Multifamily

RADCO Acquires Apartment Community in South Carolina for $33.8M

by John Nelson September 29, 2015

TAYLORS, S.C. — The RADCO Cos. has purchased the 548-unit Granite at Taylors from RJ Finlay & Co. for $33.8 million. The property is located in Taylors, a suburb of Greenville. The community’s amenities include walking trails, grills, picnic tables, two swimming pools, a clubhouse, sport court, dog park, playground and on-site laundry facilities. RADCO funded the acquisition with private capital and debt from BBVA Compass Bank. CBRE brokered the transaction. RADCO plans to invest $6 million to upgrade the apartment community’s interiors, expand the amenity offerings and renovate the exterior. The Atlanta-based multifamily investor will also rebrand the community as Cobalt Springs and add “Ashford” to the name upon completion of the capital improvements. Including this acquisition, RADCO’s portfolio spans 45 apartment communities.

September 29, 2015

Florida Multifamily Southeast

Multi Housing Advisors Brokers $27.1M Sale of Two Apartment Communities in Pensacola

by John Nelson September 29, 2015

PENSACOLA, FLA. — Multi Housing Advisors (MHA) has brokered the $27.1 million sale of two apartment communities in Pensacola. Totaling 392 units, the properties include Arbor Club Apartments and Ashley Club Apartments. ApexOne purchased the assets from Greystone and plans to make capital improvements to the two properties. Both communities had 50 percent of their unit interiors upgraded by the seller prior to the sale. Jimmy Adams of MHA’s Birmingham, Ala., office represented Greystone in the transaction.

September 29, 2015

Loans Multifamily Seniors Housing Southeast Virginia

Grandbridge Provides $13.7M Loan for Assisted Living Facility in Virginia

by John Nelson September 29, 2015

YORKTOWN, VA. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has funded a $13.7 million construction loan for The Crossings on the Peninsula in Yorktown. The new 104-unit, 86,000-square-foot facility comprises 68 assisted living residences and a 34-bed memory care wing known as Harmony Square Town Center. The property’s amenities will include a library, computer lab, on-site fitness center, theater, pub, dining room, multi-purpose room, beauty shop, nursing/physician center and a swimming pool. Richard Thomas and Meredith Davis of Grandbridge coordinated the transaction with Neal Lineberry of parent company BB&T on behalf of the borrower, Roanoke, Va.-based Smith/Packett Med-Com LLC.

September 29, 2015

Loans Multifamily North Carolina Southeast

Capstone Capital Closes $10M Refinancing of Apartment Community in North Carolina

by John Nelson September 29, 2015

GREENVILLE, N.C. — Capstone Capital has closed the $10 million CMBS refinancing of Trafalgar Square Apartments. Built in two phases in 2001, the 192-unit apartment property is located at 2477 County Home Road in Greenville. The previous owner had $7.7 million in existing debt on the transaction. Jackson Howard of Capstone Capital arranged the 10-year loan with a fixed interest rate below 4.75 percent with three years of interest-only payments followed by a 30-year amortization schedule. The CMBS loan is the sixth loan that Capstone Capital financed on behalf of the undisclosed borrower.

September 29, 2015

Multifamily Oregon Seniors Housing Western

Hawthorne Gardens Assisted Living in Portland Sells for $10.8M

by Nellie Day September 28, 2015

PORTLAND, ORE. — Marcus & Millichap has arranged the sale of Hawthorne Gardens Assisted Living, a 58-unit, 84-bed assisted living and memory care facility in Portland, for $10.8 million. Located in East Portland, Hawthorne Gardens was built in 2007 and was 88 percent occupied at the time of the sale. Dan Mahoney and Tony Cassie, directors of Marcus & Millichap’s National Seniors Housing Group in Portland, represented the sellers and procured the buyer in this transaction.

September 28, 2015

Illinois Midwest Multifamily Uncategorized

Marcus & Millichap Brokers $14.4M Sale of 140-Unit Apartment Complex Near Chicago

by Christina Cannon September 28, 2015

WILLOWBROOK, ILL. — Marcus & Millichap has arranged the sale of the 140-unit Willowbrook Apartment Homes located at 7440 Tennessee Drive in Willowbrook, approximately 20 miles west of Chicago. The property sold for $14.4 million, or $103,400 per unit. Scott Harris and Nick Hillard of Marcus & Millichap represented the seller and procured the buyer. The property consists of 56 one-bedroom/one-bath units, 68 two-bedroom/one-bath units, and 16 three-bedroom/two-bath units. Unit amenities include tile floors, ceiling fans, cable and broadband Internet access. Community amenities feature controlled building access, on-site management, 24/7 emergency maintenance, laundry facilities and package receiving.

September 28, 2015

Multifamily New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Multifamily Buildings in New Jersey

by Amy Works September 28, 2015

UNION CITY, N.J. — Cushman & Wakefield has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two-bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefield represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer in the transaction.

September 28, 2015

Georgia Multifamily Southeast

Emma Capital Purchases Apartment Community in Metro Atlanta for $21.5M

by John Nelson September 28, 2015

DULUTH, GA. — Emma Capital Investments Inc. has acquired Berkeley Landing Apartments, a 240-unit, garden-style apartment community located at 3700 Peachtree Industrial Blvd. in Duluth, a northeast suburb of Atlanta in Gwinnett County. Emma Capital purchased the asset for $21.5 million, bringing the Toronto-based investor’s total acquisitions to date over $150 million and more than 2,500 apartment units. This is Emma Capital’s 11th purchase in the United States and fifth in the metro Atlanta area. Berkeley Landing features terraced pools with a waterfall, two lighted tennis courts and a media room. The apartment units feature washer and dryer connections, large closets, wood-burning fireplaces (in some units) and fully equipped kitchens, as well as private sunrooms. Emma Capital plans to upgrade the property’s unit interiors, as all of the units feature original finishes.

September 28, 2015

Market Reports Maryland Multifamily Southeast Southeast Market Reports

Baltimore’s Resurgence as a City Supports Burgeoning Apartment Market

by John Nelson September 28, 2015

The transformation of downtown Baltimore into a contemporary world-class city began nearly two decades ago, but over the past few years it has irrefutably evolved into a true 24/7 city and a top-tier housing market that is nationally recognized by the investment community. An influx of commercial investment drove job growth, which inevitably boosted downtown Baltimore’s daytime population. But what is remarkable is how many of these individuals also decided to become city residents. The number of degree-holding young people living in downtown Baltimore increased by 92 percent between 2000 and 2010, exceeding the pace of 20-something magnet cities like New York and Boston. Whether it was the chicken or the egg, this new group of residents favored a rental urban lifestyle, and downtown Baltimore delivered nearly 4,700 new apartments between 2000 and 2010. Ambitious developers John Paterakis and Michael S. Beatty paved the way in the late 1990s with the development of Harbor East, which congregates upscale retailers, Class A office space and luxury rental apartments. Its immediate success filled a niche in the market and spurred growth in other communities around the Inner Harbor, including the Ritz-Carlton. As this wave of development continued throughout the 2000s, slowly but …

September 28, 2015

Loans Multifamily Texas

CBRE Arranges Refinancing for Gables Park 17 Apartments in Dallas

by Haisten Willis September 25, 2015

DALLAS — CBRE Capital Markets’ debt and structured finance team has arranged a loan for the refinancing of Gables Park 17, a 25-story, 292-unit apartment building in Dallas. CBRE worked on behalf of Clarion Gables Multifamily Trust to secure a 10-year, fixed-rate, non-recourse loan. The amount was not disclosed. The MetLife Inc. provided financing. The loan includes a four-year interest-only period and is open to prepayment without penalty during the last three years. Mark Fisher of CBRE’s Midtown Manhattan office, along with Jay Wagley of CBRE’s Dallas office, facilitated the financing on behalf of the borrower. Located at 1700 Cedar Springs Road, Gables Park 17 is in Dallas’ Uptown neighborhood. Unit features include wood floors, granite counters, stainless steel appliances, dishwashers, in-unit washer and dryer and large bathrooms with granite vanities and stand-alone showers. Building amenities include a pool, fitness center, business center, game room and 24-hour concierge. The property apartment tower is part of a mixed-use complex that contains an office tower and parking garage.

September 25, 2015

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