Transactions: April 2016
- Apr 14, 2016
The following is a list of transactions that were announced between 01/23/2015 – 02/18/2016. To have your transaction featured, submit details to mallory.bulman@cpe-mhn.com.
SALES:
Barrington at Mirror Lake
Location: Orlando, Fla.
No. of Units: 740
Buyer: Cortland Partners
Seller/Representative: CBRE Investment Properties
Notes: TIAA-CREF was the seller.
Value: $74.6 million
West Village
Location: Durham, N.C.
No. of Units: 609
Buyer: The Connor Group
Seller/Representative: Federal Capital Partners/Bell Partners
Notes: The property consists of historic converted tobacco warehouse buildings.
Value: $187 million
AMLI at North Briarcliff
Location: Atlanta, Ga.
No. of Units: 537
Buyer: PCCP/Irinda Cap. Mgmt./Lyon Living
Seller/Representative: AMLI Residential
Notes: The property is located on a 20.7-acre lot.
Value: $73.5 million
Sawgrass Cove Apartments
Location: Bradenton, Fla.
No. of Units: 336
Buyer: Inland Real Estate Corp.
Seller/Representative: JBM Institutional Multifamily Advisors
Notes: The seller was a joint venture between Atlas Real Estate Partners and Blue Whale Enterprises.
Value: $39.3 million
SkyHouse Raleigh
Location: Raleigh, N.C.
No. of Units: 320
Buyer: World Wide Group
Seller/Representative: Novare Group/Batson-Cook/Beacon Partners
Notes: The sale set a record for price per unit in the Triangle market.
Value: $103 million
The Village at Lionstone
Location: Colorado Springs, Colo.
No. of Units: 288
Buyer: All Pro Capital
Seller/Representative: Seagate Properties
Notes: CBRE Denver Multifamily Investment Properties represented the seller.
Value: $28.1 million
Jamison Park
Location: North Charleston, S.C.
No. of Units: 216
Buyer: Kettler/Stillman Group
Seller/Representative: Middle Street Partners
Notes: This marks the third community the partners have acquired in Charleston in 75 days.
Value: $22.5 million
Rossmoor Manor Apartments
Location: Rossmoor, Calif.
No. of Units: 150
Buyer: Revere Investments
Seller/Representative: NAI Capital Multifamily Services Group
Notes: NAI Capital Multifamily Services Group represented buyer in this off-market transaction.
Value: $33.5 million
Park Manor Apartments
Location: Newnan, Ga.
No. of Units: 114
Buyer: RADCO Cos.
Seller/Representative: HFF
Notes: LivCor was the seller.
Value: $9.9 million
FINANCING:
20 Broad Street
Location: New York, N.Y.
Type of Financing: acquisition
No. of Units: 500
Lender: AllianceBernstein
Arranged By: JLL Capital Markets
Notes: The borrower was MetroLoft, a developer that converts office buildings to residential space.
Amount: $125 million
Park Lafayette Towers
Location: Milwaukee, Wis.
Type of Financing: refinance
No. of Units: 271
Lender: Fannie Mae
Arranged By: KeyBank
Notes: Erik Storz of Key’s Commerical Mortgage Group arraged the financing.
Amount: $51.1 million
2293 N. Milwaukee Ave.
Location: Chicago, Ill.
Type of Financing: construction
No. of Units: 217
Lender: Associated Bank
Arranged By: Associated Bank
Notes: The borrower was 2293 NMA LLC/Henry Street Partners.
Amount: $45 million
Overton Rise
Location: Atlanta, Ga.
Type of Financing: acquisition
No. of Units: 294
Lender: KeyBank National Association
Arranged By: Preferred Apartment Communities
Notes: KeyBank intends to assign this loan to Freddie Mac within 60 days of closing.
Amount: $41.3 million
Cypress Point
Location: Denver, Colo.
Type of Financing: acquisition
No. of Units: 292
Lender: Freddie Mac
Arranged By: HFF
Notes: The property was sold by Jackson Square Properties and purchased by Advenir.
Amount: $33.6 million
4700 Walnut St.
Location: Philadelphia, Pa.
Type of Financing: acquisition
No. of Units: 298
Lender: undisclosed
Arranged By: Colliers International
Notes: The borrower was Heights Advisors, and the lender was undisclosed.
Amount: $24 million
Churchill Park Apartments
Location: San Antonio, Texas
Type of Financing: acquisition
No. of Units: 392
Lender: LegacyTexas
Arranged By: JLL Capital Markets
Notes: The borrower was Frontline Capital Partners.
Amount: $18 million
Montclare Senior Residences
Location: Chicago, Ill.
Type of Financing: construction
No. of Units: 120
Lender: HUD
Arranged By: Love Funding
Notes: Funding was also provided through low-income housing tax credits.
Amount: $12.3 million
Abington Glen Apartments
Location: Abington, Mass.
Type of Financing: acquisition
No. of Units: 90
Lender: undisclosed
Arranged By: Cornerstone Realty Capital
Notes: The borrower was The Claremont Living LLC.
Amount: $11.1 million