Multifamily

CBRE/NE Brokers $59.7M Sale of 300-Unit Apartment Complex in Rhode Island

by Amy Works January 29, 2016

WEST GREENWICH, R.I. — CBRE/New England has arranged the sale of Grandeville at Greenwich, a garden-style apartment community located in West Greenwich. The Wolff Company acquired the property from Grandeville at Greenwich LP, an affiliate of Lecesse Development, for $59.7 million. The community features 300 apartment units in a mix of one-, two- and three-bedroom layouts with an average size of 1,321 square feet. Community amenities include a great room, media room, business center, gym with a kid’s room, an outdoor pool with sundeck, a tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

January 29, 2016

Multifamily New York Northeast

Morgan Acquisitions Acquires Two Multifamily Properties in New York for $33M

by Amy Works January 29, 2016

PAINTED POST AND CAMILLUS, N.Y. — Morgan Acquisitions LLC has acquired two multifamily properties in New York for a total of $33 million. Erastus LLC and Archimedes Associates LLC sold the 286-unit Emerald Springs in Painted Post for $22 million, or $77,000 per unit; and the 146-unit Steeplechase Apartments in Camillus for $11 million, or $75,000 per unit. Located at 12 Pond View Court in Painted Post, Emerald Springs features 38 residential buildings, a fitness center, outdoor swimming pool, tennis courts, basketball courts, playground, grilling and picnic areas, 150 carports and 48 garages. Located at 5625 W. Genesee St. in Camillus, Steeplechase Apartments features 17 two-story buildings, a clubhouse, a swimming pool, tennis courts, 48 carports and 23 garages. Victor Nolletti, Steve Witten and Still Hunter represented the seller and procured the buyer in the transaction. J.D. Parker, also of Marcus & Millichap, served as broker of record for the deal.

January 29, 2016

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Negotiates $21.5M Sale of Two Properties in Manhattan

by Amy Works January 29, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two properties located at 126-128 E. 13th St. and 123 E. 12th St. in Manhattan’s East Village neighborhood. Ultimate Realty sold the properties to an undisclosed buyer for a total of $21.5 million. The 15,600-square-foot property on 13th Street is currently leased by Peridance, a dance studio, until March 2028 with a five-year option, while the 4,804-square-foot property on 12th Street features ground-floor retail space and a three-bedroom duplex apartment with a private rooftop on the upper floor. James Nelson and Matthew Nickerson of Cushman & Wakefield represented the seller in the transaction.

January 29, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $16.3M Loan for Multifamily Loft Building in New York City

by Amy Works January 29, 2016

NEW YORK CITY — Meridian Capital Group has arranged a $16.3 million mortgage on behalf of Park Avenue South LLC for the refinancing and consolidation of its senior and mezzanine debt secured by a multifamily property located at 220 Park Ave. South in New York City. Allan Lieberman of Meridian Capital secured the five-year financing, which was provided by a local savings bank, features a 3 percent fixed rate. Built in 1990, the nine-story property features 38 loft-style apartment units and 2,650 square feet of ground-level and mezzanine retail space, which is currently occupied by Haru, a Japanese restaurant.

January 29, 2016

Catalon-at-Lago-Mar-Apartments-Texas-City-Texas

Multifamily Texas

Oldham Goodwin Group, MGroup to Develop Apartment Community in Metro Houston

by Haisten Willis January 29, 2016

TEXAS CITY, TEXAS — Oldham Goodwin Group and MGroup will co-develop a multifamily project in the Lago Mar Development in Texas City. Catalon at Lago Mar will be a 230-unit, Class A community located at 6130 Lago Mar Blvd. near I-45. The community will feature a fitness center and outdoor pool. Oldham Goodwin’s development services division, in conjunction with MGroup, will be overseeing the development and construction management of the project. The project team selected FCI Multi-Family Construction to oversee construction. Construction for Catalon at Lago Mar is expected to begin Feb. 1, with a projected completion date in first quarter 2017.

January 29, 2016

Multifamily Texas

ARA Newmark Arranges Sale of 74-Unit Apartment Community in Austin

by Haisten Willis January 29, 2016

AUSTIN, TEXAS — ARA Newmark has arranged the sale of Delwood Station Apartments, a 74-unit multifamily community located in Austin. Andrew Shih of ARA Newmark represented the seller, Curtis Capital Group, in the transaction. GVA, a local company, purchased the property at 99 percent occupancy. Constructed in 1969, Delwood Station is a recently remodeled, garden-style apartment community with a pool, fitness center, bike racks and rentable storage units.

January 29, 2016

Midwest Multifamily Ohio Seniors Housing

SLIB Arranges $12M Sale of Independent Living Community in Ohio

by Christina Cannon January 29, 2016

MAYFIELD HEIGHTS, OHIO — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of Gates Mills Club, an independent living community in the Cleveland suburb of Mayfield Heights, for $12 million. Gates Mills contains 120 units and is located on a 1.7-acre plot. At the time of sale, the community was 88 percent occupied. The sales price, which equates to $100,000 per unit, represents a 6.7 percent capitalization rate. The community was built in 1979 as an assisted living facility. The seller, a private owner based in California, bought and remodeled the property for independent living in 2008. The buyer, also a private owner, is based in Kentucky. Ryan Saul, a managing director for SLIB, arranged the sale.

January 29, 2016

Alabama Loans Multifamily Southeast

AloStar Provides $16.8M Acquisition Loan for Apartment Community in Metro Birmingham

by John Nelson January 29, 2016

HOOVER, ALA. — AloStar has provided a $16.8 million acquisition loan for The Cliffs at Rocky Ridge, a 323-unit apartment community in Hoover. AloStar provided the loan to Elmington Capital Group, a Nashville-based commercial real estate investment and development firm.

January 29, 2016

Colorado Multifamily Western

Wood Partners Buys the Grove at City Center in Aurora

by Nellie Day January 29, 2016

AURORA, COLO. — Wood Partners has purchased the Grove at City Center, a 420-unit apartment complex in Aurora, for an undisclosed sum. The community is located at 14304 E. Tennessee Ave., about 20 miles east of Denver. Wood Partners plans to continue the renovation efforts that were initially started by the unnamed seller. The Grove is less than half a mile from the Aurora Metro Center Rail Station, which will open mid-year. It is also situated near employment centers like the Anschutz Medical Campus, Fitzsimons Innovation District, Denver Tech Center and Denver International Airport.

January 29, 2016

District of Columbia Seniors Housing Southeast

ASHA Launches New Seniors Housing Website for Education Initiative

by John Nelson January 29, 2016

WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has launched its new website — Where You Live Matters (www.WhereYouLiveMatters.org) — along with a major social media outreach initiative. The new site is part of a larger initiative aimed at expanding the awareness of senior living through consumer education. The website’s content includes finance management resources, guides for prospective residents and their families, editorial columns and videos. “Our members and organization are committed to giving consumers across the country a place to learn more about the seniors housing landscape,” says David Schless, president of ASHA. “There are resources available, but we’re committed to painting a clearer picture.” In developing the website and related social media, ASHA established a committee that consisted of representatives from major senior living organizations and experts across the country, including Doug Schiffer of Allegro Senior Living; Jeff DeBevec of Belmont Village Senior Living; David Carliner of Brightview Senior Living; Jonathan Ruchman of Brookdale; Meg Ostrom of Enlivant; Letitia Jackson of Senior Star; Meghan Lublin and Sara Abriatis of Sunrise Senor Living; Dan McConnell, ASHA’s Public Relations Consultant; Dr. Margaret Wylde of ProMatura Group; and Jim Bowe of GlenAire HealthCare, who is the committee chairman. Dr. Roger …

January 29, 2016

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