The Brookview Companies In The News

Brookview at Apex Clubhouse, Resident Lounge, Pool, Exterior Building, Sunset

Apex on Preston sold for $54M, $40.7M Acquisition Financing Arranged

CHICAGO, December 22, 2020 – JLL Capital Markets announced today that it has closed the $54 million sale and arranged $40.7 million in financing for the luxury garden-style Apex on Preston apartment property in Louisville, Kentucky.

JLL worked on behalf of the seller, a subsidiary of Waypoint Real Estate Investments, to complete the sale to the buyer, The Brookview Companies. JLL also worked on behalf of the buyer to originate the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Apex on Preston was part of Waypoint Real Estate Investments’ greater multi-housing portfolio currently consisting of 58 properties and totaling 12,682 units in the Sunbelt region across the country with a focus on the Sunbelt region.

The apartments were built in 2015, sit on 14.8 acres, total 304,712 rentable square feet and consist of 312 one-, two- and three-bedroom floorplan options. Unit amenities include front loading washers and dryers, granite countertops, oversize garden tubs, high ceilings and patios/balconies. Community amenities include a car washing area, business center, courtyard, clubroom with TVs and fireplaces, outdoor lounge with grilling areas, resort-style swimming pool and a state-of-the-art fitness center.

Located at 11602 Apex View Dr., Apex on Preston is positioned in one of South Central Louisville’s strongest performing submarkets. The property is proximate to various amenities and has immediate access to Preston Highway and Interstates 265 and 65, offering connectivity to Downtown Louisville and the Louisville International Airport. Additionally, the local economy is anchored by the area’s burgeoning healthcare, manufacturing, logistics and professional services industries, and is plentiful in its various retail and lifestyle drivers such as the Preston Highway Retail Corridor.

The JLL Capital Markets team representing the seller was led by Executive Managing Director Matthew Lawton, Senior Managing Director Marty O’Connell and Senior Director Wick Kirby. Financing was led by Director Dan Kearns.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Waypoint Real Estate Investments
Waypoint is a vertically integrated real estate investment firm specializing in rental housing. With four offices nationwide, the company acquires and develops multifamily rental properties throughout the United States with a focus on the Sunbelt region. Founded in 2011, Waypoint’s total real estate investment activity exceeds $4 billion across more than 28,000 units.

About The Brookview Companies
The Brookview Companies concentrate on purchasing luxury, Class A multifamily residential properties in emerging real estate markets throughout the United States. The principals of Brookview have over 30 years’ experience in analyzing and identifying desirable properties in secondary MSAs, where the potential rates of return may be greater than those generated by similar properties in the traditional, major real estate markets. Over the past five years, Brookview has acquired and/or developed over 2,200 apartments across the United States, in transactions totaling over $250 million dollars.

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Brookview at Citrus Park Pool

ARA Newmark Trades $73 Million Tampa Apartment Community

ARA, A Newmark Company (ARA Newmark) announces the $73 million sale and financing of Tapestry Citrus Park, a 400-unit, gated multihousing community in Tampa, Florida.

ARA Newmark Executive Managing Director Patrick Dufour, Director Scott Ramey and NGKF Capital Markets Senior Managing Director Matthew Williams represented the seller, a Glenmont-sponsored investment vehicle in partnership with the developer Birmingham, AL-based Arlington Properties, Inc. in the sale and financing to Brookview Realty Group LLC of Uniondale, NY. Glenmont and Arlington acquired the land in late 2013 and completed the construction and lease-up of the Class-A community in 2015 and 2016.

Led by its president, David Ostreicher, Brookview Realty Group (Brookview) is a multifamily real estate company with over $150 million in real estate acquisitions since 2014 and a strong presence in multiple national markets, including New York, Ohio, Missouri, Pennsylvania and Florida. Brookview recently partnered with Mosaic Development, the entity affiliated with Incore Residential, Inc., in the construction of a new, 252-unit multifamily development on the I-75 corridor presently under construction in Ft. Myers, Florida. Incore Residential is a Florida-based, third-party fee management company with multiple well-located, new construction and stabilized assets under management. On behalf of Brookview, Incore Residential sourced and underwrote the development, and has assisted Brookview in the acquisition debt for Tapestry Citrus Park.

Williams explained, “We approached a broad range of lenders for this transaction as a result of the post-election interest rate volatility. The strength of the buyer and superior quality of the asset allowed us to garner competitive feedback from agencies, life companies and bridge lenders but ultimately, we secured a four-year bridge loan through ARES Commercial Real Estate at an all-in interest rate which will allow the sponsor to implement their business plan with the asset.”

At 12780 Olive Jones Road, Tapestry Citrus Park sits in the southeast corner of Veteran’s Expressway and Gunn Highway, just minutes from countless shopping and dining venues, beaches, Westshore Business District, Tampa International Airport and downtown.

The property’s one-, two- and three-bedroom units average 1,005 square feet and feature private entrances, nine-foot ceilings, designer plank flooring, walk-in closets, garden tubs and kitchens with granite countertops, stainless steel appliances and islands with breakfast bar. Many units offer direct-entry or detached garages. Resort-like amenities include two beachfront-entry pools; fitness studio with virtual spin and yoga classes; sports pub with billiards and poker tables; business center and a dog park.

About ARA, A Newmark Company
ARA, A Newmark Company (ARA Newmark) is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. ARA Newmark comprises the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $13.7 billion in real estate transactions in 2015. For detailed information on ARA Newmark’s extensive multihousing investment services, visit

About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit

NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit

About Glenmont Capital Management
Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, is a New York-based real estate private equity fund manager focused on real estate investments throughout the United States. Glenmont targets strong secondary cities in the less efficient middle market with outstanding economic and demographic growth underscored by government support for business, local demand drivers, and strong educational systems which offer the best long-term prospects. Glenmont manages a series of closed-end, institutionally-backed investment funds and direct investments seeking both value-add and opportunistic returns predominately in the market-rate multifamily, student housing, seniors housing, and hospitality sectors. For more information about Glenmont, please visit

About Arlington Properties
Birmingham, Alabama-based Arlington Properties Inc. is a leader in the acquisition, development, redevelopment, and management of multifamily and mixed-use properties. Founded in 1969, the stability and longevity of the company’s associates creates satisfying long-term relationships with owners, residents, and investors. Arlington currently manages over 15,000 multifamily units across 14 states and has developed or rehabilitated over 26,000 multifamily since its formation. For more information about Arlington, please visit

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Brookview at Middletown Entrance and Leasing Office

Middletown development sells for $38 million

A Middletown apartment complex has a new owner.

The Echelon at Middletown — a 210-unit, garden-style apartment complex — has sold for $38 million. The buyer was New York-based Brookview Realty Group, and the seller was Greenwood, Ind.-based Garrett Cos. Garrett Cos. announced the roughly $30 million development in 2016 and completed it in 2017.

In a LinkedIn post, Brookview Realty Group President David Ostreicher said the complex has now been renamed Brookview at Middletown. The company invests in luxury multifamily properties in multiple states.

Echelon at Middletown sits on 12.5 acres at 400 Echelon Drive off Aiken Road between North English Station Road and Shelbyville Road. The complex features a mix of one-, two- and three-bedroom units averaging 1,080 square feet.

Prices for the units start around $995 and increase to more than $1,700 per month for a larger three-bedroom unit, according to the complex’s website. Community amenities there include a pool and spa, pet park, club house and resident lounge among others, according to the release.

Ostreicher said by phone that this is the company’s first investment in Kentucky, but Brookview has been interested in Louisville for a long time.

“We’ve been circling around (Louisville) for years,” he said. “It’s been high on our target list, but this is the first deal that worked out the way we wanted it to.”

Ostreicher said the company invests in markets primed for growth, and he expects future acquisitions in Louisville.

And while this property is only a few years old, Brookview plans to spend about $500,000 on improvements, including upgraded landscaping, Ostreicher said.

The JLL Capital Markets Teams, including Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Kyle Butler, marketed the property for sale on behalf of The Garrett Cos, the release said.


JLL also secured $27.4 million in financing for the acquisition in a 10-year loan, the release said. A JLL Capital Markets debt placement team, led by Senior Managing Director Dave Keller and Analyst Nelson Almond, represented Brookview Realty Group in the deal.

This year has been a big one for high-dollar apartment deals.

I reported in September that Birmingham, Ala.-based LMS Real Estate Investment Management closed on the acquisition of the 265-unit Phoenix Place Apartments, which sits on 13.5 acres at 510 S. Shelby St. The sale price was $24.5 million. The seller was Brown Capital LLLP.

In July, I reported that Delaware-based TEG the Flats on 5th LLC acquired the 276-unit Kentucky Towers, which stands at 19 stories at 430 W. Muhammad Ali Blvd. near Fifth Street, for $17.7 million, according to a Jefferson County deed.

I also reported in late June that Boston-based Vazza Real Estate Group bought the 292-unit Maplewood Apartments at 4860 Fegenbush Lane between West Buechel and Fern Creek for $14 million. That same month, Provo, Utah-based Peak Capital Partners acquired the 270-unit Hurstbourne Estates Apartments from Louisville Multifamily DST for $45.5 million.

And I reported in May that Knoxville, Tenn.-based Rand Partners LLC plans to rebrand the 243-unit Elements of Louisville townhome development as Rand Beechmont after spending nearly $17 million on the property.

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Brookview at Citrus Park Clubhouse and Pool Aerial

Tampa rental property commands $182,500 per unit

Brokerage firm ARA Newmark announced the sale of a gated apartment complex in Tampa for $73 million or $182,500 per unit.

The 400-unit apartment complex, called Tapestry Citrus Park, is located at 12780 Olive Jones Road in Tampa, close to the city’s downtown area and its Westshore Business District as well as Tampa International Airport.

The seller is a partnership between the rental property’s developer, Alabama-based Arlington Properties, and an investment vehicle sponsored by Glenmont Capital Management, a New York-based private equity fund that invests mainly in multifamily properties, hotels and housing for students and senior citizens.

Glenmont Capital and Arlington Properties acquired the land for Tapestry Citrus Park in late 2013 and completed the construction and lease-up of the apartment complex in 2015 and 2016.

Patrick Dufour, executive managing director of ARA Newmark, and Scott Ramey, a director of ARA Newmark, represented the seller together with Matthew Williams, a senior managing director of NGKF Capital Markets.

The new owner of Tapestry Citrus Park is Uniondale, New York-based Brookview Realty Group LLC, led by its president, David Ostreicher.

The Tampa rental property has one-, two- and three-bedroom units that average 1,005 square feet. The units have private entrances, nine-foot ceilings, plank flooring, walk-in closets, and kitchens with granite counter tops, stainless steel appliances and islands with breakfast bars. Common-area amenities include two pools, a fitness studio with virtual spin and yoga classes, a sports pub with billiards and poker tables; a business center and a dog park.

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Pillar closes $11 million loan for acquisition of 240-unit apartment community in Columbus

Pillar has originated an $11.68 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multi-family property at 600 Trinity March in Columbus, Ohio.

The 15-year, fixed rate term loan with a 30-year amortization schedule was originated by the members of Pillar’s Chicago origination team: Adam Klingher, managing director, and Brooke Jackson, associate.

Citation Club Apartments is part of a portfolio of three multi-family properties all located in Columbus, and is the only property in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multi-family properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher.

Citation Club Apartments is a garden apartment complex in a growing area of Columbus.

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Brookview at Citrus Park Pool

NKF Capital Markets, Berkeley Point Capital Refinance Tampa Asset Brookview at Citrus Park includes 400 units, as well as a sports pub, a dog park and a fireside lounge.

Berkeley Point Capital and NKF Capital Markets have financed Brookview at Citrus Park in unincorporated Hillsborough County, Fla. The 400-unit property just northwest of Tampa was completed in 2015 and features two- and three-story garden-style buildings. More than two-thirds of units are in two-story buildings with ground-floor entrances and townhome-style floor plans with many direct access garages.

The property was sold in February 2017 by ARA Newmark and financed with a short-term bridge loan placed by NKF Capital Markets, operated by Newmark Group Inc. NKF executive managing director Matthew Williams and associate James Maynard represented borrower Brookview Realty Group LLC in both financings.

Low-density setting

Brookview Citrus Park, at 12780 Olive Jones Road near Gunn Road and Veteran’s Expressway, is in the heart of Citrus Park and 10 minutes from the upscale Tampa Bay submarket of Westshore. The community’s hallmarks are a low-density setting, upscale interiors and a number of amenities, including clubhouse with 24-hour fitness studio featuring virtual spin, yoga and kickboxing. Other amenities include a sports pub with billiards and poker tables, two pools, covered outdoor patio areas with seating, a dog park, picnic areas, grilling stations and fireside lounge.

Apartments offer nine-foot ceilings, stainless appliances, granite countertops, kitchen islands, plank flooring, walk-in closets and screened verandas or open-air porches. ”We replaced the existing floating-rate loan by securing permanent, 10-year fixed-rate agency debt with competitive terms at a rate of 4.4 percent,” Williams said. “Through Berkley Point Capital, Freddie Mac offered an attractive spread and interest-only period, which aligned well with the client’s business plan, and allowed [it] to lock the index early in the process, eliminating the inherent risk in a rising-rate environment.”

“The team from Berkeley Point Capital and NKF Capital Markets spent significant time gaining a fundamental understanding of the asset and our business plan as owners,” said David Ostreicher, Brookview Realty Group president.

“We have been exceptionally pleased with their diligence and exhaustive work in securing permanent financing that perfectly suited our financial objectives.”

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