Multifamily

The Shoptaw Group Sells Apartment Community in Metro Atlanta for $17.8M

by John Nelson July 15, 2015

STOCKBRIDGE, GA. — Atlanta-based The Shoptaw Group has sold Southwinds Stockbridge Apartments, a 240-unit multifamily community located at 50 Evergreen Way in Stockbridge, roughly 20 miles south of Atlanta. PointOne Holdings LLC purchased the property for $17.8 million. Built in 1993 and renovated in 2007, Southwinds Stockbridge features a gated entrance, pool with sundeck, club room, conference center with coffee bar, lighted tennis courts and a fitness center. The property’s units have crown molding, accent walls, custom cabinetry, double stainless steel sinks, washer/dryer connections and private patios/balconies. Mike McGaughy and Jon Kleinberg of Transwestern represented the seller in the transaction.

July 15, 2015

Colorado Multifamily Western

LaSalle Investment Management Buys Mixed-Use Building in Denver

by Nellie Day July 15, 2015

DENVER — LaSalle Investment Management has purchased 16M, a mixed-use project in Downtown Denver’s LoDo (lower downtown) district, for an undisclosed sum. The Class AA property will be located at the southwest corner of the 16th Street Mall and Market Street. The 189,284-square-foot trophy property features ground-floor restaurant space, five stories of office space and 36 luxury apartments on the upper four floors. It also contains a rooftop terrace, fitness center and three levels of underground parking. The new development will serve as the regional headquarters of Morgan Stanley, D.A. Davidson and The ONE Group, which operates upscale restaurants and lounges. It will also be home to the first U.S. location of STK Rebel, an upscale, trendy steakhouse that is sister properties with the popular restaurant STK. 16M will also feature Panera Bread and Garbanzo Mediterranean Grill. This is the third property LaSalle has acquired within the LoDo market. It purchased Millennium Financial Center and Writer Square in September 2013.

July 15, 2015

California Multifamily Western

Zephyr Buys Nine Acres in South OC for Mixed-Use Development

by Nellie Day July 15, 2015

DANA POINT, CALIF. — Zephyr has purchased a nine-acre parcel in the Orange County suburb of Dana Point for $50 million. The parcel is located at 34202 Del Obispo Street. The project will include 168 high-end townhomes and seven mixed-use structures adjacent to Doheny State Beach and Dana Point Harbor. The site is walking distance to the beach, with the harbor, golf, shopping and dining options just minutes away. Construction will commence next year. The project is slated for completion in 2019. The fully entitled site previously featured a mobile home park. The seller was AG/A&M Doheny LLC.

July 15, 2015

California Multifamily Western

Villa Montana in Los Angeles Sells for Record-Breaking Price Per Unit

by Nellie Day July 15, 2015

LOS ANGELES — A private investor has purchased the 20-unit Villa Montana apartment community in the Los Angeles submarket of Brentwood for $20 million. This equates to a price-per-unit of more than $1 million, the highest price per unit ever paid for a Los Angeles apartment building that was not adjacent to the ocean, according to Marcus & Millichap, which executed the sale. Villa Montana is located at 11611 Montana Ave. It is within walking distance of Brentwood Village. The new owner exchanged into Villa Montana after selling a property in New York City. The seller was Ken Kahan of California Landmark. Both parties were represented by Ron Harris, Greg Harris and Paul Darrow of Marcus & Millichap. Darrow notes that the sale points toward a larger trend in affluent submarkets like Brentwood.

July 15, 2015

California Loans Multifamily Western

Los Angeles Apartment Complex Receives $3.9M Loan

by Nellie Day July 15, 2015

LOS ANGELES – A 30-unit apartment community in Los Angeles has received a $3.9 million acquisition loan. The community is located at 1135 Grand View Street in the Westlake submarket. It was purchased by the Armor Family Trust. The five-year loan features a fixed interest rate of 3.2 percent. The loan was arranged by Dan Litman of Marcus & Millichap Capital Corporation’s West Los Angeles office. It was provided by Wayne D. McCoy of OneUnited Bank.

July 15, 2015

Hospitality Loans Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $42M Acquisition Loan for Development Site in Queens

by Amy Works July 15, 2015

NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.

July 15, 2015

Midwest Multifamily Nebraska

Berkadia Arranges Sale of 470-Unit Multifamily Property in Omaha

by Jonathan Mehall July 14, 2015

OMAHA, NEB. — Berkadia has arranged the sale of Grandridge Apartments, located at 5439 N. 100th Plaza in Omaha. Built in 1974, the 470-unit property includes a mix of one-, two- and three-bedroom floor plans in both apartment and townhome layouts. Unit amenities include fully equipped kitchens, balconies or patios, Internet access and ceiling fans. Select units have fireplaces and garages or covered parking. Community amenities include a large clubhouse with a swimming pool, spa, tanning beds, laundry room, fitness center and extra storage. Brooklyn, N.Y.-based Grandridge 930 LLC paid an undisclosed price to the seller, a private investment partnership based in Salt Lake City, Utah. Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corp., provides comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.

July 14, 2015

California Loans Multifamily Seniors Housing

Cambridge Arranges $12.3M HUD Refinance for California Skilled Nursing Facility

by Nellie Day July 14, 2015

VICTORVILLE, CALIF. — Cambridge Realty Capital Companies has arranged a $12.3 million HUD Lean loan to refinance Knolls West Post Acute, a skilled care nursing facility located in Victorville. The fully amortized, 30-year loan was arranged for the owner, a California limited liability company, using the HUD Section 232 funding program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.

July 14, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Washington Community for $18M

by Nellie Day July 14, 2015

VANCOUVER, WASH. — Evans Senior Investments has arranged the sale of a three-property seniors housing community, all located on the same campus in Vancouver, to a publicly traded REIT for $18 million. The three properties are Fort Vancouver Convalescent Center, a skilled nursing facility; Caretique, a memory care community; and Park Lido, an assisted living facility. With 136 total beds, the sale price represents $132,353 per unit. Opened in 1982, additions and buildings were added on to the facility in 1985 and 1992. At the time of the transaction, occupancy ran between 70 percent and 80 percent for the facilities. The capitalization rate was 11.7 percent based on the trailing 12 months of net operating income.

July 14, 2015

Multifamily Texas

M&M Arranges Sale of Two Apartment Buildings in Fort Worth

by Haisten Willis July 14, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of two apartment communities in Fort Worth: The Ridge, a 208-unit apartment complex, and Shadowood Apartments, a 52-unit apartment property. Al Silva of Marcus & Millichap’s Fort Worth office marketed both properties on behalf of the Texas-based sellers and secured both buyers. The Ridge is located at 8925 Randol Mill Road, 10 miles east of downtown Fort Worth and north of I-30. The property was built in 1985 and consists of 14 buildings. The new owner plans to make substantial renovations to the property. Shadowood Apartments is located at 6701 Calmont Ave. The property is located near I-30 and is five miles west of downtown Fort Worth. The property was built in 1964 and consists of one large building that comprises a brick veneer exterior with a new mansard roof and wood frame on a concrete slab foundation. The Texas-based buyer plans to make substantial improvements to the complex.

July 14, 2015

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