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Marcus & Millichap arranges the sale of a 28-unit apartment building in Sarasota, Florida

Marcus & Millichap announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Florida

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,465,000.

Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM.

“Phillippi Shores offered a very strong takeover yield for a stabilized asset located an area that has been in very high demand,” said Podbelski. “This allowed us to create substantial interest and ultimately close on an all-cash basis within 23 calendar days of the effective date,” added Podbelski.

Phillippi Shores Village is located at 1872 Phillippi Shores Drive in Sarasota, Fla. All units at Phillippi Shores Village feature high-end condo-grade finishes that include new granite countertops with undermount sinks, new cabinetry, new stainless-steel appliances, new wood-look vinyl-plank flooring and new fixtures.

“We sold this asset to the current seller in 2018 after negotiating an assignment of contract from another prospective buyer,” said Roberts. “We are very pleased they were able to exceed our projection of added value achievable through a full-scale renovation of the asset,” he added.”

Phillippi Shores Village is located five minutes to Siesta Key Beach and the Westfield Siesta Key Mall. The property is also 10 minutes to Downtown Sarasota.

Cushman & Wakefield represents Waypoint Residential in $37 million sale of The Point at West End in Tampa

Point at West End Apartments — Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Cushman & Wakefield has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group represented Boca Raton, FL-based Waypoint Residential LLC in the sale. Blue Roc Premier Properties and Associates, LLC sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.

The Point at West End is a ±225,345-square-foot, garden-style apartment community developed in 1980 on ±19.47-acre site at 6161 Memorial Highway in Tampa’s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91 percent leased at the time of sale.

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.

Community amenities include a 24-hour fitness center, a cyber café, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.

“The Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,” said Elorza.

Added Capas, “The property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.”

Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern, Nicholas Meoli and Michael Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.

JLL secures $34.5 million loan for new multihousing investment platform

JLL announced today that it has secured $34.5 million in financing for Waterscape Apartments, a 180-unit, garden-style apartment community in Fairfield, California.

JLL worked on behalf of a joint venture between Glencrest Group and Angelo, Gordon & Co, L.P. to place the 10-year, 71.5 percent LTV, floating-rate loan with Freddie Mac. The loan includes five years of interest-only payments and will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. This transaction marks the second acquisition for the joint venture, which earlier this year acquired Vineyard Gardens in Santa Rosa, California. JLL led the capitalization of that transaction as well.

Waterscape Apartments is situated on 14.65 acres at 3001 North Texas Street just east of Interstate 80 in the Solano County community of Fairfield. The 33-building project consists of a mix of one- and two-bedroom units averaging 978 square feet. Homes feature high-quality finishes, including renovated kitchens, in-unit washers and dryers, fireplaces and private balconies. Common-area amenities at the recently upgraded property include a multi-level fitness center, contemporary clubroom, and resort-style pool.

The JLL Capital Markets debt placement team representing the borrower included Senior Managing Directors Peter Smyslowski and Charles Halladay and Analyst Jonah Aeylon.

“The acquisition of Waterscape is an excellent representation of Glencrest’s ability to source properties in an ultra-competitive environment that will generate above-market, risk-adjusted returns,” Smyslowski said.

“We are excited and honored to expand our new company with the support of Angelo Gordon, Freddie Mac and JLL,” Mike Bergelson of Glencrest added. “Waterscape combines an attractive physical plant with a convenient location poised for growth. It exemplifies the type of community we want to add to our portfolio.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Callahan Construction breaks ground on luxury waterfront apartment complex in Lynn North Shore

Callahan Construction Managers (Callahan) announces they have broken ground at Breakwater in Lynn, MA. The Dolben Company in joint venture with Minco Corporation is developing the future luxury waterfront apartment complex, with HDS Architecture serving as the architect. The groundbreaking ceremony took place on December 11, 2019, with Governor Charlie Baker, Housing and Economic Development Secretary Mike Kennealy, Senator Brendan Crighton and Lynn Mayor Thomas McGee all in attendance.

The Breakwater apartment complex, which overlooks Lynn Harbor, will completely transform a section of real estate previously vacated for more than 35 years. Construction for the multifamily development is happening on the site of former Beacon-Bel Chevrolet and is scheduled for completion in March 2022.

The development will have 331 apartments in two buildings over structured parking. In addition to spectacular waterfront views, Breakwater will feature many high-end amenities including two courtyards, a fitness center, game room, pet wash, and outdoor fire pit. There will also be a harbor walk and linear park along the waterfront, which is being constructed for public use.

“We are excited to announce our collaboration with the State, City of Lynn, Dolben, and HDS Architecture as we bring additional residential opportunities to Greater Boston,” said Patrick Callahan, President of Callahan Inc. “We are excited to transform the waterfront into a lively housing community that embodies Lynn’s bright future.”

The Breakwater project received two major grants from the State of Massachusetts. The first grant is a $1,000,000 infrastructure grant from the Seaport Economic Council for improvements to the seawall, to ensure the harbor is a viable place to live for years to come. The second grant is from MassWorks to help with traffic on the Lynnway, a busy highway that connects Lynn to Boston.

Aeon acquires 306-unit Village Club Apartments to preserve affordability

Today Aeon, a nonprofit developer, owner, and manager of affordable homes, completed the purchase of Village Club Apartments, a 306-apartment property in Bloomington. Key partners in the acquisition include the City of Bloomington, the Housing and Redevelopment Authority of the City of Bloomington, and National Equity Fund. Twin Cities Local Initiatives Support Coalition also provided leadership and funding commitments to support improvements at Village Club.

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

“We are proud to work with the City of Bloomington as it provides groundbreaking leadership to preserve and create affordable housing for all residents,” said Aeon President & CEO Alan Arthur. “We’re excited to partner with National Equity Fund for the first time on a NOAH acquisition. By supporting Aeon’s purchase of Village Club, our partners were able to keep hundreds of individuals and families in their homes.”

Village Club Apartments is an example of naturally occurring affordable housing (NOAH) properties that have aged into affordability. Aeon has purchased more than 2,000 NOAH apartment homes in the past several years, keeping rents affordable. Village Club is a mixed-income acquisition, with more than half of the units affordable at or below 60% of area median income. The remaining units will be affordable at or below 80% of area median income.

NOAH affordability is threatened in the Twin Cities’ strong real estate market where a growing number of building sales are leading to increased rents, pricing out current residents, and resulting in their displacement. In Minneapolis alone, more than 1,800 NOAH apartment homes were lost in 2017 according to Minnesota Housing Partnership’s 2018 Market Watch report.

Preserving existing affordable homes benefits communities by keeping residents in their homes and children in their schools. It also ensures that aging properties remain long-term assets to the community.

Thayer Manca Residential acquires third multifamily property in New Mexico

Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.

With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.

Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.

“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).

Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.

Aeon acquires 306-unit Village Club Apartments to preserve affordability

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

Aeon acquires 306-unit Village Club Apartments to preserve affordability

The City of Bloomington provided critical assistance in the acquisition with its first investment from its new Housing Trust Fund, recently approved by the City Council.

East Highland apartments in Seattle’s Capitol Hill Neighborhood trades for $5.6 million

Seattle multifamily investment team, led by Dylan Simon and Jerrid Anderson of Kidder Mathews, closed the sale of the East Highland Apartments on Friday, December 20, 2019. The property, located in the vibrant north end of Capitol Hill in Seattle, sold for $5,600,000, or $467,000 per unit, and $617 per net rentable square foot.

East Highland Apartments (1903-1907 E Highland Drive, Seattle, WA 98112) comprises 12 units across two buildings. The property, constructed in 1928, has been meticulously maintained, exuding the classic character of the neighborhood’s brick buildings, with discerning updates such as modernized kitchens.

Spacious units, tranquil outdoor amenity spaces, and an unbeatable location among residential blocks just minutes from charming retail corridors along 15th Avenue East and 19th Avenue East make the East Highland Apartments a rare find for discerning Seattle renters.

Dylan Simon, executive vice president; Jerrid Anderson, executive vice president; and Matt Laird, senior associate, at Kidder Mathews’ Seattle office represented the seller, East Highland Apartments LLC.

Tower 16 Capital Partners acquires Lilly Garden Apartments, its first multifamily project in Phoenix, for $11.7 million

San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was acquired on an off-market basis from a private seller for $11,700,000, or $65,000 per unit.

“Lilly Garden Apartments fits very well with our investment strategy of purchasing assets with significant operational upside below replacement cost,” said Tower 16 Principal Mike Farley.

This is the firm’s first purchase in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to acquire over 2,000 units in the Phoenix MSA over the next 18 months.

“We are excited about the Lilly Garden purchase as part of a broader acquisition strategy in the Phoenix market given the strong demand drivers and limited new supply of workforce housing,” said Tower 16 Principal Tyler Pruett.

Lilly Garden Apartments is located at 4903 W. Thomas Road, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.

Tower 16 will be overseeing $2.7 million in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations.

Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.