Multifamily

Commercial & Investment Properties Opens $28M Hotel, Condo Property in Downtown Knoxville

by John Nelson May 16, 2017

KNOXVILLE, TENN. — Commercial & Investment Properties has opened The Tennessean Personal Luxury Hotel & Residences, a $28 million hotel and condominium development located at 531 Henley St. in downtown Knoxville. The property features 82 hotel rooms and 12 condominiums, as well as amenities for guests and owners including a fitness center, valet parking, room service and the Drawing Room lounge. McCarty Holsaple McCarty designed The Tennessean, which is situated near Market Square, World’s Fair Park and the University of Tennessee.

May 16, 2017

Florida Multifamily Southeast

Berkadia Arranges $25.5M Sale of Apartment Community on Florida’s East Coast

by John Nelson May 16, 2017

PALM COAST, FLA. — Berkadia has arranged the $25.5 million sale of Pine Lake Apartments, a 184-unit multifamily community located at 121 Pine Lakes Parkway North in Palm Coast, a city on Florida’s east coast about 25 miles south of St. Augustine. Built in 2005, the property features one-, two- and three-bedroom floor plans. Community amenities include a resort-style pool, poolside fire pit, hammock lounge, grilling areas, a fitness center, detached garages and a dog park. Pine Lake Apartments is adjacent to the Indian Trails Sports Complex and roughly five miles from the Atlantic Ocean. Cole Whitaker, Mary Beale, Jason Stanton and Greg Rainey of Berkadia represented the seller, Massachusetts-based Palm Coast Waterchase LLC, in the transaction. The buyer was Missouri-based Pine Lake Acquisitions LLC.

May 16, 2017

Loans Midwest Multifamily Ohio

Pillar Provides $6.8M Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow May 16, 2017

CINCINNATI — Pillar has provided a $6.8 million loan for the refinancing of Cambridge Park Apartments in Cincinnati. The 198-unit property features one-, two- and three-bedroom floor plans. Cambridge Park Apartments is fully leased. The 12-year loan includes a 30-year amortization schedule. Shamrock Properties IX LLC was the borrower.

May 16, 2017

Illinois Midwest Multifamily

Inland Acquisitions Purchases 85-Unit Apartment Property in Vernon Hills, Illinois

by Kristin Harlow May 16, 2017

VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has purchased The Commons at Town Center in Vernon Hills, a northern suburb of Chicago, for an undisclosed price. The 85-unit apartment property is located at 1255 Town Center Road. Constructed in 2010, the property sits on 2.4 acres and features a mix of one-, two- and three-bedroom units. The property also includes 10,609 square feet of first-floor retail space. Tenants include Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry LLC and Giuseppe’s Pizza Restaurant. The Commons at Town Center was 96 percent leased at the time of sale. Joe Cosenza and Brett Smith of Inland closed the transaction on behalf of Inland Residential Properties Trust Inc.

May 16, 2017

Massachusetts Multifamily Northeast

Benchmark, Farallon Acquire 199-Unit Seniors Housing Community Near Boston

by Haisten Willis May 16, 2017

WALPOLE, MASS. — A joint venture between Benchmark Senior Living and Farallon Capital Management has acquired New Pond Village, a continuing care retirement community (CCRC) in the Boston suburb of Walpole. BH Brightview New Pond Village LLC sold the property for an undisclosed price. The community offers 167 independent living units and 32 supportive living units. The three-story, 259,000-square-foot building was built in 1990 on 19.4 acres. New Pond is Massachusetts-based Benchmark’s 54th community and fourth CCRC. Allen McMurtry, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller in the transaction.

May 16, 2017

Multifamily New Jersey Northeast

Bussel Realty Brokers $7.5M Sale of Fairfield Industrial Park in Freehold, New Jersey

by Haisten Willis May 16, 2017

FREEHOLD, N.J. — Bussel Realty Corp. (BRC) has arranged the $7.5 million sale of Fairfield Industrial Park, a nine-building park totaling 165,000 square feet located at 912 Route 33 in Freehold. Jordan Metz and Eduard Skutelsky of BRC represented an unnamed seller in the transaction. Imperial Real Estate represented the buyer, Fairfield Industrial Park LLC. The property includes 20 tenants and the new owners plan capital improvements at the industrial park.

May 16, 2017

Connecticut Loans Multifamily Northeast

KeyBank Secures $6M Acquisition Loan for Apartment Property in Moosup, Connecticut

by Haisten Willis May 16, 2017

MOOSUP, CONN. — KeyBank’s community development lending and investment team has financed a $6 million bridge-to-HUD loan for Vesta Corp. for the acquisition of Moosup Apartments. The property is an 89-unit multifamily complex consisting of nine two-story buildings in the rural community of Moosup. Moosup Apartments includes one-, two- and three- bedroom townhomes. Of the 89 units, 27 are covered by a Section 8 HAP contract. KeyBank’s Kelly Frank arranged the financing.

May 16, 2017

Multifamily Texas

Novare Group, Batson-Cook Open 25-Story Apartment High-Rise in Downtown Dallas

by Taylor Williams May 16, 2017

DALLAS — Development partners Novare Group and Batson-Cook Development Co. have opened Victory Place, a 25-story multifamily property located within the 75-acre Victory Park development in downtown Dallas. Located at 1701 Payne St., the 352-unit property features amenities such as a 24-hour fitness center, a yoga and Pilates studio, a business center with a coffee bar and retail space anchored by Italian Bistro restaurant. Lincoln Property Co. will manage the complex.

May 16, 2017

Multifamily Student Housing Top Stories

Waypoint Launches Student Housing Affiliate, Purchases Four-Property Portfolio for $102M

by Jeff Shaw May 16, 2017

STAMFORD, CONN. — Waypoint Residential, a multifamily real estate investment firm, has officially launched its student housing affiliate, Waypoint Campus Housing LLC. The launch was marked by the new company’s acquisition of a four-property student housing portfolio for $102 million. The seller of the properties, which total 2,638 beds, was Chicago-based investment firm Blue Vista Capital Management. The properties in the portfolio include High View Place near the University of Texas at San Antonio; Maverick Place near the University of Texas at Arlington; Rebel Place near the University of Nevada at Las Vegas; and Spring Place near the University of North Carolina at Greensboro. A fifth property was not disclosed because the transaction has not yet officially closed. “We are excited to officially expand our platform to include student housing as one of our key strategies within our core business, which focuses exclusively on the rental housing sector,” says Scott Lawlor, CEO of Waypoint Residential. “The addition of student housing aligns with our overall strategy to diversify our product offerings within the rental housing market, and we believe it provides terrific risk-adjusted opportunities.” Jeremy Pemberton will lead Waypoint Campus Housing as CEO. Pemberton was previously focused on acquisitions and sourcing …

May 16, 2017

Illinois Loans Midwest Multifamily

Meridian Capital Group Arranges $19.9M Acquisition Loan for Multifamily Community in Chicago

by Jeff Shaw May 15, 2017

CHICAGO — Meridian Capital Group has arranged $19.9 million in bridge financing for the acquisition of Ivy Park Homes, a multifamily community on Chicago’s South Side. The 80-acre property was 62 percent occupied and features a basketball court, jogging path, softball field and on-site parking. The three-year loan, provided by a national balance sheet lender, features full-term, interest-only payments and two one-year extension options. David Hayum, who works from Meridian’s New York City headquarters, arranged the financing.

May 15, 2017

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