Multifamily

Avanath Capital Management Acquires Apartment Building Portfolio in Brooklyn for $60M

by Amy Works November 2, 2015

NEW YORK CITY — Avanath Capital Management, in joint partnership with Oak Tree Management, has acquired a four-property multifamily portfolio in Brooklyn. The rent-stabilized apartment buildings sold for $60 million in an off-market transaction. Totaling 149 units, the properties are 50 Greene Ave., 597 Grand Ave., 800 Bergen St. and 471 Vanderbilt Ave. The joint venture plans to implement various improvement and upgrade programs at the properties. The four assets were purchased through Avanath Affordable Housing II LLC, a fund with $200 million of equity commitments.

November 2, 2015

Multifamily New York Northeast

Rosewood Group Brokers Three Sales in New York Totaling $20.7M

by Amy Works November 2, 2015

NEW YORK CITY — Rosewood Realty Group has brokered three apartment building sales in New York totaling $20.7 million. In the first transaction, Aaron Jungreis of Rosewood represented the undisclosed buyer and the undisclosed seller in the $12.5 million sale of 41 sponsor co-op units at 360 Central Ave. in Lawrence, Long Island. The units are part of a 129-unit co-op building that was built in 1973. In the second transaction, Michael Guttman of Rosewood represented the seller, 90 Clermont Avenue LLC, and the undisclosed buyer in the $4.6 million sale of 90 Clermont Ave. in Brooklyn’s Fort Greene neighborhood. Built in 2008, the six-story, 7,648-square-foot elevator building features seven apartments. In the third deal, Jungreis represented the seller, 66 West 138th Street LLC, and the buyer, a local investor, in the sale of an apartment building located at 66 W. 138th St. in Harlem. Built in 1990, the five-story, 10,955-square-foot property features 20 apartments and sold for $3.6 million.

November 2, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $3.5M Sale of Two Apartment Buildings in Brooklyn

by Amy Works November 2, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located at 336-338 Starr St. in Brooklyn. The two six-unit buildings sold for $3.5 million. Shaun Riley, Thomas Shihaden and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, a limited liability company, in the transaction.

November 2, 2015

Idaho Multifamily Western

EdR and Boise State Complete Agreements for $39.7M On-Campus Housing Development

by Nellie Day October 30, 2015

BOISE, IDAHO — EdR has completed agreements with Boise State University for the $39.7 million development, construction and management of honors college and freshman housing on the Boise State campus. Construction will begin this year, aiming for a July 2017 completion date. The on-campus development will include a four-story building with a 305-bed honors college and 351 additional beds devoted to a freshman live-learn community. Situated on campus adjacent to the Student Union Building and the Recreation Center, it will also include a dining component. Upon completion, EdR will own the residence hall under a 50-year ground lease with Boise State and will manage the facility, while Boise State will provide residence life services. EdR will complete the development through its On-Campus Equity Plan — The ONE Plan — that uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner, and creates long-term financial benefits for Boise State and EdR. Boise State chose EdR in November 2014 through a competitive process to execute all the aspects of this development — design, construction, finance and management. LCA Architects of Boise will lead the project’s design team, which includes Ayers …

October 30, 2015

Multifamily Utah Western

TruAmerica Buys Two Multifamily Communities in Salt Lake City

by Nellie Day October 30, 2015

SALT LAKE CITY — TruAmerica Multifamily has purchased two apartment communities in Salt Lake City for a total of $102 million. The acquisition includes the 486-unit Somerset Village Apartment Homes in West Valley City and the 440-unit Southwillow Apartments in West Jordan. Both properties were built in the mid-80s. They are located seven miles from one another on Redwood Road. Both assets are 99 percent leased. TruAmerica previously purchased the 315-unit Crossing at Daybreak in South Jordan for $46 million in September. The firm will invest an additional $8 million to reposition the newest two assets. James Wadsworth and Greg Barratt of Berkadia represented both the buyer and seller in this transaction.

October 30, 2015

Hawaii Loans Multifamily Seniors Housing Western

Walker & Dunlop Arranges $39.7M Loan for Community in Honolulu

by Nellie Day October 30, 2015

HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Recently, Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.

October 30, 2015

Multifamily Seniors Housing Texas

Construction Begins on Seniors Housing Property in Fort Worth

by Haisten Willis October 30, 2015

FORT WORTH, TEXAS — The Nashville office of Doster Construction Co., along with Mainstreet, broke ground Oct. 8 on a $19.3 million seniors housing property in Fort Worth. This is the first project between Doster and Mainstreet, a national real estate developer located in Carmel, Ind. The property will include 94 beds, 69,355 square feet and will provide transitional care (short-stay rehabilitation and therapy) and assisted living. The project is expected to be complete by October 2016. As a transitional care center, the property will offer hospitality-oriented care with amenities such as a therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa, on-site chef and more.

October 30, 2015

Multifamily Texas

Newcor Arranges Sale of 37.8 Acres in Metro Houston

by Haisten Willis October 30, 2015

TOMBALL, TEXAS — David Alexander of Newcor Commercial Real Estate has arranged the purchase and assemblage of four off-market land tracts totaling 37.8 acres near FM 2978 on Bogs Road in Tomball. The site is just south of The Woodlands. Alexander represented the buyer, J. Alan Kent Development, who plans to develop a residential community on the property.

October 30, 2015

Loans Multifamily Texas

Drever Capital Acquires 208-Unit Apartment Complex in Metro Dallas

by Haisten Willis October 30, 2015

SANGER, TEXAS — Drever Capital Management has acquired Trails of Sanger, a 98 percent occupied, 208-unit apartment community in Sanger, from InterCapital Partners. Brian O’ Boyle Sr. and his son, Brian O’ Boyle Jr., with ARA Newmark, brokered the transaction for InterCapital. A prior relationship with lenders Pillar Finance and Fannie Mae also helped Drever Capital assume the existing Fannie Mae loan on Trails of Sanger, according to Darby Keele, asset manager for Cohen Financial LLC of Overland Park, Kan., Fannie Mae’s delegated underwriter on the debt.

October 30, 2015

Multifamily Texas

M&M Arranges Sale of 37-Unit Apartment Building in Metro Dallas

by Haisten Willis October 30, 2015

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of Elm Street Village, a 37-unit apartment property located in McKinney. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, a private investor with prior duplex and quadplex investment experience. The seller had owned the asset for 15 years and sold it as part of a 1031 exchange. The buyer may redevelop the site in the future. Elm Street Village is located at 1303 S. Tennessee St. The asset is a collection of duplexes, quadplexes and office buildings. Originally constructed in 1953, it is situated on the corner of Elm and Tennessee streets across from McKinney Middle School.

October 30, 2015

Newer Posts

Older Posts