Greystone, a leading national commercial real estate finance company, has provided an $18,960,000 bridge loan for the acquisition of a multifamily property in Fort Worth, Texas. Ralph Rader of Marcus & Millichap served as correspondent on the transaction.

The 224-unit property located on Ederville Road has been rebranded as The Aspen upon acquisition, and consists of 27 two-story apartment buildings constructed in 1978 on a 12-acre site. Amenities of the property include an on-site leasing office; swimming pool; outdoor grilling / barbeque area; dog park; and two laundry facilities.

The property, acquired by GLP Investments, LLC and MF Capital Partners, LLC, is secured by a Greystone bridge loan that includes a 24-month term with 2 six-month extensions, with the intention for a permanent take-out via Fannie Mae financing with Greystone. 

“We are thrilled to have worked with Greystone on this acquisition financing and look forward to making improvements at this quality multifamily asset so its true value can be realized,” said Lisa Parrish of GLP Investments, LLC. “That is really a true passion for us – unlocking value – and we look forward to making renovations right away for the long-term benefit of the property and its residents.” 

“This acquisition provides the borrower a fantastic opportunity to unlock additional value at the property,” said Ralph Rader of Marcus & Millichap. “It’s paramount that buyers secure efficient and appropriately structured capital in an extremely competitive multifamily market, and that’s exactly what we found in Greystone. They were a great lending partner to work with, closing in a short timeframe and with outstanding terms.”

CHICAGO, Oct. 2, 2019 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has announced the promotion of Dean Giannakopoulos to senior vice president, capital markets. Giannakopoulos, who has been with MMCC since 2011, is one of only five originators in the company to hold the title, a distinction that must be approved by the firm’s board of directors.

            “Dean is a top loan originator for Marcus & Millichap, known for his ability to get even the most complex deals done,” said Richard Matricaria, executive vice president, Marcus & Millichap. “He is passionately committed to the firm and our clients and has become an integral part of our success story in Chicago and nationally. Dean exemplifies what we want in our people – he’s smart, innovative, deeply knowledgeable and a leader who sets the standard for everyone else.”

            Giannakopoulos was recognized for exemplary conduct, growth with the company, career accomplishments and status as a “core” agent. He is based in Marcus & Millichap’s Chicago Downtown office.

            Since joining MMCC, Giannakopoulos has structured and closed more than 300 financing transactions. His career transaction volume exceeds $2 billion in originations. Giannakopoulos has ranked as one of the firm’s top 10 loan originators for the past six years, earned the Marcus & Millichap National Achievement Award – denoting he is in the top 10% of the firm for earnings – every year from 2014-2019 and received sales recognition awards every year from 2012-2019. He also is a member of the firm’s prestigious Seven-Figure Club.

            Giannakopoulos secures commercial debt and equity financing across an array of property types, including multifamily, retail, office, industrial, senior housing and hospitality. Well-connected with national, regional and local funding sources, he works with agency lenders, commercial banks, CMBS lenders, life insurance companies, private and public funds, and bridge lenders.

            Giannakopoulos holds a bachelor’s degree in finance from the University of Illinois at Urbana-Champaign. A licensed real estate broker, he is a member of the Mortgage Bankers Association and International Council of Shopping Centers.

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the deconversion sale of 4072 N. Sheridan Road, a four-story, 16-unit multifamily building in Chicago’s Buena Park neighborhood, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. The asset traded for $4.6 million, or $287,500 per unit.

Kyle Stengle, senior vice president of investments in the firm’s Chicago Downtown office, exclusively marketed the property on behalf of the condo owners, arranging 21 tours and procuring six offers. The buyer was Bertsch Properties.

“Despite talk of a deconversion slowdown, and Chicago’s proposed ordinance to increase the required approval rate to prevent ‘hostile’ deconversions, we believe the trend will continue as long as investor appetite for multifamily remains strong and people prefer to live in apartments,” said Stengle. He and his team have listed and brokered over 10 deconversions and currently have a listing for another, at 2641 W. Estes Ave., in Chicago’s West Rogers Park neighborhood.

“Many condo owners welcome deconversion, especially if they are underwater on their unit following the recession, or their building is facing costly repairs that would warrant a special assessment,” Stengle continued. “Barring any issues that arise during underwriting, a bulk sale allows owners to know when and for how much their unit will sell, and at a price that’s often higher than what they could achieve individually.”

In the case of 4072 N. Sheridan, Stengle worked with the condo association for a year before the sale to ensure the building, which was built in 1916 and last renovated in the mid-1990s, was a good candidate for deconversion and educate owners about the process.

All but one of the 16 units have two-bedroom plans that feature kitchens with condo-quality finishes, including stainless steel appliances and granite countertops, and in-unit laundry. The building also has a new roof deck with skyline views. The sale included 14 parking spaces.

Adding to the appeal of 4072 N. Sheridan was its accessible location, near the Sheridan Red Line stop and CTA bus routes. The property is also a 15-minute drive via Lake Shore Drive to downtown Chicago.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Woodley Plaza Apartments, an 85-unit multifamily community in Northridge, California. The $21.25 million sales price equates to $250,000 per unit.

“Built in 1971, Woodley Plaza provides new ownership with a proven value-add opportunity with an established premium,” said IPA executive director Greg Harris. “Six apartments received deluxe renovations in 2016 and are achieving a significant premium over in-place rents. The opportunity remains to bring the 47 non-renovated interiors and 32 partially renovated units up to high-end luxury specifications.”

Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, Prime Residential and procured the buyer, 4D Development & Investment.

The property is located approximately five miles from the Northridge Metrolink Station, which brings commuters to downtown Los Angeles in less than 40 minutes. Five nearby freeways give residents access to San Fernando Valley employment hubs and job centers in Santa Clarita Valley, Conejo Valley and Simi Valley.

“The San Fernando Valley is poised for economic growth, thanks to a diversified employment base that includes the healthcare, entertainment, business services, aerospace, foreign trade and advanced manufacturing industries,” noted Green. “Average household income in the Valley has grown by 32 percent since 2000 and is projected to grow an additional 15 percent by 2019.”

Woodley Plaza Apartments consists of six two-story buildings situated on 2.68 acres. Community amenities include a fitness center, landscaped courtyards, a swimming pool, two 24-hour laundry facilities, and individual garage parking. The one-bedroom and two-bedroom apartment homes have fully equipped kitchens and central air conditioning.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Sonoma Ridge Apartments, a 180-unit apartment community in Santa Rosa, California. The $44,650,000 million sales price equates to $248,056 per unit.

“Santa Rosa’s multifamily market experienced 8.1 percent rent growth over the last 12 months and had maintained an average occupancy rate of approximately 96 percent as of the first quarter,” said Stan Jones IPA executive director. “This type of solid market support, plus strong barriers to entry from growth restrictions imposed by the city of Santa Rosa, helps drive investment appeal for Sonoma Ridge Apartments.”

Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, CORE Realty Holdings Management, and procured the buyer, Bridge Partners.

“Strong rental demand presents new ownership with an exceptional value-add opportunity through the renovation of unit interiors and enhancements to common area amenities,” added Philip Saglimbeni. “Unit interiors have been largely untouched since a previous renovation about 10 years ago.”

Built in 1974 on approximately 17 acres at 2900 St. Paul Drive in Santa Rosa, the property is adjacent to the Bennett Valley Golf Course and Annadel State Park. The Bennett Valley Shopping Center is one block away and the Whole Foods-anchored Mayette Village Shopping Center is 1.5 miles north.

Sonoma Ridge’s 22 one- and two-story buildings have a mix of one-, two- and three-bedroom apartment homes that average 987 square feet. Interiors feature oversized living rooms, large patios or balconies and double-paned windows. Community amenities include a resort-style swimming pool, business center, children’s play structure, and a community garden.

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Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Calibre Bend Apartments, a 212-unit luxury multifamily asset in Winter Park, Florida. The $29 million sales price equates to $137,000 per unit.

“The property is an extensively renovated, impeccably maintained asset with a 25-year history of institutional ownership,” said Steve Witten, an executive director of IPA’s Northeast and Florida team.

“The acquisition provides new ownership with an immediate opportunity to add value to a ‘best-in-class’ asset in the submarket by implementing light interior upgrades,” added Frank Carriera, first vice president investments.

Witten and IPA executive director Victor Nolletti, along with Carriera and Michael Regan, first vice president investments, represented the seller and procured the buyer.

“The price per unit for this vintage asset can be attributed to the Orlando market’s strong fundamentals and the broad reach of IPA Northeast & Florida,” said Regan.

The property is located at 3924 Calibre Bend Lane in Winter Park and situated on the south side of University Boulevard in one of Orange County’s highest demand rental locations. Full Sail University, Winter Park’s largest employer, is within walking distance. Other nearby employment and educational centers include downtown Winter Park, downtown Orlando, the University of Central Florida, Valencia College, and Central Florida Research Park. Orlando’s most desirable retail and shopping destination, the Park Avenue district in Winter Park, is nearby.

Built in 1987, Calibre Bend Apartments’ community amenities include a designer-decorated clubhouse and leasing center, a business center, a resort-style swimming pool, a lighted tennis court and a car wash station. Apartments feature individual ground-floor entrances, built-in bookcases, full-size washers and dryers, and private, screened patios or balconies.