Multifamily

Northland Investment Buys Two Adjacent Multifamily Assets in South Florida for $56M

by Camren Skelton October 3, 2017

JUPITER, FLA. — Northland Investment Corp. has purchased two adjacent multifamily communities in Jupiter for a combined $56 million. Preston Giuliano Capital Partners sold the two assets — Mallards Cove and Shell Trace — that together total 359 units. Matt Mitchell, Jaret Turkell, Maurice Habif, Zach Nolan and Simon Banke of HFF arranged the transaction on behalf of the seller. Upon purchasing, Northland Investment combined the two properties and rebranded the community as Jupiter Isle. The property, located at 6705 Mallard Cove, comprises 46 two-story buildings and offers one- and two-bedroom units averaging 818 square feet. Apartment units feature walk-in closets, in-unit washers and dryers and balconies or patios. Community amenities include a pool, fitness center, clubhouse and onsite maintenance and management. Jupiter Isle was 97 percent occupied at the time of sale.

October 3, 2017

Georgia Loans Multifamily Southeast

PAC Receives $20.1M Acquisition Loan for Multifamily Community in Metro Atlanta

by Camren Skelton October 3, 2017

CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has received a $20.1 million loan from Mid First Bank for the acquisition of Reserve at Summit Crossing, a 172-unit apartment community in the Atlanta suburb of Cumming. The loan features a 30-year amortization schedule and a fixed interest rate of 3.87 percent. PAC acquired the community through a wholly owned subsidiary. The seller and sales price were not disclosed. Reserve at Summit Crossing features a fitness center, yoga studio, clubhouse, saltwater pool and a fire pit with outdoor seating.

October 3, 2017

Midwest Multifamily Ohio

Marcus & Millichap Arranges $1.3M Sale of Apartment Property in Bellevue, Ohio

by Kristin Harlow October 3, 2017

BELLEVUE, OHIO — Marcus & Millichap has arranged the sale of Shadow Hill in Bellevue, located in central northern Ohio, for $1.3 million. The 40-unit apartment property is located at 300 Derby Lane. The property, comprised of five buildings on 3.7 acres, features a mix of two- and three-bedroom units. The Barron, Burkons & Wintermute group of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state limited liability company. The team also procured the buyer, a regional limited liability company.

October 3, 2017

Multifamily Texas

ZOM Living Breaks Ground on $45M Apartment Community in McKinney

by Taylor Williams October 2, 2017

MCKINNEY, TEXAS — Orlando-based multifamily developer ZOM Living has broken ground on The KINSTEAD, a $45 million, garden-style apartment community in McKinney. The 376-unit property will comprise six three-story buildings, the first units of which are scheduled for a first-quarter 2018 delivery. Amenities will include a coffee bar, yoga or spin room and sports simulator. Stanford Construction will serve as general contractor for the project, which is ZOM Living’s fifth in the Dallas area and 10th overall in Texas.

October 2, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 130-Unit Apartment Complex in Fort Worth

by Taylor Williams October 2, 2017

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Normandale Place Apartments, a 130-unit multifamily complex located at 8713 S. Normandale St. in Fort Worth. The property offers a mix of studio, one- and two-bedroom units. Mark Allen of Marcus & Millichap represented the seller and procured the buyer, an undisclosed partnership and limited partnership, respectively.

October 2, 2017

Massachusetts Multifamily Northeast

WinnCompanies Completes $24.2M Adaptive Reuse of Historic Mill into Multifamily Housing

by Amy Works October 2, 2017

FITCHBURG, MASS. — WinnCompanies has completed a $24.5 million transformation of a 112-year-old yarn mill into a mixed-income multifamily property in Fitchburg. Situated on 7.4 acres along the Nashua River, the three-story, 190,000-square-foot Yarn Works Apartments features 96 residential rental units. The property features a current tenancy mix of 30 percent market renters, 30 percent middle income/workforce earners and 40 percent for residents earning 60 percent or below the area median income. The Architectural Team served as architect, while Colantonia Inc. served as general contractor. WinnResidential manages the property.

October 2, 2017

Massachusetts Multifamily Northeast

Akelius US Acquires 58-Unit Apartment Building in Boston’s Back Bay for $33.5M

by Amy Works October 2, 2017

BOSTON — Akelius US has purchased a multifamily building located at 12-14 Commonwealth Ave. in the Back Bay neighborhood of Boston. An undisclosed seller sold the asset for $33.5 million. Built in 1928, the property features 58 apartments.

October 2, 2017

Colorado Multifamily Western

Castle Lanterra Properties Buys 257-Unit Mountain Vista Apartments in Lakewood

by Nellie Day October 2, 2017

LAKEWOOD, COLO. — Castle Lanterra Properties (CLP) has purchased the 257-unit Mountain Vista Apartments in the Denver suburb of Lakewood for an undisclosed sum. The community is located at 474 S. Wright St. Amenities include a resident clubhouse, business center, fitness center, two outdoor swimming pools, picnic areas with barbecue grills, dog park, parking and laundry rooms.

October 2, 2017

Midwest Missouri Multifamily Student Housing

Brinkmann Completes Construction of 415-Bed Student Housing Property in Columbia, Missouri

by Kristin Harlow October 2, 2017

COLUMBIA, MO. — Brinkmann Constructors has completed the Rise on 9th, a 178-unit student housing property in Columbia, home of the University of Missouri. The 232,000-square-foot, 10-story property features 178 luxury apartment units. Floor plans range from studios to four-bedroom units with a total of 415 beds. Amenities include a pool and entertainment deck, fitness center, penthouse lounge and private study lounges. CA Student Living developed the property, while ACI Boland provided architectural services.

October 2, 2017

Loans Midwest Minnesota Multifamily

Dougherty Provides $15.4M Construction Loan for Apartment Property in Minneapolis

by Kristin Harlow October 2, 2017

MINNEAPOLIS — Dougherty Funding has provided a $15.4 million loan for the construction of a 110-unit apartment property in Minneapolis. The property will be located on Marshall Street within the Northeast Minneapolis Arts District. Located approximately two blocks from the Mississippi River, many of the units in the six-story building will feature views of the downtown skyline and the Mississippi River. Dougherty Funding served as lead lender and servicer for the loan. Marshall14 LLC was the borrower.

October 2, 2017

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