Multifamily

Waterton Associates Acquires Apartment Complex in Houston

by Haisten Willis January 22, 2015

HOUSTON — Waterton Associates LLC has acquired Villas at Hermann Park, a 320-unit apartment complex in Houston near Hermann Park and the Texas Medical Center. Located on Almeda Road, just south of Houston’s Midtown neighborhood, the community offers one-, two- and three-bedroom units across 12 four-story buildings, as well as two parking garages. Amenities at Villas at Hermann Park include in-unit laundry rooms, private patios and balconies, access gates, a pool, two outdoor kitchens with grilling stations, a clubhouse, 24-hour fitness center, business center and two conference rooms. Waterton plans to make improvements to the community’s common areas and residential units, including kitchen and bathroom upgrades, and the addition of fenced-in backyards for 55 ground-level units.

January 22, 2015

M&M Arranges $18.6M Sale of Multifamily Property in Overland Park, Kan.

by Danielle Everson January 22, 2015

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the $18.6 million sale of Town Center Apartments, a 156-unit apartment complex in Overland Park located 20 miles southeast of Kansas City. Built in 1997 on nearly 14 acres, the 176,904-square-foot property includes 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and feature nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages. The complex is located at 6233 W. 120th St. Alex Blagojevich of Marcus & Millichap’s Tampa office, David Gaines of the firm’s Chicago downtown office, and Michael Sullivan, Grant Kollman and Brett Meinzer of the firm’s Kansas City office represented the undisclosed seller and buyer.

January 22, 2015

University House Midtown Atlanta Inland Georgia Tech

Georgia Multifamily Southeast Student Housing

Inland American Communities to Top Off University House Midtown in Atlanta

by John Nelson January 22, 2015

ATLANTA — Inland American Communities Group (IAC) will top off University House Midtown, a 20-story student housing development in Midtown Atlanta, tomorrow. The 268-unit community is located at 930 Spring St., adjacent to Georgia Tech. The 706-bed property will feature more than 9,000 square feet of retail space, a resort-style pool on an elevated terrace, secured parking garage, business center, study rooms, fitness center and a lounge on the top floor with skyline views. IAC is working with local project partners, including architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin. University House Midtown, which is slated to open in August, is more than 50 percent pre-leased.

January 22, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $11.4M Multifamily Sale in New Jersey

by Amy Works January 22, 2015

SOMERS POINT, N.J. — Marcus & Millichap has brokered the sale of The Gates at Somers Point, a multifamily complex in Somers Point. The 202-unit, garden-style property sold for $11.4 million, or $56,436 per unit. Situated on five acres at 555 Shore Road, the five-building property features a mix apartment floorplans. Nat Gambuzza and John Veniero of Marcus & Millichap’s New Jersey office represented the seller, WWW Associates, and the undisclosed buyer in the deal.

January 22, 2015

Multifamily New York Northeast

Ariel Property Advisors Arranges Sale of 20-Unit Multifamily Building

by Amy Works January 22, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a 15,000-square-foot multifamily property located at 2475 Hughes Ave. in the Belmont section of the Bronx. A private investor acquired the property for $2.56 million. The 20-unit walk-up features six three-bedroom units, seven two-bedroom units and seven one-bedroom units. Victor Sozio, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a real estate investment firm, and procured the buyer in the transaction.

January 22, 2015

California Multifamily Western

Condominium Development in Downtown LA Receives $77M in Financing

by Nellie Day January 21, 2015

LOS ANGELES — A new condominium project in Downtown Los Angeles has received $77 million in financing. The 151-unit community will be located at 1050 S. Grand. This will be the first new condominium tower development in Downtown in more than seven years, according to the developer, JLL’s Capital Markets team, which secured the financing. The property is being developed by Trumark Urban. The tower will also feature seven levels of parking and 5,672 square feet of ground floor retail space. The non-recourse construction financing was arranged by JLL’s John Manning, Chris Casey, Reid McGlamery and Alex Witt. It was provided by PCCP. This is the fourth major closing from JLL on behalf of Trumark, totaling $460 million of placed capital over the past two years.

January 21, 2015

Multifamily Texas

Q10 KDH Arranges $3.3M Loan for Apartment Complex in Houston

by Haisten Willis January 21, 2015

HOUSTON — Q10 Kinghorn, Driver, Hough, & Co. has secured a $3.3 million, 10-year Fannie Mae loan with a 4.3 percent fixed rate for Bristol Court Apartments located in west Houston. The property includes 164 units and is 99 percent occupied. Q10 KDH is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.

January 21, 2015

Loans Multifamily New Jersey Northeast

NorthMarq Capital Completes $41M in Refinancing for New Jersey Multifamily Portfolio

by Amy Works January 21, 2015

HAMILTON, N.J. — NorthMarq Capital has arranged a total of $41 million in refinancing for a portfolio of four multifamily properties in Hamilton. The portfolio includes the 336-unit Winding Brook Apartments, the 240-unit Zachary Arms Apartments, the 128-unit Yorkshire Apartments and the 166-unit Hamilton Arms Apartments. The transactions were structured with 15-year terms and 30-year amortization schedules. Robert Ranieri of NorthMarq’s Greater Westchester NY/CT office arranged the financing through NorthMarq’s seller-servicer relationship with Freddie Mac.

January 21, 2015

Multifamily New York Northeast

Ariel Property Advisors Brokers Sale of Bronx Development Site for $4.13M

by Amy Works January 21, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the $4.13 million sale of a development site, located at 3084 Webster Ave. and 410-414 East 203rd St. in the Norwood section of the Bronx. The site is zoned for 93,000 buildable square feet as of right, and approximately 124,000 buildable square feet with inclusionary housing. The buyer, Stagg Group, plans to develop a residential rental building on the site. Victor Sozio, Shimon Shkury, Scot Hirschfield and Jason Gold of Ariel Property Advisors represented the seller, a developer and multifamily operator, and procured the buyer in the deal.

January 21, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges Sale of 26-Unit Multifamily Portfolio in Jersey City

by Amy Works January 21, 2015

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of an apartment portfolio located at 33-35 Storms Ave. and 234-236 Jewett Ave. in Jersey City. The properties, which offer 26 units, sold for $2.75 million, or $105,769 per unit. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office represented the seller, a partnership, and the undisclosed buyer in the deal.

January 21, 2015

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