Multifamily

CBRE Brokers $42M Sale of Apartment Community in Orlando

by John Nelson February 8, 2016

ORLANDO, FLA. — CBRE has brokered the $42 million sale of The Glenn, a 396-unit luxury apartment community located at 10801 Heather Ridge Circle in Orlando. Insula Cos. purchased the property from Heather Glen Holding Co. LLC. The Glenn features three swimming pools with sundecks and tanning areas, a clubhouse, sand volleyball court and a newly constructed, 2,500-square-foot fitness center with a spin and yoga room. Built in 1986 and updated in 2014 and 2015, The Glenn was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

February 8, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $8.5M Sale of Two Multifamily Properties in Chicago

by Christina Cannon February 8, 2016

CHICAGO — Interra Realty has brokered the sale of two multifamily properties in Chicago for a total of $8.5 million. In the first deal, 606 Capital LLC acquired a 26-unit building from Fullerton Condominiums LLC for $5.9 million. The asset is located at 3045 W. Fullerton Ave. in the Logan Square neighborhood. The building has recently been fully rehabbed and consists of two-bedroom units and has 13 parking spaces. In the second deal, an eight-unit apartment building at 2053 N. Sheffield Ave. in the Lincoln Park neighborhood sold for $2.6 million. Dowdell Sheffield LLC sold the property to Lakeview Associates Inc. The building was renovated in 2007 and 2008. Brad Feldman of Interra Realty represented both parties in the two transactions.

February 8, 2016

Loans Midwest Multifamily Ohio

Grandbridge Real Estate Capital Arranges $3.5M Loan for Apartment Community in Columbus

by Christina Cannon February 8, 2016

COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $3.5 million supplemental mortgage loan for a 250-unit multifamily property in Columbus for an undisclosed borrower. The Orleans is a Class A apartment complex that features a movie theater, car wash center, laundry facility, business center, furniture rental service and valet dry cleaning service. Grandbridge Real Estate Capital arranged the loan, which features a six-year term and 30-year amortization schedule, through Freddie Mac. Ted Schmidt of Grandbridge Real Estate Capital arranged the financing.

February 8, 2016

Multifamily Seniors Housing Utah Western

Kisco Acquires 183-Unit Seniors Housing Community in Utah

by Nellie Day February 5, 2016

SANDY, UTAH — Kisco Senior Living has acquired Atria at Sandy, a 183 unit independent and assisted living community in the Salt Lake City suburb of Sandy, for an undisclosed price. Kisco has renamed the community Cedarwood at Sandy. The building is on a six-acre plot and includes 122 independent living and 61 assisted living residences. Kisco also acquired four acres adjacent to community, formerly a nursing home, to build a 100-unit assisted living and memory care addition to be called Cedar Court. Construction will begin later this year. This is Kisco’s second Utah location, joining Sagewood at Daybreak, which recently opened its doors in nearby South Jordan. Based in Carlsbad, Calif., Kisco operates 22 senior living locations in California, Florida, North Carolina, Texas, Utah, Hawaii and Virginia.

February 5, 2016

Multifamily New York Northeast

Slate Property, GreenOak Real Estate Acquire RiverTower at Sutton Place for $390M

by Amy Works February 5, 2016

NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.

February 5, 2016

Hospitality Massachusetts Mixed-Use Multifamily Northeast

Related Beal Breaks Ground on Mixed-Use Development in Boston

by Amy Works February 5, 2016

BOSTON — Related Beal has broken ground for Parcel 1B, a mixed-use, transit-oriented development across the street from Lovejoy Wharf in Boston. Designed by CBT Architects, the project will include a 14-story residential building totaling 484,000 square feet with street-level retail and on-site parking, and a 220-room Courtyard Marriott hotel with 2,500 square feet of meeting space, which will be operated by Turnberry Associates. The residential building will feature 239 affordable units that will be restricted to individuals, couples and families with qualified incomes ranging from 30 percent area median income (AMI) to up to 165 percent AMI. The project is slated for delivery in 2018.

February 5, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $23.5M Apartment Building in Manhattan

by Amy Works February 5, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 440 W. 47th St. in Manhattan’s Midtown West neighborhood. The asset sold for $23.5 million, or $760 per square foot. The five-story building consists of one commercial unit and 46 residential units. The unit mix includes two studios, four one-bedroom units, 39 two-bedroom units and one three-bedroom unit. Sixteen of the units are rent stabilized and 30 are free-market units. Bob Knakal, Jonathan Hageman and Chris Brodhead of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.

February 5, 2016

Ridglea-Square-Apartments-fort-worth-texas

Multifamily Texas

Greysteel Arranges Sale of Ridglea Square Apartments in Fort Worth

by Haisten Willis February 5, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments in Fort Worth. Greysteel’s multifamily investment sales team, led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill, represented Ridglea Square Apartments LLC in the sale to Bellfast Glen Investments LLC. The property is a 54-unit multifamily community located one block south of I-30 near Ridgmar Mall, which contains more than 100 stores.

February 5, 2016

Georgia Multifamily Southeast

Post Properties to Develop $96M Apartment Community in Atlanta’s CBD

by John Nelson February 5, 2016

ATLANTA — Post Properties has announced it will develop Post Centennial Park, a 438-unit, midrise apartment community located in Atlanta’s central business district. Development costs are expected to total $96 million. The luxury apartment project will be located adjacent to Centennial Park and within walking distance of the MARTA Civic Center and Peachtree Center rail stations and the Atlanta Streetcar. The community will include a mix of studio, one-, two- and three-bedroom apartments averaging 808 square feet. Post Properties forecasts market rents to average approximately $1,620 per month. Ten percent of the planned units will be designated as workforce housing, with rents forecast to average approximately $1,090 per month. Atlanta-based Post Properties currently has 2,290 units in six apartment communities under construction with a total estimated development cost of $478.6 million. The company expects to complete Post Centennial Park in mid-2018.

February 5, 2016

Florida Multifamily Southeast

Boardwalk Properties Buys South Beach Apartment Portfolio for $59M

by John Nelson February 5, 2016

MIAMI BEACH, FLA. — Boardwalk Properties, a private multifamily ownership group, has purchased a 15-property, 240-unit apartment portfolio in Miami Beach for $59 million. The assets are located between 7th and 15th streets in Miami Beach’s South Beach district. Boardwalk plans to keep the existing property management team in place and invest in property improvements, including new roofing, paint for the exterior and common areas, central air conditioning, hurricane impact windows and doors, video cameras for security, laundry services, landscaping, energy efficient toilets and electrical and plumbing systems. Real estate attorney Neil Rollnick of Hinshaw & Culbertson LLP represented Boardwalk Properties in the transaction.

February 5, 2016

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