Multifamily

Marcus & Millichap Negotiates $3.6M Sale of Multifamily Property in Slatington, Pennsylvania

by Amy Works January 10, 2017

SLATINGTON, PA. — Marcus & Millichap has arranged the sale of Victory Estates, a multifamily property located in Slatington. A private investor acquired the property for $3.6 million, or $62,069 per unit. Constructed in 1977, the property features 58 apartments in a mix of two-and three-bedroom townhomes and garden-style units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller, a private partnership, while Mark Krantz and Derrick Dougherty, also of Marcus & Millichap, represented the buyer in the deal. Brenton Baskin of Marcus & Millichap was the broker of record in Pennsylvania.

January 10, 2017

Multifamily South Carolina Southeast

Passco Buys Apartment Community in Charleston for $38.5M

by John Nelson January 10, 2017

CHARLESTON, S.C. — Passco Cos. has purchased Woodfield South Point, a 240-unit apartment community located at 1000 Bonieta Harrold Drive in Charleston’s West Ashley submarket, for $38.5 million. Passco will rebrand the asset to 1000 West. The apartment community is situated within walking distance of the West Ashley Greenway, a 8.3-mile jogging and biking trail. Community amenities include a resort-style saltwater pool, tanning deck, outdoor grills and barbecue areas, clubhouse with an outdoor fireplace, media lounge, cyber café, dog park and a car washing station. Kevin Kempf and Phil Brosseau of CBRE represented the seller, Arsenal Real Estate Funds, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco. Including the 1000 West transaction, Passco’s acquisition volume in 2016 exceeded $540 million, and the company plans to eclipse $1 billion in acquisition volume in 2017.

January 10, 2017

Illinois Midwest Multifamily Seniors Housing

CA Ventures, Pathway Open $28M Senior Living Community in Grayslake, Illinois

by Kristin Harlow January 10, 2017

GRAYSLAKE, ILL. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Grayslake, a 96-unit senior living community. The building is located at 1865 E. Belvidere Road in Grayslake, about 40 miles north of downtown Chicago. The community features 68 assisted living suites and 28 memory care residences. The assisted living suites consist of 29 studios, 37 one-bedroom and two two-bedroom units. Located on the third floor, the 28 memory care residences consist of 20 studios and eight two-bedroom units. The community is located two miles from Northwestern Medicine Grayslake Outpatient Center. Chicago-based Worn Jerabek Wiltse Architects designed the community. CA Ventures was the project developer, and Pathway will operate the community. Travanse Living communities are also located in Olathe, Kan. and Wheaton, Ill.

January 10, 2017

Loans Midwest Minnesota Multifamily

CBRE Arranges $3.8M Acquisition Loan for Multifamily Property in West St. Paul, Minnesota

by Kristin Harlow January 10, 2017

WEST ST. PAUL, MINN. — CBRE has arranged a $3.8 million acquisition loan for Emerson Hills Apartments in West St. Paul. The 35-unit multifamily property is located at 993 Robert St. The building, which was built in 2005, was 97 percent occupied at the time of sale. The financing was obtained through Freddie Mac’s small loan balance program and includes a 10-year, fixed interest rate of 3.6 percent and a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Emerson Hills Apartments LLC. The borrower is affiliated with Blackhawk Investment Group, a private real estate investment and development firm with a portfolio of approximately 300 apartment units in the Minneapolis and Chicago metro areas. The seller was an entity related to Sherman Associates Inc.

January 10, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers $25M Sale of Two-Property Assisted Living Portfolio in San Francisco

by Nellie Day January 10, 2017

SAN FRANCISCO — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the $25 million sale of Hayes Valley Senior Living, a 52-unit, two-property assisted living portfolio in San Francisco. The two properties are located across the street from each other at 601 and 624 Laguna Street. 601 Laguna Street was built in the 1880s as a hotel and converted to assisted living in 1997. 624 Laguna Street was purpose-built as an assisted living facility in 2005. The buyer was a San Diego-based private owner-operator and the seller was a local nonprofit owner-operator. Richard Swartz, Jay Wagner and Aaron Rosenzweig led the Cushman & Wakefield team on the transaction.

January 10, 2017

Multifamily Texas

Joint Venture to Develop 300-Unit Residential Property in Plano

by Amy Works January 9, 2017

PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors is developing The Residences at Legacy, a 25-story, 372,734-square-foot residential tower within Legacy Tower Center in Plano. The property will feature 300 apartment units in one-, two- and three-bedroom layouts ranging in size from 661 square feet to more than 3,000 square feet. Additionally, the property will offer more than 14,500 square feet of indoor amenity space, including a 2,383-square-foot fitness center, conference rooms, business center, lounge, media room, an entertaining kitchen and bike storage. Outdoor amenities include two pools, courtyards, water features, fire pits, grilling areas and a dog park. Construction in slated to begin this month. Project members include Good Fulton & Farrell as architect, Waldrop + Nichols Studio as interior designer, The Office of James Burnett as landscape architect and Andres Construction as general contractor. Wells Fargo Bank provided construction financing.

January 9, 2017

Multifamily Texas

Bascom Group Buys 280-Unit Apartment Property in San Antonio

by Amy Works January 9, 2017

SAN ANTONIO — The Bascom Group has purchased Redlands Apartments, a Class A apartment community located in San Antonio’s Stone Oak submarket, for an undisclosed price. The property comprises 15 residential buildings, totaling 280 units in a mix of one-, two- and three-bedroom layouts, and a standalone leasing center. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, barbecues, picnic areas, a children’s playground, pet park and clubhouse with a business center. De’On Collins, John Brownlee and Charles Halladay of HFF arranged debt financing for the transaction. James D’Argenio provided in-house representation for Bascom Group.

January 9, 2017

Multifamily Texas

Innovative Multi-Family Investments Acquires Two-Property Apartment Portfolio in San Antonio for $11M

by Amy Works January 9, 2017

SAN ANTONIO — Innovative Multi-Family Investments LLC has purchased a two-property multifamily portfolio in San Antonio for $11 million. The portfolio includes the 153-unit Crestwood Apartments, located at 5009 Royalgate Drive, and the 130-unit Whitewood Oaks Apartments, located at 200 Whitewood St. Totaling 205,587 square feet, the properties were built in the 1960s and feature a swimming pool, clubhouse and picnic areas. Innovative Multi-Family Investments will manage the properties. Cody Courtney of Berkadia San Antonio brokered the transaction. The name of the seller was not released.

January 9, 2017

Florida Multifamily Southeast

Tutor Perini Awarded $72M Contract to Construct High-Rise at Metropica Project in Broward County

by John Nelson January 9, 2017

SUNRISE, FLA. — Tutor Perini Corp.’s subsidiary, Tutor Perini Building Corp., has signed a contract with Metropica Development LLC valued at approximately $72 million to construct the first of eight residential towers at Metropica in Broward County. Located at 1800 N.W. 136th Ave. in Sunrise, the 28-story residential tower will feature 263 units and 10 penthouses, a resort-style pool, indoor game room, a 24-hour fitness center, massage therapy rooms, tennis courts, movie theater and a parking garage. The entire development will comprise approximately 697,947 square feet. Construction is underway and expected to wrap up in August 2018.

January 9, 2017

Florida Multifamily Southeast

Alliance Residential to Open Two Apartment Communities in South Florida

by John Nelson January 9, 2017

FORT LAUDERDALE AND MIAMI, FLA. — Alliance Residential Co. plans to open two of its Broadstone properties in South Florida. The projects include the 394-unit Broadstone Harbor Beach located at 1721 S.E. 17th St. in Fort Lauderdale and the 372-unit Broadstone at Brickell located at 255 S.W. 11th St. in Miami’s Brickell district. Broadstone Harbor Beach’s studio, one- and two-bedroom units are currently pre-leasing, with leases starting from $1,650 to $3,875, and feature open nine-foot ceilings, private balconies and patios and chef-quality kitchens. Units at the 24-story Broadstone at Brickell range from studios to two-bed, two-and-a-half-bath townhomes, which are now pre-leasing at rates ranging from $1,759 to $3,760, and feature well-equipped kitchens, custom cabinets, tile flooring throughout common living spaces and upscale bathrooms. Both properties feature a private movie theater, fitness center with a yoga studio and boxing ring and a resort-style pool with an outdoor lounge and cabanas. Additional amenities at the Fort Lauderdale property include a courtyard with outdoor games, outdoor shower, dog park and a massage room, and the Miami property features bike repair and storage, a pet spa, 24-hour business center and a cyber café.

January 9, 2017

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