Multifamily

Ryan Cos., Lincoln Property Co. Top Out $100M Chicago Apartment Tower

by Christina Cannon July 29, 2016

CHICAGO — Ryan Cos. and Lincoln Property Co. have topped out a 368-unit, luxury apartment building in Chicago’s Gold Coast neighborhood. Aurélien is a 31-story, $100 million project that will be located at 833 N. Clark St. Construction on the project began in July 2015 and is slated to be completed by early 2017. Daiwa House Texas Inc. is the primary equity investor in Aurélien. When completed, the building will offer 78 studios and convertibles, 209 one-bedroom units, 75 two-bedroom units and six penthouse apartments. The majority of unit sizes will range from 563 square feet to 1,252 square feet, while penthouse apartments will range from 1,179 square feet to 3,250 square feet.

July 29, 2016

Florida Multifamily Southeast

Continental Realty Purchases Apartment Community in Florida for $38M

by John Nelson July 29, 2016

ROCKLEDGE, FLA. — Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Built in 2008, Polo Glen is situated near cities such as Cocoa Beach, Melbourne and Viera and features units averaging 1,200 square feet. Unit interiors feature nine-foot ceilings, screened patios/balconies, cherry cabinetry and full-sized washers and dryers. More than 70 percent of the residences will feature ground-level entries. Community amenities include an interior lake with a lakeside walking path; clubhouse with a swimming pool and fitness center; car wash facility; outdoor barbecue area and fireplace; playground and tennis courts. Patrick Dufour, Scott Ramey, Kevin Judd and Ryan Crowley of ARA represented Pollack Shores in the transaction.

July 29, 2016

Southeast Student Housing Tennessee

Campus Advantage, Pinecrest Partners Deliver Student Housing Project in Knoxville

by John Nelson July 29, 2016

KNOXVILLE, TENN. — Campus Advantage and Pinecrest Partners have completed the construction of The Knox, a 382-bed student housing community located within walking distance of The University of Tennessee campus in Knoxville. Resident occupancy will begin Aug. 13, with some early move-ins scheduled for the first week of August. The property offers three-, four- and five-bedroom, fully furnished units with 42-inch flat screen TVs, granite countertops, in-unit laundry and cable television and high-speed wireless internet service. Community amenities include an open-air entertainment deck featuring two oversized hot tubs, grills, hammocks and an outdoor theater area; gated garage parking; 24-hour fitness center; coffee bar; and private study rooms.

July 29, 2016

California Multifamily Western

CPP, Jamboree Purchase Monte Vista Gardens Apartments in San Jose for $53M

by Nellie Day July 28, 2016

SAN JOSE, CALIF. — A joint venture between Community Preservation Partners (CPP) and Jamboree Housing has purchased the 144-unit Monte Vista Gardens apartments in San Jose for $53 million. The affordable housing community is located at 2601 Nuestra Castillo Court. CPP will invest more than $5.5 million to rehabilitate the community. The acquisition secures a series of tax incentives that will keep 80 percent of the units at affordable levels, while the other 20 percent will remain set by the open market. The rehab will commence in August and conclude next April.

July 28, 2016

California Multifamily Western

MWest Holdings Buys Park Wilshire Apartments in Los Angeles

by Nellie Day July 28, 2016

LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.

July 28, 2016

Colorado Multifamily Western

Cedar Creek Apartment Complex in Lakewood Sells for $2.3M

by Nellie Day July 28, 2016

LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.

July 28, 2016

Massachusetts Mixed-Use Multifamily Northeast Retail

Barnat Development to Build Mixed-Use, Transit-Oriented Property in Massachusetts

by Amy Works July 28, 2016

BEVERLY, MASS. — Barnat Development has been selected by the Massachusetts Bay Transit Authority (MBTA) to develop a mixed-use, transit-oriented project at 112 Rantoul St. in Beverly. Located adjacent to the Beverly Depot Garage, the project will feature 70 apartment units and more than 3,000 square feet of ground-floor retail space. Additionally, the project will utilize the existing parking in the MBTA garage to serve the new residences and retail. The project’s total capital investment is $20 million, and permitting is expected to occur this fall.

July 28, 2016

Multifamily New York Northeast

Margules Properties Acquires 60-Unit Multifamily Property in Queens for $12.6M

by Amy Works July 28, 2016

NEW YORK CITY — Margules Properties has acquired a multifamily property located at 86-50 77th St. in the Woodhaven section of Queens. Woodhaven Realty sold the 55,000-square-foot building for $12.6 million. Built in 1928, the property features 60 apartment units. Uri Shoshana of Eastern Union arranged acquisition financing for the transaction, while Ronda Rogovin of Eastern Consolidated brokered the deal.

July 28, 2016

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Brokers $3.7M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 28, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 243 Troy Ave. in the Crown Heights section of Brooklyn. Witnick Real Estate Group acquired the building from Up Realty LLC for $3.7 million, or $370 per square foot. The 10,135-square-foot building features 12 apartments and five retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty brokered the off-market transaction.

July 28, 2016

Loans Multifamily Student Housing Texas

CBRE Arranges $38M Construction Financing for Student Housing Near Baylor

by Haisten Willis July 28, 2016

WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.

July 28, 2016

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