Multifamily

BERKADIA ARRANGES $46.4M FOR TWO MULTIFAMILY PROPERTIES

by admin October 1, 2013

WHEELING AND LISLE, ILL. — The Chicago office of Berkadia Commercial Mortgage LLC (Berkadia) has closed a total of $46.4 million in financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) program for two apartment communities located outside of Chicago. Len Deering, senior vice president, Paul Matusiak, vice president, and Tom Sigrist, senior vice president of Berkadia, originated both 35-year, fixed-rate loans, which are fully amortizing and feature 80 percent loan-to-value ratios. Foxboro Apartments LLC received a $26 million loan to refinance an existing mortgage on Foxboro Apartments in Wheeling, a northwest suburb of Chicago. The one- and two-bedroom building is currently 97.5 percent occupied. Berkadia also arranged $20.4 million for borrower Abbey Capital Partners. The loan, which also was used to refinance an existing mortgage, was for Abbey Apartments at Four Lakes in Lisle, a western suburb of Chicago. The property is currently 99 percent occupied and offers studio and one-, two- and three-bedroom layouts.

October 1, 2013

NORTHMARQ ARRANGES $11.2M MORTGAGE FOR PIONEER HALL

by admin October 1, 2013

WAUKESHA, WIS. — NorthMarq Capital’s Milwaukee regional office has arranged $11.2 million in refinancing for Pioneer Hall, a 264-bed student housing facility in Waukesha, a western suburb of Milwaukee. The property is located on the campus of Carroll University at 324 W. College Ave. Financing was based on a 10-year term and a 25-year amortization schedule. Geoff Nauth, vice president of NorthMarq’s Milwaukee office arranged the loan for the borrower through its relationship with a regional bank.

October 1, 2013

Multifamily Northeast

PEARL PLACE II HOUSING IN MAINE ACHIEVES LEED-PLATINUM

by admin October 1, 2013

PORTLAND, MAINE — Pearl Place II, a 55,978-square-foot, 54-unit apartment complex at 184 Pearl St. in Portland, has achieved LEED-Platinum certification from the U.S. Green Building Council. Pearl II is the second of two phases of an affordable housing development in the Bayside neighborhood of Portland. Construction was completed earlier this year. Avesta Housing hired Thornton Tomasetti, an international engineering firm, as the LEED for Homes provider and sustainability consultant on the project. Wright-Ryan Construction was the contractor on the project; PDT Architects served as the architect; and Horizon Residential Energy Services provided EnergyStar services. Avesta Housing is a 501(c)(3) nonprofit organization that promotes and provides housing opportunities in southern Maine for residents in need.

October 1, 2013

Multifamily Western

DENVER APARTMENT BUILDING SELLS FOR $6.5M

by admin October 1, 2013

DENVER – An 85-unit apartment building in Denver has sold to Granite Peak Partners for $6.5 million. The community is located at 4803 E. Kentucky Ave. Granite plans to implement a major renovation program at the community in the upcoming weeks. The seller was Carol Wick-Eisler. The transaction was handled by Tim Shunta of Unique Properties, Inc- TCN Worldwide.

October 1, 2013

Multifamily Western

NORTH HILLS APARTMENT BUILDING SELLS FOR $2.4M

by admin October 1, 2013

NORTH HILLS, CALIF. – A 19-unit apartment building in North Hills has sold to a limited liability company for $2.4 million. The community is located at 15216 Nordhoff Street in the San Fernando Valley submarket. The LLC was represented by Dan Litman and Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, an individual/personal trust, was also represented by Narchi.

October 1, 2013

Multifamily Northeast

33-BUILDING MULTIFAMILY PORTFOLIO IN NYC SELLS FOR $246M

by admin September 30, 2013

NEW YORK CITY — Rosewood Realty Group has arranged the $246 million sale of a 33-building multifamily portfolio in New York City’s Upper West Side. New Jersey-based real estate investment company, The Orbach Group, was the buyer. A joint venture between Heritage Real Estate Partners and Dune Real Estate Partners sold the properties. The portfolio includes 1,031 apartments and two retail spaces. Aaron Jungreis of Rosewood Realty Group represented The Orbach Group in the off-market transaction.

September 30, 2013

Multifamily Northeast

48-UNIT APARTMENT BUILDING IN MANHATTAN SELLS FOR $6.3M

by admin September 30, 2013

NEW YORK CITY — Cignature Realty Associates has arranged the $6.3 million sale of 547 W. 157th St., a six-story, 48-unit apartment building in Manhattan. The building sold for approximately 10.7 times the current rent roll. Built in 1912, the 52,896-square-foot building is located between Broadway and Amsterdam Avenue in the Hamilton Heights neighborhood. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyer, 547 West 157th Street Holdings LLC, a private investor from Florida, and the seller, 547 Associates Inc., a local real estate owner.

September 30, 2013

Multifamily Texas

M&M BROKERS 180-UNIT MULTIFAMILY SALE IN CORPUS CHRISTI

by admin September 30, 2013

CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Normandy Village, a 180-unit multifamily property in Corpus Christi. Located at 4848 South Alameda St., the complex offers apartments in efficiency, one-, two- and three-bedroom layouts, as well as amenities such as covered parking and three swimming pools. J. Patrick Burke, Kent Myers and Joe James of Marcus & Millichap’s Austin office represented the seller, a limited liability company, and secured the buyer, a California-based partnership.

September 30, 2013

Multifamily Western

STONERIDGE APARTMENTS IN UPLAND SELLS FOR $42M

by admin September 27, 2013

UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.

September 27, 2013

Multifamily Southeast

TRADE STREET BUYS FOUNTAINS SOUTHEND FOR $34M

by admin September 27, 2013

CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.

September 27, 2013

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