Multifamily

CBRE/NE Arranges Sale of 251-Unit Avalon Shrewsbury in Massachusetts

by Jaime Lackey September 27, 2016

SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.

September 27, 2016

Multifamily New York Northeast

Cignature Realty Handles $19.7 Million Two-Building Multifamily Sale in Manhattan

by Jaime Lackey September 27, 2016

NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.

September 27, 2016

Multifamily New York Northeast

TerraCRG Oversees Sale of Brooklyn Multifamily Building

by Jaime Lackey September 27, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a fully occupied multifamily building located at 40 Starr Street in Brooklyn’s Bushwick neighborhood. Matt Cosentino and Eric Satanovsky of TerraCRG exclusively handled the transaction. The property sold for $1.2 million, or approximately $290 per square foot and a 6 percent cap rate. The seller had owned the three-story, six-unit property for 35 years. It features an additional 1,375 square feet of available air rights. Three of the units are income-restricted.

September 27, 2016

California Multifamily Student Housing Western

EdR Completes $45M Restoration of Bowles Hall at University of California, Berkeley

by Nellie Day September 26, 2016

BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.

September 26, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $50M in Construction Financing for Massachusetts Apartment Project

by Jaime Lackey September 26, 2016

REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.

September 26, 2016

Multifamily New York Northeast Retail

Besen Handles $7.4M Sale of Four-Property Portfolio in Brooklyn

by Jaime Lackey September 26, 2016

NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.

September 26, 2016

Midwest Minnesota Multifamily

RJM to Oversee Construction of Legacy Lofts in Minneapolis

by Haisten Willis September 26, 2016

MINNEAPOLIS — RJM Construction, a Minneapolis-based general contractor, will oversee construction of Legacy Lofts, a condominium project in downtown Minneapolis’ mill district. Led by Jim Stanton, the 1 million-square-foot project will include a 14-story and an 18-story tower with underground and aboveground parking along with 374 individually owned units. Plans call for a playground, pet exercise area, fitness room, pool and spa, bike racks, community room, game room and a green roof with lawn bowling. RJM Construction will manage the core and shell construction. Riverdale Ventures LLC, which Stanton owns, will complete the units. Site preparations are underway, with the building scheduled for completion in summer 2018. In addition to RJM, project partners include Oertel Architects and BKBM Engineers.

September 26, 2016

California Multifamily Seniors Housing Western

Kisco Starts $4M Renovation of Seniors Housing Community Near San Francisco

by Nellie Day September 26, 2016

LOS ALTOS, CALIF. — Kisco Senior Living has started the $4 million renovation of BridgePoint at Los Altos, a seniors housing community in the San Francisco suburb of Los Altos. Renovations include a new covered entry, large gathering space, new bistro café and courtyard, along with a refreshed lobby, living room and library. Kisco will also improve the interior corridors and exterior landscaping and parking areas. Kisco acquired BridgePoint in 2001. The California-based owner-operator has eight locations in California, plus 14 other locations in seven states.

September 26, 2016

Florida Mixed-Use Multifamily Retail Southeast

Canyon Partners Makes $15.4M Investment to Develop Mixed-Use Property in Tampa

by Katie Sloan September 26, 2016

TAMPA, FLA. — Canyon Partners Real Estate LLC has provided $15.4 million of preferred equity to a joint venture between ECI Group and Mercury Advisors to develop The Channel Club in Tampa. The 22-story, Class A apartment high-rise will include 323 rental units totaling approximately 295,000 leasable square feet and a seven-story parking garage with 596 spaces. The project also will include construction of a 36,900-square-foot Publix grocery store. The 2.26-acre site is located in the Channel District, directly adjacent to downtown Tampa, one of Tampa’s fastest growing multifamily submarkets. Project construction is scheduled to begin this October and be completed in December 2018. The property is bordered by Twiggs Road, Meridian Avenue and Madison Street. It is adjacent to the Grand Central at Kennedy, a mixed-use condominium, office and retail property developed by Mercury Advisors, for which Canyon provided a $27.4 million non-recourse senior loan in June 2012.

September 26, 2016

Florida Multifamily Southeast

Franklin Street Brokers $14.1M Sale of 251-Unit Multifamily Community in Orlando

by Katie Sloan September 26, 2016

ORLANDO, FLA. — Franklin Street has brokered the $14.1 million sale of Misty Oaks, a 251-unit multifamily community located at 744 Spring West Circle in Orlando. The community, which is 95 percent occupied, offers one-bedroom, one-bathroom units. Approximately half of the units have undergone renovations and are achieving premium rent. Franklin Street’s Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger represented the undisclosed seller in the transaction. The buyers were 1031 investors from out of state.

September 26, 2016

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