Multifamily

94-UNIT MULTIFAMILY COMPLEX SELLS FOR $6.8M IN R.I.

by admin August 20, 2013

CRANSTON, R.I. — The Residences at Garden City LLC has acquired Garden City Apartments, a 94-unit community in Cranston, for $6.8 million, or $72,473 per unit. Fenway Residential Properties LP sold the seven-building multifamily property. Constructed in 1948, the property is located adjacent to the Garden City Center plaza, about five miles south of Providence. Richard Robinson, Terence Scott, Jennifer Athas and Philip Lamere of Atlanta-headquartered ARA represented Fenway and procured the buyer in the transaction. Stephen Lewinstein and Paul Griesinger, also of ARA, assisted in representing the buyer.

August 20, 2013

ARA ARRANGES VISTA RIDGE APARTMENT SALE IN SAN ANTONIO

by admin August 20, 2013

SAN ANTONIO — ARA has brokered the sale of Vista Ridge, a 271-unit community in the Dominion neighborhood of San Antonio. The garden-style apartment property offers one-, two- and three-bedroom floorplans plus a business center, activity center, swimming pool and fitness center. Located in close proximity to the University of Texas at San Antonio and major area employers NuStar, Medtronic, Valero, USAA and South Texas Medical Center, Vista Ridge was 95 percent occupied at the time of sale. Patton Jones and Casey Fry of ARA represented the seller, Raia Properties of New Jersey. The buyer was an undisclosed private investment firm.

August 20, 2013

Multifamily Western

TORRANCE APARTMENT BUILDING SELLS FOR $10M

by admin August 20, 2013

TORRANCE, CALIF. – A 44-unit apartment complex located at 3708 Spencer Street in Torrance has sold to a local private investor for $9.9 million. It was built in 1968. Michael DiSimone, Ron Harris and Joseph Smolen of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, 3708 Spencer Ltd., in this transaction. This was the first time the property had been on the market in about 40 years, according to DiSimone.

August 20, 2013

Multifamily Western

THE ARTISAN IN DENVER SELLS FOR $33M

by admin August 19, 2013

DENVER – The Artisan, a 434-unit apartment community in Denver, has sold to Peak Capital Partners for $33 million. The community is located at 10025 East Girard Ave. It is 98 percent leased. The seller, Prime Residential, was represented by HFF’s Jordan Robbins and Jake Young.

August 19, 2013

Multifamily Southeast

INLAND AMERICAN BUYS ARKANSAS STUDENT HOUSING FOR $42M

by admin August 19, 2013

FAYETTEVILLE, ARK. — Inland American Communities Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has acquired the Domain at Fayetteville, a 654-bed student housing community near the University of Arkansas, for $42 million. The property was recently completed and is fully leased for the 2013-2014 school year. The property is located within walking distance of the University of Arkansas campus on the university shuttle route. The property's amenities include a luxury clubhouse with a game room, 24-hour fitness center, resort-style pool, theater and an outdoor kitchen with grilling stations. The community will be rebranded as University House. In another recent transaction, Inland American Communities Group purchased HUB on Campus, a 640-bed student housing property near Arizona State University, for $103 million.

August 19, 2013

Multifamily Southeast

STEADFAST INCOME REIT ACQUIRES TAPESTRY PARK FOR $32.4M

by admin August 19, 2013

BIRMINGHAM, ALA. — Steadfast Income REIT has purchased Tapestry Park, a 223-unit apartment community located five miles east of downtown Birmingham, for $32.4 million. Tapesty Park is Steadfast Income REIT's first purchase in Alabama. The community opened in September 2012 and is currently 94 percent occupied. The property offers one-, two- and three-bedroom apartments with an average rent of $1,200 per month. Tapestry Park's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace with a lounge, clubhouse with a media center, barbecue area and a dog park. The interior of the units features stainless steel appliances, washer/dryers, nine-foot ceilings, faux wood flooring, granite countertops and private balconies and patios.

August 19, 2013

Multifamily Southeast

FRANKLIN STREET CLOSES $8.5M LOAN FOR TAMPA APARTMENTS

by admin August 19, 2013

TAMPA, FLA. — Franklin Street Capital Advisors has negotiated and closed a 10-year, approximately $8.5 million loan through Fannie Mae to help reposition a 216-unit apartment community in Tampa. Drew Jennewein, Andrew Wright and Danny York of Franklin Street managed the competitive bid process, as well as the loan structuring negotiations with the lender on behalf of the borrower. The non-recourse loan includes two years of fixed interest at 3.96 percent.

August 19, 2013

Midwest Multifamily

CONSTRUCTION UNDERWAY ON 354-UNIT LPM APARTMENTS

by admin August 19, 2013

MINNEAPOLIS — Chicago-based Magellan Development Group is building a 36-story apartment tower in the Loring Park neighborhood of downtown Minneapolis. LPM Apartments will feature 354 rental apartments, including studios, one-, two- and three-bedroom units. More than 41,000 square feet of amenity space will feature a fitness center, lap pool, hot tub, sauna and steam rooms, media and game room, resident lounge, business center and bicycle storage. LPM Apartments will also feature a community deck that will include a splash pool, hot tub, fire pits, grills and lounge areas. According to the Star Tribune, rental prices at the property range from $2 to $3 per square foot. James McHugh Construction Co. is serving as the general contractor. Loewenberg Architects LLC is designing LPM Apartments.

August 19, 2013

Multifamily Texas

STEADFAST PAYS $24M FOR DAWNTREE APARTMENTS IN DALLAS

by admin August 19, 2013

DALLAS — Steadfast Income REIT has acquired the 400-unit Dawntree apartment community in Dallas for $24 million. The complex was 97 percent occupied at the time of sale. Dawntree offers both one- and two-bedroom apartments, of which 20 percent have been renovated with new appliances and large-slat wood blinds, as well as a swimming pool, tennis court, barbeque and picnic area, clubhouse and fitness center. Steadfast announced this purchase in conjunction with its purchase of Tapestry Park in Birmingham, Ala. for $32.4 million and now boasts 45 properties in 11 states.

August 19, 2013

Multifamily Texas

RIGHTQUEST BEGINS CONSTRUCTION OF BELLA VISTA APARTMENTS

by admin August 19, 2013

BROWNSVILLE, TEXAS — Real estate investment and development firm RightQuest LLC has broken ground on Bella Vista Apartments, a two-phase project that will consist of 250-plus units in Brownsville at the southernmost tip of Texas. RightQuest is working with general contractor Peterson Construction Inc. on behalf of JJR Group LTD, a privately held company. The first units will be ready for occupancy in March 2014. Bella Vista is the third Class A apartment property developed by RightQuest in the last 18 months.

August 19, 2013

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