WILLOWBROOK, ILL. — Marcus & Millichap has arranged the sale of the 140-unit Willowbrook Apartment Homes located at 7440 Tennessee Drive in Willowbrook, approximately 20 miles west of Chicago. The property sold for $14.4 million, or $103,400 per unit. Scott Harris and Nick Hillard of Marcus & Millichap represented the seller and procured the buyer. The property consists of 56 one-bedroom/one-bath units, 68 two-bedroom/one-bath units, and 16 three-bedroom/two-bath units. Unit amenities include tile floors, ceiling fans, cable and broadband Internet access. Community amenities feature controlled building access, on-site management, 24/7 emergency maintenance, laundry facilities and package receiving.
UNION CITY, N.J. — Cushman & Wakefield has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two-bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefield represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer in the transaction.
DULUTH, GA. — Emma Capital Investments Inc. has acquired Berkeley Landing Apartments, a 240-unit, garden-style apartment community located at 3700 Peachtree Industrial Blvd. in Duluth, a northeast suburb of Atlanta in Gwinnett County. Emma Capital purchased the asset for $21.5 million, bringing the Toronto-based investor’s total acquisitions to date over $150 million and more than 2,500 apartment units. This is Emma Capital’s 11th purchase in the United States and fifth in the metro Atlanta area. Berkeley Landing features terraced pools with a waterfall, two lighted tennis courts and a media room. The apartment units feature washer and dryer connections, large closets, wood-burning fireplaces (in some units) and fully equipped kitchens, as well as private sunrooms. Emma Capital plans to upgrade the property’s unit interiors, as all of the units feature original finishes.
The transformation of downtown Baltimore into a contemporary world-class city began nearly two decades ago, but over the past few years it has irrefutably evolved into a true 24/7 city and a top-tier housing market that is nationally recognized by the investment community. An influx of commercial investment drove job growth, which inevitably boosted downtown Baltimore’s daytime population. But what is remarkable is how many of these individuals also decided to become city residents. The number of degree-holding young people living in downtown Baltimore increased by 92 percent between 2000 and 2010, exceeding the pace of 20-something magnet cities like New York and Boston. Whether it was the chicken or the egg, this new group of residents favored a rental urban lifestyle, and downtown Baltimore delivered nearly 4,700 new apartments between 2000 and 2010. Ambitious developers John Paterakis and Michael S. Beatty paved the way in the late 1990s with the development of Harbor East, which congregates upscale retailers, Class A office space and luxury rental apartments. Its immediate success filled a niche in the market and spurred growth in other communities around the Inner Harbor, including the Ritz-Carlton. As this wave of development continued throughout the 2000s, slowly but …
DALLAS — CBRE Capital Markets’ debt and structured finance team has arranged a loan for the refinancing of Gables Park 17, a 25-story, 292-unit apartment building in Dallas. CBRE worked on behalf of Clarion Gables Multifamily Trust to secure a 10-year, fixed-rate, non-recourse loan. The amount was not disclosed. The MetLife Inc. provided financing. The loan includes a four-year interest-only period and is open to prepayment without penalty during the last three years. Mark Fisher of CBRE’s Midtown Manhattan office, along with Jay Wagley of CBRE’s Dallas office, facilitated the financing on behalf of the borrower. Located at 1700 Cedar Springs Road, Gables Park 17 is in Dallas’ Uptown neighborhood. Unit features include wood floors, granite counters, stainless steel appliances, dishwashers, in-unit washer and dryer and large bathrooms with granite vanities and stand-alone showers. Building amenities include a pool, fitness center, business center, game room and 24-hour concierge. The property apartment tower is part of a mixed-use complex that contains an office tower and parking garage.
DALLAS — Marcus & Millichap has arranged the sale of Apollo Apartments, a 26-unit apartment property located in Dallas. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. Barker and Trey McGhin also secured the buyer, a private investor. Apollo Apartments is located at 404 E. 9th St. The property is a 26-unit asset located in the North Oak Cliff area of Dallas. Apollo Apartments includes eight two-bedroom units and 18 one-bedroom units. The property is located on a 26,250-square-foot lot with an on-site laundry facility.
HEMPSTEAD, N.Y. — An undisclosed buyer has acquired an apartment building located at 148 Greenwich St. in Hempstead. The 40-unit asset was sold for $6.3 million, or $127 per square foot, in an all-cash transaction. Built in 2006, the 49,952-square-foot property features a mix of studio, one-bedroom and two-bedroom units. Each unit features updated kitchen appliances, finishes and a private balcony. On-site amenities include a meeting room and a storage room. Daniel Abbondandolo and Benjamin Efraimov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 30 Huntington St. in Brooklyn. The six-unit property sold for $1.4 million. Shaun Riley, Derek Bestreich and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the transaction.
CHICAGO — Evans Senior Investments (ESI), a Chicago-based investment banking firm, has arranged the sale of 13 Agapé Senior Living communities in South Carolina for $153.9 million. The portfolio includes 10 independent living and assisted living communities totaling 856 units, plus three skilled nursing facilities totaling 294 beds. The oldest building in the portfolio was constructed in 1990 and the smallest facility is 58 units. A private equity firm, the name of which was not released, purchased the portfolio at a cost of $156,424 per unit for the independent and assisted living communities, and $68,027 per bed for the skilled nursing facilities.
RALEIGH, N.C. — CBRE Capital Markets’ debt and structured finance team has arranged a $75 million loan for the Stanhope Student Apartments, a five-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University’s main campus in Raleigh. A joint venture led by managing partner Kane Realty Corp. developed the project. The property features 9-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail space. Deck parking is provided for tenants on the same floor as their unit. Apartments contain a full washer/dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TVs and wood floors. Mark Fisher and Alex Furnary of CBRE’s midtown Manhattan office, along with David Meese and Tom Kobus of CBRE’s Pittsburgh office, facilitated the financing on behalf of the borrower. The CBRE team secured a 20-year, fixed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was committed without any tenants in occupancy and closed with retail space still to-be-leased (half of the retail space is leased to CVS).