Multifamily

Interstate Equities Corp. Acquires Verdugo Village in Glendale for $54.2M

by Nellie Day January 5, 2017

GLENDALE, CALIF. — Interstate Equities Corporation (IEC) has acquired the 126-unit Verdugo Village apartment community in Glendale for $54.2 million. The community is located at 1717 N. Verdugo Road. The property will be renamed Towne at Glendale. It was built in 1965 and renovated in 2007 to condo specifications, featuring high-end finishes and central air conditioning. The Towne at Glendale is currently 96 percent occupied. It will undergo a series of capital improvements to enhance and expand its existing amenities. Planned renovations include a major redevelopment of the main lobby and entrance, the installation of a new fitness center, upgrades to the movie theater and additional storage for residents. Adrienne Barr and Shane Shafer of Berkadia executed the transaction. HFF’s Peter Smyslowski arranged the acquisition loan, which CIT Bank provided. This is the seventh acquisition to date using IEC’s Institutional Fund III.

January 5, 2017

California Multifamily Western

Candlewood North Multifamily Community in Northridge Sells for $43.5M

by Nellie Day January 5, 2017

NORTHRIDGE, CALIF. — Waterton has acquired the 189-unit Candlewood North apartment community in Northridge for $43.5 million. The community is located at 9830 Reseda Blvd. The property contains three buildings totaling 166,910 square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two swimming pools, jacuzzis and a barbecue/picnic area. Notable employers in the area include Boeing, Rocketdyne, the Walt Disney Co., Anheuser-Busch, Nestlé and Health Net. Greg Harris, Kevin Green and Joseph Grabiec represented both the buyer and seller, Essex Property Trust, in this transaction.

January 5, 2017

Multifamily Nevada Western

The Bascom Group Buys Spectrum Apartments in Las Vegas for $38.3M

by Nellie Day January 5, 2017

LAS VEGAS — The Bascom Group has purchased the 252-unit Spectrum Apartments in Las Vegas for $38.3 million. The community is located at 9242 W. Russell Road. Spectrum was built in 2010. The property is near Spring Valley, Summerlin and Rhodes Ranch, with easy access to the 215 Beltway. Patrick Sauter and Art Carll of NAI Vegas executed the transaction. HFF’s Charles Halladay and Jamie Kline arranged a $27.3 million acquisition loan through Lincoln Benefit Life Company.

January 5, 2017

Florida Multifamily North Carolina Southeast

ARA Newmark Arranges $127M Sale of Multifamily Portfolio in Florida, North Carolina

by John Nelson January 4, 2017

TAMPA, FLA. — ARA Newmark has brokered the $127 million sale of a four-property, 1,153-unit multifamily portfolio in Florida and North Carolina. The properties include the 298-unit ARIUM Bala Sands in Orlando, the 247-unit ARIUM Citrus Park and the 368-unit ARIUM Bay Pointe, both in Tampa, and the 240-unit ARIUM Pineville in Charlotte. The seller, The Carroll Organization, has implemented interior renovations on select units in all four properties. Patrick Dufour, Kevin Judd, John Heimburger, Scott Ramey, Jason Kon, Dick Donnellan, Marc deBaptiste, Dean Smith and Blake Okland of ARA Newmark represented Carroll in the transaction, which was completed in three phases.

January 4, 2017

Multifamily Texas

The Hanover Co. Sells 340-Unit Apartment Property in Downtown Austin

by Amy Works January 4, 2017

AUSTIN, TEXAS — Houston-based The Hanover Co. has completed the disposition of Hanover South Lamar, a 340-unit mid-rise apartment community located in downtown Austin. Boston-based General Investment & Development acquired the property, which was 95 percent occupied, for an undisclosed price. Pat Jones of ARA Newmark represented the seller in the deal. The eco-friendly property features 550 rooftop solar panels, a Heritage Tree Grove of preserved and relocated live oak and pecan trees and electric car charging stations. On-site community amenities include a resort-style swimming pool, courtyard with outdoor cooking stations and private cabanas, clubhouse with theater and gaming rooms, private dog park and a fitness center. Apartment units feature gourmet kitchens, granite and quartz countertops, high ceilings, large windows, wood-style flooring and energy-efficient appliances.

January 4, 2017

Loans Multifamily Texas

Dougherty Mortgage Closes Loan for Apartment Property in San Antonio

by Amy Works January 4, 2017

SAN ANTONIO — Dougherty Mortgage has closed a Fannie Mae Supplemental loan for Mayfield Gardens Apartment Homes, a 53-unit multifamily property located in San Antonio. The Dougherty’s Minneapolis office arranged the eight-year loan, which features a 30-year amortization schedule, for the borrower, 737 West Mayfield LLC.

January 4, 2017

Florida Multifamily Southeast

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

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