Multifamily

MCSHANE BEGINS CASA MARAVILLA SENIOR HOUSING PROJECT

by admin April 1, 2009

CHICAGO — Rosemont, Ill.-based McShane Construction Co. has commenced construction for Casa Maravilla, a five-story, affordable senior housing project located at 2021 S. Morgan St. in Chicago’s Pilsen neighborhood. The project will comprise 73 rental units in a mix of studio, one- and two-bedroom units. Community amenities will include a dining area, a community room, a therapy room, a library and a recreation room. The project is registered under Chicago’s Green Homes program; sustainable features will include a green room, a geothermal HVAC system, an eco-friendly elevator structure, Energy Star appliances and permeable pavement surfaces. Weese Langley Weese is serving as project architect, and completion is scheduled for June 2010. McShane is building the project for The Resurrection Project, a non-profit affordable housing developer. McShane is building a second Chicago project for The Resurrection Project, a seven-story, 45-unit affordable housing project named Casa Morelos that is scheduled for completion this summer.

April 1, 2009

DMR PICKED TO DESIGN 50-UNIT SENIOR HOUSING PROJECT

by admin March 31, 2009

LYNDHURST, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected to provide design and construction management services for the development of a 50-unit affordable senior housing project, located at the corner of Valley Brook Avenue and Warren Street in Lyndhurst. The project will total five stories with mostly one-bedroom units. Building amenities include a community room, administrative offices, an activities room, laundry facilities, a mailroom and 24 off-street parking spaces. Construction is expected to begin in 2010. The project is being developed by Domus Corp., which is leasing the site for a 40-year term from the nearby Sacred Heart Catholic Church. Domus will be working in conjunction with the Catholic Charities organization of the Archdiocese of Newark, N.J. Construction financing is being provided by the HUD Section 202 program.

March 31, 2009

Multifamily Southeast

208-UNIT APARTMENT COMPLEX FETCHES $7.12 MILLION

by admin March 31, 2009

JACKSONVILLE, FLA. — An undisclosed REIT has sold the 208-unit Pinebrook Apartment Homes, located at 7500 Powers Ave. in Jacksonville, to an undisclosed buyer for $7.12 million. The property encompasses 14 two-story buildings. Stewart Weston of Marcus & Millichap’s Long Beach, Calif., office and David Hsieh of the firm’s Jacksonville office brokered the sale.

March 31, 2009

Multifamily Western

MULTIFAMILY PROPERTY TRADES HANDS FOR $1.3 MILLION

by admin March 31, 2009

LYNWOOD, CALIF. — Maurius Jeffrey of Marcus & Millichap brokered the disposition and acquisition of a 13-unit apartment building in Lynwood. Located at 3582 Brenton Ave., the property sold for $1.3 million. The asset features seven one-bedroom/one-bath units, five two-bedroom/two-bath units, a two-bedroom/two-bath unit, individual garage parking and an enclosed courtyard. The buyer and seller were not disclosed.

March 31, 2009

Multifamily Western

KEYBANK REAL ESTATE CAPITAL CLOSES $4.9 MILLION MULTIFAMILY LOAN

by admin March 31, 2009

LOUISVILLE, COLO. — KeyBank Real Estate Capital has closed a $4.9 million Fannie Mae loan for Grandview Flatirons, a 130-unit apartment community in Louisville. Built in 1990, the property is owned by Meadow Ridge Apartments Ltd.

March 31, 2009

Multifamily Western

FAY LANE APARTMENTS FETCHES $1.1 MILLION

by admin March 31, 2009

ANAHEIM, CALIF. — Jonathan Mitchell and Christopher Stensby of Marcus & Millichap represented the undisclosed seller in the disposition of Fay Lane Apartments. Located in Anaheim, the nine-unit apartment property sold for $1.1 million.

March 31, 2009

Multifamily Southeast

FIRM RECEIVES LOAN FOR 172-UNIT APARTMENT COMPLEX

by admin March 30, 2009

LAKE CHARLES, LA. — Raintree Investment Corp. Thirteen has borrowed a $4.53 million refinance loan for its 172-unit Whispering Pines Apartments in Lake Charles. The loan carries a 6.25 percent interest rate and a 40-year amortization. With the loan, Raintree made $90,000 worth of upgrades to the 127,680-square-foot property. Love Funding secured the HUD loan.

March 30, 2009

Multifamily Texas

METRO WING LLC CLOSES 59-UNIT MULTIFAMILY SALE

by admin March 30, 2009

GARLAND, TEXAS — Metro Wing LLC, a Denver-area investment group, has acquired a 59-unit multifamily community in the Dallas/Fort Worth suburb of Garland. The group purchased the foreclosed property, Kent Apartments, from the Wachovia Bank REO division for $900,000. Kent Apartments, which was put into foreclosure last fall, consists of one- and two-bedroom units throughout four buildings on 2.1 acres. Metro Wing has implemented a 60-day property stabilization plan and improvements are already under way.

March 30, 2009

Multifamily Western

941-UNIT PACIFIC BEACON OPENS

by admin March 30, 2009

SAN DIEGO — The Department of the Navy and Clark Realty Capital have completed the development of Pacific Beacon at Naval Base San Diego. The three-story luxury high-rise residences can accommodate more than 1,800 unaccompanied service members stationed in the San Diego metro area. Constructed by Clark Construction Group and Clark Builders Group, the property features 941 dual master suites; a Sky Terrace with a heated pool and hot tub; a rooftop lounge with fire pits, outdoor seating and barbecues; a WiFi café; game rooms; a poker room; a grand lobby with a large indoor fireplace; a courtyard with grill areas; three fitness facilities; two sand volleyball courts; two basketball courts; two horseshoe pits; a running track and a sports field. Torti Gallas and Partners provided architectural services for the project.

March 30, 2009

Multifamily Western

EL TEROSO APARTMENTS SELLS FOR $3.8 MILLION

by admin March 30, 2009

EL CAJON, CALIF. — John and Cynthia Grooms have acquired El Teroso Apartments in El Cajon for $3.8 million. Located at 434-456 S. Mollison Ave., the 41-unit, 32,875-square-foot property features studio, one- and two-bedroom units, as well as one- and four-bedroom houses. The property also features a pool and a landscaped courtyard. Eric Comer, Jim Neil and Merrick Matricadi of CB Richard Ellis represented the buyer and the seller, First Regional Bank, in the transaction.

March 30, 2009

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