Multifamily

Olympus Property Acquires Apartment Complex in Downtown Dallas

by Haisten Willis November 20, 2014

DALLAS — Olympus Property has acquired The Mosaic, a 440-unit high-rise apartment building in downtown Dallas. The Mosaic consists of two connected residential towers of 21 and 32 stories along with a nine-story parking garage. The buildings were originally home to the Fidelity Union Life Insurance Co. The buildings were constructed in 1951 and 1962 and were redeveloped into apartments in 2007. Amenities include a swimming pool and spa, outdoor movie theater, gas fire pit, outdoor kitchen, gym, lounge, billiards area and a cigar lounge/poker room. The Mosaic contains 285 one-bedroom and 148 two-bedroom units.

November 20, 2014

Laurel Court at Quail Park in Visalia Receives $9.4M Refinance

by Nellie Day November 20, 2014

VISALIA, CALIF. – Laurel Court at Quail Park, a 40-unit memory care community in Visalia, has received a $9.4-million refinance. The facility is located at 5050 W. Tulare Ave. It is operated by Living Care Lifestyles. The cash-out refinance was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s correspondent relationship with a life insurance company.

November 20, 2014

Multifamily Nevada Western

Townhome Villas in Las Vegas Sells for $8M

by Nellie Day November 20, 2014

LAS VEGAS – The 173-unit Townhome Villas in Las Vegas has sold to Las Vegas Residential Properties for $8 million. The community is located at 1000-1100 Dumont Blvd. The seller, H&B One LLC, was represented by NAI Vegas’ Sauter Multifamily Group.

November 20, 2014

Multifamily New York Northeast

Ariel Property Advisors Brokers $25.9M East Village Residential Property Sale

by Amy Works November 20, 2014

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multi-unit condominium building, located 47-53 Third Avenue in New York City’s East Village. Slate Property Group purchased the five-story property for $25.9 million. The 30,662-square-foot property, which was delivered vacant, offers 28 residential units in a mix of 22 two-bedroom units and six one-bedroom units. On-site amenities include a recreational room, large outdoor terrace, laundry room and concierge desk. Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell and Howard Raber of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer in the deal.

November 20, 2014

Midwest Multifamily Wisconsin

M&M Arranges Sale of 24-Unit Apartment Building in Osceola, Wis.

by Danielle Everson November 19, 2014

OSCEOLA, WIS. — Marcus & Millichap has arranged the $980,000 sale of Scenic Valley Apartments, a 24-unit apartment property in Osceola, 42 miles northeast of Minneapolis. The property is located at 290 Zindaus St. The single, freestanding apartment building includes 24 one- and two-bedroom units located on 1.2 acres. Evan Miller, Dan Linnell, Mox Gunderson and Jon Ruzicka, of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both limited liability companies. Matthew Fitzgerald of the firm’s Milwaukee office assisted in closing the transaction.

November 19, 2014

Multifamily Texas

Phoenix Capital Partners Purchases Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Phoenix Capital Partners LTD, a Dallas-based private equity firm, has purchased The Villas at West Oaks, a 342-unit apartment complex located in Houston. This will be the first acquisition investment for Phoenix Capital Realty Fund VI LP, which is sponsored by Phoenix Capital.

November 19, 2014

Multifamily Texas

Lubert-Adler Sells 320-Unit Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Lubert-Adler has sold Tiburon, a 320-unit Class A apartment complex in Houston, to a private individual. ARA Real Estate Investment Services represented Lubert-Adler in the transaction. Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR Inc., as part of a larger value-add multifamily investment strategy. Tiburon was built in 2008 and is located just off Beltway 8, less than two miles from U.S. Highway 290. Amenities include a clubhouse, business center, gym and swimming pool.

November 19, 2014

Multifamily New York Northeast Retail

Rosewood Realty Brokers Sale of Four-Building Portfolio in Brooklyn for $24.1M

by Amy Works November 19, 2014

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building portfolio in Brooklyn. A long-term investor purchased the assets for $24.1 million from a local seller. The portfolio includes 256 E. 37th St., 2902 Cortelyou Road, 3613 Avenue D and 414 East 34th St. The portfolio features 164 apartment units and six commercial units. David Berger of Rosewood Realty represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.

November 19, 2014

Multifamily New York Northeast

Marcus & Millichap Brokers $2M Sale of West Harlem Apartment Building

by Amy Works November 19, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 533 W. 142nd St. in New York City’s West Harlem neighborhood. The seven-unit building sold for $2 million. The property has been completely renovated to turnkey condition and is now 100 percent free market. Peter Von Der Ahe, Scott Edelstein, Matthew Fotis and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

November 19, 2014

California Multifamily Western

Rockwell Condo Development Breaks Ground in San Francisco

by Nellie Day November 19, 2014

SAN FRANCISCO — Oyster Development Corp. and Tricon Capital have broken ground on Rockwell, a 260-unit condominium development in the Pacific Heights neighborhood of San Francisco. The twin, 13-story towers will be located at 1634-1690 Pine Street. The development will include a 4,000-square-foot, ground-floor retail component and one level of below-grade parking for 201 cars. The first tower is scheduled for completion in July 2016. Sales will commence next April. JLL’s John Manning and Alex Witt secured $143.5 million in construction financing for the project. It was provided by National Real Estate Advisors.

November 19, 2014

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