Apartment Look

Finance & Accounting By REW •   April 26, 2017 Eastern Union Funding arranged the following transactions: A $36.9 million first lien mortgage for the acquisition of an 11- building multifamily portfolio in Bronx, NY. This transaction was arranged by Jonathan Singer and David Metzger. A $10,500,000 first lien mortgage for the acquisition of a 197- unit multifamily in Pennsville, NJ. This transaction was arranged by David Singer. A $5,000,000 first lien mortgage for the refinance of a 61- unit multifamily on 40th St. in Sunnyside, NY. This transaction was arranged by Michael Muller. A $2,200,000 first lien mortgage for the acquisition of a 6, 800 sf industrial property on Route 114 in East Hampton, NY. This transaction was arranged by Marc Tropp. A $1,450,000 first lien mortgage for the refinance of a 3- unit multifamily on South Lakeshore Dr . in Browns Mills, NJ. This transaction was arranged by Jeffrey Seidenfeld and Jonathan Singer. ••• Meridian Capital announced t...

Massachusetts firm pays $56M for Jupiter apartment complexes Mallards Cove and Shell Trace Apartments sold for about $156,000 per unit By Amanda Rabines | August 15, 2017 12:00PM Mallards Cove Apartments Inset : Lawrence R. Gottesdiener CEO Northland Investment Big ticket multifamily complexes keep trading in South Florida. Newton, Massachusetts- based Northland Investment Corp . just bought two sister rental communities in Jupiter for $56 million, property records show . The real estate investment firm financed the deal with a $46.4 million mortgage from CBRE Capital Markets . Records show the mortgage is a Freddie Mac loan . The communities are called Mallards Cove and Shell Trace Apartments . The properties, located at 6705 Mallards Cove Road , stretch nearly 31 acres and offer about 359 units, meaning the trade breaks down to about $156,000 per unit. The seller is linked to Rhode Island- based Preston Giuliano Capital Partners . Records show the company is led by Michael Giul...

In densely populated urban hubs , apartment buildings are a necessary fixture. But all too often, rental or condo complexes are built simply to fill a need—to increase apartment supply —and developers overlook the opportunity to provide something different and distinct in bustling downtown areas . However, in recent years, some developers and architects are moving away from the traditional apartment model and embracing a more unique approach: building high- end apartments inside of shipping containers . As far as ingenious adaptive reuse goes, the shipping container complex is cutting-edge. “In Phoenix, we don’t have buildings that were once warehouses or manufacturing facilities that everyone’s now turning into lofts. So the shipping containers allow us to bring a little bit of that richness that’s really missing here,” says architect Brian Stark in a video explaining how the container complex was built. “[The containers] have been all over the world traveling, and now they’r...

By Daniel Barnett OVERLAND PARK, KS — Authorities are searching for what caused a fire at an apartment complex that took the life of two young children early Tuesday morning . Fire crews were called at about 2:30 a.m. to the Colonial Gardens Apartments , located in the 8800 block of Broadmoor Court. While on the way to the scene, units received reports of victims trapped in the complex and immediately called for a second alarm. Firefighters say a family was on the bottom floor of the apartment complex when the fire started. They say an infant and a seven-year-old were able to make it out but a three-year-old and a five-year-old were killed in the flames. The mother of the children was taken to an area hospital with minor burns. The children's father was seen walking around the area, distraught over the loss of his children. Two men were also badly burned and had to jump from a second story unit to escape the flames. They were taken to an area hospital to treat their burns and the...

LONG BEACH, CA--(Marketwired - Aug 17, 2017) - RK Properties (www.RKProp.com) announced that it has acquired Edwards Mill , a 220- unit multifamily property in Raleigh, North Carolina. "We are excited to add our third and final property to RK Opportunity Fund IV with the purchase of Edwards Mill ," said Steve King, Vice President of Long Beach, California- based RK Properties . "We believe this asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income , appreciation, and tax benefits." Mr. King noted that RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value- add opportunity . Edwards Mill is the company's first Delaware Statutory Trust (DST) structure, offering investment opportunities for 1031 exchange buyers and direct capital investors . Built in 1984, Edwards Mill is a 220-unit class ...

Gebroe-Hammer Associates Coveted apartment  complex fetches $40M An apartment community in tony West Orange , NJ,  has been sold for $40.5 million. Gebroe- Hammer Associates brokered the sale of the 178- unit Crest Ridge Apartments complex . The team of Greg Pine and Adam Zweibel exclusively represented the original developer , Rockledge Realty, LLC, and procured the buyer, Sela Realty Investments , in the transaction. Located at 200 Mt. Pleasant Ave. at the base of an 80 ft. cliff, the 16-building, historically well- occupied complex posed an extremely rare acquisition opportunity within the Northern New Jersey metro. “Situated in the Town Center section of West Orange, Crest Ridge Apartments is at the heart of one of the most expensive, in- demand local neighborhoods as well as the transit- filled greater West Essex County submarket ,” said Pine. “In a township where apartment rentals make up only about one-third of the housing stock, Crest Ridge Apartments is a gem favored...

RALEIGH, NC - RK Properties announced that it has acquired Edwards Mill , a 220- unit multifamily property in Raleigh, North Carolina ."We are excited to add our third and final property to RK Opportunity Fund IV with the purchase of Edwards Mill," said Steve King, Vice President of Long Beach, California- based RK Properties . "We believe this asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income , appreciation, and tax benefits." Mr. King noted that RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value- add opportunity . Edwards Mill is the company's first Delaware Statutory Trust (DST) structure, offering investment opportunities for 1031 exchange buyers and direct capital investors . Built in 1984, Edwards Mill is a 220-unit class 'A' community situated on 36.5 acr...

Another North Charleston apartment complex has changed hands, reflecting the steady demand from investors for multifamily properties in the region. The 353- unit Peppertree Apartments was sold this month for $16.75 million, or a $47,450 a key, according to Charleston County land records . Rents for the one- and two-bedroom dwellings off of Dorchester Road start at $665, according to ApartmentGuide.com. The buyer is an affiliate of Peak Capital Partners of Provo, Utah. It is the firm’s first investment in South Carolina, according to its website. Peak said it and its affiliate “own and manage conventional, affordable, and student apartment properties in growth markets in the United States.” The seller was a California company that had owned Peppertree since 1999. The garden- style rental property is on Forest Hills Drive . It in was built in phases between 1983 and 1989, according to the real estate firm Cushman & Wakefield, which helped broker the transaction and secure some ...

Funny how your tastes change. There once was a time – back when Coolio actually was cool – when I desperately wanted to live in a town with an Applebee’s . I now reside in a metro area with five, and I’m more concerned that a hole-in-the-wall joint like Silla Cafe is closing. The Broad Street eatery , whose teriyaki chicken has been beloved by downtown denizens for more than two decades, is calling it quits next month. Owned and operated by Felton and Tae Mitchell , the literal “mom-and-pop” restaurant serves its last dish at 855 Broad St. on Sept. 14. “We had fun, but we’re ready to retire now,” Tae said. “We’ve been talking about retiring for a couple years now.” She said that decision to retire was hastened, however, by a steep increase in their rent. “It’s almost double,” she said in a phone interview. Last year the building was purchased by Rafik “Rafi” Bassali , a young real estate investor who is becoming somewhat of a downtown property mogul . The owner of The Swank Company...

Jean apartment community in Baton Rouge, La., will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016." /> The 624-unit St. Jean apartment community in Baton Rouge, La., will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. BATON ROUGE, LA. — Atlanta- based Audubon Communities , in conjunction with New York- based RCG Longview , has purchased St. Jean, a 624- unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three- bedroom units averaging 1 ,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units,...

Developers plan to bring another apartment community to Baton Rouge. LDG Development, a Louisville, Ky.-based company, intends to build the new complex at the intersection of Airline Highway and Evangeline Street, in the city’s north side. The project is called Port Royal Apartments . According to documents from the Louisiana Housing Corp ., the state’s affordable housing agency , its total development cost will be about $26.5 million. Plans call for the construction of an eight- building complex , with 216,672 square feet of space and a total of 192 units. There will be 96 two-bedroom units and 96 three-bedroom units. The Advocate reports that rents at Port Royal will range between $800 for a two-bedroom, two-bath unit to $925 for a three-bedroom, two-bath apartment. The newspaper also said that the city parish Planning Commission is scheduled to vote on a site plan at its June 15 meeting. If the project receives all the necessary approvals, the developers could break ground on the...

Kushner Companies hit with rent-stabilization lawsuit in Brooklyn Heights "Ignorance, indifference or utter disregard of the law." From left: Jared Kushner, Laurent Morali and 89 Hicks Street (Credit: Getty Images, CUNY TV and Google Maps) Kushner Companies violated rent -stabilization laws at a building the company owns in Brooklyn Heights , a new lawsuit alleges. The lawsuit, which seeks class action status , comes at a time when the company is already facing scrutiny over its ownership and management of a massive multifamily portfolio with hundreds of rent-stabilized units across the city, and puts a further spotlight on Jared Kushner, the former CEO of the firm and top White House adviser who continues to hold a stake in the Brooklyn Heights property . For years, the 48- unit apartment building at 89 Hicks Street was a servant to institutions. It was first converted to religious housing for the Jehovah’s Witnesses in 1989, and later became a dorm for Brooklyn Law Schoo...