NEW YORK CITY — Cushman & Wakefield has arranged the sale of two development sites, located at 181 Troutman St. and 303 Stockholm St. in Brooklyn’s Bushwick neighborhood. The sites sold for $2.6 million, or $236 per buildable square foot, in an all-cash transaction. The residential development sites, which were delivered vacant, combine to offer approximately 11,000 buildable square feet. The site at 181 Troutman St. is currently improved by a two-story, 2,025-square-foot two-unit building; and 303 Stockholm St. is a vacant lot. Michael Amirkhanian of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
PLANO, TEXAS — Southern Land Co. has sold the five-story urban development known as Junction 15 to a commingled fund managed by New-York based real estate investment firm Clarion Partners. Junction 15, which opened in 2014 in downtown Plano, is a public-private partnership between Southern Land Co. and the city of Plano. The mixed-use development includes 7,700 square feet of retail space anchored by a 7-Eleven and 279 apartments. The development is close to Plano’s Old Town Square and Haggard Park, as well as several restaurants. Amenities include a pool, outdoor grilling stations and fitness center. Junction 15 is also located across the street from a Dallas Area Rapid Transit (DART) station.
EL PASO, TEXAS — Capital One has provided a $9.8 million Fannie Mae loan for the acquisition of Indian Springs Apartments, a 232-unit community in El Paso. Chad Thomas Hagwood of Capital One’s Birmingham, Ala., office originated the transaction. Built in 1982, Indian Springs was partially renovated by the prior owner and Talos intends to continue the renovation process. The 10-year, fixed-rate loan has two years of interest-only payments and a 30-year amortization schedule. Talos Holdings was the borrower. Talos develops, owns and operates multifamily properties in the southern United States, and has offices in Scottsdale and Dallas.
TAMPA, FLA. — Franklin Street Real Estate Services has closed the sales of five apartment communities in the metro Tampa area totaling more than $50 million. The five properties span roughly 950 units combined. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zachary Ames of Franklin Street brokered all five transactions. The buyers and sellers are private companies from the Tampa area and various locations throughout the U.S. The transactions included the $23.5 million sale of Harbour Cay in Largo, the $14.8 million sale of The Park at Chesterfield, the $7 million sale of University Oakwoods, the $4.3 million sale of Bayside North and the $1.9 million sale of Grove Court-Plant City, all in Tampa. All of the buyers are planning to make substantial investments to upgrade the properties.
WEST PALM BEACH, FLA. — Aztec Group Inc. has arranged a $12.7 million construction loan for a planned 105-unit multifamily community in West Palm Beach’s Northwood neighborhood. The 1.3-acre development site is located at 312 23rd St. north of downtown West Palm Beach. Jason Katz of Aztec Group arranged the loan through City National Bank of Florida on behalf of the developer, Parkland Cos.
MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.
REYNOLDSBURG, OHIO — KeyBank Real Estate Capital has provided $9.3 million in Freddie Mac financing for a multifamily property in Reynoldsburg, an eastern suburb of Columbus. Eden at Caleb’s Crossing is a 360-unit complex that was constructed between 1971 and 1982. Tim Migchelbrink of KeyBank arranged the adjustable rate financing, which was used to refinance an existing KeyBank loan.
The Richmond metropolitan area, with a population of 1.3 million, is bursting with multifamily development. The growing MSA contains more than 72,000 apartments units (45 percent Class A) and has 2,018 units under construction with another 5,826 in various stages of pre-development. On top of all this activity, the overall market occupancy remains at 96 percent. The fuel for these conditions comes from the many amenities in the market, from the University of Richmond and a robust sports scene to the proximity to Atlanta, the Atlantic coast and Washington, D.C., as well as the encouraging employment picture. The city’s unemployment stands at 5 percent compared to the U.S. average of 6.3 percent; since 2000 the city’s population has grown by nearly 15 percent. These conditions allow property owners to leverage this diverse and sustainable market for multifamily investments. Richmond development also benefits from the attractive interest rates, which remain low despite having climbed 80 basis points since late January. Along with monitoring this upward trend, news earlier this month from the Federal Reserve of a rate hike will serve as a caution sign for investors. Whether we see this hike in the next couple of months, or not until 2016, …
PHOENIX — The El Cortez condominium complex in Phoenix has sold to FPA Multifamily LLC for $6.4 million. The community is located on 7th Avenue within the Melrose District. The acquisition included 146 of the 165 units. CBRE’s Bert Kempfert represented FPA. Brian Smuckler and Jeff Seaman of the same firm represented the seller, El Cortez Condominiums LLC.
MIAMI — Monogram Residential Trust Inc., a publicly traded operator and developer of luxury apartment communities, has opened SOMA, a new 418-unit multifamily community in downtown Miami’s Brickell district. Monogram Residential developed the eight-story boutique community in partnership with Alliance Residential Co. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity for the development of SOMA. The Class A property is located at 145 S.W. 13th St. within blocks of Mary Brickell Village, the Brickell Metrorail Station and Simpson Park. Community amenities include 24-hour package receipt and delivery via Luxer locker systems, electric car charging stations, an athletic center overlooking downtown Miami, yoga studio, big screen movie theater and a rooftop resort with a pool, grilling stations, lounge area and basketball court. Unit interiors feature epicurean kitchens, designer lighting, al fresco balconies, walk-in closets and Roman soaking tubs.