NEW YORK CITY — Eastern Consolidated has arranged the sale of an apartment building, located at 71-13 60th Lane in the Ridgewood section of Queens. Viking Management purchased the property for $21 million from Bonjour Capital. The 45,800-square-foot building features a mix of one-, two- and three-bedroom units, game room, resident lounge, children’s playroom and a furnished roof deck. Eric Goldberg, Keith Pollock and Eliska Krausova of Olsham Law provided legal counsel for the seller, while Stephen O’Connell of Smith, Gambrell & Russell served as legal counsel for the buyer in the transaction.
HARTFORD, CONN. — Colliers International has secured a $3.9 million loan for Colonial Court Apartments in Hartford. The non-recourse loan features a 75 percent loan-to-cost ratio with a rate of 3.75 percent. Kris Wood, John Banas and Alex Hails of Colliers secured the financing for the undisclosed repeat borrower.
Nashville has quickly become one of the most active Southeast markets for multifamily, both in terms of development and sales. Driven by tremendous job growth, strong population increases, a pro-business climate and an educated workforce, Nashville’s remarkable multifamily growth is not overstated. From 2014 to 2017, more than 12,300 units are projected to enter the market, with another 9,000 that are planned or proposed. Concerns have arisen that Nashville’s supply will outpace the demand in the medium term. However, job growth indicators, sales activity and lease-up velocity indicate the contrary. Nashville’s economy has surpassed the $100 billion mark with a 5.1 percent unemployment rate and a 4.2 percent GMP growth rate that is double that of the rest of the nation. Notable recent expansions include General Motors (1,800 jobs), Under Armour (1,500 jobs), Magna International (357 jobs), and FedEx (347 jobs) — all of which were announced in the second half of 2014. In addition, Bridgestone America has announced that it will consolidate its operations in Nashville adding 600 jobs. These expansions combined with immense foreign direct investment continue to fuel the area’s growth. According to IBM’s 2014 Global Location Trends Report, Tennessee ranks first in the nation in terms …
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc., has arranged the sale of Arioso, a 288-unit apartment community in Grand Prairie. Will Balthrope and Drew Kile represented the seller, JPI, an Irving-based developer, builder and investment manager of Class A multifamily assets. Troy, Mich.-based The Hayman Co., a privately owned commercial real estate company, was the buyer. The apartment complex is located at the intersection of I-20 and State Highway 360 at 3030 Claremont Drive. Built in 2007 on 13.5 acres, Arioso has nine floor plans and 52 townhomes. The average unit size is 976 square feet. Apartments feature maplewood cabinets with nickel hardware and hardwood-style flooring in kitchens. Community amenities include a clubhouse, two swimming pools, a fitness center and an outdoor fireplace area with barbecue grills.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of two residential towers located at 4101 and 4113 Broadway in Manhattan’s Washington Heights neighborhood. The two 12-story towers, totaling 126,005 square feet of commercial space and 125 residential units, sold for $42 million, or $333 per square foot, in an all-cash transaction. The properties feature a mix of 63 one-bedroom units, 36 two-bedroom units and 24 three-bedroom units, as well as seven ground-floor commercial units. Robert Shapiro and Bob Knakal of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.
CHARLESTON, S.C. — Co-developers Kassinger Development Group and Richardson Properties have broken ground on Sweetwater, a 266-unit luxury apartment community located on Beresford Creek in Charleston. The property will be located across Daniel Island near I-526 via Clements Ferry and the Wando River via boat. Sweetwater Construction is the general contractor for the property. Every apartment unit at Sweetwater will feature a porch. Waterfront amenities include boat parking, a boat ramp, kayak and canoe launch and community docks. Sweetwater will also feature pet parks, a fitness center, gathering barn, waterfront swimming pool and greenhouses. Upon completion, the 50-acre site will also house an 18-room boutique inn and an event lawn. The development team expects to deliver the property’s first buildings in early 2016.
DALLAS — Inland American Communities Group Inc. (IAC), a development, acquisition and management company operating in university markets across the U.S., has rebranded to become University House Communities (UHC). University House Communities will continue to operate as a wholly owned subsidiary of Inland American Real Estate Investment Trust, a non-traded national REIT that manages a portfolio of commercial real estate assets in multi-tenant and student housing. Currently, University House Communities has five new properties under construction in Atlanta, Austin, Birmingham, Charlotte and Tempe, and continues to identify new development and acquisition opportunities across the country.
CLEVELAND HEIGHTS, OHIO — NAI Daus has arranged the $1.3 million sale of a 50-unit apartment complex in Cleveland Heights. The apartment property is located at 2734 Noble Road. Boston, Mass.-based Noble Summit Apartment Properties LLC purchased the property. Alec Pacella of NAI Daus represented the seller, Noble Summit I&II LLC.
LAWRENCEVILLE, GA. — CBRE has brokered the $58.3 million sale of Madison at River Sound, a 586-unit apartment community located along Highway 316 in Lawrenceville, a suburb of Atlanta. The property is located within walking distance of Georgia Gwinnett College, the fastest growing four-year public college in Georgia. The complex features a two-tier swimming pool and a renovated clubhouse. Shea Campbell and Kevin Geiger of CBRE’s Southeast multifamily group represented the seller, a partnership owned by B&M Management and Madison International Realty LLC, in the transaction.
KISSIMMEE, FLA. — HJ Sims, an investment bank and brokerage firm, has financed the construction of Tuscan Isle, a seniors housing community in Kissimmee. Tuscan Isle will comprise 120 independent living units, 56 assisted living units and 36 memory care units. The independent living units will be housed in a four-story building, made up of one- and two-bedroom units ranging in size from 706 to 1,230 square feet. The assisted living units will consist of studios and one- and two-bedroom units ranging in size from 390 to 620 square feet. The memory care units will provide for 36 residents in private rooms. Tuscan Isle has a preliminary shared services agreement with AV Homes, the developer of neighboring community Solivita. The Tuscan Isle project began in January and is currently under construction with a planned completion date in spring 2016. Phase II of construction will incorporate a skilled nursing expansion. Construction financing consists of $40.5 million tax-exempt bonds and $1.7 million taxable bonds. The preferred equity consists of taxable bonds for accredited investors, totaling $6.2 million. The owners of Tuscan Isle include affiliates of Vieste Group, a program management and development services company from Chicago; HJ Sims Investments, an affiliate of …