Multifamily

UIP COMPLETES $4.5 MILLION APARTMENT RENOVATION

by admin June 13, 2013

WASHINGTON, D.C. — UIP General Contracting has completed the $4.5 million renovation of the Takoma Flats apartment community in Washington, D.C. The general contractor created 17 new units, bringing the community’s total to 88 units. Additional work included upgrading building HVAC and electrical systems, renovating all unit interiors, and creating in-ground patios for terrace-level units. UIP completed the work for Rock Creek Property Group and Baybridge Group, which purchased the property in November 2011.

June 13, 2013

BEECH STREET ARRANGES $38M LOAN TO REFINANCE UNION

by admin June 13, 2013

NEW YORK CITY — Beech Street Capital has closed on a $38 million Freddie Mac CME loan to refinance The Union, a 95-unit apartment property in the Williamsburg section of Brooklyn. The property features amenities such as 24-hour doorman/concierge, swimming pool, rooftop terraces and a fitness center. Aaron Appel of Meridian Capital Group originated the loan on behalf of Beech Street. The loan carries a 10-year-term, 9.5 years of yield maintenance, and a 30-year amortization schedule.

June 13, 2013

Multifamily Northeast

BROOKLYN DEVELOPMENT SITE SELLS FOR $11M

by admin June 13, 2013

NEW YORK CITY — Hudson Cos. has acquired a development site for a planned 23-story, 245-unit rental building at 626 Flatbush Ave. in Brooklyn for $11 million. Jonathan Berman, Shimon Shkury, Michael Tortorici and Victor Sozio of Ariel Property Advisors represented the seller, a private investor, as well as the buyer, Hudson Cos. The property features 100 feet of frontage on Flatbush Ave. and a 52,265-square-foot parking lot, which is located near the Prospect Park Zoo, Brooklyn Botanical Gardens and two blocks from the B, Q and S subway lines.

June 13, 2013

Multifamily Western

DEL ARTE LOFTS & FLATS IN AURORA CHANGES HANDS

by admin June 13, 2013

AURORA, COLO. – The 351-unit Del Arte Lofts & Flats in Aurora has sold to E2M Strategic Fund, LP for an undisclosed sum. The community is located at 151 S. Joliet Circle. E2M is E2M Partners’ fourth private equity fund. It teamed with Wood Partners on this particular fund. This is the seventh acquisition the fund has made, bringing its total assets under management to more than $160 million.

June 13, 2013

Multifamily Western

DENVER URBAN INFILL COMMUNITY RECEIVES A $64.3M REFINANCE

by admin June 12, 2013

DENVER – An urban infill apartment community in Denver has received $64.3 million in refinancing. The community was built in two phases. Phase I includes a 266-unit high-rise, Class A apartment community that was built in 2004. Phase II includes a 134-unit mid-rise, Class A apartment community that was built in 2012. The loans were originated under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. The sponsor is a joint venture between a privately held real estate organization in Boston and a public pension fund. The loan was provided by Berkeley Point Capital LLC.

June 12, 2013

Multifamily Western

AVALON HILLS CONDOMINIUMS IN PHOENIX SELLS FOR $5.6M

by admin June 12, 2013

PHOENIX – The 205-unit Avalon Hills Condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. BH Properties was represented by Bill Hahn of Colliers.

June 12, 2013

Multifamily Southeast

CAPITAL SQUARE REALTY ADVISORS ACQUIRES 102-UNIT APARTMENT COMMUNITY

by admin June 12, 2013

TALLAHASSEE, FLA. — Capital Square Realty Advisors has acquired a 102-unit apartment community in Tallahassee on behalf of an affiliate entity. Constructed in 1988, Ashford Club Apartments is located on 6.5 acres at 2055 Thomasville Road in the city’s Betton Hills submarket. The community features five three-story buildings containing one- and two-bedroom apartments ranging in size from 750 to 1,000 square feet. Amenities include a clubhouse with a full kitchen, a fireplace and a wetbar; a swimming pool with a sundeck; a spa; a fitness center; racquetball courts; a tennis court; a playground; and a dog park. The property was fully leased at the time of closing. The seller’s name and the purchase price were not released.

June 12, 2013

Multifamily Southeast

WOODFIELD INVESTMENTS PLANS MERCURY NODA COMMUNITY

by admin June 12, 2013

CHARLOTTE, N.C. — Woodfield Investments has acquired a nearly 3.9-acre site for $4.53 million with plans to construct the 250-unit Mercury NoDa, a transit-oriented apartment community in the Charlotte neighborhood of NoDa. NoDa, short for North Davidson, is Charlotte's historic arts district. The development will be built along the planned extension of the city's light rail system that will extend north of Uptown to the UNC Charlotte university area. Beau McIntosh, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the seller, a Charlotte-based private developer, in the land transaction.

June 12, 2013

Multifamily Southeast

KEYBANK ARRANGES $39.7 MILLION MIXED-USE REFINANCING

by admin June 12, 2013

GLEN ALLEN, VA. — KeyBank has secured $39.7 million in Fannie Mae funds for the refinancing of The Flats at West Broad Village in the Richmond suburb of Glen Allen. the Flats at West Broad Village comprises 339 Class A multifamily units and 170,000 square feet of attached retail space. The KeyBank team of Todd Goulet, Jeff Aycock, Dan Stegemoeller, Dan Silbert and Nate Weyer represented the borrower, San Diego-based Excel Trust. The loan carries a fixed interest rate and a 30-year amortization schedule.

June 12, 2013

Midwest Multifamily

ARLINGTON DEVCO HIRES AECOM FOR $53M HOTEL CONVERSION

by admin June 12, 2013

ARLINGTON HEIGHTS, ILL. — Arlington Devco LLC has hired Tishman Construction as construction manager and general contractor for the $53 million conversion of the former Sheraton Hotel in Arlington Heights. The reconstruction will transform the 13-story building into a 214-unit apartment and retail facility. The project features the renovation of the existing 300,000-square-foot tower, as well as the construction of a new 105,000-square-foot garage, new roadways, underground utilities and landscaping. A new subterranean parking garage will feature 312 parking spaces that will accommodate the new apartments. The project is slated for completion by summer 2014.

June 12, 2013

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