Multifamily

SmartStop Asset Management Purchases 709-Bed Community Near the University of Nevada, Reno for $70M

by Nellie Day December 22, 2016

RENO, NEV. — SmartStop Asset Management LLC has acquired The Summit, a 709-bed student housing community located near the University of Nevada, Reno campus for $70 million. The seven-building, LEED Silver-certified property offers fully furnished units with washers and dryers. Community amenities include a two-story clubhouse, fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, common area barbecues, a tanning room and private study rooms. John Strockis, senior vice president of acquisitions for SmartStop Asset Management, facilitated the transaction on behalf of a SmartStop affiliate.

December 22, 2016

California Multifamily Student Housing Western

TH Real Estate Acquires 1,379-Bed Student Housing Property in San Diego

by Nellie Day December 22, 2016

SAN DIEGO — TH Real Estate, a division of TIAA Global Asset Management, has acquired BLVD63, a 1,379-bed student housing community located near San Diego State University. Community amenities include a clubhouse, media room, game room, fitness center and study lounges. The seller was not disclosed.

December 22, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges $16.7M Refinancing for 207-Unit Seniors Housing Community in Riverside

by Nellie Day December 22, 2016

RIVERSIDE, CALIF. — CBRE has arranged a $16.7 million loan for Capitol Seniors Housing, which will use the capital to refinance debt on Welbrook Arlington, a seniors housing community in the Los Angeles suburb of Riverside. MBK Senior Living operates the community, which features 207 units of independent living, assisted living and memory care. Aron Will, vice chairman of CBRE National Senior Housing, arranged the non-recourse, 10-year, floating-rate loan with full-term interest-only payments through the company’s Fannie Mae DUS Multifamily loan origination program.

December 22, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Atlanta for $60M

by John Nelson December 22, 2016

ATLANTA — The RADCO Cos. has purchased Legends of Dunwoody, a 532-unit, Class B apartment community located in Atlanta, for $60 million. The Atlanta-based multifamily investment firm will invest roughly $8.7 million on capital improvements and rebrand the property Radius Sandy Springs, the second community under RADCO’s Radius brand. RADCO Residential will manage the property, which is the 24th community that RADCO owns in metro Atlanta. RADCO financed the acquisition using a $50.4 million Freddie Mac loan and $21.6 million in private capital. The renovations will include unit interior upgrades, building repairs, a remodeled clubhouse, pool deck expansion, new pool, new dog park additions, exterior lighting upgrades, landscaping and a refurbished tennis court. Built in 1980, Radius Sandy Springs is situated in Atlanta’s Central Perimeter office submarket, home of State Farm’s new East Coast hub and the corporate relocation of Mercedes-Benz USA.

December 22, 2016

Florida Multifamily Southeast

BRG Sells Apartment Property in Orlando for $52M

by John Nelson December 22, 2016

ORLANDO, FLA. — Bluerock Residential Growth REIT Inc. (BRG) has sold EOS Orlando Apartments, a 296-unit multifamily property located at 12221 E. Colonial Drive in Orlando. An undisclosed buyer purchased the asset from BRG for $52 million. The property includes studio, one- and two-bedroom residences featuring granite countertops, kitchen islands, wood flooring, washer and dryer units and balconies or patios in select units. Community amenities include a clubhouse with a kitchen and bar, cyber lounge, billiards, stand-up tanning bed, conference room, indoor mail center, pet walk and a two-story, 24-hour fitness center. Other amenities include courtyards with stack-stoned fireplaces, fountains, hammock havens and two “caves” with media zones and USB connectivity.

December 22, 2016

Maryland Multifamily Southeast

StoneBridge Investments Acquires Apartment Community in Maryland for $25.5M

by John Nelson December 22, 2016

COLUMBIA, MD. — Washington, D.C.-based StoneBridge Investments has purchased Beech’s Farm, a 135-unit apartment community located in Columbia, roughly 21 miles southwest of Baltimore. StoneBridge acquired the asset from an entity controlled by McDowell Properties for $25.5 million. Built in 1985 along Eden Brook Drive, the apartment community is situated across the street from King’s Contrivance Village Center, a Harris Teeter-anchored shopping center. StoneBridge plans to renovate the property’s apartment interiors and add a fitness center. ZRS Management, an affiliate of StoneBridge, currently manages Beech’s Farm. CBRE’s Mid-Atlantic multifamily represented the seller in the transaction.

December 22, 2016

Arizona Multifamily Western

Tatum Place Multifamily Community in Scottsdale Sells for $18M

by Nellie Day December 21, 2016

SCOTTSDALE, ARIZ. — Clear Sky Capital EBH LLC has acquired the 164-unit Tatum Place apartment community in Scottsdale for $18 million. The community is located at 16801 N. 49th St. Tatum Place was built in 1984. Amenities include two swimming pools, sun decks, a spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. David Fogler and Steven Nicoluzakis represented the seller, NNC Tatum Place, in this transaction.

December 21, 2016

Colorado Multifamily Western

PCCP, Griffis Residential Buy Monterey Apartments in Littleton

by Nellie Day December 21, 2016

LITTLETON, COLO. — A joint venture between PCCP and Griffis Residential has acquired the 332-unit Monterey Apartments in Littleton for an undisclosed sum. The new owners will rebrand the community as Griffis Marston Lake. It is located at 4601 S. Balsam Way. The joint venture plans to renovate the clubhouse, fitness center, pool and spa, and upgrade the community landscaping. Unit interiors will be upgraded with vinyl plank floors in kitchens, living rooms and bathrooms, new kitchen cabinet faces, quartz countertops and stainless steel appliances. Notable employers in the area include Lockheed Martin, the Denver Federal Center, the National Renewable Energy Lab and St. Anthony’s Hospital.

December 21, 2016

Multifamily New York Northeast

Bentall Kennedy Acquires 271-Unit Multifamily Property in Brooklyn for $154.2M

by Amy Works December 21, 2016

NEW YORK CITY — Bentall Kennedy has purchased The Addison, a high-rise multifamily property located at 225 Schermerhorn St. in Brooklyn. Waterton sold the 271-unit property for $154.2 million. Constructed in 2011, the property features a 26-story building and 15-story building with 65 studio, 117 one-bedroom and 89 two-bedroom units, with an average size of 715 square feet per unit. Additionally, the property features 6,610 square feet of ground-floor retail space and a 109-space parking garage. Andrew Scandalios, Rob Hinckley, Jeff Julien and Matthew Lawton of HFF represented the seller in the deal.

December 21, 2016

Loans Multifamily New York Northeast

Madison Realty Capital Provides $90M Loan for Residential Development in Brooklyn

by Amy Works December 21, 2016

NEW YORK CITY — Madison Realty Capital has provided a $90 million first mortgage loan for a to-be-developed 232-unit apartment community and an existing community facility in Brooklyn’s Bushwick neighborhood. The undisclosed borrower will use the loan proceeds to retire all existing debt and develop two residential buildings at 889 Bushwick Ave. and 340 Evergreen Ave. In addition to the residential developments, the site also features a newly renovated 152,674-square-foot community facility at 871 Bushwick Ave. that is triple-net leased on a long-term basis to a national non-profit organization.

December 21, 2016

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