Multifamily

CENTERLINE CAPITAL PROVIDES $7M TO APARTMENT BUILDINGS

by admin June 4, 2013

NEW YORK CITY — Centerline Capital Group has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn. Myrtle Avenue Apartments is a Class B multifamily portfolio that includes four five-story, walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the multifamily property includes 104 units. The borrower is 928 Myrtle Avenue LLC, a New York-based limited liability company. Proceeds from the loan will be used to replace two existing loans. The 10-year loan includes a 30-year amortization schedule. Anita Pins in the New York office of Marcus & Millichap Capital Corp. arranged the loan.

June 4, 2013

FOUNTAIN BREAKS GROUND ON TWO STUDENT HOUSING COMMUNITIES

by admin June 4, 2013

SAN ANTONIO AND HOUSTON — Dallas-based Fountain Residential Partners has broken ground on two student housing projects in Texas, which will house students from The University of Texas at San Antonio (UTSA) and The University of Houston (UH). Occupancy is slated to begin for fall 2014 for both Prado near UTSA and The Vue on MacGregor near UH. Prado, a 498-bed community with a 6,000-square-foot restaurant and 10,000-square-foot, two-level amenity center, will be located across the street from UTSA. The development will include granite countertops, open floor plans, wood-like flooring, stainless steel appliances, 50-inch flat-screen TVs with DVR and WiFi throughout. The Vue on MacGregor, a five-story, 347-bed community, is the first privately owned, off-campus student housing community serving UH. The project is located within walking distance to campus and near two new light-rail stations. Dallas-based Centerpoint Builders will be the general contractor for both projects. Dallas-based Grand Campus Living will provide leasing and management services for both communities. Stuart Roosth Architects designed Prado, and 5G Studio designed The Vue on MacGregor.

June 4, 2013

Multifamily Texas

ARA RAISES $15M IN JV EQUITY, $70M ACQUISITION FINANCING

by admin June 4, 2013

HOUSTON — In the sale of five multifamily communities in Houston, ARA's Capital Markets group in Houston raised $15 million in joint venture equity and $70 million in acquisition financing. Adam Allen of ARA led the team in the transactions. Allen raised equity from a large private equity fund in the sale of the 240-unit Hermann Park Plaza. Allen represented MM Properties in the deal. Allen also raised equity from a mid-market private equity fund in the sale of the 283-unit Palms at Walnut Creek. Allen originated a 10-year acquisition loan through Freddie Mac in conjunction with KeyBank for the 171-unit Parc Royale property in Houston's Westchase District. Allen represented Allen Harrison Co. in both the Palms at Walnut Creek and Parc Royale transactions. Allen also originated a 12-year loan through Freddie Mac in conjunction with KeyBank for the acquisition of Broadstone Uptown and Broadstone West Way in Houston's Galleria submarket. Allen represented Centennial Holdings in the deal.

June 4, 2013

Multifamily Western

OCEANSIDE APARTMENT COMPLEX SELLS FOR $4.1M

by admin June 4, 2013

OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.

June 4, 2013

Multifamily Western

AUSTIN COMMONS, GATEWAY APARTMENTS IN ALAMEDA COUNTY RECEIVES $40.5M

by admin June 3, 2013

HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

June 3, 2013

Midwest Multifamily

72-UNIT APARTMENT BUILDING SELLS FOR $8.2M

by admin June 3, 2013

ST. PAUL, MINN. — Marcus & Millichap has arranged the $8.2 million sale of Highlands on Graham, a 72-unit apartment property located in St. Paul. Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a partnership, in the transaction. An outside brokerage firm represented the seller. Highlands on Graham is located at 1910 and1920 Graham Ave.

June 3, 2013

Multifamily Northeast

TWO PENNSYLVANIA MULTIFAMILY PROPERTIES SELL FOR $4.9M

by admin June 3, 2013

BALA CYNWYD AND YARDLEY, PA. — Gebroe-Hammer Associates has arranged the sale of two multifamily properties in southeastern Pennsylvania for $4.9 million. The 37-unit Edge Hill Court, located at 25 Old Lancaster Road in Bala Cynwyd, traded for $4 million, or $109,400 per unit. Located in suburban Philadelphia’s historical Main Line region, the property includes three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. The seller was Edgehill Court LP and the buyer was Edgehill 25 LP. The second transaction was the 14-unit multifamily property located at 41 N. Delaware Ave. in Yardley, which sold for $890,000. Located on the Delaware River in Lower Bucks County, the property includes two-bedroom units, on-site parking and laundry facilities. The seller was 41 N Delaware Avenue Partners LP, and Kare Properties LLC was the buyer. Joseph Brecher and Eli Rosen of Livingston, N.J.-based Gebroe-Hammer Associates represented the sellers and procured the buyers in both transactions.

June 3, 2013

Multifamily Texas

COLONIAL PROPERTIES TRUST ACQUIRES DALLAS MID-RISE FOR $36.2M

by admin June 3, 2013

DALLAS — Birmingham, Ala.-based Colonial Properties Trust has purchased the 252-unit Colonial Reserve at Frisco Bridges, a Class A mid-rise apartment community in the Frisco submarket of Dallas, for $36.2 million. The community is located within a half mile of the Dr. Pepper Ballpark, home of the Texas Rangers' AA affiliate. The community features a resort-style pool, fitness center, controlled access parking and gourmet kitchens with stainless steel appliances and granite countertops.

June 3, 2013

Multifamily Western

AUSTIN COMMONS, GATEWAY APARTMENTS IN ALAMEDA COUNTY RECEIVES $40.5M

by admin June 3, 2013

HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

June 3, 2013

Multifamily Western

FOOTHILL PLACE APARTMENTS IN SALT LAKE CITY RECEIVES $49.6M

by admin May 31, 2013

SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.

May 31, 2013

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