Multifamily

Greystone Provides $30.5M in Acquisition Financing for Multifamily Portfolio in Piedmont Triad

by John Nelson February 4, 2015

GREENSBORO AND WINSTON-SALEM, N.C. — Greystone has provided $30.5 million in acquisition financing for four multifamily properties in the Piedmont Triad region of North Carolina. Vincent Langan of Greystone arranged the four Fannie Mae DUS loans on behalf of the borrower, Varden Capital Properties. The loan terms for all four properties include 10-year financing with 30-year amortization schedules and one year of interest-only payments. The apartment communities comprise a total 941 units and all offer amenities such as swimming pools, fitness centers, clubhouses and tennis courts. The properties in this portfolio include: Ashland Apartments in Greensboro; The Lakes on Meadowood in Greensboro; Ambercrest Apartments in Winston-Salem; and The Hunt Club Apartments in Winston-Salem.

February 4, 2015

Massachusetts Multifamily Northeast

JV Plans $26M Apartment Complex in Boston’s Allston Neighborhood

by Amy Works February 4, 2015

BOSTON — The Grossman Companies and The Waypoint Companies have partnered to acquire a 0.7-acre land site that has been permitted for an 80-unit apartment complex in Boston’s Allston neighborhood for $3.5 million. The joint venture is seeking investors willing to provide 58 percent of the equity to acquire the land, which is located at 61-89 Braintree St., and fund soft costs until it either sells the permitted land or closes on a construction loan. The $26 million 61-89 Braintree Street project will be the largest modular construction project in the city. The project was designed and permitted to use modular construction to ensure quality control, a fast-track construction schedule, greater energy efficiency and the reduction of excess materials.

February 4, 2015

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Hudson County’s Multifamily Market Remains Golden for Investors

by Jaime Lackey February 4, 2015

Abundant financing, unrelenting demand in an undersupplied industry and low rates are driving Northern New Jersey’s multifamily investment market toward pre-recession levels. Nowhere is this more evident than in the urban commuter hub of Hudson County. Known as an integral part of New Jersey’s Gold Coast, Hudson County serves as one of the most active investment and rental markets in the region thanks to its proximity to Manhattan and high concentration of multifamily properties. Long-term owners in the area increasingly are aware of the market conditions, and trading has started to approach unprecedented levels. A prime example was the recent $21 million sale of a four-property Hudson County multifamily portfolio, with units located throughout Jersey City and Hoboken. The deal marks one of the most highly bid sales in Hudson County this year, with more than 20 competitive offers submitted for the portfolio consisting of 159 apartments and six commercial units. Following three rounds of bidding, the seller, which had owned the property for more than 40 years, accepted the highest non-contingent offer. All of the properties were fully occupied at the time of sale, and the largest — a mid-rise elevator building on Magnolia Avenue in Jersey City — …

February 4, 2015

Multifamily Oregon Western

Central Eastside Lofts in Portland Sells for $19M

by Nellie Day February 3, 2015

PORTLAND, ORE. – The 70-unit Central Eastside Lofts in Portland has sold to an out-of-state private investor participating in a 1031 exchange for $18.9 million. The lofts are located at NE 6th and Couch, near the Burnside Bridgehead. The property also includes 11 retail spaces. The seller was Andrews Management. The transaction was executed by HFO Investment Real Estate.

February 3, 2015

California Multifamily Western

LA Multifamily Portfolio Trades for $13.4M

by Nellie Day February 3, 2015

LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.

February 3, 2015

Multifamily Northeast Pennsylvania

Village Green Breaks Ground for Residential Development in Pittsburgh

by Amy Works February 3, 2015

PITTSBURGH — Village Green has broken ground for the development of Southside Works City Apartments, a residential property located in Pittsburgh’s Southside Works corridor. The project will feature 264 luxury apartments, 12,000 square feet of retail space and a 562-space parking garage. Slated to open in early 2016, property will offer nano, studio, convertible, and one- and two-bedroom units, as well as penthouse apartments. On-site amenities include a restaurant/café/specialty market, concierge services, indoor/outdoor pool, 24-hour fitness center, business center and conference room, Zen garden and courtyard park, and a club room with a bar, televisions, fireplace and gourmet kitchen. Pittsburgh-based Rycon Construction is building the project.

February 3, 2015

Connecticut Multifamily Northeast

Continental Properties Breaks Ground for Montage I Rocky Hill in Connecticut

by Amy Works February 3, 2015

ROCKY HILL, CONN. — Continental Properties has broken ground for the development of Montage I Rocky Hill, a residential community in Hartford County. Comprising five three-story buildings, the 144-unit property will offer a mix of 54 one-bedroom units and 90 two-bedroom units. Additionally, the community will feature a 2,600-square-foot clubhouse, putting green, Bark Park, organic garden, nature walk with fitness trails and detached garages. Continental Properties acquired the development site in 2014 and construction is slated for completion in fall 2016.

February 3, 2015

Multifamily New Jersey Northeast

J.G. Petrucci Company Opens 192-Unit Apartment Community in New Jersey

by Amy Works February 3, 2015

LYNDHURST, N.J. — J.G. Petrucci Company Inc. has opened The Station at Lyndhurst, a newly constructed residential community located at 240 Chubb Ave. in Lyndhurst. Managed by Alliance Residential Co., the property features 192 one-, two- and three-bedroom apartments with open-concept living areas, nine-foot ceilings, wood-style flooring and full-size or stackable washers and dryers. Additionally, many units offer personal balconies or courtyards. Community amenities include a fitness center, residential lounge with flat-screen televisions and billiards table, an outdoor lounge with fireplace, and covered and outdoor parking. Rental rates range from $1,725 to $2,800 and units are available for immediate occupancy.

February 3, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges Three Multifamily Sales Totaling $9.2M in New Jersey

by Amy Works February 3, 2015

BELLEVILLE, N.J. — Gebroe-Hammer Associates has arranged three multifamily property sales, totaling $9.2 million and 108 units, in Belleville. In the first transaction, Joseph Brecher and Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $4.38 million sale of a 43-unit building located at 574-582 Washington Ave. Additionally, Nicolaou and Stephen Tragash, also of Gebroe-Hammer, represented the seller in the $3.8 million sale of a 51-unit property located at 242 Washington Ave. In the final deal, Nicolaou negotiated the $1.1 million sale of a 14-unit property located at 475 Washington Ave. Additional terms and details were not released for the transactions.

February 3, 2015

Loans Multifamily Texas

M&M Capital Corp. Arranges $7M Loan for Apartment Complex in Metro Dallas

by Haisten Willis February 3, 2015

ARLINGTON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7 million loan for the purchase of a 252-unit apartment complex in Arlington. Sharone Sabar of MMCC’s Encino, Calif. office arranged the debt placement. John Barker, Mark Allen and Alexander Skotarek of Marcus & Millichap’s Fort Worth office represented the undisclosed seller in the transaction. Joshua Ross of the firm’s Encino office represented the undisclosed buyer. The 10-year loan included a fixed interest rate of 4.4 percent and a 78 percent loan-to-value ratio.

February 3, 2015

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