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Multifamily

FloridaMultifamilySoutheast

BRG Sells Apartment Property in Orlando for $52M

by John Nelson

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.

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MarylandMultifamilySoutheast

StoneBridge Investments Acquires Apartment Community in Maryland for $25.5M

by John Nelson

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.

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ArizonaMultifamilyWestern

Tatum Place Multifamily Community in Scottsdale Sells for $18M

by Nellie Day

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.

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ColoradoMultifamilyWestern

PCCP, Griffis Residential Buy Monterey Apartments in Littleton

by Nellie Day

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.

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the-addison-brooklyn-ny
MultifamilyNew YorkNortheast

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

by Amy Works

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.

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LoansMultifamilyNew YorkNortheast

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

by Amy Works

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.

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LoansMassachusettsMultifamilyNortheast

EagleBridge Capital Arranges $3.3M in Financing for Apartment Complex in Randolph, Massachusetts

by Amy Works

RANDOLPH, MASS. — EagleBridge Capital has arranged $3.3 million in permanent mortgage financing for an apartment complex located at 34-42 West St. in Randolph. Ted Sidel and Brian Sheehan of EagleBridge secured the financing, which includes a 10-year term and a 30-year amortization schedule, through Freddie Mac. The two-building complex features 32 apartments in a mix of 14 two-bedroom/one-bath units, 17 one-bedroom/one-bath units and one studio unit. At the time of financing, the property was 100 percent leased. The name of the borrower was not released.

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LoansMultifamilyNew JerseyNortheastSeniors Housing

Kennedy Funding Financial Closes $1.7M Loan for Assisted Living Facility in East Windsor, New Jersey

by Amy Works

EAST WINDSOR, N.J. — Kennedy Funding Financial has closed a $1.7 million loan for EW Acquisition. The loan proceeds will be used for working capital and to fund infrastructure improvements to convert the property into The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor. The borrower acquired the property in 2005 and started an improvement program at the property, which is situated on 3.9 acres. The 89,038 square feet of improvements are scheduled for completion in 2017. Once complete, the property will contain a mix of assisted and memory care units.

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opus-waco
MultifamilyStudent HousingTexas

Eisner Equities Breaks Ground on Student Housing Community Near Baylor University

by Amy Works

WACO, TEXAS — Eisner Equities has broken ground on OPUS 2430, a 151-bed boutique student housing community located near Baylor University in Waco. The development is expected to open for occupancy in fall 2017. The 68,000-square-foot property will offer townhome-style units featuring granite countertops, washers and dryers and en-suite bathrooms, with an additional powder room on the ground floor of each unit for guests. Community amenities will include a clubhouse, fitness center, outdoor living and exercise areas and a resort-style pool and tanning deck. Project team members include Bennett, Benner Partners Architects and Waco-based engineering firm Walker Partners. Campus Realtors will serve as the on-site management and leasing firm. Ciera Bank of Fort Worth provided construction financing on behalf of Eisner Equities.

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2001-wesley-drive-arlington-tx
MultifamilyTexas

Marcus & Millichap Facilitates Sale of 60-Unit Multifamily Property in Arlington

by Amy Works

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Windemere, an apartment property located at 2001 Wesley Drive in Arlington. A limited liability company acquired the 60-unit property for an undisclosed price. Built in 1980, the property features a mix of three floorplans with an average unit size of 797 square feet. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer in the deal.

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