Multifamily

CRG, Koman Group Complete 262,000 SF Student Housing Property in Cleveland

by Kristin Harlow July 17, 2017

CLEVELAND — CRG and The Koman Group have completed The Edge on Euclid, a 262,000-square-foot student housing property located directly across from Cleveland State University in downtown Cleveland. Early move-in began on July 1. The property features 240 residential suites, a fitness center, lounge, café, study areas and a 163-car garage. The 11-story building features a mix of one- to four-bedroom units. The 11th floor features a sky deck. Clayco served as the design-builder and its subsidiary, Forum Studio, served as the architect.

July 17, 2017

Multifamily Texas

RADCO Acquires 278-Unit Apartment Community in Houston

by Taylor Williams July 14, 2017

HOUSTON — The RADCO Cos. has acquired City Gate at Champions, a 278-unit, Class B apartment community situated on 10.6 acres at 12811 Greenwood Forest Drive in Houston. Built in 1978, the property consists of 27 two-story buildings with units averaging 874 square feet each. Amenities include a pool, picnic and grilling area and community clubhouse. The seller and other terms of sale were not disclosed. Atlanta-based RADCO plans to spend approximately $14,500 per unit on capital improvements. BBVA Compass provided debt and capital for the acquisition.

July 14, 2017

Loans Multifamily Texas

Hunt Mortgage Arranges $10M Acquisition Loan for 192-Unit Apartment Complex in San Antonio

by Taylor Williams July 14, 2017

SAN ANTONIO — Hunt Mortgage Group has arranged a $10 million Fannie Mae loan for the acquisition of Richland Apartments, a 192-unit, garden-style multifamily complex located at 7791 Woodchase Drive in San Antonio. The 14-story property features an Internet café, tennis court and an outdoor pool and spa. The 12-year loan was arranged on behalf of Richland Living LLC.

July 14, 2017

Florida Multifamily Southeast Student Housing

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

by Camren Skelton July 14, 2017

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual units are fully furnished and feature private bathrooms, private bedrooms and full-size washer and dryer units. The Preiss Co. plans to renovate both the interior and exterior with new flooring, upgraded lighting, new paint and roofing, HVAC replacements, parking lot resurfacing and pool enhancements.

July 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Negotiates $82.8M Sale of Seven-Building Mixed-Use Portfolio in Queens

by Amy Works July 14, 2017

NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.

July 14, 2017

Addison-at-Princeton-Meadows-Plainsboro-NJ

Multifamily New Jersey Northeast

KRE Group, Oxford Realty Acquire 439-Unit Apartment Complex in Plainsboro, New Jersey, for $73.3M

by Amy Works July 14, 2017

PLAINSBORO TOWNSHIP, N.J. — KRE Group and Oxford Realty Group have acquired Addison at Princeton Meadows, a garden-style apartment complex located at 2821 Pheasant Hollow Drive in Plainsboro. An undisclosed seller sold the property for $73.3 million. Built in 1981, Addison at Princeton Meadows features 439 apartment units in a mix of one- and two-bedroom layouts. On-site community amenities include an outdoor pool with sundeck, 24-hour fitness center, lighted tennis courts, basketball courts, a fenced-in bark park and exterior patios and balconies on each unit. Joseph Brecher of Gebroe-Hammer Associates arranged the sale and procured the buyer in the transaction.

July 14, 2017

Industrial Mixed-Use Multifamily New York Northeast Office

TerraCRG Arranges $2.9M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 14, 2017

NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.

July 14, 2017

Midwest Minnesota Multifamily Student Housing

Doran Sells Two Student Housing Properties at University of Minnesota for $93M

by Kristin Harlow July 14, 2017

MINNEAPOLIS — Doran Cos. has sold The Bridges and The Knoll, two student housing properties at the University of Minnesota in Minneapolis, for $93 million. Opened in 2013, The Knoll consists of 101 units and is located at 1101 University Ave. Southeast. The Bridges, opened in 2014, consists of 210 units and is located at 930 University Ave. Southeast. TH Real Estate was the buyer. Doran, which built a total of six student housing properties at the university, has now completed the sale of this portfolio through a series of transactions. Doran plans to focus on building multifamily projects in the future.

July 14, 2017

Illinois Loans Midwest Multifamily

Cohen Financial Secures $20.7M Construction Loan for Apartment Property in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $20.7 million loan for the construction of a 138-unit apartment property in Chicago’s Logan Square neighborhood. The $36 million development will also feature 9,300 square feet of retail space. The urban infill project is close to transportation, restaurants and other lifestyle amenities. Michael Hart of Cohen Financial arranged the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust. Savoy Development LLC is the project developer.

July 14, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Newer Posts

Older Posts