Multifamily

The Garibaldi Co. Buys Sacramento Apartment Building for $35M

by Nellie Day August 13, 2015

SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.

August 13, 2015

CSRT’s new 11-story corporate headquarters in downtown Cedar Rapids

Industrial Iowa Market Reports Midwest Midwest Market Reports Multifamily Office Retail

Cedar Rapids Rises to Commercial Real Estate Challenge Following Major Flood

by Jeff Shaw August 13, 2015

In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …

August 13, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $6M Sale of Apartment Building in Brooklyn

by Amy Works August 12, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 10 Westminster Road in Brooklyn. The 25,990-square-foot asset sold for $6 million, or $300,000 per unit. The 20-unit property features a mix of three- and four-bedroom apartments. Derek Bestreich, Lucien Sproviero, Adam Lobel and Erik Rodriguez of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.

August 12, 2015

Midwest Minnesota Multifamily

Dougherty Mortgage Closes $10.6M HUD Loan for Olympic Ridge Apartments

by Jeff Shaw August 12, 2015

EDEN PRAIRIE, MINN. — Mortgage banking firm Dougherty Mortgage LLC has closed a $10.6 million HUD 223(f) loan for the refinancing of Olympic Ridge Apartments, a 143-unit market-rate apartment property located in Eden Prairie. Dougherty Mortgage’s Minneapolis office arranged the fully amortizing 35-year loan for the borrower, Olympic Ridge Limited Partnership. Olympic Ridge Apartments, which is managed by Park Avenue of Wayzata Inc., offers nine three-story, wood-framed walk-up buildings with attached garages, some with individual entrances. Amenities include a whirlpool spa, exercise and party rooms, restrooms with showers, tot lot and volleyball net.

August 12, 2015

Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens New Skilled Nursing and Rehabilitation Center in Metro Detroit

by Jeff Shaw August 12, 2015

SHELBY TOWNSHIP, MICH. — Ciena Healthcare, a manager and operator of skilled nursing and rehabilitation centers in Michigan and Connecticut, has opened its newest skilled nursing and rehabilitation center in Shelby Township, about 30 miles north of Detroit. To meet the medical needs of the residents, the 116-bed Regency at Shelby Township offers a range of comprehensive therapy and nursing care under the direction of a board-certified physician. Skilled services include 24-hour nursing care, physical and occupational therapy, speech and language pathology, wound care and pain management, and IV therapy. Therapy is available seven days a week in the state-of-the-art therapy gym that helps bridge the gap between hospital and home. Regency at Shelby Township is dedicated to improving patients’ mobility and function, allowing them to return home in a timely manner. Located on six acres and built at a cost of $10 million, the facility includes 60 private suites and 28 semi-private suites with individual showers, complimentary television, phone, and Internet service, 24-hour room service, rejuvenating spa, full-service salon with massage room, manicure and pedicure services, spacious dining room and common areas throughout. All rooms in the center offer scenic views for resident relaxation and rejuvenation. Lush courtyards and …

August 12, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis August 12, 2015

IRVING, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Knollwood, a 188-unit multifamily community in Irving. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel’s multifamily investment sales team served as advisor and agent to BJS Knollwood LLC in the sale of Knollwood to TwinkleStar Asset LLC. Over the past 30 months, the property received more than $650,000 in improvements, including office renovations, laundry area improvements, landscaping, new paint and a renovated pool area.

August 12, 2015

Multifamily Texas

Roscoe Properties Adds 2,040 Units to Multifamily Management Portfolio

by Haisten Willis August 12, 2015

AUSTIN, TEXAS — Austin-based Roscoe Properties has added eight new communities, totaling 2,040 rentable units, to its multifamily portfolio. The communities are: Westgate, a 312-unit complex in Houston; Sierra Royal, a 108-unit complex in San Antonio; Mariposa, a 132-unit complex in San Antonio; Elevation on Post Road a 342-unit complex in San Antonio; The Rail a 390-unit complex in College Station; Bristol Square, a 336-unit complex in Austin; The Beverly, a 120-unit complex in Austin, and; The Current, a 300-unit complex in Austin. Founded in 2002 by Jason Berkowitz, Roscoe Properties is an operator of multifamily communities. In addition to its headquarters in Austin, Roscoe Properties operates regional offices in Houston and San Antonio and manages approximately 10,000 units.

August 12, 2015

Maryland Multifamily Southeast

ZOM to Build Luxury Apartment Community in Baltimore’s Inner Harbor

by John Nelson August 12, 2015

BALTIMORE — ZOM will commence construction in the third quarter on Banner Hill Apartments, a 349-unit luxury apartment community located in the Inner Harbor area of Baltimore. The project is a joint venture between ZOM and institutional investors advised by J.P. Morgan Asset Management. The general contractor is CBG Building Co. LLC, a division of Clark Construction Group. The property’s amenity package will include an e-lounge, fitness center, sports simulator, courtyards and a resort-style pool. The interior of the units will include kitchen islands, stainless steel appliances, granite countertops, stand-up showers, vinyl plank flooring, walk-in closets and private balconies. The units will range from 528 to 1,325 square feet. ZRS Management LLC will provide property management services upon completion. Pre-leasing for Banner Hill Apartments will begin in the first quarter of 2017.

August 12, 2015

Florida Multifamily Southeast

Inland Private Capital Corp. Sells Naples Apartment Community for $20.3M

by John Nelson August 12, 2015

NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.

August 12, 2015

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Fairfield and New Haven See Growing Supply of Apartments

by Jaime Lackey August 12, 2015

In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …

August 12, 2015

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