Multifamily

Hamilton Zanze Buys 238-Unit Apartment Complex in Colorado for $60M

by Nellie Day November 8, 2017

ENGLEWOOD, COLO. — Hamilton Zanze has purchased the 238-unit Oxford Station apartment complex in Englewood for $60 million. The community is located at 4101 S. Navajo St. The asset features two five-story buildings that offer a mix of studio to two-bedroom units. Oxford Station was 96 percent occupied at the time of sale. Community amenities include a fitness center with virtual workout classes, skylevel entertainment lounge, social lounge, zen lounge, pet washing station and dog park, on-site secure storage, enclosed bicycle parking, pool with hot tub and barbeque area, outdoor gaming area, bike, ski and board repair station, and structured parking. CBRE’s David Potarf represented Hamilton Zanze.

November 8, 2017

Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Begin Construction of 85-Unit Seniors Housing Community in Santa Fe

by Nellie Day November 8, 2017

SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Santa Fe, an assisted living and memory care community in Santa Fe. The 71,000-square-foot property will feature 56 assisted living suites and 29 memory care suites. The community will be located on four acres within a mixed-use development known as the St. Francis Drive Corridor. The project represents the 10th joint venture between Denver-based developer, owner and operator MorningStar and Denver-based investment and development firm Confluent. Confluent will own the finished community, which MorningStar will operate. Rosemann & Associates is serving as the architect for the new development and New Mexico-based Bradbury Stamm Construction is the general contractor. MonrningStar of Santa Fe is scheduled for completion in fall 2018.

November 8, 2017

Arkansas Loans Multifamily Southeast

Doughtery Mortgage Arranges $23.9M Fannie Mae Loan for Apartment Asset in Little Rock

by Camren Skelton November 8, 2017

LITTLE ROCK, ARK. — Dougherty Mortgage LLC has arranged a $23.9 million Fannie Mae loan for the refinancing of Bowman Pointe Phase I, a 217-unit multifamily community in Little Rock. The Minneapolis-based company arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Bowman Pointe LLC. Bowman Pointe features a business center, clubhouse, virtual fitness studio, fitness center and a resort-style pool with cabanas.

November 8, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $11.9M Sale of Multifamily Community in Downtown Birmingham

by Camren Skelton November 8, 2017

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $11.9 million sale of Iron City Lofts, a 70-unit apartment community in downtown Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, KRE Ventures, in the transaction. Engel Realty acquired the asset. Constructed in 2016, Iron City Lofts features granite countertops, custom kitchens and hardwood flooring. Community amenities include a heated rooftop pool, fitness center and a dog wash facility. The property is located within walking distance to retail and dining hotspots Pepper Place and the Lakeview District.

November 8, 2017

Loans Multifamily Texas

Dougherty Arranges $8M Acquisition Loan for Apartment Community in Metro Dallas

by Taylor Williams November 8, 2017

BALCH SPRINGS, TEXAS — Dougherty Mortgage LLC has arranged an $8 million loan for the acquisition of Ambassador Apartment Homes, a 136-unit multifamily community in Balch Springs, an eastern suburb of Dallas. The Fannie Mae loan was arranged through a partnership with Old Capital Lending on behalf of the borrowers: CAKI Real Estate LLC, Florescence LLC, Fordgang Properties II LLC and Frisco Bulldog Properties II LLC. The loan features a 12-year term and 30-year amortization schedule.

November 8, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $28.9M Sale of Multifamily Building in Manhattan

by Amy Works November 7, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated the sale of an apartment building located at 110 W. 69th St. on Manhattan’s Upper West Side. A private family owner sold the building to an Upper West Side investor for $28.9 million. The nine-story, 30,159-square-foot building features 36 apartments, 27 of which are free-market or vacant. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin and Bryan Smadbeck of Cushman & Wakefield represented the seller and buyer in the transaction.

November 7, 2017

Connecticut Multifamily Northeast

IPA Negotiates $24.5M Sale of Multifamily Property in Stamford, Connecticut

by Amy Works November 7, 2017

STAMFORD, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Bedford Hall Apartments, an apartment property located in downtown Stamford. TR Eastview LLC sold the property to Navarino Acquisitions LLC for $24.5 million. Located at 545 Bedford St., the six-story property features 82 apartments in a mix of one-bedroom/one-bath and two-bedroom/two-bath apartments ranging in size from 441 square feet to 1,056 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the deal.

November 7, 2017

Multifamily Texas

Caydon Receives Financing for 357-Unit Apartment Tower in Houston

by Taylor Williams November 7, 2017

HOUSTON — Caydon, an Australian multifamily development firm, has received debt and equity financing for the development of a 357-unit luxury apartment tower in Houston. The property, which will offer one- and two-bedroom units featuring European-styled interiors, will be located at 2850 Fannin St. in the Midtown area. The amount of the financing was not disclosed, but the Houston Business Journal reports that the project has a price tag of approximately $200 million. Matthew Kafka and Dustin Selzer of HFF arranged the debt financing through Bank of the Ozarks and the equity portion through Invesco Real Estate.

November 7, 2017

Affordable Housing Midwest Multifamily Wisconsin

Royal Capital Group Begins Development of $20.3M Affordable Housing Property in Madison, Wisconsin

by Kristin Harlow November 7, 2017

MADISON, WIS. — Royal Capital Group has begun development of The Flats at Grandview Commons in Madison. The $20.3 million affordable housing property will feature 94 units. The property will include six two-story buildings with 28 two-bedroom units and 66 three-bedroom units. Amenities will include a library, computer lab, meeting space and playground. The project is slated to open in fall 2018. The project team includes architect Engberg Anderson and general contractor Horizon Construction. ACC Management Group will manage the property. The Wisconsin Housing & Economic Development Authority provided $11 million in both construction and permanent financing, as well as approved the use of low-income housing tax credits. UnitedHealthcare provided $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund. The partnership plans to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes region.

November 7, 2017

Midwest Minnesota Multifamily

CBRE Arranges $13.7M Sale of Two Apartment Properties in Minneapolis

by Kristin Harlow November 7, 2017

MINNEAPOLIS — CBRE has arranged the sale of Isles East and West in the Uptown area of Minneapolis for $13.7 million. The 42-unit Isles East, located at 1101 and 1105 W. 28th St., sold for $6.8 million. The 43-unit Isles West, located at 1115 and 1125 W. 28th St., sold for $6.9 million. Both properties were constructed in 1922 and feature a mix of studio, one- and two-bedroom units. Ted Abramson and Laura Hanneman of CBRE represented the sellers, Dupont Court Investors LLC and Emerson Court Investors LLC. Cedar South Pointe LLC purchased the assets.

November 7, 2017

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