CHICAGO — RREEF has purchased Cityfront Place, a 40-story, 480-unit multifamily tower located in Chicago, for $107 million. Constructed in 1991, Cityfront Place is situated at 400 N. McClurg Court along the Chicago River. RREEF, which made the purchase on behalf of RREEF America REIT II, plans to complete a capital improvements program in the near term. RREEF has developed two multifamily high-rise towers in downtown Chicago during the last six years and currently controls a portfolio comprising more than 9 million square feet of retail, residential, industrial and office space in the Chicagoland market.
Multifamily
BLOOMINGTON, MINN. — France 98 Apartments, a 118-unit multifamily property located in Bloomington, has been refinanced with a $9.24 million loan. Constructed in 1986, the property features controlled entry, fitness centers, clubrooms, barbecue areas, individual storage units, and an underground parking garage. Occupancy was 95 percent at the time of closing. Jason Rice of Grandbridge Real Estate Capital originated the loan on behalf of the undisclosed borrower. Andrew Tapley of Walker & Dunlop arranged the deal.
NEW JERSEY — A joint venture between Vantage Properties and Angelo, Gordon & Co. have purchased AIG's 2,200-unit Central New Jersey multifamily portfolio for $241.5 million. It contains six properties located in Plainsboro, Neptune, Long Branch, Matawan and South River.
BRONX, N.Y. — Sierra Realty Corp. has acquired a three-building portfolio of multifamily properties in the Bronx for $15.5 million through affiliate entities Miles Sherman, LLC, Coltrane Hoe, LLC and Thelonius GC, LLC. The buildings include the 76-unit 1515 Grand Concourse, the 46-unit 1136 Sherman Ave. and the 53-unit 1052 Hoe Ave. Mortgage financing of $11.62 million was obtained through Bridgehampton National Bank. Stuart Stein of SBS Associates represented the seller.
NEW YORK CITY — Ava Property Group has sold a 20-unit apartment building located at 527 West 48th St. in New York City to Ranger Management for $3.82 million. Christoffer Brodhead of New York City-based Massey Knakal was the sole broker in the transaction.
HOUSTON — McCann Realty Partners, LLC has acquired Estancia at Shadowlake apartments in the Alief/Westchase submarket of metropolitan Houston. The 324-unit, garden-style multifamily community was built in 2005 and will be managed by Pegasus Residential, LLC. Wells Fargo Multifamily Capital originated a 7-year Freddie Mac fixed-rate loan with a rate of 4.42 percent for the acquisition.
BLOOMINGTON, IND. — Champaign, Ill.-based Regency Associates has acquires two student housing communities located near the campus of Indiana University in Bloomington from Kensington Realty Associates. The two properties, Hoosier Court and Hoosier Court at Henderson, are both located approximately one mile from campus and contain a total of 644 beds. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group and National Student Housing Group represented Kensington in the deal. The acquisition price was not released.
LOS ANGELES — Charles Dunn Company has completed the sale of an 18-unit multifamily property in Los Angeles for $4.42 million. The property, located at 817 Wilcox Ave., was built in 2004. Charles Dunn's Michel Hibbert represented the buyer, 821 Wilcox Avenue, LLC. KW Commercial's David Meir represented the seller, 813 Wilcox LLC.
NORTH HOLLYWOOD, CALIF. — Hendricks & Partners has sold the 48-unit NoHo Morrison Lofts in North Hollywood to an unnamed buyer for $8.85 million. It was purchased at a sub-5-percent cap rate with upside in the rents. The seller, Province Group, INC/Legacy Homes at Palisades, LLC, was represented by Hendricks & Partners' Melinda Russell.
CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.