Multifamily

TERRACAP BUYS 231-UNIT APARTMENT COMPLEX IN KANSAS CITY

by admin August 8, 2013

KANSAS CITY, MO. — Terracap Investments Inc. has acquired Shadow Creek Apartments in Kansas City. Diversified Asset Management Co. sold the 231-unit apartment community, which was 93 percent occupied at the time of sale. The purchase price was undisclosed. Shadow Creek, located at 5417 E. 96th Place, includes 13 apartment buildings, a clubhouse and a maintenance garage. Aaron Mesmer of Block Real Estate Services represented Diversified Asset Management Co. in the transaction. Michael Block, also of Block Real Estate Services, represented Terracap Investments.

August 8, 2013

OPPIDAN PLANS 42-UNIT APARTMENT DEVELOPMENT

by admin August 8, 2013

WATFORD CITY, N.D. — Oppidan Investment Co. has purchased a two-acre parcel adjacent to its Pheasant Ridge Apartments in Watford City. The company plans to begin construction on a second apartment building at the site in September. The 42-unit Pheasant Ridge Apartments II will feature one-, two- and three-bedroom units. The apartment development is located at 1005 S. Pheasant Ridge Road.

August 8, 2013

Multifamily Northeast

GFI ARRANGES SALE OF HARLEM APARTMENT BUILDING FOR $1.8M

by admin August 8, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the $1.8 million sale of five-story walk-up apartment building in the East Harlem section of Manhattan. The sale price translates to $118,000 per unit. The 8,125-square-foot property includes 10 units and is located at 336 E. 117th St. Kobi Zamir, an associate at GFI Realty Services, represented the seller, a local investor. Zamir and Roni Abudi, a managing partner at GFI Realty Services, represented the buyer, also a local investor. The apartment building was built in the early 1900s.

August 8, 2013

Multifamily Texas

MARCUS & MILLICHAP BROKERS SAN ANTONIO MULTIFAMILY SALE

by admin August 8, 2013

SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Sutter’s Mill, a 128-unit multifamily community in San Antonio. The property includes 16 two-story buildings located at 11955 Parliament Drive. Moses Siller, Scott Lamontagne and Will Balthrope of Marcus & Millichap’s San Antonio, Austin and Dallas offices represented the seller, an individual/personal trust. Siller, Lamontagne and Balthrope also secured the buyer.

August 8, 2013

Multifamily Southeast

LANDMARK ACQUIRES TWO MULTIFAMILY PROPERTIES IN FLORIDA FOR $53.2M

by admin August 7, 2013

OCOEE AND ST. PETERSBURG, FLA. — Landmark Apartment Trust of America Inc., a multifamily REIT, has acquired and rebranded two apartment communities in Florida for $53.2 million. Collectively, the two communities total 826 units and are 94 percent occupied. In the first transaction, Landmark acquired Vizcaya Lakes, a 522-unit property located at 1024 Vizcaya Lake Road in Ocoee, a suburb of Orlando. The community is now known as Landmark at Stafford Landing. In the second transaction, Landmark acquired Avondale by the Lakes, a 304-unit community located at 5473 27th St. South in St. Petersburg. The community is now known as Landmark at Avondale. In July, Landmark acquired 11 multifamily communities totaling 3,586 units in Florida, North Carolina, Texas and Tennessee.

August 7, 2013

Multifamily Southeast

PRG INVESTMENTS BROKERS SALE OF LOUISVILLE APARTMENT COMMUNITY

by admin August 7, 2013

LOUISVILLE, KY. — PRG Investments has arranged the sale of the 192-unit, Class C Colonial Oaks Apartments in Louisville for $4.3 million. The property is located at 101 Colonial Oaks Court in southern Louisville off Southside Drive. Reed Weinberg and Fred Sutterlin of PRG Investments represented the seller, New York City-based Intervest Bank, in the transaction. Multifamily owner and manager Goldin Management acquired the property from Intervest Bank.

August 7, 2013

Midwest Multifamily

CONSTRUCTION COMPLETE ON 39-UNIT MYERS PLACE

by admin August 7, 2013

MOUNT PROSPECT, ILL. — McShane Construction Co. has completed construction on Myers Place, a 39-unit supportive apartment complex in Mount Prospect, a northwest suburb of Chicago. The multifamily community provides housing for people with mental and physical disabilities. The four-story, 41,715-square-foot apartment complex is located on a 3.7-acre site at 1585 W. Dempster St. Myers Place includes 21 furnished one-bedroom apartments and 18 studios. An individual who can live independently without assisted care occupies each unit. However, access to available supportive services is located on the first floor of the facility, if required. The first floor of the residential building also features laundry facilities, a computer room, tenant and bicycle storage areas, staff and management services offices, as well as 4,500 square feet of retail. Daveri Development Group LLC and the Kenneth Young Center developed the property. Cordogan, Clark & Associates served as the architect.

August 7, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $11.5M LOAN FOR APARTMENTS IN IOWA

by admin August 7, 2013

COUNCIL BLUFFS, IOWA — NorthMarq’s Omaha regional office has arranged a $11.5 million first-mortgage loan for the refinancing of Valley View Apartments in Council Bluffs, located about 10 miles east of Omaha. The 258-unit, market-rate multifamily community is located at 720 Valley View Drive. Jason Kinnison, vice president at NorthMarq, arranged the 20-year, self-amortizing loan. A life insurance company provided the loan.

August 7, 2013

Multifamily Northeast

ARIEL PROPERTY ADVISORS ARRANGES $8.3M SALE OF SIX NYC PROPERTIES

by admin August 7, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the $8.3 million sale of six properties, including five multifamily buildings and one vacant lot, in Central Harlem, the Bronx and Brooklyn. The New Sierra Portfolio includes four walk-up buildings at 423 and 439 Lenox Ave., 134 W. 133rd St. and 140-42 W. 133rd St. in Central Harlem that sold for $5.2 million. The properties feature 47 residential units and three retail units. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, an affordable housing developer and operator, and procured the buyer, ABJ Properties. The fifth multifamily building, located at 868 Faile St. in the Hunts Point section of the Bronx, sold for $2 million. The four-story, 17,860-square-foot building includes 21 apartments. Scot Hirschfield, Shkury, Jason Gold, and Sozio of Ariel Property Advisors marketed the property on behalf of the seller, a private investor, and procured the buyer, a local investor. The vacant lot, located at 1164 Greene Ave. in the Bushwick section of Brooklyn, sold for $1.1 million. The property features 50 feet of frontage and approximately 11,000 buildable square feet. Daniel Tropp, Jonathan Berman and Mark Spinelli of Ariel Property Advisors marketed …

August 7, 2013

Multifamily Texas

334-UNIT MANSFIELD MULTIFAMILY PROPERTY SELLS

by admin August 7, 2013

MANSFIELD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Dolce Living at Mansfield, a 334-unit multifamily community south of Fort Worth. The property, located at 370 North State Highway 360 and adjacent to Mansfield National Golf Club, was built in 2012. IPA executive director Will Balthrope and IPA associate director Drew Kile advised seller DLC Residential. The buyer was real estate investment company Advenir.

August 7, 2013

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