Multifamily

Enterprise Homes Breaks Ground on $22.3M Apartment Community in Downtown Baltimore

by John Nelson July 29, 2015

BALTIMORE — Enterprise Homes has begun construction on Mulberry at Park Apartments, a new $22.3 million apartment community located within the Bromo Tower Arts & Entertainment district in downtown Baltimore. The property will feature 34 one-bedroom, 27 two-bedroom and seven three-bedroom residences. Rents will range from $773 to $1,155 monthly. Upon completion, the apartment community will feature a cyber café, study room, fitness center and an outdoor terrace. Marks, Thomas Architects designed the community to meet Enterprise Green Communities Criteria and LEED Silver standards. The groundbreaking ceremony was attended by Baltimore City Mayor Stephanie Rawlings-Blake, Bank of America, representatives from HUD, city and state officials and local economic development corporations. The project was financed with $15.8 million in construction financing, tax credit equity and permanent financing from Bank of America, as well as $1.5 million from the State of Maryland Department of Housing and Community Development and $870,000 from Baltimore City.

July 29, 2015

Delaware Loans Multifamily Northeast

Capital One Closes $45M Refinancing Loan for Delaware Apartment Complex

by Amy Works July 29, 2015

BEAR, DEL. — Capital One has provided a $45 million Fannie Mae loan for the refinancing of Christiana Meadows located at 264 Bear Christiana Road in Bear, a suburb of Wilmington. Developed between 1987 and 1989, the 648-apartment property features an outdoor swimming pool, tennis courts, whirlpool, sauna, fitness center and a clubhouse with a kitchen, wet bar and social center. Individual units feature all electric appliances, including microwaves, full-size washer/dryers; private balconies or patios; spacious floor plans and large closets. Brian Sykes of Capital One originated the 10-year, fixed-rate loan for the borrower, Commonwealth/Emory Hill Management.

July 29, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $2.5M Sale of Multifamily Property In Brooklyn

by Amy Works July 29, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a multifamily property located at 910 Prospect Place in Brooklyn. The eight-unit property sold for $2.5 million. Shaun Riney, Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a developer, in the transaction.

July 29, 2015

Loans Midwest Minnesota Multifamily

Grandbridge Closes $1.4M Refinancing Loan for Apartment Property in Minneapolis

by Jonathan Mehall July 28, 2015

MINNEAPOLIS — Grandbridge Real Estate Capital financed a $1.4 million first mortgage loan secured by a two-property multifamily portfolio. Both properties are located in the Twin Cities metro area and include two buildings totaling 32 units. Funding for the loan was provided by a life insurance company and featured a 15-year fixed rate and amortization schedule. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities. Tony Carson of Grandbridge’s Minneapolis office originated the refinance transaction.

July 28, 2015

Florida Multifamily Southeast

Franklin Street Brokers $5.6M Sale of Apartment Community in Tampa

by John Nelson July 28, 2015

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $5.6 million sale of Arbor Alley Apartments, an 80-unit garden-style apartment community located in South Tampa. Constructed in 1984, the property comprises two-bedroom/one-bath units with washer and dryer hookups. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private partnership based out of Tampa, and the buyer, South Tampa Apartments LLC, an institutional real estate firm based out of Michigan.

July 28, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground on 120,000 SF Multifamily Project in East Harlem

by Amy Works July 28, 2015

NEW YORK CITY — HAP Investments has broken ground on a multifamily property at the corner of Third Avenue and E. 121st Street in Manhattan’s East Harlem neighborhood. The company plans to develop a 17,500-square-foot vacant lot into a 120,000-square-foot residential property. The property will feature 78,000 square feet of residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community facility space. The new project will be an 80/20 rental development with at least 20 percent of the units designated as affordable housing for low-income residents. Karl Fischer Architect PLLC is providing architectural services for the project.

July 28, 2015

Multifamily New Jersey Northeast

CBRE Arranges $5.5M Sale of New Jersey Multifamily Portfolio

by Amy Works July 28, 2015

EAST ORANGE, N.J. — CBRE Group has arranged the $5.5 million sale of four-property multifamily portfolio located in East Orange. Totaling 73 apartment units, the properties include 6 Glenwood Ave., 30 Beech St., 46 S. Arlington Ave. and 345 Williams St. The portfolio, which totals 74,500 square feet, features a mix of one-, two- and three-bedroom units. At the time of sale, the portfolio was approximately 100 percent occupied. Charles Berger, Mark Silverman and Elli Klapper of CBRE Group represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

July 28, 2015

Multifamily Texas

ARA Newmark Arranges Sale of Apartment Complex in Metro Houston

by Haisten Willis July 27, 2015

TOMBALL, TEXAS — ARA Newmark has arranged the sale of Alexan Creekside, a 380-unit, Class A apartment complex located in Tomball. Matthew Rotan and Adam Allen of ARA Newmark represented the sellers, Trammell Crow Residential and The Carlyle Group, in the transaction. David Marshall of ARA Newmark previously advised Trammell Crow Residential on the purchase of the land where the property now stands. Allen advised Trammell Crow on raising equity for the development. Los Angeles-based multifamily real estate management company Francis Property Management was selected as the buyer and purchased the property for an undisclosed price. Francis maintains a portfolio of apartment complexes located in Texas and California. Constructed in 2014, Alexan Creekside is located near The Woodlands’ 3,500-acre Creekside Park, which is the master-planned community’s newest village. Amenities include an electronically keyed unit and amenity access, USB charging stations, granite countertops, an upgraded unit finish package, a stainless steel appliance package, track and pendant lighting and under-cabinet kitchen lighting. Community amenities include swimming pools with an outdoor kitchen, cyber cafe, clubroom, resident lounge, coffee bar, complimentary Wi-Fi and a dog park.

July 27, 2015

Multifamily Texas

M&M Arranges Sale of 168-Unit Apartment Building in Fort Worth

by Haisten Willis July 27, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Sierra Hermosa Apartments, a 168-unit apartment property located in Fort Worth. John Barker, Trey McGhin and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private partnership. Barker, McGhin and Allen also secured the buyer, a New Jersey limited liability company. Sierra Hermosa Apartments is located at 3254 Las Vegas Trail near West Camp Bowie Boulevard with access to Highway 820 and I-30. The property was built in 1970 and comprises 41 buildings. Nearly 70 percent of the units have two bedrooms. There are three onsite laundry facilities, seven floor plans and three boiler rooms.

July 27, 2015

Multifamily Texas

Waypoint Residential Acquires Apartment Complex in Houston

by Haisten Willis July 27, 2015

HOUSTON — Waypoint Residential has purchased the Valencia Place apartment complex in Houston. Located at 3131 W. Bellfort Ave., Valencia Place is a 246-unit, Class A property located near the Texas Medical Center. Valencia Place also provides access to major highways.

July 27, 2015

Newer Posts

Older Posts

Upcoming Events

Aug
06