This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it., of Northcap Commercial, are pleased to announce the recent sale of the Andiamo Apartments for $21,400,000 ($110,880/unit). This sale consisted of 193 multifamily units built in 1986 located at 4600 Vegas Drive in Las Vegas, Nevada.

Mesa West Capital has provided the joint venture of Rise Properties Trust and  Cigna Investment Management with $52 million in first mortgage debt for the acquisition and repositioning of a 131-Unit community in Seattle, WA 

The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building located at 62 Cedar Street in Seattle’s Belltown neighborhood, one block from the redeveloping Seattle waterfront.  The property is within walking distance to Pike Place Market, the Seattle Center and the popular 2nd Avenue retail district. 

Built in 2013 “The Joe,” features a mix of studio, one- and two-bedroom apartment homes with condo quality finishes.  The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet.   The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.

While in excellent condition, the sponsor will undertake a moderate renovation program as units roll.  The bulk of the improvements will be focused on the common areas which  will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the resident lounge/game room,  improvements to the lobby and common areas, and adding new landscaping to improve the overall resident experience.

“Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the Property remains competitive as a top-tier apartment project in the market for years to come,” said Mesa West Capital Director Joshua Westerberg who originated the financing and runs the firm’s San Francisco office.  “By self-managing the property and leveraging their local expertise in the market, we believe the sponsor will be able to achieve significant operational savings and optimize occupancy,” said Westerberg. 

Rise, a private, open-ended Canadian REIT, focuses on multifamily investment in the Pacific Northwest.  Through Thrive, its property management arm, Rise manages nearly 3,000 multifamily units in the Seattle area. 

NEW YORK — JLL Capital Markets experts has been selected by Delshah Capital LLC to market 321 Lenox Avenue, also known as 101 West 126th Street, in New York City’s Harlem neighborhood. The six-story building features 32 residential units and one commercial unit and is located within an opportunity zone. Delshah Capital is currently accepting proposals.

Hallandale Beach, Fla. (December 5, 2019) – Franklin Street brokered the sale of Park Terrace Apartments, a 14-unit rental property located in the Hallandale Beach submarket of Fort Lauderdale, Fla.  Franklin Street’s Hernando Perez represented the seller, Florida-based 324 SW 19th Avenue, LLC, in the $2.225 million transaction.  Over the past three years, Franklin Street has brokered more than $920 million in multifamily investment sales transactions nationwide.

The buyer, a local private investor, paid $158,928 per unit or $203.79 per square foot, making it the highest per square foot value for a 1960s property sold in  Broward County’s Hallandale Beach area since 2007.  Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.

TAMPA, FLA. – JLL announced today that it has closed the sale of 883 units within Grande Oasis at Carrollwood, a 1000-unit, garden-style condominium community centrally located in Tampa’s Carrollwood submarket.

An 86-unit portfolio on Chicago’s south side has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. Located at 7928 S. Morgan, 8100 S. Loomis, 7954 S. Laflin, 1305 W. 82nd, 1332 W. 82nd, 8355 S. Sangamon and 6602 S. Winchester, the portfolio is listed for $7,950,000 and represented by Kiser Group’s Partner Noah Birk and Senior Director Aaron Sklar. The portfolio has been completely renovated to condo-quality levels and offers a turn-key, stabilized investment for a new buyer.

This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it., of Northcap Commercial, are pleased to announce the recent sale of the Rancho Mirada Apartments for $17,319,762 ($108,249/unit). This sale consisted of 160 multifamily units built in 1996 located at 1650 N. Pecos Road in Las Vegas, Nevada.

Texas-based investor to execute value-add strategy to put new shine on ‘crown jewel’