Multifamily

BALFOUR BEATTY COMPLETES 165-ROOM RESIDENCE HALL IN ILLINOIS

by admin October 15, 2013

LAKE FOREST, ILL. — Balfour Beatty Campus Solutions has completed the new $16 million Moore Hall redevelopment at Lake Forest College in suburban Chicago. The project began in August 2012 with the demolition of the previous Moore Hall structure. Construction on the new 62,000-square-foot building began in September 2012 and was completed in August. The 165-room student housing property includes two-bedroom, two-bath suites, as well as single-bedroom with bath floor plans. The north and south wings are connected by a midsection that contains a central lobby, laundry room, kitchen, multipurpose rooms and two elevators. Chicago-based architect Solomon Cordwell Buenz designed the new Moore Hall. Walsh Construction, also out of Chicago, was the construction and demolition partner on the project.

October 15, 2013

KISER GROUP BROKERS FOUR CHICAGO APARTMENT PROPERTY SALES

by admin October 15, 2013

CHICAGO — Kiser Group has arranged the sale of four apartment properties in Chicago totaling $9.2 million. The properties include a 14-unit building in Humboldt Park, a five-unit property in Lakeview, a 32-unit building in Old Irving Park and a 35-unit building in Rogers Park. The building at 1713-15 N. Humboldt Blvd. sold for $1.9 million and includes a mix of two- and three-bedroom units. The property located at 3437 N. Paulina St. sold for $1 million, and 4014-22 W. Melrose St. sold for $1.9 million. The 35-unit apartment building at 7522 W. Greenview Ave., which includes 25 parking spots, sold for $2.4 million.

October 15, 2013

Multifamily Texas

ARA BROKERS 267-UNIT MULTIFAMILY PROPERTY SALE IN MESQUITE

by admin October 15, 2013

MESQUITE, TEXAS — ARA has brokered the sale of Trinity Place Apartments, a 267-unit, Class B multifamily community in Mesquite, a suburb approximately 12 miles east of downtown Dallas. The apartments, which average 987 square feet each, were 92 percent occupied at the time of the sale. Originally constructed in 1985, the property features elevators in each of its residential buildings. Richard Furr, Brian O’Boyle Sr. and Brian Murphy of ARA marketed the asset on behalf of the seller, the name of which was not disclosed.

October 15, 2013

Multifamily Texas

SKYWALKER PROPERTY PARTNERS BUYS HISTORIC DALLAS CANDY FACTORY

by admin October 15, 2013

DALLAS — SkyWalker Property Partners has acquired the historic Hughes Brothers Candy Factory property, located at 1401 S. Ervay St. in Dallas. Acting on behalf of the Hangover Opportunity Fund, SkyWalker plans to invest approximately $3.2 million into the conversion of the facility into apartments. The five-story building totals 7,000 square feet in The Cedars, one of the city’s oldest neighborhoods. Theron Bryant of SCM Real Estate Services brokered the transaction. Frieda Bosh, mother of Miami Heat forward and Dallas native Chris Bosh, was the seller.

October 15, 2013

Multifamily Western

BROCKTON REGENCY IN LOS ANGELES SELLS FOR $3.3M

by admin October 15, 2013

LOS ANGELES – The eight-unit Brockton Regency in Los Angeles has sold to the Gleitman Family Trust for $3.3 million. The community is located at 1251 Brockton Ave. It was built in 1986. Paul Kenworthy of Charles Dunn represented both the trust and the seller, Dr. Patrick Shoon Shiong, in this all-cash transaction.

October 15, 2013

Multifamily Western

ALLISON WEST APARTMENTS IN LAKEWOOD SELLS FOR $1.7M

by admin October 15, 2013

LAKEWOOD, COLO. – A trio of apartment buildings located on Allison Street in Lakewood have sold to an unnamed buyer for $1.7 million. The communities are located at 1160, 1180, & 1198 South Allison Street. They comprise a total of 19,656 square feet, and all three were built in 1962. The buyer was represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors. The unnamed seller was represented by Matt Ritter, also of Pinnacle.

October 15, 2013

Multifamily Western

THE MERCER AT WARNER CENTER IN WOODLAND HILLS SELLS FOR $88M

by admin October 14, 2013

LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street.The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month.The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.

October 14, 2013

Midwest Multifamily

M&M ARRANGES $1.6M SALE OF A 32-UNIT APARTMENT BUILDING

by admin October 14, 2013

WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.6 millionsale of 1405 N. Ave., a 32-unit apartment property in suburban Chicago. Alan Katamanin, an investment specialist in Marcus & Millichap’s Oak Brook office, represented the buyer and seller, both private investors, in the transaction. The property is located at 1405 N. Ave. in Waukegan and includes 12 one-bedroom and 20 two-bedroom units.

October 14, 2013

Multifamily Northeast

MERIDIAN ARRANGES $25M LOAN FOR MULTIFAMILY PROPERTY

by admin October 14, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.

October 14, 2013

Multifamily Texas

IPA BROKERS SALE OF 146-UNIT MULTIFAMILY PROPERTY IN SAN ANTONIO

by admin October 14, 2013

SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Meridian, a 146-unit apartment complex in San Antonio. The asset, located at 680 E. Basse Road, is in close proximity to Quarry Golf Club, Alamo Quarry Market and two of the city’s most prestigious office properties, The Concord and One International Center. Features of the community include private alarms, garden tubs, double ovens, a clubhouse and multiple fitness rooms. Will Balthrope and Scott Lamontagne of IPA represented the seller, a private investor based in San Antonio. The buyer is a national acquisitions and management firm also based in San Antonio.

October 14, 2013

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