Multifamily

ARA SECURES SALE OF SUMMERCREEK APTS.

by admin September 11, 2012

SAN ANTONIO — ARA has brokered the sale of the 180-unit Summercreek Apartments, located at 11851 Belair Drive in San Antonio. The apartment is currently 93 percent occupied and features two swimming pools with a waterfall, a fitness center, sports court, playground and a barbecue area. Casey Fry of ARA's San Antonio office represented the seller, New Jersey-based Wilshire Enterprises, in the transaction. Santa Ana, Calif.-based SGI Partners is the buyer, and Summercreek is the company's first Texas property.

September 11, 2012

COURTYARD APARTMENTS IN BROOMFIELD SELLS FOR $5.4M

by admin September 11, 2012

BROOMFIELD, COLO. – The 82-unit Courtyard Apartments in Broomfield has sold to a private individual for $5.4 million. The property was 91 percent occupied at the time of this REO sale. The seller was represented by Terrance Hunt and Shane Ozment of ARA Colorado.

September 11, 2012

Seniors Housing Western

AUTUMN YEARS AT NEWPORT MESA RECEIVES $5.14M REFINANCE

by admin September 11, 2012

COSTA MESA, CALIF. – The 40-bed Autumn Years at Newport Mesa has received a $5.14-million loan refinancing. The facility was built in Costa Mesa in 1999. It specializes in memory impairments like Alzheimer’s, Parkinson’s and other related dementias. Financing was secured by Artin Anvar of Love Funding’s Washington office. It was arranged for AY Newport Mesa LP.

September 11, 2012

Multifamily Southeast

MULTIFAMILY PROJECT SELLS FOR $5.45M

by admin September 10, 2012

SUFFOLK, VA. — A 216-unit multifamily development, located in Suffolk, has sold for $5.45 million. The 10.6-acre parcel is a fully entitled multifamily site, which is part of an approximately 148-acre mixed-use development. The Florida-based buyer plans to begin construction by year's end. Dan Johnson and Hank Hankins of CBRE/Hampton Roads represented the seller in the transaction.

September 10, 2012

Multifamily Northeast

LOFT BUILDING WITH ROOFTOP GARDEN SELLS FOR $10.2M IN FLATIRON DISTRICT

by admin September 10, 2012

NEW YORK CITY — Waterbridge Capital has acquired 37 W. 19th St., a seven-story loft building with ground-floor retail in Manhattan for $10.2 million. The building contains six full-floor units atop a retail center. Brian Hosey of Marcus & Millichap represented the seller, a private investor in the transaction. Michael Federman and Peter Mannarino of Federman Steifman were the seller's attorneys. Hosey also represented the buyer.

September 10, 2012

Multifamily Texas

LMI ARRANGES TWO MULTIFAMILY LOANS

by admin September 10, 2012

BEDFORD AND FORT WORTH — LMI Capital has arranged $7 million in loans for two multifamily properties: Cottages of Bedford Apartments at 2000 Park Place Blvd. in Bedford and Travis Gardens Apartments at 2901 Travis Ave. in Fort Worth. Chris Pollard of LMI Capital arranged $5 million in acquisition financing with a 10-year term through Fannie Mae for Cottages of Bedford. Pollard also arranged a $2 million loan with a 10-year term for the borrower to pay off existing debt for Travis Gardens.

September 10, 2012

Multifamily Southeast

JV BREAKS GROUND ON $63M SKYHOUSE ORLANDO

by admin September 7, 2012

ORLANDO, FLA. — A joint venture between Novare Group, Batson-Cook Development Co. and Palmetto Realty Advisors has started construction on the $63 million, 320-unit SkyHouse Orlando, a multifamily high-rise located at Livingston Street and Magnolia Avenue in Orlando. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in the third quarter of 2013.

September 7, 2012

Multifamily Southeast

SILVER PINES APTS. SELLS FOR $6.26M

by admin September 7, 2012

ORLANDO, FLA. — The 240-unit Silver Pines Apartments, a multifamily community located at 5402 Pine Chase Road in Orlando, has sold for $6.26 million. Cole Whitaker, Hal Warren and Jason Stanton of Hendricks & Partners represented the seller, a Dallas-based special servicer, in the transaction.

September 7, 2012

Multifamily Southeast

POH BUYS GA. APT. COMPLEX FOR $4.5M

by admin September 7, 2012

ELLENWOOD, GA. — PointOne Holdings has acquired the 240-unit Cobblestone Flats, a multifamily community located at 2445 Rex Road in Ellenwood, for $4.5 million. The buyer plans to implement a capital improvement plan to enhance the property's curb appeal, interiors, amenity package and clubhouse. The community will also be rebranded as The Oaks at Ellenwood. Southeast Apartment Partners represented the seller in the transaction.

September 7, 2012

Multifamily Northeast

PRIVATE INVESTOR SELLS 32-UNIT APARTMENT BUILDING IN NYC

by admin September 7, 2012

NEW YORK CITY — Marcus & Millichap has arranged the $6 million sale of 4220-4228 Broadway, a 32-unit apartment property in New York City. Marco Lala of Marcus & Millichap represented the seller, a private investor, in the transaction. Peter Von Der Ahe represented the buyer, also a private investor. Lala has sold nearly a dozen New York City buildings on behalf of the seller, who is divesting of New York properties and acquiring suburban multifamily properties in New Jersey and Pennsylvania.

September 7, 2012

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