Multifamily

Berkadia Brokers $20M Sale of Multifamily Property in Central Florida

by John Nelson March 6, 2017

KISSIMMEE, FLA. — Berkadia has arranged the $20 million sale of The Park at Sorrento, a 208-unit apartment community located at 900 Woodside Circle in Kissimmee. Jacksonville-based Michaelson Real Estate Group purchased the asset from Tampa-based Blue Roc Premier. Built in 1974, the property features one-, two- and three-bedroom units and amenities including a laundry facility, pool, fitness center, playground and an outdoor grilling area. The community is situated less than 10 miles from Walt Disney World and 18 miles from Orlando International Airport. Cole Whitaker, Jason Stanton and Greg Rainey of Berkadia negotiated the transaction.

March 6, 2017

Multifamily Student Housing Texas

Preiss Purchases Student Housing Property Near Sam Houston State University

by Taylor Williams March 3, 2017

HUNTSVILLE. TEXAS — The Preiss Co., a Raleigh, N.C.-based firm specializing in student housing development, has acquired Gateway at Huntsville, a 160-unit complex located at 5050 Sam Houston Ave. in Huntsville, roughly an hour north of Houston. Situated on a 12-acre site about a mile from Sam Houston State University, the property consists of six four-story buildings comprising 416 bedrooms and bathrooms. In addition to a swimming pool, grilling station and basketball and volleyball courts, the complex also offers a complimentary shuttle to and from campus.

March 3, 2017

Affordable Housing New York Northeast Office

Jonathan Rose Cos. Acquires Forest City’s Affordable Housing Business

by Amy Works March 3, 2017

NEW YORK CITY — Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group. The purchase will bring Jonathan Rose Cos.’s total unit count to more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management and the finance company will become Rose Community Capital. The transactions are scheduled to close throughout the first and second quarter. The management company and Forest City Capital are slated to transfer on March 1. The acquisitions have been approved by Forest City’s board and the closings, which require HUD approvals, will continue through the spring.

March 3, 2017

Mixed-Use Multifamily New York Northeast Retail

Urstadt Biddle Properties Sells Retail Property for Redevelopment in White Plains, New York

by Amy Works March 3, 2017

WHITE PLAINS, N.Y. — Urstadt Biddle Properties has completed the disposition of its Westchester Pavilion property, a former power center mall in White Plains. Maple and Broadway Holdings, a subsidiary of Lennar Corp. through its Lennar Multi-Family Communities, acquired the site for $56.6 million. The buyer plans to raze the property and develop a high-end, mixed-used property with residential and retail space.

March 3, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $2.1M Sale of Apartment Building in Philadelphia

by Amy Works March 3, 2017

PHILADELPHIA — Marcus & Millichap has arranged the sale of an apartment building located at 1925-1927 Spring Garden St. in Philadelphia’s Spring Garden neighborhood. An undisclosed seller sold the property for $2.1 million. The building features 12 one-bedroom units. Mike Maxwell and Dana Newton of Marcus & Millichap represented the seller and procured the undisclosed buyer in the deal.

March 3, 2017

Illinois Loans Midwest Multifamily

Joint Venture Receives $117.8M in Construction Financing for Development of Apartment Property in Chicago

by Kristin Harlow March 3, 2017

CHICAGO — Fifield Cos. and F & F Realty, in a joint venture equity partnership with Ares Management LP, has received $117.8 million in construction financing for the development of 727 West Madison, a 46-story apartment project in Chicago’s West Loop. Upon completion in late 2018, the project will comprise 492 apartment units averaging 783 square feet and approximately 10,000 square feet of retail space. Units will feature a mix of studio to three-bedroom floor plans. Designed by FitzGerald Associates Architects, the building will include amenities such as a swimming pool, yoga room, game room, resident lounge with coffee bar, movie theater, dog park and car wash area. Matthew Lawton and Danny Kaufman of HFF represented the developer by arranging joint venture equity and securing the construction financing. Bank of the Ozarks provided the loan.

March 3, 2017

Midwest Minnesota Multifamily

CBRE Arranges $32M Sale of Apartment Property in Cottage Grove, Minnesota

by Kristin Harlow March 3, 2017

COTTAGE GROVE, MINN. — CBRE has arranged the sale of Hinton Heights in Cottage Grove, 10 miles south of St. Paul, for $32 million. The 249-unit apartment property is located at 7750 Hinton Ave. South. The community features amenities such as a clubhouse with community room, game room, business center, fitness center, indoor swimming pool, sauna, hot tub, sport courts, outdoor lounge, picnic area, putting green, dog park and playground. Apartment sizes range from one- to three-bedroom units, with an overall average of 1,081 square feet. Hinton Heights was built from 1990 to 1995 and was 98 percent occupied at the time of the sale. Curtis Capital Group LLC, an entity controlled by Curtis Capital Group in Bellevue, Wash., purchased the property. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE arranged the sale on behalf of the seller, Cottage Grove Investors IV Limited Partnership LLLP, an entity related to the St. Louis Park-based Belgarde.

March 3, 2017

Georgia Multifamily Southeast

CBRE Arranges Sale of Apartment Community Near University of Georgia

by John Nelson March 3, 2017

ATHENS, GA. — CBRE has brokered the sale of Archer on North Apartments, a 140-unit multifamily community located at 210 Spring Court in Athens, a little more than a mile from the University of Georgia. Atlanta-based QR Capital purchased the asset for an undisclosed price. Built in 1984 and renovated in 2012, Archer on North features a new clubhouse, outdoor pool and fitness center. The community was 98 percent occupied at the time of sale. Brad Simmel of CBRE represented the seller, Archer On North LLC, in the transaction.

March 3, 2017

Multifamily Utah Western

Eastside Apartments in Salt Lake City Sells for $36.8M

by Nellie Day March 2, 2017

SALT LAKE CITY — An out-of-state investor has acquired the 180-unit Eastside Apartments in Salt Lake City for $36.8 million. The community is located at 350 S. 600 E. The community is situated less than a block from a TRAX light-rail stop and near the University of Utah. Community amenities include gated underground parking, an outdoor basketball court and a party patio. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both parties in the transaction.

March 2, 2017

California Multifamily Student Housing Western

Campus Evolution Villages, Heitman Acquire 771-Bed Community Near San Diego State

by Nellie Day March 2, 2017

SAN DIEGO — Campus Evolution Villages LLC, in partnership with an affiliate of Heitman LLC, has acquired Sterling Alvarado, a 771-bed community located near San Diego State University. Planned renovations — to be completed by fall 2017 — include a new, upgraded clubhouse with a community game room; updated common areas and units; and high-speed Wi-Fi throughout.

March 2, 2017

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