Multifamily

19-STORY RESIDENTIAL TOWER OPENS IN JERSEY CITY

by admin July 17, 2013

JERSEY CITY, N.J.— The LeFrak Organization has completed construction on Laguna, a 19-story, high-end residential tower in the Newport neighborhood of Jersey City. Located at 45 Park Lane S. on the Hudson River waterfront, Laguna is 40 percent leased. The building features 158 one-, two- and three-bedroom residences ranging from 759 square feet to 2,015 square feet. Andi Pepper Design and Steven B. Jacobs Group designed the residences, which include stainless steel appliances for kitchens and baths, bathrooms with grey Basal tiled floors, glass mosaic accent walls and modern chrome fittings, quartz countertops and custom cabinetry.

July 17, 2013

CORTLAND ACQUIRES THREE MULTIFAMILY COMMUNITIES FOR $130.3M

by admin July 17, 2013

ATLANTA — Atlanta-based Cortland Partners has acquired three apartment communities totaling 1,037 units in Texas and Florida. Cortland purchased the communities for $130.3 million in three separate transactions. Cortland worked with Berkadia Commercial Mortgage LLC and Ares Commercial Real Estate Corp. to place the debt capital for these transactions. The first acquisition is Saxon Woods, a 510-unit community located in Dallas, for a total capital investment of $60.4 million. The second acquisition is Halstead, a 301-unit complex located in Houston, for a total capital investment of $47.4 million. The final acquisition is the Reserve at Deerwood, a 226-unit multifamily community located in Jacksonville, for a total capital investment of $22.5 million.

July 17, 2013

Multifamily Western

WEST PARK APARTMENT COMMUNITY BREAKS GROUND IN MISSION VALLEY

by admin July 17, 2013

SAN DIEGO — West Park, a 612-unit apartment community, has broken ground in San Diego’s Mission Valley submarket. The midrise community will be located near the intersection of Friars Road and Mission Center Road in the new community of Civita. The first phase is scheduled to be completed for summer 2014 move-ins. It will be built by Coyle Residential and Reno Contracting and designed by Newman Garrison Partners. HFF provided construction and permanent financing. The developer, Sudberry Properties, was represented by HFF’s Aldon Cole, Zach Holderman and Christopher Liu.

July 17, 2013

Multifamily Western

NEW TAHITIAN APARTMENTS IN GOLETA RECEIVES $9.3M

by admin July 16, 2013

GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.

July 16, 2013

Multifamily Western

LA PALMA APARTMENTS IN ANAHEIM SELLS FOR $5M

by admin July 16, 2013

ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.

July 16, 2013

Multifamily Southeast

ARA BROKERS SALE OF FAYETTEVILLE APARTMENT COMMUNITY

by admin July 16, 2013

FAYETTEVILLE, ARK. — Apartment Realty Advisors (ARA) has brokered the sale of Mountain Ranch Apartments. The 360-unit, Class A community is situated on 15 acres in western Fayetteville, minutes from the University of Arkansas. It was constructed in 2010 by the seller, SC Bodner Co. Unit floor plans average 984 square feet, and community amenities include a clubhouse with an entertainment lounge, game room, coffee bar, 24-hour fitness center and resort-style pool with tanning area. Occupancy was 94 percent at the time of closing. ARA brokers Brandon Lamb and Brian O’Boyle, Jr. represented the seller. The buyer was a joint venture between Capital Assets Inc. and Moriah Real Estate Co. The acquisition price was not disclosed.

July 16, 2013

Multifamily Southeast

COURTYARDS OF SOUTH TAMPA TRADES FOR $4.1 MILLION

by admin July 16, 2013

TAMPA, FLA. — Franklin Street Real Estate Services has completed the sale of Courtyards of South Tampa, a 71-unit apartment complex located at 3814 W. Euclid Ave., for $4.1 million. The property was constructed in 1969 and features a swimming pool. Occupancy was 94 percent at the time of closing. The Franklin Street team of Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames represented the seller, a local investor. The buyer, a local real estate group, plans to continue renovating the units and eventually raise rents.

July 16, 2013

Midwest Multifamily

RADCO ACQUIRES INDIANAPOLIS APARTMENT COMPLEX FOR $16.5M

by admin July 16, 2013

INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.

July 16, 2013

Multifamily Northeast

MERIDIAN ARRANGES $155M LOAN FOR NYC MULTIFAMILY PROPERTY

by admin July 16, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $155 million in financing on behalf of Cammeby’s International Ltd. for the purchase of The Monterey, a multifamily property located on Manhattan’s Upper East Side. Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, provided the 12-year loan at a fixed interest rate of 3.78 percent. The 29-story, 522-unit property is located at 175 E. 96th Street and includes a 209-space parking garage and 3,375 square feet of fully leased retail space. Abe Hirsch, managing director, and Zev Karpel, senior vice president in Meridian’s New York City headquarters, negotiated the transaction.

July 16, 2013

Multifamily Texas

HFF ARRANGES $46M IN LOANS FOR TWO APARTMENT COMMUNITIES

by admin July 16, 2013

IRVING AND DEER PARK, TEXAS — HFF has arranged approximately $46 million in acquisition financing for the 560-unit Vistas at Hackberry Creek in Irving and the 216-unit Deer Park Apartments in Deer Park. Vistas at Hackberry Creek is located at 2527 W. Royal Lane and is 95.5 percent occupied. Deer Park Apartments is located at 401 W. Pasadena Blvd. and is 94 percent occupied. HFF arranged the loans on behalf of the borrower, Pure Multi-Family REIT LP. HFF placed the $29.5 million, 15-year loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors LLC. HFF secured a separate $16.5 million, 10-year loan for Deer Park Apartments through Freddie Mac's CME program. John Brownlee of HFF led the team in arranging the loans.

July 16, 2013

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