FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Copper Creek, a 14-building, 274-unit apartment community located at 6011 Oakland Hills Drive on Fort Worth’s eastern side. Community amenities include two pools, on-site laundry facilities and patios with outdoor storage. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva and Ford Braly, also with Marcus & Millichap, procured the buyer, an undisclosed, out-of-state investment firm.
ST. PAUL, MINN. — A new 134-unit apartment community, 333 on the Park, has opened in St. Paul. The eight-story building is located at 333 Sibley St. in the Lowertown neighborhood. Formerly known as the Gordon & Ferguson building, the building was constructed in 1913. Several players from the St. Paul Saints baseball team will live in the apartments. The team, part of the North Division of the American Association of Independent Professional Baseball, plays at nearby CHS Field. The building consists of studio, one-, two- and three-bedroom apartment homes, as well as 10 two-story penthouse homes. Two thousand square feet of commercial space located on the first floor is currently available for lease. Timberland Partners developed the apartment property, and will continue to own and manage the building. Kaas Wilson Architects designed the apartments, while Frana Cos. provided construction services for the renovation.
Tenant concessions, ranging from free rent to complimentary carpet cleanings to distribution of gift cards, have become the norm in Houston’s multifamily market over the last few years. And according to several industry experts who spoke at the InterFace Houston Multifamily Conference on March 28, it’s the millennials who are taking advantage of them. Houston has become an especially attractive destination for millennials in recent years. According to a survey by JAXUSA Partnership, which tracks demographic trends throughout major metros, between 2010 and 2013, the metro ranked sixth in population growth of residents age 20 to 29. Tenants receive fewer concessions in submarkets without a lot of new construction. In Houston, this primarily means suburbs — The Woodlands, Pearland, and Katy. In submarkets closer to downtown, where there is generally more construction, concessions have come to serve as bargaining chips for prospective renters. For Houston landlords, operating in a market where concessions have become standard has made lease renewals harder to come by. Stacy Hunt, executive director of multifamily development and management firm Greystar, sees a direct correlation between millennials and lease renewals. “Properties in [sub]markets where you have a lot of millennials — Downtown, Heights, Washington Avenue — it’s tougher …
NEW YORK CITY — HFF has arranged $290 million in financing for the development of 151 E. 86th St., a mixed-use residential and retail project in Manhattan’s Upper East Side neighborhood. HFF worked on behalf of the developer, a joint venture between Ceruzzi Holdings and Kuafu Properties, to secure the construction loan with a foreign capital source. HFF previously sourced financing on Ceruzzi’s behalf for its acquisition of the site in 2014. The property is located at the corner of 86th Street and Lexington Avenue and will include 151,500 square feet of residential space and 36,000 square feet of retail. There will be 61 condominium units averaging 2,485 square feet with floor-to-ceiling windows and views of the Manhattan skyline and the East River. Resident amenities will include concierge service and 6,500 square feet of amenity space, including a fitness facility, lounge, rooftop terrace and children’s playroom. HOK Architects designed the 18-story building and Shelton, Mindel & Associates handled the interiors. The property is due for completion in the first quarter 2019. David Nackoul, Christopher Peck and Scott Findlay led HFF’s debt placement team.
GLEN COVE, N.Y. — RXR Realty has begun construction of Harbor Landing at Garvies Point in Glen Cove. The property is slated for completion in 2019. Harbor Landing, a 385-unit apartment complex, will offer a mix of studios, one- and two-bedroom residences across two buildings. Units will range from 500 to 1,300 square feet. The residences will also feature amenities including a fitness center, club room, private dining room, lobby and on-site parking. The property is being built in conjunction with a condominium development known as The Beacon.
QUINCY, MASS. — Hines is nearing completion of Meriel Marina Bay, a mixed-use development in the Boston suburb of Quincy. Located on a seaside peninsula, the property is situated near I-93 and offers a complimentary shuttle to the Red Line North Quincy MBTA station and a water ferry to downtown Boston. Meriel Marina Bay is a mixed-use development comprising two five-story buildings featuring 352 apartments with garage parking, plus 20,000 square feet of ground-level retail space. Layout options include studios, one-, two- and three-bedroom homes offering views of the Boston skyline, Boston Harbor and the Marina Bay boardwalk. Hines is now leasing the property, with rents ranging from approximately $2,100 to $4,600 per month. The Bozzuto Group will manage Meriel Marina Bay.
NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.
PHOENIX — McFarlin Group has acquired 6.9 acres of land in Phoenix for the development of an assisted living and memory care community. HealthSouth Corp. sold the plot for $2.7 million. Avison Young’s Julie Johnson and Alexandra Loye represented the seller in the transaction, while D.L. Slaughter Co. represented the buyer. The community, to be named Mariposa Point at Algodon Center, is slated for groundbreaking in late 2017 and completion in early 2018. Surpass Senior Living will operate the property once completed. The parcel is located within the Algodon Medical Center and across from Banner Estrella Medical Center. The property is expected to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents.
VISTA, CALIF. — W Designed Developments has acquired a 2.6-acre plot in Southern California, with plans to develop a seniors housing community on the site. Irwin Dubinksy Living Trust and Kissinger Family Trust sold the property for $1 million. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County represented sellers while Weston Harmer represented the buyer. The site is in Vista, located between San Diego and Los Angeles. Details on the proposed seniors housing facility were not released.
DALLAS — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the refinancing of Spanish Brook Apartments, a 248-unit, garden-style apartment complex located at 11511 Ferguson Road in east Dallas. The loan features a 12-year term, 25-year amortization schedule and an 11.5-year yield maintenance period. To date, the undisclosed, Texas-based borrower has invested $7 million in renovations to the unit interiors and building exteriors of the property.