Multifamily

ARA Newmark Arranges Sale of Apartment Portfolio in North Austin

by Haisten Willis June 15, 2015

AUSTIN, TEXAS — ARA Newmark has arranged the sales of the 450-unit Villages of Sage Creek and the 460-unit Park at Walnut Creek, in Austin. The properties were jointly marketed as the “North Austin 2000’s Portfolio.” Pat Jones of ARA Newmark represented the seller, Dallas-based Whole Life Management Co. The buyer in both transactions was Montgomery, Ala.-based B&M Management Co. Constructed in the early 2000s, Villages of Sage Creek and Park at Walnut Creek are Class A communities located in Austin’s Far North submarket. Amenities for both communities include swimming pools, fitness centers, volleyball courts and pet parks. The Villages of Sage Creek has 11 floor plans ranging from 636-square-foot, one-bedroom plans to a 1,441-square-foot, three-bedroom design. The Park at Walnut Creek includes 14 floor plans ranging from a 696-square-foot, one-bedroom to a 1,630-square-foot, three-bedroom design.

June 15, 2015

ASB Real Estate Investments Sells Chicago Apartments for $50.5M

by Jeff Shaw June 15, 2015

CHICAGO — ASB Real Estate Investments has sold its nine-building, 174-unit Elaine Place apartment portfolio in the Lakeview neighborhood of Chicago, located blocks from Wrigley Field, for $50.5 million. The sale was made on behalf of ASB’s Allegiance Fund, a $5 billion core investment vehicle, which owned the property in a joint venture with Marc Realty/Chicago Apartment Finders. The portfolio was purchased by New York-based CLK Properties.

June 15, 2015

Georgia Multifamily Southeast Student Housing

Sanctuary Residential Breaks Ground on $33M Student Housing Project Near Georgia State University

by John Nelson June 15, 2015

ATLANTA — Sanctuary Residential has begun construction on 200 Edgewood, a $33 million student housing development located across the street from Georgia State University (GSU) in downtown Atlanta’s MLK Landmark district. According to Sanctuary Residential, the mixed-use urban infill property will be the closest student housing to GSU, including the school’s dormitories. 200 Edgewood will be situated on 1.2 acres near the Grady/Children’s Hospital Medical Complex and the new Sweet Auburn Curb Market streetcar station. The 144-unit, 254-bed community is designed to appeal to GSU students, as well as medical interns, nurses and doctors. The property’s amenity package will include a clubhouse, fitness center, meeting/study areas, central courtyard, 110 parking spaces and 12,000 square feet of commercial space. Sanctuary Residential plans to deliver 200 Edgewood by July 2016. The design team includes architect Gary Coursey & Associates, engineer Eberly & Associates and general contractor Shell McElroy. Asset Campus Housing will manage the property upon completion.

June 15, 2015

Florida Loans Multifamily Southeast

New York Life Provides $41M Acquisition Loan for Apartment Community in Broward County

by John Nelson June 15, 2015

PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.

June 15, 2015

Multifamily South Carolina Southeast

Capstone Brokers $20.3M Sale of Two Apartment Communities in South Carolina

by John Nelson June 15, 2015

BOILING SPRINGS AND SPARTANBURG, S.C. — Capstone Apartment Partners has brokered two sales of multifamily communities in South Carolina totaling $20.3 million. In the larger transaction, The Village at Mills Gap LLC sold the Village at Mills Gap to HKSK Corp. for $16.2 million. Built in 2014, the 208-unit property is located at 97 Mills Gap Road in Boiling Springs and was 80 percent occupied at the time of sale. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction. In the second deal, Alliance sold Cross Creek Apartments to Elevation Financial Group for $4.1 million. Built in 1981, the 152-unit apartment community is located at 345 Bryant Road in Spartanburg and was 97 percent occupied at the time of sale. McDermott, Green and Beau McIntosh of Capstone represented the seller in the transaction.

June 15, 2015

Kansas Midwest Multifamily Seniors Housing

Construction Begins on The Healthcare Resort of Topeka

by Amy Works June 12, 2015

TOPEKA, KAN. — Mainstreet has broken ground on The Healthcare Resort of Topeka. Located at 6202 SW 6th Ave. in Topeka, the 69,935-square-foot facility will feature 96 beds and provide short-stay rehabilitation and therapy care, as well as assisted living. On-site amenities will include a therapy gym, an outdoor rehabilitation courtyard, movie theater, game room, spa and on-site chef. Slated to open by spring 2016, the $16 million project will bring 225 construction jobs and 90 permanent jobs to the area. Carmel, Ind.-based Mainstreet develops, finances and jointly operates transitional care centers and long-term health care properties.

June 12, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Complex in San Antonio

by Haisten Willis June 12, 2015

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and private investment sales, has arranged the sale of Tacara at Westover Hills, a 312-unit apartment community in San Antonio. Will Balthrope and Drew Kile of IPA, along with Marcus & Millichap associate Rowan Burch, advised the seller. Balthrope, Kile and Burch also procured the buyer, Fort Worth-based Olympus Property. Constructed in 2014 on 13.4 acres, the community is located at 8543 State Highway 151, less than one-half mile from the intersection of State Highway 151 and Loop 410. Westover Marketplace, a 600,000-square-foot shopping center, is within walking distance. Amenities at Tacara at Westover Hills include keyless entry, stainless steel appliances, granite countertops, under-mounted sinks in kitchens and bathrooms, garden-style tubs and patios/balconies. Community amenities include limited-access entry gates, a 24-hour fitness center, pool with sundeck, outdoor lounge areas with fire pits and fireplaces, tanning booths, a dog park and an electric car charging station.

June 12, 2015

Multifamily Texas

Davis Commercial Negotiates Sale of Land for Apartment Complex in Houston

by Haisten Willis June 12, 2015

HOUSTON — Davis Commercial Real Estate has negotiated the sale of three buildings on 21,303 square feet of land located at 4545, 4509 and 4503 Mount Vernon St. in Houston. The buyer, Light Hill Partners, plans to redevelop the properties. Light Hill Partners is a Houston-based company focused on acquiring and developing multifamily and single-family projects. A mid-rise multifamily development is planned for the site. Ashley Casterlin of Davis Commercial Real Estate represented the buyer in the transaction.

June 12, 2015

Multifamily New York Northeast

E&M Associates Acquires Two Multifamily Properties for $72.3M

by Amy Works June 12, 2015

NEW YORK CITY — E&M Associates has acquired two multifamily properties in New York City’s Astoria neighborhood for $72.3 million from Related Cos. Located at 11-15 Broadway and 30-50 21st St., the properties are known as Astoria at Hallet’s Cove and Montenegro of Astoria, respectively. The properties offer a total of 144 rental units and 64 parking spaces. Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, and Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments. Aaron Jungreis of Rosewood Realty Group represented both properties in the transaction.

June 12, 2015

California Loans Multifamily Western

Seligman Group’s California Holdings Receives $309M in Financing

by Nellie Day June 12, 2015

NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.

June 12, 2015

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