Multifamily

Magellan Development Group Opens Midtown Five Apartment Tower in Miami

by John Nelson January 4, 2017

MIAMI — Chicago-based Magellan Development Group has opened Midtown Five, a 400-unit, 24-story apartment tower located at 3201 N.E. 1st Ave. in Miami. The property features studio, one-, two- and three-bedroom units ranging from 540 to 1,500 square feet. Each unit features 9-foot ceilings and floor-to-ceiling windows, as well as quartz countertops, contemporary cabinetry, stainless steel appliances, keyless unit entry, USB ports throughout and smart thermostats. Midtown Five also features more than 50,000 square feet of indoor and outdoor amenity space, including a fitness center, yoga lawn, meditation garden, children’s play area, dog run, resident-only spa, business center, conference rooms and a swimming pool with a sundeck, canopied cabanas and an outdoor Whirlpool spa.

January 4, 2017

Florida Multifamily Southeast

Marcus & Millichap Brokers $18M Sale of Apartment Community in Tampa

by John Nelson January 4, 2017

TAMPA, FLA. — Marcus & Millichap has arranged the $18 million sale of Carrollwood Palms, a 204-unit apartment community located at 4302 Gunn Highway in Tampa’s Carrollwood neighborhood. The previous owner renovated more than half of the units and implemented upgrades to the property’s exterior. Carrollwood Palms comprises one- and two-bedroom units that feature sunrooms and patios. Community amenities include a resort-style swimming pool, fitness center and a tennis court. Nicholas Meoli and Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction.

January 4, 2017

Midwest Minnesota Multifamily

CBRE Arranges Sale of 400-Unit Apartment Property in Burnsville, Minnesota

by Kristin Harlow January 4, 2017

BURNSVILLE, MINN. — CBRE has arranged the sale of Woods of Burnsville in Burnsville, 15 miles south of Minneapolis. The 400-unit apartment community is located at 14701 Portland Ave. South. The property includes newly renovated units ranging from studios to three bedrooms. Community amenities include a clubhouse, fitness center, outdoor playground, picnic areas, swimming pool and volleyball and tennis courts. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented the seller, Waterton. A Philadelphia-based REIT was the buyer.

January 4, 2017

Multifamily New York Northeast

Eastern Consolidated Arranges $63.6M Sale of 13-Building Multifamily Portfolio in Manhattan

by Amy Works January 4, 2017

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 13-buildng multifamily portfolio located in Manhattan’s Inwood section. A private real estate investor acquired the portfolio from the long-term private owner for $63.6 million. The portfolio consists of 13 five-story walk-up buildings located on Sherman, Post and Vermilyea avenues and Academy Street. The properties offer a total of two retail stores and 359 residential units in a mix of 93 one-bedroom, 210 two-bedroom, 51 three-bedroom and five superintendent units. Ron Solarz and Matthew Sparks of Eastern Consolidated represented the seller and procured the buyer. Gary Meese, also of Eastern Consolidated, was the analyst for the transaction.

January 4, 2017

Industrial Multifamily New York Northeast

Cushman & Wakefield Brokers Sales of Four Buildings in Brooklyn Totaling $27.5M

by Amy Works January 4, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of four buildings in Brooklyn. Robert Burton and Keegan Mehlhorn of Cushman & Wakefield represented the undisclosed seller in the transactions, which totaled $27.5 million. The portfolio includes 975 Washington Avenue, a 36,732-square-foot, 44-unit multifamily property that sold for $10.5 million; 762 E. Third Street, 32,000-square-foot, 42-unit multifamily building that sold for $8.5 million; 1812 East 18th Street, a 29,500-square-foot, 34-unit multifamily property that sold for $7.6 million; and a 2,133-square-foot industrial property located at 5614 Third Ave., which sold for $850,000. The names of the buyers were not released.

January 4, 2017

Connecticut Multifamily Northeast

Ebben Realty Acquires 60-Unit Multifamily Complex in Newington, Connecticut, for $6.8M

by Amy Works January 4, 2017

NEWINGTON, CONN. — Ebben Realty has purchased Stonegate Apartments in Newington for $6.8 million, or $114,166 per unit. The property features 20 one-bedroom units and 40 two-bedroom units ranging in size from 950 square feet to 1,043 square feet. Rick Chozick and Steve Pappas of Chozick Realty Brokers represented the seller, Rowaban Holdings, and procured the buyer in the transaction.

January 4, 2017

Colorado Loans Multifamily Western

George Smith Partners Secures $41M for the Vineyards Apartments in Colorado Springs

by Nellie Day January 3, 2017

COLORADO SPRINGS, COLO. — George Smith Partners has arranged $41 million in acquisition financing for the Vineyards, a 300-unit apartment community in Colorado Springs. The community is located at 4350 Mira Linda Point. The private real estate investment and development company that purchased the asset plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center. The non-recourse loan features a fixed 4.31 percent interest rate with nine years of interest-only payments. George Smith Partners’ Jonathan Lee arranged the financing, which Walker and Dunlop provided.

January 3, 2017

Arizona Mixed-Use Multifamily Retail Western

JV Begins Construction of Mixed-Use Development in Tempe

by Nellie Day January 3, 2017

TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.

January 3, 2017

Multifamily Nevada Student Housing Western

Asset Campus Housing Awarded Management of Three Student Housing Communities

by Nellie Day January 3, 2017

RENO, NEV. AND SAN LUIS OBISPO, CALIF. — Houston-based Asset Campus Housing has been awarded management of three student housing properties located in Nevada, California and Texas. Assets include Sterling Summit, a 709-bed community located near The University of Nevada – Reno; The SLO, a 644-bed community located near Cal Poly and Cuesta College in San Luis Obispo, Calif.; and 34 Hundred, a 675-bed community located near The University of Texas –Tyler. Each property offers community amenities include a swimming pool, tanning area and fitness center.

January 3, 2017

Multifamily New Jersey Northeast Seniors Housing

Walters Group Opens 70-Unit Cornerstone at Barnegat in New Jersey

by Amy Works January 3, 2017

BARNEGAT, N.J. — Walters Group has opened Cornerstone at Barnegat, an age- and income-restricted housing project located at 9 S. Main St. in Barnegat. The three-story building features 70 energy-efficient units in a mix of one- and two-bedroom layouts with balconies. On-site amenities include large gathering areas, fitness center, conference room, computers, outdoor barbecue area, secured access, elevators, and on-site management and maintenance. The property is restricted to residents age 55 or older.

January 3, 2017

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