Multifamily

160-UNIT APARTMENT BUILDING SELLS FOR $13M IN PHILADELPHIA

by admin October 16, 2013

PHILADELPHIA — Marcus & Millichap has arranged the $13 million sale of Beechwood Gardens, a 160-unit apartment property in northeast Philadelphia. The sale equates to $81,250 per unit. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a New York-based limited liability company, and the buyer, a local limited liability company. Beechwood Gardens is located at 9805 Haldeman Ave. and is in close proximity to U.S. Route 1 and Interstate 95. Built in 1967 on 5.7 acres, Beechwood Gardens includes 80 one-bedroom units and 80 two-bedroom apartments. More than two-thirds of the units have been renovated.

October 16, 2013

AVANT CAPITAL ORIGINATES $1.4M BRIDGE LOAN IN BROOKLYN

by admin October 16, 2013

NEW YORK CITY — AVANT Capital Partners has originated a $1.4 million bridge loan secured by a condominium portfolio in Brooklyn. The developer of the portfolio used the two-year loan, which carries an interest rate of 10.75 percent, to pay off a discounted construction loan. The 13-story building includes a vacant ground-floor retail space and 38 residential condominiums that were completed and brought to market in 2009. The property is located at 55 Flatbush Ave. in the the Fort Green neighborhood of Brooklyn. Adam Luysterborghs, founding principal at AVANT, originated the loan.

October 16, 2013

Multifamily Texas

NORTHMARQ SECURES $24.1M LOAN FOR HOUSTON MULTIFAMILY PURCHASE

by admin October 16, 2013

HOUSTON — NorthMarq Capital has arranged $24.1 million in acquisition financing for The Palms on Westheimer, a 798-unit multifamily complex in the Galleria submarket of Houston. Terms of the loan include a five-year, fixed interest rate term with 18 months of interest-only payments and a 30-year amortization schedule. The property, located at 6425 Westheimer Road, offers efficiency, one- and two-bedroom floor plans, as well as amenities including a fitness center, movie cinema, outdoor spa and four resort-style pools. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing through a CMBS lender on behalf of borrower WOP Palms LLC.

October 16, 2013

Multifamily Western

WINDSOR GARDENS IN TUSTIN SELLS FOR $15M

by admin October 16, 2013

TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985. The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.

October 16, 2013

Multifamily Western

BROCKTON REGENCY IN LOS ANGELES SELLS FOR $3.3M

by admin October 15, 2013

LOS ANGELES – The eight-unit Brockton Regency in Los Angeles has sold to the Gleitman Family Trust for $3.3 million. The community is located at 1251 Brockton Ave. It was built in 1986. Paul Kenworthy of Charles Dunn represented both the trust and the seller, Dr. Patrick Shoon Shiong, in this all-cash transaction.

October 15, 2013

Multifamily Western

ALLISON WEST APARTMENTS IN LAKEWOOD SELLS FOR $1.7M

by admin October 15, 2013

LAKEWOOD, COLO. – A trio of apartment buildings located on Allison Street in Lakewood have sold to an unnamed buyer for $1.7 million. The communities are located at 1160, 1180, & 1198 South Allison Street. They comprise a total of 19,656 square feet, and all three were built in 1962. The buyer was represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors. The unnamed seller was represented by Matt Ritter, also of Pinnacle.

October 15, 2013

Multifamily Southeast

POLLACK SHORES BREAKS GROUND ON LUXURY MULTIFAMILY COMMUNITY

by admin October 15, 2013

LARGO, FLA. — Pollack Shores Real Estate Group has broken ground on Gateway North, a new luxury apartment community at 2681 Roosevelt Blvd. in Largo. The 342-unit community is within walking distance to retail, dining and transportation. The community will feature a lake, walking trail, resort-style clubhouse, pool, cabanas, fitness center, business center and an outdoor grilling/entertainment area. Occupancy will begin in spring 2014 with final completion slated for fall 2014. Matrix Residential will lease and manage the community.

October 15, 2013

Multifamily Southeast

HFF ARRANGES $16.4M REFINANCING FOR TAMPA APARTMENT COMMUNITY

by admin October 15, 2013

TAMPA, FLA. — HFF has arranged a $16.4 million refinancing for Wildwood Acres, a 340-unit multifamily community located at 13418 Dottie Drive in Tampa. The community is 99 percent occupied and includes one-, two-, three- and four-bedroom layouts. The complex’s amenity package includes two swimming pools, a laundry facility, picnic areas and a dog park. Elliott Throne, Todd Adams and Matt Mitchell of HFF arranged the seven-year loan through Freddie Mac’s CME program.

October 15, 2013

Midwest Multifamily

BALFOUR BEATTY COMPLETES 165-ROOM RESIDENCE HALL IN ILLINOIS

by admin October 15, 2013

LAKE FOREST, ILL. — Balfour Beatty Campus Solutions has completed the new $16 million Moore Hall redevelopment at Lake Forest College in suburban Chicago. The project began in August 2012 with the demolition of the previous Moore Hall structure. Construction on the new 62,000-square-foot building began in September 2012 and was completed in August. The 165-room student housing property includes two-bedroom, two-bath suites, as well as single-bedroom with bath floor plans. The north and south wings are connected by a midsection that contains a central lobby, laundry room, kitchen, multipurpose rooms and two elevators. Chicago-based architect Solomon Cordwell Buenz designed the new Moore Hall. Walsh Construction, also out of Chicago, was the construction and demolition partner on the project.

October 15, 2013

Midwest Multifamily

KISER GROUP BROKERS FOUR CHICAGO APARTMENT PROPERTY SALES

by admin October 15, 2013

CHICAGO — Kiser Group has arranged the sale of four apartment properties in Chicago totaling $9.2 million. The properties include a 14-unit building in Humboldt Park, a five-unit property in Lakeview, a 32-unit building in Old Irving Park and a 35-unit building in Rogers Park. The building at 1713-15 N. Humboldt Blvd. sold for $1.9 million and includes a mix of two- and three-bedroom units. The property located at 3437 N. Paulina St. sold for $1 million, and 4014-22 W. Melrose St. sold for $1.9 million. The 35-unit apartment building at 7522 W. Greenview Ave., which includes 25 parking spots, sold for $2.4 million.

October 15, 2013

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