Multifamily

Castle Lanterra Properties to Rebrand Chicago Apartment Community

by Amy Works August 31, 2015

CHICAGO — New York City-based Castle Lanterra Properties (CLP) is renovating and rebranding a 424-unit apartment community in southwest Chicago. CLP has a $3 million upgrade and renovation program planned for the eight-building property, which has been renamed Midpointe Apartments. Upgrades include addressing deferred maintenance, roof replacement, new elevators and renovations to the property’s amenities, as well as individual unit renovations. Additionally, CLP has replaced lighting throughout the property with energy-efficient LED lighting. CLP acquired the property, formerly known as Southgate Apartments, in 2014.

August 31, 2015

Loans Multifamily Texas

Q10 KDH Arranges Loan for Apartment Complex in Metro Dallas

by Haisten Willis August 28, 2015

DALLAS — Q10 KDH Vice President Larry Peters has arranged financing for a suburban apartment complex in Dallas. The Class A property offers amenities including a fitness center, walking trails, a pool with wood burning rock fireplace, attached garages and elevators. The property is 95 percent occupied with a tenant mix of 80 percent seniors. Q10 Kinghorn, Driver, Hough & Co. is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.

August 28, 2015

Maryland Multifamily Southeast

Gables Residential Completes Luxury Apartment Community in Metro D.C.

by John Nelson August 28, 2015

ROCKVILLE, MD. — Atlanta-based Gables Residential has completed Gables Upper Rock, a four-building, 551-unit upscale apartment community in Rockville, a Maryland suburb of Washington, D.C. Located at 40 Upper Rock Circle near I-270, the apartment community is the residential component of Rockville’s Upper Rock District, a mixed-use development that includes office space and will eventually house retailers. Gables Upper Rock features two community swimming pools, a lounge, grilling stations, 20-foot outdoor movie screen, fitness center, club room with a bar, foosball and billiards, a cyber cafe, bocce ball court, Zen garden, private meeting room and an onsite dog park and dog grooming station.

August 28, 2015

Loans Multifamily New York Northeast Student Housing

Love Funding Closes $14.3M Loan to Rehabilitate Senior Apartment Community in New York

by Amy Works August 28, 2015

SPARKILL, N.Y. — Love Funding has closed a $14.3 million loan for the rehabilitation of Thorpe Village, a senior apartment community in Sparkill. Built in 1981, Thorpe Village consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract. The rehabilitation will include replacing windows, improving insulation and installing new kitchen flooring, cabinetry, appliances and energy-efficient boilers and water heaters. Bruce Gerhart of Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The non-recourse nature of the program enables borrowers to secure low-rate financing for up to 40 years for the new construction or substantial rehabilitation of apartment housing for moderate-income families, the elderly and the handicapped.

August 28, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers $7.3M Sale of Mixed-Use Portfolio

by Amy Works August 28, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a two-building, mixed-use portfolio located at 667 E. 187th St. and 1704 Van Buren St. in the Little Italy and Van Nest neighborhoods of the North Bronx. The properties, which total 36,750 square feet, sold for $7.3 million, or $200 per square foot, in an all-cash transaction. The five-story walk-up buildings feature 39 apartment units and six ground-floor commercial units. The residential mix includes 17 one-bedroom units, 21 two-bedroom units and one three-bedroom apartment. Karl Brumback and Nick Burns of Cushman & Wakefield handled the transaction.

August 28, 2015

California Multifamily Seniors Housing Western

Country Villa Sells 19 Facilities in Southern California for $65M at Bankruptcy

by Nellie Day August 27, 2015

ANAHEIM, CALIF. — JCH Senior Housing Group has arranged the sale of Country Villa Health Service’s entire portfolio, which comprises 18 skilled nursing facilities and one assisted living community across Southern California, at bankruptcy auction for $65 million. JCH’s Shep Roylance, Jim Hazzard and Nick Stahler oversaw the auction in U.S. Bankruptcy Court in Orange County. Shlomo Rechnitz, the founder of medical supply company Twin Med LLC and owner of Bruis & Rockport Services, the largest nursing home provider in California, entered the winning bid. Covenant Care and Kaiser submitted a larger bid — $73 million — but Judge Catherine E. Bauer rejected the proposal because it didn’t comply with bid rules. Ron Bender of Levene, Neale, Bender, Yoo & Brill L.L.P. served as bankruptcy counselor to Country Villa, and Hamid Rafatjoo from Venable LLP served as creditor committee counsel. JCH is a consulting firm based in Anaheim Hills.

August 27, 2015

Multifamily Washington Western

The Addison Apartment Complex in Vancouver Sells for $21.7M

by Nellie Day August 27, 2015

VANCOUVER, WASH. – The 147-unit Addison apartment complex in Seattle has sold to Jackson Square Properties for $21.7 million. The community is located at 7531 NE 18th Street. It was built in 2009. The Addison is currently 99 percent leased. The seller, JB Matteson, was represented by HFF’s Ira Virden and Kerry Hughes.

August 27, 2015

Arizona Multifamily Western

Greenbrook Apartments in Phoenix Sells for $4.1M

by Nellie Day August 27, 2015

PHOENIX – The 80-unit Greenbrook apartments in Phoenix has sold to Greenbrook B and L LLC for $4.1 million. The community is located at 3536 E. Cambridge Ave. It was built in 1974. The seller was Greenbrook Apartments LLC. The transaction was executed by CBRE’s Brian Smuckler and Jeff Seaman.

August 27, 2015

Multifamily Texas

Passco Cos. Acquires Apartment Complex in Metro Austin

by Haisten Willis August 27, 2015

ROUND ROCK, TEXAS — Passco Cos. has acquired Lone Oak Apartments, a recently completed 304-unit, Class A apartment complex located in Round Rock. Lone Oak Apartments was completed in 2014 and is 92 percent occupied. The property consists of 304 units across 16 three-story buildings, with one-, two- and three-bedroom floorplans. Units include vaulted ceilings, granite kitchen countertops, stainless steel appliances, full-size washer and dryers, and direct access garages. Community amenities include a clubhouse, business center, billiards/game room, poolside barbecue grills, pool, pet park and fitness center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged the financing through Fannie Mae for the acquisition of the property.

August 27, 2015

Multifamily Texas

Milestone Apartments REIT Arranges $45M Property Acquisition in Metro Dallas

by Haisten Willis August 27, 2015

LEWISVILLE, TEXAS — Milestone Apartments Real Estate Investment Trust has agreed to purchase Broadstone Vista Ridge, a 372-unit, Class A apartment community located in Lewisville. The purchase price is $45 million. Built in 2006, Broadstone is 95 percent occupied, with average monthly rents of $1,050. Broadstone includes one-, two- and three-bedroom units. Amenities include a fitness center, swimming pool with an outdoor fireplace, multimedia center and a cyber cafe. Several large employment centers are located in close proximity to the Property, including the Dallas-Fort Worth International Airport, Las Colinas Urban Center and the Legacy Business Park.

August 27, 2015

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