Dealmaker: Marcus & Millichap Arranges $116M for Multifamily
Marcus & Millichap arranged $116 million in financing for multifamily assets in Alabama, Colorado and New York.
In Alabama, Marcus & Millichap arranged sale of two multifamily properties: Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.37 million, or $118,826 per unit; and Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.84 million, or $110,000 per apartment.
“Birmingham continues to be an attractive place to live and work and Hoover is one of the city’s most desirable and fastest-growing suburbs,” said Josh Jacobs, first vice president investments in Marcus & Millichap’s Birmingham office. “The properties are situated in an extremely strong retail, employment and entertainment area within the Hoover submarket. There are more than 10,000 jobs and 3 million square feet of retail within a mile of the properties.”
Jacobs represented the seller, the West Palm Beach, Fla.-based Myers Apartment Group and procured the buyer, Carter Funds.
The properties are close to Interstate 459, a new Whole Foods Market, AT&T’s Corporate Offices and Riverchase Office Plaza. Shopping is nearby at Patton Creek and The Galleria. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994.
In Colorado, Marcus & Millichap announced sale of The Buttes, a 111-unit multifamily property in Loveland. The property sold for $25.5 million, which represents $229,730 per unit.
“The Fort Collins/Loveland metro area has been the one of the fastest-growing economic regions in Colorado over the past decade and northern Colorado’s diverse mix of industries, which includes manufacturing, high-tech and higher education, helped shield it from some of the most negative economic effects caused by the pandemic,” said Greg Price, senior director of Marcus & Millichap’s Multi Housing Division. Price and Greg Parker, senior associate, represented the seller, Blueline Equity Partners and procured the buyer, Woodspear Properties.
Completed in 1996 on seven acres, the three-story property is an hour’s drive from Denver. Shopping is nearby at the Columbine Shopping Center, and recreational opportunities are close by at the Devil’s Backbone Open Space, Blue Sky Trail, Rimrock Open Space, the Coyote Ridge Natural Area and Boyd Lake State Park. Front Range Community College and Colorado State University are within a short drive. Community amenities include Rocky Mountain views, a clubhouse, business and fitness centers, a lap pool, hot tub, detached garages and a dog park.
In New York, Marcus & Millichap annouced sale of The Horizon at Roslyn, a 50-unit, 55-plus age-restricted luxury apartment building in Roslyn. The asset sold for $33 million, or $660,000 per unit, which is the highest price per unit for a Long Island multifamily property over 10 units.
Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo in Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, Horizon at Roslyn LLC, and secured the buyer, Fairfield Knolls LLC.
“The quality of The Horizon at Roslyn’s luxury apartments and the breathtaking views were the main drivers of the investment,” Michael Tuccillo said. “The record price per unit is a clear indication that Long Island is a prime market for investors.”
The Horizon at Roslyn is located at 61 Bryant Ave., minutes from downtown Roslyn Village, near golf courses, parks and the harbor area.
