Multifamily

CBRE/NE Arranges Sale of 154-Unit Apartment Community in Massachusetts

by Amy Works July 18, 2016

STOUGHTON, MASS. — CBRE/New England has arranged the sale of Coppermill Park, a garden-style apartment community located at 3101 Stagecoach Road in Stoughton. Fairfield Residential sold the 154-unit property for an undisclosed sum. Built in 2010, the property consists of three four-story buildings with a mix of 55 one-bedroom apartments, 53 one-bedroom with den units and 46 two-bedroom apartments on 8.6 acres of land. The apartments range in size from 710 to 1,042 square feet. The community was developed under Chapter 40B with 75 percent of the units at market and 25 percent of the units at 80 percent of area median income. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

July 18, 2016

Multifamily Northeast Pennsylvania Seniors Housing

Green Courte Partners Acquires 275-Unit Seniors Housing Community in Pennsylvania

by Amy Works July 18, 2016

HARLEYSVILLE, PA. — Green Courte Partners through its fund, Green Courte Real Estate Partners IV and its affiliates, has acquired Arbour Square of Harleysville. Built in two phases and completed in 2014, the 275-unit independent living community was 78 percent occupied at the time of closing. Heritage Senior Living will manage the property. Matt Pyzyk of Green Courte Partners originated the transaction for Green Courte Partners.

July 18, 2016

Massachusetts Multifamily Northeast

Trinity Financial Opens 310-Unit Apartment Community in Boston’s Bulfinch Triangle

by Amy Works July 18, 2016

BOSTON — Trinity Financial has opened One Canal Apartment Homes, an apartment community located in Boston’s Bulfinch Triangle neighborhood. Apartment Investment and Management Co. (Aimco) invested $195 million in the 12-story, 310-unit apartment community. One Canal features a mix of studio, one-, two- and three-bedroom layouts, plus 44 luxury penthouses on the building’s top two floors. On-site amenities include a 2,000-square-foot fitness center and a rooftop social deck with a heated pool, fire pit lounge, outdoor theater and 360-degree panoramic views of the city. Additionally, the project features 21,000 square feet of retail space that will house City Winery, a high-end culinary and cultural destination that will offer concerts, food and wine classes.

July 18, 2016

Multifamily North Carolina Southeast Virginia

Robbins/Electra America Acquire Multifamily Portfolio in North Carolina, Virginia for $400M

by John Nelson July 18, 2016

TAMPA, FLA. — Robbins/Electra America LLC (REM), a joint venture between Robbins Property Associates and its investment partner Electra America, has purchased a 12-property multifamily portfolio in North Carolina and Virginia for more than $400 million. Totaling 3143 units, the communities include seven properties in the Charlotte area, four in metro Raleigh and one in Richmond, Va. The new ownership is planning a multimillion-dollar investment program to upgrade the properties’ kitchens, bathrooms, fixtures, lighting and flooring. Berkadia Commercial Mortgage LLC arranged acquisition financing through Freddie Mac on behalf of REM. With this transaction, REM owns and manages 57 apartment communities totaling 16,689 units.

July 18, 2016

Loans Maryland Multifamily Southeast

Capital One Provides $66.7M Acquisition Loan for Apartment Community in Metro D.C.

by John Nelson July 18, 2016

GREENBELT, MD. — Capital One has provided a $66.7 million acquisition loan for Gates of Cipriano, a 591-unit apartment community located at 8501 Greenbelt Road in Greenbelt. The asset is situated roughly 13 miles outside of Washington, D.C., and across the street from NASA’s Goddard Space Flight Center. Abe Hirsch, Jacob Katz and Zev Karpel of Meridian Capital Group arranged the 12-year, Fannie Mae loan through Capital One on behalf of the borrower, BDMG.

July 18, 2016

Georgia Multifamily Southeast

Atlanta’s Growth Puts Pressure on Affordable Rental Housing

by John Nelson July 18, 2016

With Atlanta’s recent growth in population and workforce, the city has all the attributes of a strong multifamily market. Last year saw peaks in all major metrics: occupancy, absorption and rent. With no end in sight for either trend, developers and investors have focused on urban submarkets — leaving a dearth of inventory in the suburbs and looming questions. Can Atlanta continue to provide affordable communities for its growing middle class or is a housing shortage imminent? A Balancing Act Development has always been a balancing act between the availability of land/zoning, construction costs and the rents a new property can demand. In recent years, almost all new apartment construction has been in high density “urban core” locations. Today, urban locations have matured and are commanding the highest rents in the market due to fundamental changes in perceptions of urban living. Steep rents help offset high construction costs and developers often find more receptive audiences during their zoning hearings in urban areas. While there are pockets of new development in suburban “core” markets, the low levels of activity in the last 10 years don’t compare to Atlanta’s past. For this reason alone, expect to see a long period of rental …

July 18, 2016

California Multifamily Seniors Housing Western

JCH Arranges $13.1M Sale of Skilled Nursing Facility in California

by Nellie Day July 15, 2016

RIVERSIDE, CALIF. — JCH Consulting Group has arranged the sale of a skilled nursing facility in the Los Angeles suburb of Riverside for $13.1 million. Built in 1969, the facility features 188 beds, resulting in a sale price of $69,680 per bed. The community was 60 percent occupied at the time of sale The buyer was a California owner-operator, and the seller was a regional operator. Shep Roylance was the lead agent on the transaction.

July 15, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $2.3M Sale of Apartment Building in Chicago

by Haisten Willis July 15, 2016

CHICAGO — Interra Realty has brokered the sale of an apartment building in Chicago’s Wicker Park neighborhood for $2.3 million at a 6.2 percent cap rate. The Interra team of Ted Stratman and Jeremy Morton were hired by the seller to market the apartment building. The five-unit property, located at 2144 W. Potomac Ave., was recently renovated with new porches, heating and air conditioning, granite countertops, stainless steel appliances, hardwood floors, electrical updates and copper plumbing.

July 15, 2016

country-village-apartments-norman-oklahoma

Loans Multifamily Oklahoma Texas

Old Capital Secures $2.8M Acquisition Loan for Country Village Apartments in Norman

by Haisten Willis July 15, 2016

NORMAN, OKLA. — Old Capital has secured a $2.8 million loan for the purchase of Country Village Apartments in Norman. The 20-year loan includes a 4.5 percent interest rate and a 30-year amortization schedule. Texas-based buyers acquired the 100-unit, semi-stabilized property at an 80 percent loan-to-value ratio.

July 15, 2016

Multifamily Southeast Virginia

Colliers Brokers $81M Sale of Three-Property Multifamily Portfolio in Richmond

by John Nelson July 15, 2016

RICHMOND, VA. — Colliers International has arranged the $81 million sale of a three-property, 818-unit multifamily portfolio in Richmond. The properties include Champions Club, Park West End and Hickory Creek. Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel of Colliers’ east region multifamily advisory group represented the seller, CORE Realty Holdings Management, in the transaction. Richmond-based McCann Realty Partners purchased the 294-unit Hickory Creek, while Irvine, Calif.-based MDO Capital purchased Champions Club and Park West End Apartments.

July 15, 2016

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