Multifamily

BROWNSTONES AT CITYCENTRE COMPLETE

by admin March 2, 2009

HOUSTON — Houston-based Midway Cos. has completed construction for Brownstones at CITYCENTRE, part of the residential component of the $500 million CITYCENTRE mixed-use development located in Houston. Brownstones at CITYCENTRE features 35 three-story residences ranging in size from 3,245 to 3,722 square feet. Each home features a two-car garage, covered balconies and an elevator, as well as the choice of two to four bedrooms. The 37-acre CITYCENTRE project is located between Interstate 10W and the Sam Houston Tollway. Upon completion, it will comprise approximately 1.8 million square feet of retail, restaurant, office, residential and hotel space.

March 2, 2009

MARCUS & MILLICHAP BROKERS MULTIFAMILY SALE

by admin March 2, 2009

LOS ANGELES — Joshua Keimach and Robert Narchi of Marcus & Millichap’s West Los Angeles office represented both parties in the disposition and acquisition of 5704 Fountain Avenue, an apartment complex located in Los Angeles. Built in 1922, the 8-unit property sold for $800,000 or $185.30 per square foot.

March 2, 2009

Multifamily Southeast

RIVERSCAPE APARTMENTS RECEIVES $9.5 MILLION LOAN

by admin February 27, 2009

ODENTON, MD. — Riverscape LP has received a $9.5 million loan for its 280-unit Riverscape Apartments. The Class A property is located at 2600 Midway Branch Dr. in Odenton. Freddie Mac provided financing, and KeyBank Real Estate Capital secured the loan.

February 27, 2009

Midwest Multifamily

518-UNIT MULTIFAMILY PROPERTY PURCHASED FOR $15 MILLION

by admin February 27, 2009

INDIANAPOLIS — Boca Raton, Fla.-based Barry Geller Mortgage & Investments has brokered the sale of Creekwood Apartments located at 2100 Westlane Rd. in Indianapolis. The multifamily community, which is situated on a 54-acre site, houses 518 units. Englewood, N.J.-based MPI Management has purchased the property from St. Louis-based MREF 111 PROPERTIES 11 for $15 million.

February 27, 2009

Midwest Seniors Housing

HOLLAND CONSTRUCTION SERVICES COMPLETES SUPPORTIVE LIVING FACILITY

by admin February 27, 2009

MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services has completed the $4 million Fox Meadows Supportive Living Facility located on South Marshall Avenue in McLeansboro. The 30,430-square-foot senior living community houses 41 studio and one-bedroom apartments. The property includes a central full-service kitchen and dining room, and kitchenettes within individual residences. McLeansboro-based Blair Minton and Associates will manage the property. Sugar Grove, Ill.-based Gleason Architects provided design services for the project.

February 27, 2009

Multifamily Texas

COMPLETION NEARING FOR POST SIERRA APARTMENT COMMUNITY

by admin February 27, 2009

FRISCO, TEXAS — Atlanta-based Post Properties is nearing completion for Post Sierra at Frisco Bridges, a 269-unit luxury apartment community located in Frisco. The community comprises four-story buildings with one- and two-bedroom apartments that range in size from 600 to 1,300 square feet and range in price from $750 to $1,550 per month. Community amenities include wine lockers, a clubroom with a demo kitchen and flat screen televisions, a fitness center, an Internet café and a swimming pool. Post Sierra also features 30,000 square feet of retail space. It is part of the 36-acre Sierra Frisco master-planned project that is currently under development. The apartment project broke ground in late 2007; first move-ins are expected in April.

February 27, 2009

Multifamily Western

STATEN CREST APARTMENTS SELL FOR $1.95 MILLION

by admin February 27, 2009

OAKLAND, CALIF. — Joel Kelly of NAI BT Commercial’s Multifamily Group represented Wayne & Bette Tarr Revocable Trust in the acquisition of Staten Crest Apartments complex for approximately $1.95 million or $149,615 per unit. The 13-unit property feature nine 800-square-foot one-bedroom/one-bath units; one 950-square-foot one-bedroom/one-bath penthouse with city views and private elevator access; and three 1,050-square-foot two-bedroom/two-bath units with master suites. 373 Staten Trust sold the property, which is located at 373 Staten Ave.

February 27, 2009

Multifamily Southeast

$99 MILLION IN FLORIDA MULTIFAMILY PROJECTS UNDERWAY

by admin February 26, 2009

FLORIDA — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed design work for four multifamily properties currently under construction in Florida. The buildings span more than 1.6 million square feet and carry an estimated cost of $99 million. The 612-unit Glen at Cagan Crossings, located in Clermont, Fla., is being constructed by Winter Park, Fla.-based Walker & Co. Victoria Park, a 348-unit complex located in Polk County, Fla., is being built by Winter Park Construction. The 280-unit Lakeside Village Apartments, located in Windermere, Fla., is being built by Lake Mary, Fla.-based Altman Contractors. Lakeside Terrace, an 84-unit senior housing center located in Winter Haven, Fla., is being built by Altamonte Springs-based Picerne Construction.

February 26, 2009

Multifamily Northeast

GARDEN STREET LOFTS COMPLETE

by admin February 26, 2009

HOBOKEN, N.J. — Construction has been completed for Garden Street Lofts, a $16.8 million residential redevelopment project located in Hoboken. The project consisted of the conversion of a former coconut processing and storage warehouse first constructed in 1919 into 30 loft-style condominiums. A seven-story, 35,054-square-foot addition was built onto the existing 42,888-square-foot building. Garden Street Lofts features one-, two- and three-bedroom units, as well as 7,500 square feet of ground-floor retail space. It is applying for LEED-Silver certification, which would make it the only LEED-certified residential building in Hoboken upon receiving the designation. The project is currently 50 percent sold. Garden Street Lofts is owned by Bijou Properties LLC. The general contractor was Del-Sano Contracting Corp. and the project architect was Sharples Holden Pasquarelli Architects.

February 26, 2009

Midwest Multifamily

BMC CAPITAL ORIGINATES $1.16 MILLION MULTIFAMILY LOAN

by admin February 25, 2009

CHICAGO — Dallas-based BMC Capital has originated a $1.16 million loan for the acquisition of a multifamily property located at 2402 N. New England in Chicago. According to BMC Capital, the company was able to originate a non-recourse loan, as well as limit the costs, maximize the loan dollars and negotiate no holdbacks for deferred maintenance for the 25-unit apartment complex. Additional terms of the loan were not disclosed.

February 25, 2009

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