Queens Apartment Commands $47.3M
- Jan 16, 2014
Astoria, N.Y.—A partnership between Massachusetts-based Forest Properties and real estate entrepreneur Jeff Greene has acquired Exo Astoria, a 14-story, 117-unit residential building in the Queens neighborhood of Astoria. The $47.3 million sales price equates to $404,000 per unit. Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, arranged the sale on behalf of the seller, financial services firm TIAA-CREF.
“Through historical real estate and economic cycles, New York City has proven itself to be the safest and most stable multifamily investment market in the nation,” says IPA’s Peter Von Der Ahe. “The Exo Astoria is in one of the city’s top submarkets within a rapidly emerging neighborhood that is well positioned for continued rent growth and long-term capital appreciation.”
Von Der Ahe worked alongside IPA’s Joe Koicim and David Llyod in advising TIAA-CREF in the sale. Exo Astoria is located at 26-38 21st Street in Queens, and is within a 10 minute walk of the N & Q trains and Astoria Park. The 2008-built property was recently upgraded and features an amenity package that includes a 24-hour concierge, on-site covered parking, a rooftop terrace with Manhattan views, a fitness center, and a resident lounge complete with gourmet kitchen, billiards, and flat-screen.
Pathfinder Partners buys a 18-unit condo in Denver
Denver—In a deal that marks the firm’s 10th Colorado acquisition, San Diego-based Pathfinder Partners LLC has purchased King Lofts. The newly built, three-story condo features 18 units above 2,700 square feet of ground-floor retail located at 3451 West 38th Ave. in Denver’s West Highland neighborhood. Pathfinder partnered with Denver-based The Craft Cos. on the acquisition.
King Lofts was developed in 2008 as a condominium project and underwent a foreclosure sale in 2012 before any units were sold. Pathfinder purchased the project, which is now 100 percent leased from the previous owner, for $4.3 million.
“We like Denver’s diversified economy and significant population and employment growth as well as King Lofts’ ideal center-city location and proximity to shops and restaurants,” says Lorne Polger, senior managing director of Pathfinder Partners. “The project also provides dual exit strategies—in the future, we can sell individual condominiums or market the property as a stabilized rental community. The property’s creative, contemporary architectural elements and condominium-level interior finishes make it a unique and appealing rental option for the neighborhood.”
Commercial Mortgage Capital arranges a pair of multifamily loans
Livingston, N.J.—Commercial Mortgage Capital (CMC) has arranged two multifamily loans for a total of $5.2 million.
“These deals, which range from New Jersey to Texas, are indicative of our versatility and experience as a mortgage broker,” says Mark Scott, founder and president of Commercial Mortgage Capital. “Though we do most of our business in the Northeast and Mid-Atlantic regions, being in touch with the capital markets every day allows us to find the best loan product for our borrowers’ appetites – wherever their properties are located.”
CMC arranged a $3.1 million fixed-rate, first mortgage loan for an 80-unit apartment complex in Cedar Park, Texas. The 10/30 loan was placed with a correspondent life company lender. Buttercup Creek Apartments is a mix of seven one-bedroom and 73 two-bedroom apartments for a total of 65,200 rentable square feet. The garden apartment complex consists of 20 two-story buildings situated on 4.81 acres.
Located just 17 minutes from downtown Austin, Texas, Cedar Park is now the third largest city in the Austin area with a population exceeding 54,000 within its city limits. The property is easily accessible from highway 183 and within walking distance to stores, restaurants and medical offices. It is also in close proximity to ACC, Concordia, and Lakeline Mall.
In addition, CMC recently arranged a $2.1 million fixed-rate loan for a modern garden style apartment in Roselle, N.J. The loan was placed with a local New Jersey bank. The property, which features 20 one-bedroom and four two-bedroom units, is located in Central New Jersey, which offers year-round outdoor activities and recreational offerings and is currently experiencing an uptick in service-oriented employment opportunities such as leisure and hospitality.
147 East 5th Avenue is located in close proximity to major roadways including the Garden State Parkway, New Jersey Turnpike and Routes 1 & 9, as well as a variety of shopping and dining options.