Friday , 30 September 2016
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RNR Apartment Briefs

(Compiled by RealtyNewsReport)

TALLAHASSEE, Fla. – The Landmark and Silver Leaf East Portfolio, a 195-unit multifamily portfolio in Tallahassee, has sold for $6.475 million. Marcus & Millichap, a commercial real estate investment services firm, represented both parties in the transaction. The buyer and seller were not disclosed. The Landmark and Silver Leaf East Portfolio is located at 2125 Jackson Bluff Road. The portfolio consists of The Landmark Apartments, a 129-unit multifamily community, and Silver Leaf East Apartments, a 66-unit multifamily community.

SAN FRANCISCO – A 49-story, 298-unit luxury apartment building, Tower Two at One Rincon Hill, in San Francisco is available now for lease and immediate occupancy. “As represented by strong leasing demand, residents have embraced our vision of delivering high-quality homes that feature expansive bay and city views, high-end amenities and sustainable construction,” said Michael Kriozere, founder of Urban Pacific Investors, LLC, the development manager. Among numerous amenities is a 49th floor Sky Lounge. Upon LEED Silver certification, the development will be the first new for-lease residential high-rise in San Francisco to achieve such certification. Construction of the tower, located in the Rincon Hill/SOMA neighborhood, included as many locally-sourced materials as possible. In addition, the construction waste management program recycles a substantial volume of materials.

PORTLAND, Ore. – HFF has closed the sale of and arranged financing for Rock Creek Landing, a 480-unit, Class A, garden-style multi-housing community in Hillsboro, Ore. HFF marketed the property on behalf of the seller, which was not identified. An affiliate of Heitman purchased the asset for an undisclosed amount free and clear of existing debt. HFF also worked on behalf of the buyer to secure a $40 million, seven-year loan through a correspondent life insurance company. Rock Creek Landing is at 3009 NW Overlook Drive, 12 miles northwest of downtown Portland. Heitman, based in Chicago, manages more than $30 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific.

IRVINE, Calif., The Bascom Group, LLC, has acquired 5th Street Apartments, a 38-unit community at 701 East 5th St. in Santa Ana, Calif., for $4.150 million or $109,211 per unit. Debt financing was provided by Banc of California and arranged by Jonathan Wintner and Olga Alworth of Meridian Capital Group. The previous owner of the property was not immediately available. The property consists of two apartment buildings in the heart of the integrating and redeveloping 94-acre Station District of downtown Santa Ana. Built in 1955 and 1961, renovation plans include modernizing the units. Bascom recently acquired the Amabel Townhomes, a 13-unit community at 309 Amabel St. in Los Angeles, for $2.3 million.

INDIANAPOLIS – HFF has arranged $9.85 million in financing for 333 Penn, a 78-unit, adaptive re-use apartment building in downtown Indianapolis, Ind. HFF worked on behalf of the borrower, TWG Development, LLC, to secure the fixed-rate loan through JP Morgan Securities. Loan proceeds will retire an existing construction loan. Originally constructed in 1913, 333 Penn is an historic art deco building that formerly consisted of office space serving many of the city’s architects and builders. The conversion to residential units and ground floor office space was completed in late 2013. The property is adjacent to University Park.

 

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