Multifamily

H. Katz, Coastal Ridge Acquire 712-Bed Student Housing Community Near Colorado State

by Nellie Day January 27, 2017

FORT COLLINS, COLO. — A joint venture between H. Katz Capital Group and Coastal Ridge Real Estate has acquired Aspen Heights Fort Collins, a 712-bed community located near Colorado State University in Fort Collins. The price was not disclosed. Coastal Ridge has taken over management of the property, and is in the process of re-branding the community as The Outpost. The development offers two-, three-, four- and five-bedroom apartment-style units and cottages, with private bathrooms and guest half-baths, washers and dryers, and walk-in closets. Community amenities include a 24-hour fitness center, yoga studio, resort-style pool, hot tub, outdoor grills, a clubhouse, computer lab, sand volleyball court, movie theater, study lounge, tanning beds and a private shuttle. The property was sold by TSB Realty. TSB Capital Advisors assisted the joint venture in procuring a senior loan through Walker Dunlop and Freddie Mac.

January 27, 2017

California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers $21.2M Sale of Development Site in West Hollywood

by Nellie Day January 27, 2017

WEST HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sale of a mixed-use development site located at 431 N. La Cienega Blvd. in West Hollywood. A group of local and national developers acquired the 32,574-square-foot site for $21.2 million. At the time of sale, the property was occupied by Royal Car Wash and other local retailers. The property also features multifamily units. Brandon Michaels and Lonnie McDermott of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.

January 27, 2017

Multifamily North Carolina Southeast

Pollack Shores to Develop Apartment Community in Charlotte’s South End

by John Nelson January 27, 2017

CHARLOTTE, N.C. — Pollack Shores Real Estate Group plans to develop a 350-unit apartment community at 327 and 349 Tremont Ave. in Charlotte’s South End district. Design is currently underway on the project, which is located within walking distance of Atherton Mill. The residential units will feature stone countertops and stainless steel appliances, and the community amenities will include a pool courtyard, clubroom, sky lounge, two courtyards with outdoor kitchen amenities and a dog park. The community will also feature 2,500 square feet of street-level retail space and “Live Work Units” fronting Tremont Avenue. Pollack Shores expects to deliver the unnamed project in late 2018.

January 27, 2017

Georgia Multifamily Southeast

Berkadia Arranges $38.1M Sale of Two Apartment Communities in Metro Atlanta

by John Nelson January 27, 2017

NORCROSS AND LAWRENCEVILLE, GA. — Berkadia has brokered the $38.1 million combined sale of two apartment communities in metro Atlanta’s Gwinnett County. The properties include the 180-unit Ellington Woods located at 1359 Beaver Ruin Road in Norcross and the 192-unit Lealand Place at 2945 Cruze Road in Lawrenceville. Andrew Mays and Paul Vetter of Berkadia represented the seller, a private entity based in Atlanta, in both sales. Ellington 192 LLC purchased Ellington Woods for $18 million and Lealand 180 LLC purchased Lealand Place for nearly $20.1 million. Richard Levine of Berkadia originated two Freddie Mac loans totaling $26.9 million for the acquisition of both apartment communities. The loans feature seven-year terms and a floating 2.85 percent interest rate.

January 27, 2017

Multifamily Texas

Rosewood Property Opens 327-Unit Multifamily Property in Plano

by Amy Works January 27, 2017

PLANO, TEXAS — Rosewood Property Co. has opened The Bridge @ Heritage Creekside, an apartment building located within the 156-acre Heritage Creekside mixed-use development in Plano. Completed by Carbon Thompson, the property features 327 apartment units within the 46-acre first phase of the Heritage Creekside development. Upon completion, the project will also feature 105 single-family townhomes and 41 single-family homes.

January 27, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 76-Unit Apartment Building in Garland

by Amy Works January 27, 2017

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Oaks Branch, a multifamily building located at 1004 Castleglen Drive in Garland. Oaks Branch features 76 units in a mix of two- and three-bedroom apartment layouts and two-story townhouse-style units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, also a limited liability company, in the deal. The acquisition price was not released.

January 27, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $130M Sale of 360-Unit Apartment Community

by Amy Works January 27, 2017

ROSELAND, N.J. — Gebroe-Hammer Associates has brokered the sale of Nob Hill Apartments, a garden-style apartment community located at 28 Nob Hill Road in Roseland. Novel Property Ventures acquired the property from Segal & Segal for $130 million. The 360-unit property features one- and two-bedroom layouts, as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks. Greg Pine and Ken Uranowitz of Gebroe-Hammer represented the seller, while Nicholas Nicolaou of Gebroe-Hammer procured the buyer. Additionally, JLL secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of the 30-building property. Acore Capital provided the financing package, which was arranged by Dustin Stolly and Aaron Niedermayer of JLL.

January 27, 2017

Multifamily Northeast Pennsylvania

JV Tops out 322-Unit Residential Tower in Philadelphia’s Center City

by Amy Works January 27, 2017

PHILADELPHIA — A joint venture between The Goldenberg Group, Hines and ASB Real Estate Investments has announced the structural topping out of 1213 Walnut, a residential tower located in Philadelphia’s Center City. The 26-story, 300,000-square-foot building will feature 322 for-rent luxury apartment units, 7,200 square feet of retail space, 11,000 square feet of amenity space, a 3,000-square-foot fitness center, rooftop deck, dog park and bicycle storage. Preleasing will begin in April, with occupancy slated for July.

January 27, 2017

Illinois Midwest Multifamily Seniors Housing

Caddis Opens Senior Living Community in Peoria, Illinois

by Kristin Harlow January 27, 2017

PEORIA, ILL. — Caddis has opened Heartis Village Peoria in Peoria, north of Springfield. The 108-unit, 97,000-square foot senior living community is located at 8201 N. Illinois Route 91. The community consists of two adjoined components: a single-story, 36-unit memory care residence and a three-story residence with a total of 72 assisted living apartments. Heartis Village Peoria offers a wide variety of amenities, including a salon and spa with a therapeutic tub, two interior courtyards, a large dining room and more. The community is owned by Caddis and managed by Pathway, a senior living operations management company headquartered in Chicago. Austin, Texas-based Katus LLC served as architect and Rosemont, Ill.-based McShane Construction served as general contractor.

January 27, 2017

Loans Multifamily New York Northeast

Cushman & Wakefield Closes $21.8M in Loans for Two Multifamily Properties in Queens

by Amy Works January 26, 2017

NEW YORK CITY — Cushman & Wakefield has secured two loans, totaling $21.8 million, for two multifamily properties in Queens. The loans feature a 3.25 percent fixed rate for a five-year term. Proceeds of the loans will be used to recapture equity on the properties. The properties are located at 108-20 62nd Drive in the Forest Hills section of Queens and 136-42 Maple Ave. in Flushing. Totaling 130,000 square feet, the properties offer a total of 135 residential units. Morris Betesh, Justin Boruchov, Daniel Belecen and Omar Ferreira of Cushman & Wakefield handled the financing. Dime Savings Bank provided the loans for the undisclosed borrower.

January 26, 2017

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