Multifamily

MASSEY KNAKAL BROKERS $3.7 MILLION APARTMENT SALE

by admin April 21, 2009

NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of a five-story, walk-up apartment building, located at 59 Morton St. in the Greenwich Village neighborhood of Manhattan, New York City. The property traded for $3.7 million. It totals 6,680 square feet and contains two rent-stabilized units, one rent-controlled unit, and a vacant parlor and third floor. Massey Knakal’s John Ciraulo and James Nelson negotiated the transaction between the two undisclosed parties.

April 21, 2009

54-UNIT APARTMENT PROPERTY FETCHES $9.75 MILLION

by admin April 21, 2009

VALLEY VILLAGE, CALIF. — Jeffrey Louks of Marcus & Millichap and Vince Norris of Hendricks & Partners represented the undisclosed seller in the disposition of a 54-unit apartment complex in Valley Village. Located at 5717 Laurel Canyon Blvd., the property sold for $9.75 million. The buyer was not disclosed.

April 21, 2009

Multifamily Southeast

UIP OPENS RENOVATED APARTMENTS IN DUPONT CIRCLE

by admin April 20, 2009

WASHINGTON, D.C. — Locally-based Urban Investment Partners (UIP) has completed its full-building renovation of The Shelby, a 24-unit luxury apartment building, which is located at 1706 T St. N.W. in the Dupont Circle-Adams Morgan neighborhood of Washington, D.C. UIP acquired the property through its $60 million Washington Residential Fund II in 2007 and completed a $2 million rehabilitation on the building, which was formerly The Absecon. The revitalized property now features granite countertops, stainless steel appliances, concealed television and Internet wiring, central HVAC and a boutique hotel-style resident lobby, as well as monitored access and video security cameras.

April 20, 2009

Multifamily Northeast

MASSEY KNAKAL BROKERS $15.5 MILLION APARTMENT SALE

by admin April 20, 2009

NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of four contiguous apartment buildings, located at 526-546 E. 82nd St. in New York City, for $15.5 million. The six-story, walk-up buildings contain 106 residential units and one commercial unit. The units are a mix of market rate and rent controlled; they include 88 two-bedroom units, 17 one-bedroom units and one studio. Massey Knakal’s Tom Gammino and Paul Massey negotiated the transaction. Both parties were undisclosed. The properties traded at a 6.8 percent capitalization rate.

April 20, 2009

Multifamily Western

APARTMENT COMPLEX CHANGES HANDS FOR $3.2 MILLION

by admin April 20, 2009

NORTH HOLLYWOOD, CALIF. — H K Properties has purchased a 24-unit apartment complex, which is located at 12717-33 Barbara Ann St. in North Hollywood, for $3.2 million or $133,333 per unit. The 23,232-square-foot property offers 12 two-bedroom/one-bath units, 12 three-bedroom/one-and-a-half bath units, balconies, patios, on-site laundry facilities and vaulted ceilings. The seller was Trion Properties LLC. Rick Raymundo of Marcus & Millichap represented both parties in the transaction.

April 20, 2009

Multifamily Southeast

352-UNIT APARTMENT COMPLEX COMPLETE

by admin April 17, 2009

RINCON, GA. — The Southeast regional office of Rosemont, Ill.-based McShane Construction Co. has completed Continental Properties Co.’s 352-unit The Springs at Effingham apartment complex. The 430,000-square-foot property spans 32 acres at 617 Towne Park West Dr. in Rincon. Complex amenities include a pool and a clubhouse with a business center, conference facility, kitchen and multi-purpose room. MSA Architects designed the property, which encompasses 22 16-unit buildings.

April 17, 2009

Multifamily Northeast

CPC AND HPD PROVIDE AN ADDITIONAL $2.9 MILLION LOAN FOR RENOVATIONS

by admin April 17, 2009

NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided an additional loan of $2.9 million for the renovation of two rental buildings in the Hamilton Heights section of Harlem in Manhattan, New York City. The two six-story buildings are located at 540-550 West 144th Street and contain 60 rental units. The original loan was $7.9 million, but CPC provided an additional $535,000 on its portion of the loan and HPD has provided an increase of $2,453,359 for the installation of a new elevator and new sheetrock, improvements not initially included in the scope of work. The developer is a Housing Development Fund Corporation, which is sponsored by the Urban Homesteading Assistance Board.

April 17, 2009

Multifamily Texas

LMI CAPITAL ARRANGES $3.7 MILLION APARTMENT ACQUISITION LOAN

by admin April 17, 2009

HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $3.7 million in acquisition financing for Forest Pointe Apartments, a 270-unit multifamily community located in Houston. LMI’s Brandon Brown secured the loan, which carries a fixed interest rate. The borrower and lender were undisclosed.

April 17, 2009

Multifamily Western

RE/MAX COMMERCIAL BROKERS $9.5 MILLION MULTIFAMILY SALE

by admin April 17, 2009

SHERMAN OAKS, CALIF. — Jared Levine of RE/MAX Commercial – Sherman Oaks represented the undisclosed Los Angeles-based buyer in the acquisition of a two-building multifamily property. Located in Sherman Oaks, the 80-unit property sold for $9.5 million. Hirsch Sherman of RE/MAX Commercial – Sherman Oaks represented the undisclosed San Fernando Valley, Calif.-based seller in the transaction.

April 17, 2009

Multifamily Western

LOVE FUNDING SECURES $9.4 MILLION LOAN FOR MULTIFAMILY COMPLEX

by admin April 17, 2009

COLORADO SPRINGS, COLO. — Love Funding has secured a $9.4 million refinance loan for Apollo Village, a multifamily property located in Colorado Springs. The 496,623-square-foot property features 216 apartment units. The borrower, Apollo Apartments LLC, received a 6.25 percent fixed-rate loan with a 35-year amortization schedule.

April 17, 2009

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