MILWAUKEE — NAI Greywolf has brokered the sale of Mayfair Apartments in Milwaukee for $9.3 million. Located on North Lovers Lane Road, the apartment community features 134 units in one- and two-bedroom layouts. Thomas Gale and Katrina Gee of NAI Greywolf represented the seller. Buyer and seller information was not provided.
POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terramonte at Foothill, a multifamily community in Pomona, approximately 30 miles east of Los Angeles. The asset traded for $35.5 million, or $257,246 per unit. Constructed in 1963 on nine acres, Terramonte at Foothill features 138 one-, two- and three-bedroom apartments spread across 35 residential buildings. Community amenities include two resort-style swimming pools, a picnic area and laundry facilities. Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction.
SANTA ANA, CALIF. — Los Angeles-based Lowe and Centennial have opened Paloma, a multifamily property in the Orange County city of Santa Ana. The development brings 309 studio, one- and two-bedroom apartments to MainPlace, a shopping center that is being redeveloped into a mixed-use asset. Apartments feature stylish kitchens, bathrooms, flooring and fixtures, as well as in-unit washers and dryers. The five-story community offers two private courtyards; a rooftop deck; central pool and spa; open-air kitchen with screened area; two-story fitness center and yoga room; business center with private offices; and multiple co-working spaces. Additional amenities include a dog run, dog spa, concierge package service, bike repair, bike storage and designated resident parking. Centennial owns MainPlace, which a three-story super-regional shopping center in Santa Ana that is being transformed into a mixed-use environment. Current retail tenants include Macy’s, JCPenney, H&M, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, Boudin SF, 24 Hour Fitness, T-Mobile, Candeeland, LensCrafters, Picture Show Theater and Round One Bowling & Amusement.
BUFFALO, N.Y. — Chicago-based multifamily developer and manager The Habitat Co. has received approval from the Buffalo Common Council for a $400 million affordable housing redevelopment project. The site at 205 Marine Drive currently houses a seven-building, 616-unit waterfront apartment complex that was originally constructed as affordable housing in 1952. The development team, which includes Duvernay + Brooks and the Buffalo Municipal Housing Authority, plans to convert the property into a 700-unit affordable housing complex. Phase I of the redevelopment includes construction of a mix of new towers on the surface parking lot adjacent to its current buildings. The initial phase will feature low-, mid- and high-rise buildings, a parking garage and commercial space. Construction is expected to begin in late 2024. With approval for planned unit development now secured, the development team is focused on getting final design approval from the city and filing financing applications with the state of New York by the end of 2023. Full completion of the redevelopment is slated for 2029. Financing for the project included Low-Income Housing Tax Credit Equity, tax credits from the New York State Brownfield program and debt from the New York State Housing Finance Agency.
HAYWARD, CALIF. — Greystone has provided a $15.1 million Fannie Mae Delegated Underwriting & Servicing (DUS) loan to refinance a multifamily community in the Bay Area city of Hayward. Tim Thompson of Greystone originated the financing for the borrower, WSB University Village LLC. Constructed in 1964, University Village features 68 one- and two-bedroom apartments, on-site parking, laundry facilities and a fitness center. The nonrecourse, fixed-rate loan features a 10-year term with five years of interest-only payments. In addition to refinancing, the loan proceeds will enable the borrower to continue with ongoing property maintenance.
SMITHTOWN, N.Y. — JLL has arranged $29 million in financing for Whisper Woods of Smithtown, a seniors housing property located on Long Island. Built in 2018, the property houses 136 beds across 101 units and offers assisted living and memory care services. The borrower is a partnership between Sculptor Real Estate and Benchmark Senior Living, and the direct lender was an undisclosed regional bank. Joel Mendes, Ted Flagg and Stephen Van Leer led the transaction for JLL.
NEW YORK CITY — Locally based brokerage firm Stav Equities has negotiated the $3.8 million sale of a seven-unit apartment building located at 10 Clermont Ave. near the Brooklyn Navy Yard. The building, which according to LoopNet Inc. was originally constructed in 1915, includes a retail space. Jacob Stavsky of Stav Equities represented the buyer, Neue Urban, in the off-market transaction.
By Paul Waterloo, Interra Realty 1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a replacement property and 180 days to close. That’s a very short window in which to secure financing and perform proper due diligence. There remains uncertainty among some investors about 1031 exchanges, which allow an investor to defer capital gains on a property sale when those funds are used to acquire a “like kind” property. The IRS considers two assets to be like kind so long as they both are used for business purposes or held as an investment. This means investors may exit one sector and broaden their exposure to another. With the right counsel, however, an investor can make smart decisions that take advantage …
DALLAS — Transwestern Real Estate Services (TRS) has negotiated the sale of Bellrock Bishop Arts Apartments, a 207-unit multifamily complex located on the southwestern outskirts of downtown Dallas. Built in 2012, the property offers amenities such as a pool, fitness center, dog park, outdoor grilling stations and grills, clubhouse and a social lounge. Units come in one- and two-bedroom floor plans, according to Apartments.com. Tyler Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey of TRS represented the buyer, The Paskin Group, in the transaction. The buyer executed the deal via a 1031 exchange and has since rebranded the property, which was 95 percent occupied at the time of sale.
MIAMI — Related Group and single-family residential investment firm W5 Group are nearing completion for the first co-living development in Miami’s Wynwood neighborhood. Located at 51 N.W. 28th St., the nine-story property, named i5 Wynwood, will feature 63 fully furnished apartments that comprise 217 private suites that are available for rent. Residents will have shared common areas including living spaces, communal kitchens and dining spaces. Residents can choose between three-bed/three-bath and four-bed/four-bath apartments that will feature queen-size beds, writing desks, multiple shelving units, modern light fixtures, dining tables and chairs, couches, coffee tables, entertainment consoles and flat-screen TVs. Related and W5 plan to launch preleasing in November with rental rates beginning at $1,895 per suite. The design-build team includes architect Arquitectonica and interior designer Michael Wolk. Amenities will include 3,900 square feet of ground-floor retail space surrounding a 6,600-square-foot shaded central courtyard, along with a rooftop pool, an indoor/outdoor gym and coworking and meeting spaces.
