Multifamily

Berkadia Brokers $24.5M Sale of Apartment Community in Columbia

by John Nelson May 18, 2016

COLUMBIA, S.C. — Berkadia has brokered the $24.5 million sale of The Crossroads Apartments, a 622-unit apartment community located at 716 Zimalcrest Drive in Columbia. Built in 1979, the property was 95 percent occupied at the time of sale. Apartment units include fully equipped kitchens, carpeting, hardwood floors, cable and wireless internet access and fireplaces and washer and dryer connections in select units. Community amenities include two swimming pools with sundecks, four tennis courts, two picnic and playground areas, a clubhouse, fitness center and a laundry facility. David Oakley, David Etchison, Mark Boyce and Blake Coffey of Berkadia brokered the transaction between the buyer, Asia Capital Real Estate Management LLC, and the seller, AMAC I Crossroads LLC.

May 18, 2016

Florida Loans Multifamily Southeast

Grandbridge Arranges $23M Loan for Apartment Community in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Grandbridge Real Estate Capital has closed the $23 million refinancing of Azul at Baldwin Park, a 178-unit, Class A apartment community located in Orlando’s Baldwin Park district. The multifamily property features a swimming pool, spa, cyber café, business center, clubroom and a fitness center. Bill Mattice and Phillip Cox of Grandbridge arranged the five-year, interest-only loan through an unnamed insurance company on behalf of the borrower, a joint venture between Jefferson Apartment Group and Pacolet Milliken Enterprises Inc.

May 18, 2016

Midwest Multifamily Seniors Housing Wisconsin

Senior Lifestyle Corp. Opens 100-Unit Assisted Living Community in Wisconsin

by Christina Cannon May 18, 2016

PLEASANT PRAIRIE, WIS. — Senior Lifestyle Corp. has opened The Addison of Pleasant Prairie, a 100-unit assisted living and memory care community in Pleasant Prairie, located on the Illinois border approximately midway between Chicago and Milwaukee. Construction of the 85,000-square-foot facility began in December 2014. The community is located on a nine-acre plot and features two memory care communities. Senior Lifestyle Corp. is a developer, owner and operator of seniors housing communities based in Chicago. The company’s portfolio includes 170 communities in 26 states.

May 18, 2016

Illinois Midwest Multifamily Seniors Housing

Brookdale Plans $4M Renovation for Two Seniors Housing Communities Near Chicago

by Christina Cannon May 18, 2016

PROSPECT HEIGHTS AND BURR RIDGE, ILL. — Brookdale Senior Living will undertake a $4 million memory care conversion at its communities in the Chicago suburbs of Prospect Heights and Burr Ridge. The projects are part of a capital investment and community management joint venture between Brookdale and HCP, a large healthcare REIT. At both Brookdale Prospect Heights and Brookdale Burr Ridge, 26 existing assisted living apartments will be converted to memory care. Both communities offer skilled nursing in addition to the assisted living and memory care options.

May 18, 2016

Hospitality Maryland Mixed-Use Multifamily Office Retail Southeast Top Stories

Construction Begins on $750M Mixed-Use Development in Metro Baltimore

by Haisten Willis May 18, 2016

WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …

May 18, 2016

Multifamily Texas

Transwestern Brokers Sale of Apartment Complex in Houston

by Haisten Willis May 17, 2016

HOUSTON — Transwestern’s Houston multifamily investment services group has completed the sale of the 164-unit Le Renaissance apartment community in Houston to Moody National Cos. Transwestern’s Ed Cummins and Ryan Mendez represented the seller, Texas Pinnacle Apartments, in the transaction. The buyer, which acquired the property for an undisclosed price, will operate the project as-is in the short term with plans to eventually redevelop the site into a mixed-use office and retail development. Located at 970 Bunker Hill Road, just south of I-10, Le Renaissance benefits from an average daily traffic count of more than 300,000 vehicles.

May 17, 2016

Multifamily Texas

M&M Arranges Sale of 104-Unit Apartment Building in Dallas

by Haisten Willis May 17, 2016

DALLAS — Marcus & Millichap has arranged the sale of Deer Creek, a 104-unit apartment property located in Dallas. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Silva and Braly also secured the buyer, an experienced local investor. The new buyer plans to rehab the property to improve unit interiors and curb appeal to raise rents to competitive market levels. The mid-1980’s property is an individually metered community located near I-30. All units have individual HVACs and individual hot water heaters. Deer Creek is located at 3550 Saint Francis Ave.

May 17, 2016

Multifamily Texas

Stolz Partners, Sudhoff to Develop Multifamily Project in Houston

by Haisten Willis May 17, 2016

HOUSTON — A partnership between Stolz Partners and Sudhoff Cos. will develop a mid-rise condominium project known as The Sophie at Bayou Bend in Houston. The nearly two-acre site is located at 6017 Memorial Drive. The project was initially to be developed into townhomes, but instead the two companies will develop a seven-story building with 42 condominiums on six floors. Units will range in size from 2,400 square feet to nearly 5,000 square feet, and will include private terraces. Common area amenities will include controlled-access entry points, two levels of controlled-access garage space, private garages, a fitness center and a dog park. Construction will begin once 50 percent of all units are pre-sold.

May 17, 2016

Loans Massachusetts Multifamily Northeast

Rockport Mortgage Corp. Arranges $55M in Refinancing for 465-Unit Apartment Community in Massachusetts

by Amy Works May 17, 2016

MEDFORD, MASS. — Rockport Mortgage Corp. has arranged a $55 million loan for the refinancing of Mystic Place Apartments, a mixed-income apartment community located in Medford. The property owner and borrower is an affiliate of WinnCompanies. Joe Mueller and Linda Pellegrino of Rockport Mortgage originated the loan, which utilized the HUD 223(f) program. Situated on nine acres, the community comprises three high-rise buildings featuring a total of 465 apartments. The refinance transaction was done in collaboration with MassHousing through its MAP/Ginnie Mae Mortgage Backed Security program. With the completion of the refinancing, the affordability restrictions on the 140 affordable housing units were extended through 2050.

May 17, 2016

Multifamily New York Northeast Retail

Benchmark Real Estate Group Sells Residential/Retail Building in Manhattan for $47.5M

by Amy Works May 17, 2016

NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.

May 17, 2016

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