Multifamily

Cushman & Wakefield Arranges $15M Sale of Four Multifamily Buildings in Manhattan

by Amy Works June 22, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of four multifamily properties located in Manhattan’s Washington Heights neighborhood for $15 million. The properties include 508-512 West 158th St., 516 West 159th St. and 522 West 161st St. The properties total 62,680 square feet and offer a total of 78 residential units and one commercial space. The residential mix includes one one-bedroom unit, 38 two-bedroom units, 38 three-bedroom units and one four-bedroom unit. The sale represents the final tranche of the New Manhattan Portfolio to close. The portfolio was divided into four portions, which were sold with an aggregate value of $55.1 million. Robert Shapiro and Bob Knakal of Cushman & Wakefield handled the transaction.

June 22, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Brokers $14.7M Sale of Mixed-Use Property in the Bronx

by Amy Works June 22, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of a 67,000-square-foot mixed-use property at 135-145 W. Kingsbridge Road in the Bronx’s Kingsbridge Heights section. The asset sold for $14.7 million, or $220 per square foot. The six-story walk-up building features 10 fully occupied retail stores and 57 apartments. Adelaide Polsinelli of Eastern Consolidated represented the seller, and Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction. The names of the buyer and seller were not released.

June 22, 2015

Multifamily New Hampshire Northeast

Eckman Construction Breaks Ground for River’s Edge Apartments in New Hampshire

by Amy Works June 22, 2015

LACONIA, N.H. — Eckman Construction has broken ground for River’s Edge Apartments in Laconia. Situated on Union Avenue, the 41,000-square-foot multifamily complex will feature 32 apartment units. Demolition is complete and site work is underway for the project.

June 22, 2015

Indiana Midwest Multifamily Seniors Housing

Senior Living Facility, Symphony of Crown Point, Opens in Indiana

by Katie Sloan June 22, 2015

CROWN POINT, IND. — Symphony of Crown Point, a 66,598-square-foot, 100-bed senior living facility providing post-acute, short-stay rehabilitation care has opened in Crown Point, located about six miles south of Merrillville. Mainstreet and Symphony Post Acute Network developed the facility. Construction on the project began in May 2014. The complex offers a therapy gym, outdoor rehabilitation courtyard, spa, movie theater and an on-site chef. The project, which had a total investment of $16 million, has created 360 construction jobs and 100 permanent jobs at the property.

June 22, 2015

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $2.8M CMBS Loan for Carriage House Apartments

by Katie Sloan June 22, 2015

FLINT, MICH. — Bernard Financial Group has arranged a $2.8 million loan for Carriage House Apartments, a 120-unit multifamily complex located in Flint. Carriage House Limited Partnership was the borrower in the transaction. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.

June 22, 2015

Tarpon Harbour Marathon Index Living Florida Keys

Florida Multifamily Southeast

Index Living Breaks Ground on $30M Multifamily Community in Florida Keys

by John Nelson June 22, 2015

MARATHON, FLA. — Index Living, a brand of Index Investment Group, has begun construction on Tarpon Harbour, a 104-unit, $30 million rental apartment community in Marathon, part of the Florida Keys. The Class A multifamily property is situated on an 8.9-acre lot off US Highway 1. Tarpon Harbour will feature 52 townhouse duplex buildings with two- and three-bedroom options ranging from 1,080 square feet to 1,560 square feet. According to Index Living, all units will have a large porch with panoramic water views and boat slips will be available to community residents. The development will also include a clubhouse and two swimming pools. Index Living has developed four luxury rental communities throughout the state of Florida and has four additional communities on the horizon.

June 22, 2015

Florida Multifamily Southeast

ARA Newmark Brokers $23.7M Sale of Apartment Community in Metro Tampa Bay

by John Nelson June 22, 2015

BRANDON, FLA. — ARA Newmark has brokered the $23.7 million sale of Tuscany Villas, a 248-unit garden apartment property in Brandon, within the Tampa Bay metro area. Built in 1997, the community comprises one- to four-bedroom units averaging 932 square feet. Amenities include a swimming pool, dog park, tennis courts, playground, sand volleyball court, 24-hour fitness center, internet lounge/business center and a barbecue/picnic area. The property was 97 percent occupied at the time of sale. Rockville, Md.-based CAPREIT purchased Tuscany Villas from Jackson Square Properties, a real estate investment and management joint venture based in San Francisco. Patrick Dufour, Marc deBaptiste and Scott Ramey of ARA Newmark represented the seller in the transaction.

June 22, 2015

Georgia Market Reports Multifamily Southeast Southeast Market Reports

Multifamily Owners in Atlanta are Enjoying Surging Rental Rate Increases

by John Nelson June 22, 2015

Atlanta’s healthy multifamily market exhibits strong fundamentals, such as rising rental rates, and continued job creation. Last year alone, the city added more than 100,000 jobs and 2015 seems to be on track to surpass 2014 based on weekly announcements of companies moving to Atlanta. A decent amount of multifamily inventory hit the for-sale market in the first quarter of 2015, and those deals are now in the process of closing. We are seeing a lull in the number of listings across the market early in the second quarter. As owners attempt to capitalize on top-line collection, an increase in listings is expected in the latter portion of the second quarter in conjunction with the spring leasing months coming to an end. As most know, commercial real estate has peaks and valleys, with our last peak in 2007 and the valley landing somewhere in 2010. From 2010 to early 2015, investors were presented with a great opportunity to capitalize quickly from the rising rental rates even without implementing any value-add platforms. This quick rise in rental rates coupled with historically low interest rates has been the catalyst for the surge in trades. That said, as the REO bucket has all …

June 22, 2015

Multifamily New York Northeast

CPEX Completes $6M Sale in South Slope Area of Brooklyn for Condo Development

by Jaime Lackey June 19, 2015

NEW YORK CITY — CPEX Real Estate has arranged the $6 million sale of 186-190 21st Street in Brooklyn. The CPEX Development & Conversion Sales Team sold the two adjacent lots to Sterling Town Equities for $300 per buildable square foot — a record price for the Greenwood Heights/South Slope neighborhood. The buyer plans to develop a condominium project on this site. The combined footprint at the sites is approximately 10,017 square feet. The property is zoned R6B with a maximum floor area ratio of 2.0, allowing for a total of 20,034 buildable square feet. The site currently consists of one small office building, delivered vacant, which will be demolished.

June 19, 2015

Multifamily Texas

Dougherty Secures $5.3M Fannie Mae Loan for Apartment Complex in Metro Dallas

by Haisten Willis June 19, 2015

GARLAND, TEXAS — Dougherty Mortgage has secured a $5.3 million Fannie Mae loan for the acquisition of Meadow Creek Apartments, a 128-unit, market-rate apartment property located in Garland. The 12-year loan includes a 30-year amortization schedule. A partnership between Old Capital Lending and Dougherty’s Minneapolis office arranged the loan for MPG Texas 2 LLC. Property features include a community room, pool, barbecue area and on-site laundry.

June 19, 2015

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