Multifamily

Continental Realty Launches $12M Renovation of Apartment Community in Baltimore County

by John Nelson May 1, 2017

PARKVILLE, MD. — Continental Realty Corp. has launched a $12 million improvement campaign for the interiors and exteriors at Kenilworth at Perring Park, a 567-unit apartment community located at 8951 Waltham Woods Road in Parkville, a city within Baltimore County. The renovations include the addition of a 1,573-square-foot community clubhouse that is expected to open in June. The clubhouse will feature a fitness center, sound system, open kitchen and vaulted ceilings. The swimming pool will also get a makeover with the addition of a splash pad, new pool deck and furniture. Continental Realty’s five-year interior upgrade campaign will include stainless steel appliances, granite countertops and an open kitchen concept. Continental Realty has selected Mullan Contracting Co. to handle general contracting services.

May 1, 2017

Florida Southeast Student Housing

FourPoint Negotiates Sale of Student Housing Community Near the University of West Florida

by John Nelson May 1, 2017

PENSACOLA, FLA. — FourPoint Student Housing Investments has arranged the sale of College Vue, a 408-bed student housing community located near the University of West Florida in Pensacola. The property offers fully furnished two- and four-bedroom units. Community amenities include a modern clubhouse, fitness center and lap-style pool. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint led the sales effort on behalf of the seller, Next Chapter Development. A private buyer purchased College Vue for an undisclosed amount.

May 1, 2017

California Multifamily Western

Dickens Apartments in Sherman Oaks Sells for $3.1M

by Nellie Day April 28, 2017

LOS ANGELES — Dickens SO LLC has acquired the 11-unit Dickens Apartments in the Los Angeles submarket of Sherman Oaks for $3.1 million. The community is located at 15114 Dickens St. Jeff Louks and Brett Sanson of Marcus & Millichap represented the buyer and seller, an LLC, in this transaction.

April 28, 2017

Florida Multifamily Southeast

IPA Arranges $68.2M Sale of Apartment Community in Broward County

by John Nelson April 28, 2017

CORAL SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $68.2 million sale of Forest Apartments, a 400-unit luxury multifamily community in Coral Springs. Built in 1989, the recently renovated property is surrounded by the 29-acre Sherwood Forest Park and features a lake with fountains, two resort-style swimming pools and a 24-hour fitness center. Steve Witten and Victor Nolletti of IPA, along with Evan Kristol of Marcus & Millichap, represented the seller, a Canadian limited partnership. The team also procured the buyer, a value-add institutional investor based in Manhattan.

April 28, 2017

Loans Multifamily Texas

Bellwether Arranges $10.4M in Acquisition Financing for 192-Unit Apartment Complex in Carrollton

by Taylor Williams April 28, 2017

CARROLLTON, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged $10.4 million in acquisition financing for Toscana Apartments, a 192-unit, Class B property multifamily property located at 17910 Kelly Blvd. in Carrollton. Laurie Morfin of Bellwether arranged the financing through Fannie Mae loan on behalf HLC Equity, a Pennsylvania-based firm that acquired the property earlier in April for roughly $13.2 million.

April 28, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 252-Unit Multifamily Community in Arlington

by Taylor Williams April 28, 2017

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Garden Park Apartments, a 252-unit multifamily community located at 1609 Sherry St. in Arlington. Built in 1968, the property features gated access, six laundry facilities and a playground. One-bedroom units average 589 square feet per unit and two-bedroom units average 1,065 square feet per unit. Mark Allen of Marcus & Millichap represented the seller, a California-based limited liability corporation, and procured the buyer, also a limited liability firm.

April 28, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes $1.9M Acquisition Loan for Multifamily Asset in Blanco, Texas

by Taylor Williams April 28, 2017

BLANCO, TEXAS — Dougherty Mortgage LLC has closed a $1.9 million Fannie Mae loan for the acquisition of Blanco Oaks Apartment Homes, a 30-unit apartment community located at 525 Jones Ave. in Blanco, a city roughly 50 miles north of San Antonio. Dougherty Mortgage arranged the 12-year loan through a partnership with Old Capital Lending, on behalf of Rio Blanco Apartments LLC. The loan features a 30-year amortization schedule and one year of interest-only payments.

April 28, 2017

Multifamily New York Northeast

Rosewood Realty Group Secures $39M Sale of Multifamily Portfolio in NYC

by Haisten Willis April 28, 2017

NEW YORK CITY — Rosewood Realty Group has secured the $39 million sale of a six-building multifamily portfolio in the Bronx. The portfolio includes 209 rent-stabilized apartments and spans 186,520 square feet in the Mount Hope, Fordham Heights and University Heights neighborhoods. The addresses are 2442 Morris Ave.; 2226, 2322 and 2333 Loring Place N.; and 1715-1717 & 1727-1729 Walton Ave. Rosewood’s Aaron Jungreis represented the seller, Emerald Equity Group. Marcus & Millichap’s Seth Glasser, Michael Fusco, Peter Von der Ahe and Joe Koicim represented the buyer, Pistilli Realty Group, an Astoria-based investment firm led by the Pistilli family. The buildings sold for $206 per square foot.

April 28, 2017

Multifamily New York Northeast

Besen & Associates Negotiates $11.4M Acquisition of Multifamily Property in NYC

by Haisten Willis April 28, 2017

NEW YORK CITY — Besen & Associates has negotiated the $11.4 million acquisition of a multifamily property located at 24-10 through 24-20 29th St. in the Astoria neighborhood of Queens. The property includes three four-story buildings containing 27 units. There are eight two-bedroom apartments and 19 three-bedroom apartments. The buildings total 25,000 square feet on a 15,000-square-foot lot with 150 feet of street frontage. The property was built in 1935 and is located two blocks from subway lines N and Q. Greg Corbin and Aaron Kline of Besen & Associates represented the buyer in the transaction.

April 28, 2017

Connecticut Multifamily Northeast

Lyman Real Estate Arranges $1.4M Sale of Land for Apartment Property in Essex, Conn.

by Haisten Willis April 28, 2017

ESSEX, CONN. — Penny Parker of Lyman Real Estate has arranged the $1.4 million sale of three contiguous parcels of land totaling 3.8 acres at 21-29 Plains Road in Essex. The buyer, Essex Holdings, plans to develop a 52-unit multifamily property known as Essex Station. Parker represented both the buyer and the sellers, Truehold Essex LLC, which sold one parcel, and Costa Family LLC, which sold the other two. Essex Station will include one- and two-bedroom units with porches, nine-foot ceilings, gas fireplaces, marble bath vanities, granite countertops and stainless steel appliances.

April 28, 2017

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