Multifamily

PCCP PROVIDES $31M LOAN TO ARC FOR CONDO PROJECT IN BRONX

by admin October 3, 2013

NEW YORK CITY — PCCP LLC has provided a $31 million construction loan to Arc Real Estate Group LLC for Solaria Riverdale, a 65-unit condominium project in the Riverdale section of the Bronx. Arc, a New York-based development company, constructed the 20-story condominium property in 2007 and plans to use the loan to finance the remaining units. Located at 640 W. 237th St., amenities at Solaria Riverdale include a rooftop terrace, playroom, gym and activity room for owners, as well as storage units and on-site parking. There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west and Manhattan to the south. Solaria condo unit owners benefit from below-market costs, given the long-term tax abatement.

October 3, 2013

BMC CAPITAL ARRANGES $4.3M LOAN FOR SHERMAN APARTMENT COMPLEX

by admin October 3, 2013

SHERMAN, TEXAS — BMC Capital has arranged a $4.3 million loan for Post Oak Crossings, a 176-unit multifamily property in Sherman, approximately 10 miles from the state border with Oklahoma. Located at 3301 Heritage Parkway, the apartment community offers one- and two-bedroom floor plans as well as amenities such as a swimming pool, clubroom and spa. The terms of the loan include a five-year term at a fixed rate of 3.9 percent and a 25-year amortization schedule. Brian Gramlich of BMC’s Dallas office arranged the loan through one of the firm’s correspondent banking relationships.

October 3, 2013

Multifamily Western

CRENSHAW VILLAGE APARTMENTS IN LOS ANGELES RECEIVES $42.5M IN FINANCING

by admin October 3, 2013

LOS ANGELES – The 669-unit Crenshaw Village Apartments in Los Angeles has received $42.5 million in acquisition financing. The community is located at 4220 Santa Rosalia Drive in the Los Angeles submarket of Baldwin Hills. Upside Investments purchased the Class B/C asset for $60 million. It was built in 1948, and has only undergone minor renovations. Though renovation plans have not yet been finalized, Upside intends to install new appliances and laundry facilities. It will also update the landscaping and add more parking options. The loan was secured by Steve Bram and David Pascale of George Smith Partners (GSP). Financing was provided by a GSP correspondent FNMA lender. Ron Harris, Paul Darrow and Michael DiSimone of Investments at Institutional Property Advisors represented both the buyer and the seller, a private investor, in the sales transaction.

October 3, 2013

Multifamily Western

BROOKSTONE APARTMENTS IN BUENA PARK SELLS FOR $38M

by admin October 3, 2013

BUENA PARK, CALIF. – The 184-unit Brookstone Apartments in Buena Park has sold to Patrick Cadigan for $38 million. The community is located at 7400 Artesia Blvd. Cadigan was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The seller, L&B Realty Advisors, was represented by Shane Shafer, Dean Zander and Vince Norris of Hendricks|Berkadia.

October 3, 2013

Multifamily Western

THE PARAGON AT KIERLAND IN SCOTTSDALE SELLS FOR $57M

by admin October 2, 2013

SCOTTSDALE, ARIZ. — Sentinel Real Estate Corporation has purchased The Paragon at Kierland, a 276-unit luxury apartment complex in Scottsdale, for $57 million. The Class A community is located at 15608 N. 71st Street on the Westin Kierland Golf Course. It is currently 98 percent occupied. This transaction represents the highest per-unit sale in Greater Phoenix so far this year. It also represents the highest per-unit sale in the past five years for properties without an active condo map in this region, according to Colliers International in Greater Phoenix. The firm’s Southwest Multifamily Advisors’ team represented the seller, Sunstone Realty Advisors, in this transaction. The team includes Jerry Tenge and Tristan Charlesworth.

October 2, 2013

Multifamily Southeast

BRASFIELD & GORRIE DELIVERS $88.7M LUXURY APARTMENTS IN MIDTOWN ATLANTA

by admin October 2, 2013

ATLANTA — Brasfield & Gorrie has completed 77 12th, a 23-story upscale apartment community located in Atlanta's Midtown submarket. Brasfield & Gorrie's construction budget was $57 million, with total development costs for the property reaching $88.7 million. The project comprises 615,000 square feet, with 330 residential units and 23,000 square feet of retail space. The new residential units feature granite countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. The community also features a 20,000-square-foot outdoor plaza that has a saltwater pool, bocce ball courts, a private terrace and several outdoor fireplaces. The rental rates are among the highest in Midtown, according to Brasfield & Gorrie. More than 80 percent of the units have been reserved and nearly all of the retail space has been leased. Brasfield & Gorrie worked with Daniel Corp. and Selig Enterprises on the project. Northwestern Mutual provided construction financing for the new apartment community.

October 2, 2013

Multifamily Southeast

LANDMARK PROPERTY TRUST BUYS TWO MULTIFAMILY COMMUNITIES FOR $33.5M

by admin October 2, 2013

DALLAS AND NASHVILLE, TENN. — Landmark Apartment Trust, a multifamily REIT, has acquired two multifamily properties in Dallas and Nashville in separate transactions totaling $33.5 million. The properties total 454 units and are 94 percent occupied. Landmark at Preston Wood in Dallas, formerly known as Mission Preston Wood, was built in 1979 and features a fitness center, pool/spa, playground and picnic areas. Landmark at Lyncrest Reserve in Nashville, formerly known as Mission Bellevue Ridge, was built in 1985 and features a business center, fitness center, swimming pool, playground and tennis court.

October 2, 2013

Midwest Multifamily

24-UNIT CHICAGO MULTIFAMILY PROPERTY SELLS FOR $2.3M

by admin October 2, 2013

CHICAGO — Sperry Van Ness Chicago Commercial has completed the $2.3 million sale of a 24-unit multifamily property in the Albany Park neighborhood of Chicago. The sales price equates to $94,000 per unit. The apartment building is located at 4901-07 N. Whipple St. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor of Sperry Van Ness, represented the buyer and seller, both private investors, in the transaction.

October 2, 2013

Multifamily Texas

NEW UT SAN ANTONIO STUDENT HOUSING PROJECT UNDER DEVELOPMENT

by admin October 2, 2013

SAN ANTONIO — Full-service real estate firm Carter is developing a 590-bed student housing project less than half a mile away from the University of Texas at San Antonio (UTSA). The property will include 121 flats and 77 townhomes in two-, three- and four-bedroom floor plans plus amenities such as a swimming pool, dog park, fitness center and media room. Two prominent retail centers — The Shops at La Cantera and The Rim — and UTSA Park West, the school’s athletic facility, are located within less than a mile. Reese Vanderbilt & Associates is serving as architect, Pape-Dawson Engineers Inc. is acting as civil engineer, SpawGlass is working as contractor and Cardinal Group Management will be the property manager. Construction is slated for completion in July 2014.

October 2, 2013

Multifamily Western

THE PARAGON AT KIERLAND IN SCOTTSDALE SELLS FOR $57M

by admin October 2, 2013

October 2, 2013

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