336-unit apartment community located at 4550 Explorer Drive in West Melbourne, part of Florida’s “Space Coast” in Brevard County along the Atlantic Ocean. Community amenities include a resort-style pool and sundeck, business center, sand volleyball court, children’s play park and a yoga center. The property was 95 percent occupied at the time of sale. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented the seller, Flournoy Cos., in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

May 19, 2017

Multifamily New Jersey Northeast

Redwood Realty Negotiates $3.5M Sale of Multifamily Site in Westfield, New Jersey

by Haisten Willis May 19, 2017

WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.

May 19, 2017

Illinois Midwest Multifamily

Essex Brokers $6.1M Sale of Multifamily Building in Chicago

by Kristin Harlow May 19, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 44-unit multifamily building in Chicago’s Sheridan Park neighborhood for $6.1 million. The property, located at 4706 N. Beacon St., consists of studio, one- and two-bedroom apartments. The building was fully renovated in 2007, including all major building systems. Doug Fisher of Essex represented the undisclosed seller. Doug Imber and Kate Varde of Essex represented the undisclosed buyer.

May 19, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $53.5M Loan for NYC Mixed-Use Development

by Haisten Willis May 18, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.

May 18, 2017

Multifamily New York Northeast

Britannia Group Negotiates $23M Sale of 41-Unit Apartment Building in Brooklyn

by Haisten Willis May 18, 2017

NEW YORK CITY — The Britannia Group has negotiated the $23 million sale of a 41-unit apartment property in the South Williamsburg neighborhood of Brooklyn. Britannia’s Jacob Rogosnitzky and David Zlotnick represented the buyer, a German family, in the acquisition of the property at 218 S. 3rd St.

May 18, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $11.3M Sale of Apartment Complex in East Orange, New Jersey

by Haisten Willis May 18, 2017

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.

May 18, 2017

Massachusetts Multifamily Northeast Seniors Housing

IPA Brokers Sale of Seniors Housing in Greater Boston

by Haisten Willis May 18, 2017

FRANKLIN, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Estate at Franklin, an 81-unit seniors housing facility in Franklin. Mark Myers, Joshua Jandris and Matthew Andriano of IPA represented the seller, a family-owned real estate development company, and procured the buyer, a privately held real estate investment and property management firm. Completed in 2014, The Estate at Franklin is located seven miles from the 141-bed Landmark Medical Center.

May 18, 2017

Multifamily Washington Western

Security Properties Buys Bordeaux Apartments in Bothell for $26M

by Nellie Day May 18, 2017

BOTHELL, WASH. — Security Properties has purchased the 124-unit Bordeaux Apartments in Bothell for $26 million. The community is located at 16520 North Road. Bordeaux Apartments has access to all three of the region’s largest employment centers, with Seattle and Bellevue 20 miles south and Everett 10 miles north. The new owner plans to update the common areas and execute deferred maintenance. The unit interiors will also be renovated. Security Properties-affiliate Madrona Ridge Residential will manage the property.

May 18, 2017

Multifamily Texas

Embrey Partners Breaks Ground on 353-Unit Apartment Community in Fort Worth

by Taylor Williams May 18, 2017

FORT WORTH, TEXAS — Embrey Partners Ltd., a San Antonio-based developer, has broken ground on the Kelley at Samuels Ave., a 353-unit, Class A multifamily community in Fort Worth. The property will be situated on 10 acres near the original 1884 Queen Anne home, a Recorded Texas Historic Landmark, which will be restored as part of the development. The community will consist of one- and two-bedroom units averaging 914 square feet per unit. Occupancy is scheduled for spring 2018.

May 18, 2017

Loans Multifamily Texas

Walker & Dunlop Closes $8.8M in Refinancing for 122-Unit Multifamily Asset in Austin

by Taylor Williams May 18, 2017

AUSTIN, TEXAS — Walker & Dunlop has closed an $8.8 million loan for the refinancing of SOCO Apartments, a 122-unit, garden-style multifamily community located at 6300 S. Congress Ave. in Austin. The 103,568-square-foot, Class A property consists of one-, two- and three-bedroom apartments that are 95 percent occupied. Stuart Wernick of Walker & Dunlop led the loan placement team.

May 18, 2017

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