Multifamily

M&M Arranges $4M Sale of 24-Unit Apartment Portfolio

by Danielle Everson October 1, 2014

MINNEAPOLIS — Marcus & Millichap has arranged the $4 million sale of a 24-unit apartment portfolio located in Minneapolis. The Billman portfolio near the University of Minnesota consists four properties located at 942 15th Ave. S. Josh Talberg of Marcus & Millichap’s Minneapolis office along with Garrett Nichols, Michael DiSimone and Sean Rosenzweig, of the firm’s Los Angeles office represented the seller, a limited liability company. John Bailey and Bill Bailey of Marcus & Millichap’s Chicago downtown office represented the buyer, a limited liability company.

October 1, 2014

Loans Multifamily New York Northeast Office

Meridian Capital Arranges $228.5M Construction Loan for Flatotel Conversion

by Amy Works October 1, 2014

NEW YORK CITY — Meridian Capital Group has arranged $228.5 million in construction financing for the condominium conversion of the former Flatotel hospitality property in New York City. A partnership between Chetrit Group and Clipper Equity plan to convert the asset, which is located at 135West 52th St., into a five-story boutique office condominium and a 37-floorluxury residential condominium property. The 55,000-square-foot office component will be located on floors two through seven and approximately 109residential units will span floors eight through 47. The total project is estimated to cost $300 million. Aaron Birnbaum and Emanuel Westfried of Meridian’s New York City headquarters negotiated the two-year, non-recourse, interest-only loan, which features a floating LIBOR-based interest rate and a one-year extension option.

October 1, 2014

Connecticut Multifamily Northeast

IPA Arranges $75.1M Apartment Community Sale in Stamford

by Amy Works October 1, 2014

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cornerstone at Bedford in Stamford. Delaware-based Cornerstone Apartments Property Owner LLC purchased the 368-unit apartment community for $75.1 million or $204,000 per unit. Located at 1425-1435 Bedford St., the 13-story property features a swimming pool with sundeck, a fitness center, a clubroom, a business center, a play area and a picnic area with gas grills. Steve Witten and Victor Nolleti of IPA, along with Eric Pentore of Marcus & Millichap, represented the seller, Fairfield Bedford LLC, in the transaction.

October 1, 2014

Multifamily New York Northeast

JV Acquires Brooklyn Multifamily Property for $17.5M

by Amy Works October 1, 2014

NEW YORK CITY — A joint venture partnership between The Kalikow Group and MKRO I LLC, an equity venture fund between Massey Knakal and RiverOak Investment Corp., has acquired a six-story multifamily building located at 68 Richardson St. in Brooklyn’s Williamsburg neighborhood. The partnership purchased the asset for $17.5 million from Dabby Investments. Located near McCarren Park, the 32,500-square-foot property features 24 residential units and one ground-floor commercial space. The new owner plans to renovate the building’s façade and common areas, as well as the individual apartment units.

October 1, 2014

Florida Multifamily Southeast

Related Development Breaks Ground on Four Multifamily Projects

by John Nelson October 1, 2014

MIAMI — Related Development LLC has begun construction on four multifamily projects in Florida totaling 1,129 units. The four developments include SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive. Related Development has more than 4,700 units in the development pipeline for completion and/or groundbreaking in the next 12 months.

October 1, 2014

Loans Multifamily South Carolina Southeast

CBRE Arranges $30.1M Financing for Columbia Multifamily Development

by Jaime Lackey September 30, 2014

COLUMBIA, S.C. — CBRE Group Inc. has arranged $30.1 million in non-recourse construction and permanent financing for The Atlantic at Parkridge, a 298-unit apartment complex that will be built in Columbia’s Irmo submarket. CBRE arranged the financing through HUD’s 221(d)(4) new construction mortgage insurance program, which provides an interest-only construction period of 22 months with a 40-year, fully amortizing permanent loan. Steve Heffner of CBRE’s capital markets group in Charlotte co-originated the loan with Monica Newman of CBRE’s capital markets group in Denver on behalf of the sponsors, New York-based AVR Realty Co. LLC and Charleston-based Middle Street Partners LLC. The project team includes Orlando-based architect Humphreys & Partners and Jacksonville-based general contractor Summit Contracting Group Inc.

September 30, 2014

Georgia Seniors Housing Southeast

Senior Living Brokers $33.6M Sale-Leaseback for Two Metro Atlanta Facilities

by Jaime Lackey September 30, 2014

HOSCHTON AND CUMMING, GA. — Senior Living Investment Brokerage Inc. has facilitated the sale-leaseback of two assisted living communities in metro Atlanta totaling $33.6 million. The two properties are The Oaks at Braselton in Hoschton and The Oaks at Post Road in Cumming. Built in 2011, The Oaks at Braselton features 46 assisted living units and 34 memory care units. Built in 2007, The Oaks at Post Road features 64 assisted living units and 36 memory care units. The current operator, Oaks Senior Living, will continue to operate both communities under a long-term lease agreement. Bradley Clousing of Senior Living Investment Brokerage brokered the transaction.

September 30, 2014

Colorado Multifamily Western

Remington Place Apartments in Denver Changes Hands

by Jaime Lackey September 30, 2014

DENVER — The 120-unit Remington Place apartment complex in Denver has sold to Virtú Investments for $15.1 million. The community is located at 8000 E. Girard Ave. It was built in 1970. The property is near the DTC Business Corridor, the largest employment center in metro Denver. It was 95 percent leased at the time of sale. The seller, Busboom Group, was represented by Terrance Hunt, Shane Ozment, Andy Hellman and Kevin Jewett of ARA Colorado.

September 30, 2014

Midwest Missouri Multifamily

M&M Arranges $26.8M Sale of Apartment Community in St. Louis Suburb

by Jaime Lackey September 30, 2014

MARYLAND HEIGHTS, MO. — Marcus & Millichap has arranged the $26.8 million sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The sales price equates to $72,043 per unit. The property is located at 2000 McKelvey Hill Drive. Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854. David Gaines and Alex Blagojevich of Marcus & Millichap, along with William Holman of the firm’s Missouri office, represented the seller, TGM Associates. Monarch purchased the property.

September 30, 2014

Midwest Multifamily Wisconsin

ALTUS Brokers Sale of 32-Unit Apartment Complex in Platteville, Wis.

by Jaime Lackey September 30, 2014

PLATTEVILLE, WIS. — ALTUS Commercial Real Estate Inc. has brokered the $885,000 sale of a 32-unit apartment building in Platteville. Pioneer Apartments is located at 1270 N. Second St. Dan Roseliep of ALTUS represented the buyer, Pioneer Real Estate Management LLC, and the seller, Pioneer Partnership LP.

September 30, 2014

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