●TH REAL ESTATE
Stamford apartments sell for $67 million
CBRE Group, Inc. announced that Jeffrey Dunne, Gene Pride and Eric Apfel represented the Seller, TH Real Estate (an affiliate of Nuveen, a TIAA company) in the sale of The Wescott, a 261-unit Class-A apartment community located in Stamford, Connecticut to a private New Jersey based investment group for $67 million.
Built in 1986, the property offers one of the most expansive amenity packages in the market featuring an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with all new kitchens, featuring granite counters, new cabinets, stainless steel appliances, new baths, lighting and fixtures. There is also the opportunity for new ownership to grow revenue as there is 8,500 square feet of vacant commercial space that was formerly occupied by medical tenants.
Mr. Dunne commented: “We are pleased to have sold The Wescott which has been painstakingly renovated over the past five years. The unit interior finishes, common areas and building exterior received significant upgrades. This will now allow new ownership to focus on management and operations while adding a few final improvements to the common areas.
The buyer is a rapidly growing investment group that has purchased 6,500 residential units in the past 24 months demonstrating the ongoing demand for multifamily assets in strong markets. Stamford continues to attract significant interest given the 24/7 live, work, play lifestyle that is also pedestrian and transit centric. This is highly appealing to the new residents that continue to move to our market as well as the employers that continue to expand.”
● MERIDIAN CAPITAL GROUP
Williamsburg luxury rental building up for grabs
Meridian Capital Group announced that its Investment Sales Group has been tapped to sell the Brooklyn Grand, a newly constructed, two-building residential and retail development. Located in Williamsburg, one of New York City’s most desirable residential enclaves, the Brooklyn Grand is comprised of 71 luxury rental units and 10,717 square foot of ground floor retail, on the same block as the Grand Street L train station. The property is expected to fetch $80 million.
Featuring two distinct residential addresses, 774 Grand Street and 213 Maujer Street, connected by an underground garage, the Brooklyn Grand enjoys unrivaled amenities including parking, a gym, virtual doorman, garden, and roof deck featuring an outdoor kitchen and hammock grove. In addition to its superior amenities, the building was thoughtfully designed to honor the historic warehouse and cast-iron aesthetic of the area and features a red brick façade, loft-style windows, exposed cement ceilings, and modern in-unit finishes. 774 Grand Street is a certified NYC Green building and benefits from a 25-year 421-a tax abatement.
“Distinct, boutique residential buildings rarely come available in Brooklyn, let alone ones featuring the character, amenities and highly sought after neighborhood that Brooklyn Grand offers,” said David Schechtman, Senior Executive Managing Director and Head of Meridian’s Middle Markets Investment Sales Team. “The property’s location among Williamsburg’s sleek boutiques, craft coffee shops and dining destinations will ensure its desirability for years to come.”
774 Grand Street is 74,172 square feet and features 64 residential units and 10,717 square feet of retail space. Twenty percent of the units at 774 Grand Street are designated as affordable and have an average rent of $14 per square foot. Free market rents at both buildings are approximately $65 per square foot. 213 Maujer Street is a 5,876 square foot walk-up building that has seven residential units on four floors. All units at 213 Maujer Street are free market.
● GINSBURG DEVELOPMENT COMPANIES
Ginsburg affiliate picks up Mohegan Lake complex
CBRE Group, Inc. announced that Jeffrey Dunne, Gene Pride and Eric Apfel represented the Seller, an international investment advisor in the sale of The Landing on Mohegan Lake, a 207-unit Class-A multifamily community located in Mohegan Lake, NY to an affiliate of Ginsburg Development Companies, LLC.
James Gunning and Donna Falzarano of CBRE Debt & Structured Financed represented the buyer in procuring an attractive 10-year loan through Freddie Mac. The loan carried an interest only term for the first five-years at a very attractive fixed rate of interest. CBRE DSF carried out a thorough pre-sale debt marketing process, which provided the buyer the ability to pursue the opportunity confidently knowing where the debt would price.
Built in three phases from 1989 to 1999, the property offers an abundant amenity package with clubhouse, fitness center, outdoor pool with expansive sundeck, charming lakefront setting, oversized apartments and value add potential while the location is approximately 50± miles from Manhattan with limited competition in the immediate area. Westchester County has experienced strong historical rental growth averaging over 3.1% since 2011 as there is limited new supply in the region due to the high barriers for new construction.
Mr. Dunne commented, “We are pleased to have represented our client, an international investment advisor, in the sale of The Landing on Mohegan Lake. They renovated the unit interiors over the past five years upgrading the kitchens and baths with new interior finishes. The result was a significant increase in revenue which demonstrates the strong demand by renters in this part of Westchester County for modern apartments. Ginsburg Development Companies will do very well with asset as they are a highly regarded regional firm with deeps roots in this area. They understand the market and The Landing on Mohegan Lake is a logical addition to their already substantial residential portfolio.”
● ONYX EQUITIES
Joint Venture buys Mack-Cali office building in NJ
Onyx Equities, LLC, in a joint venture partnership with Garrison Investment Group, announced the acquisition of the leasehold interest in 61 South Paramus Road, a 285,000 square-foot office building located in Paramus, NJ, from seller Mack-Cali Realty Corporation. The partnership’s Bergen County portfolio affords current and prospective tenants the option to grow, relocate, and modify their space within the same geographic market through one point of contact.
The partnership’s Bergen County portfolio is now comprised of 1.4 million square feet across six assets located throughout Paramus and Rochelle Park, New Jersey, along the highly-desirable Garden State Parkway Corridor.
This deal is the fifth venture between Garrison and Onyx. “We look forward to delivering a modern workplace environment at 61 South Paramus Road that the tenants of Bergen County deserve, complete with high-end renovations, upgraded amenities, and a new Class A management team,” added Kristi Mazejy, Vice President at Garrison Investment Group.
All of these properties are located just off of several of the largest thoroughfares in the state, including Route 17, Route 4, Interstate 80 and the Garden State Parkway. In addition, the properties are situated near the largest shopping, dining and recreational centers in the area including The Paramus Park Mall and The Garden State Plaza.
Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy LLP represented the Buyer. The investment sales team from Holliday Fenoglio Fowler, L.P. (HFF) comprised of senior managing director Jose Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval, represented the seller, Mack-Cali Realty.