COLLINGSWOOD, N.J. — NAI Mertz has brokered the sale of a mixed-use property located at 814-816 Haddon Ave. in Collingswood. The 6,000-square-foot building sold for an undisclosed sum. The property is occupied by Weinstein Bath & Kitchen Showroom on the ground level. Additionally, the property features three residential units. Jonathan Klear and Scott Mertz of NAI Mertz represented the seller, Dergalcol LLC, in the transaction. The name of the buyer was not released.
PEMBROKE PINES, FLA. — Suffolk Construction has completed vertical construction on City Center at Pembroke Pines, a 768,042-square-foot luxury apartment community in Pembroke Pines. Situated on a 12-acre lot comprising six residential buildings and two parking garages, the complex will feature a club room with a movie theater and conference spaces, pool deck with cabanas and pavilions, dog park, children’s play area and a fitness center with tennis courts, bocce ball courts and volleyball courts. The project’s design team includes Related Group-Miami, MSA Architects and Vstarr Interiors. This project is the first development within Pembroke Pines’ City Center community.
GREENVILLE, S.C. — Yeargin Potter Smith (YPS) has been selected by developer Croft Co. to construct the 121 Rhett Street Condominium development in downtown Greenville. The property marks the third multifamily residential project for YPS in Greenville; the other two are Stone + Main and LINK Apartments. Construction is underway on the seven-story, 35-unit project, which is located on the corner of Rhett Street and Falls Park Drive. The units will feature 10- to 12-foot ceilings, large windows, balconies and landscaped common areas, and will range in size from 1,300 square feet to more than 3,000 square feet. Atlanta-based Summerour Architects designed the condo project.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $12.3 million sale of Match Point, a 258-unit apartment community located at 5846 Westower Drive in Richmond. Built in 1975, the apartment complex features a swimming pool, tennis courts, picnic areas and grilling stations. Match Point was 92 percent occupied at the time of sale. The buyers, West End Capital and Atlas Real Estate Partners, purchased the asset from Ben White of Commonwealth Realty & Development for roughly $47,674 per unit. Beau McIntosh, Todd Conner and Jared Alcorn of Capstone represented the seller in the transaction.
WESTLAND, MICH. — Love Funding has secured $9.1 million in refinancing for Westhaven Manor, a 144-unit, age-restricted apartment community in Westland, a western suburb of Detroit. Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to upgrade the property with improvements and fund a replacement reserve. Built in 1986, the property is restricted to residents 62 years of age or older. Bruce Gerhart of Love Funding arranged the financing for the undisclosed borrower.
Improvement in apartment fundamentals has remained strong and is expected to continue over the next two quarters. The unemployment rate in Los Angeles County was 7.6 percent in March 2015, which represents a 100 basis point decrease from the same period last year. Supported by steady job growth, more than 108,000 new jobs are forecast for Los Angeles County in 2015, representing a 2.6 percent improvement over last year’s performance. A significant amount of units are currently under development and more are expected to come on line later this year. Issuance for about 7,446 multifamily units is forecast for 2015, and issuance is expected to rise to more than 17,000 units in 2016 and 2017 with the anticipated absorption of about 11,800 units over that same period. That said, developers are likely to relax their efforts to obtain new permits into the latter half of 2015 based on an expected modest uptick in vacancy. Currently standing at 3.2 percent, the overall vacancy rate will likely increase to 3.5 percent by year-end. The average year-over-year rent increased about 2.5 percent depending on the individual submarket. The greatest level of appreciation was represented in the South Glendale/Highland Park submarket where asking rents …
NEW YORK CITY — A partnership of two joint ventures that purchased Gotham Court on Manhattan’s Lower East Side for $19.1 million in 2013 has sold the properties to HUBB NYC for $29.1 million. Gotham Court, built in 2004, includes 152 Ludlow St. and 149-151 Essex St. The properties are situated across from the Essex Crossing mixed-use development. 152 Ludlow Street is a five-story walk-up with two duplex rentals and a retail space occupied by the music venue Cake Shop. 149-151 Essex Street is a seven-story elevator building with 20 rental units and two retail spaces. After purchasing the properties in 2013, the sellers renovated a number of apartments and leased a vacant retail space to Tijuana Picnic. The principals of one joint venture include Nathan Halegua and Josh Halegua of Jonis Realty and Martin Newman, an independent real estate investor. The principals of the other joint venture are David Schneiderman and Joshua Landau of Four Winds Real Estate. A JLL team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter, along with Eric Hoberman of law firm Kriss & Feurstein LLP, represented the partnership in the sale.
FLOWER MOUND, TEXAS — Red Capital Partners has completed its second $13.8 million balance sheet construction loan to an affiliate of Avanti Senior Living for Avanti at Flower Mound, a 90-unit assisted living and memory care facility located in Flower Mound. The community will consist of 50 assisted living units and 40 memory care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States. Avanti at Flower Mound is the third project to break ground. The community will feature many modern technological solutions aimed at improving care, lifestyles and accountability. The buildings will have special lighting designed to mimic sunlight, which helps residents with Alzheimer’s or dementia with their orientation. In addition, Avanti at Flower Mound will have electronic health records, radio frequency identification door locks, point-of-care devices for staff and extra monitoring for memory care residents. To better integrate healthcare with senior living, Avanti at Flower Mound will have a telehealth room, as well as its own medical exam room. The community will also feature an exercise room with a ballet bar, around which Avanti designed a program to …
DALLAS —Allen McMurtry, Megan Fetter and David Kliewer of DTZ have arranged the sale of the leasehold interest in a five-property seniors housing portfolio located in metro Dallas. The portfolio was sold on behalf of Steven Vick, co-founder of Signature Senior Living, which operated and developed the portfolio of 375 units. The portfolio comprises 255 assisted living units and 120 memory care units and is over 90 percent occupied. Legend Senior Living will be the operator.
ESCONDIDO, CALIF. – An 18-unit apartment building in Escondido has sold to Vista International for $2 million. The community is located at 333 N. Juniper Street. It was built in 1962. The buyer was represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group. The seller, Ricardo Duron, was represented by Gary Weddle and Chris Zorbas of Marcus & Millichap.
