Multifamily

Goodman Group to Open 19-Unit Memory Care Addition to Community in California

by Nellie Day December 1, 2015

LOS ALAMITOS, CALIF. — Minnesota-based operator The Goodman Group will hold a grand opening Thursday for Pearl Garden, a 19-unit memory care community within the Katella Senior Living community in the Los Alamitos submarket of Los Angeles. Pearl Garden will add memory care to the community’s existing independent living and assisted living units. The new units are intended to allow residents to age in place at Katella longer. Alamitos West Health Care Center, a skilled nursing and rehabilitation community also managed by Goodman Group, is located on the same campus. The full-service Los Alamitos Medical Center is located across the street.

December 1, 2015

Colorado Multifamily Western

Denver Apartment Complex Sells for $2.5M

by Nellie Day December 1, 2015

DENVER – A local buyer has purchased a 15-unit apartment complex in Denver for $2.5 million. The community is located at 3005-3015 E. 14th Ave. The vintage building is situated in Congress Park. Jim Knowlton of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.

December 1, 2015

Multifamily Texas

HFF Arranges Sale of 411-Unit Apartment Community in San Antonio

by Haisten Willis December 1, 2015

SAN ANTONIO, TEXAS — HFF has arranged the sale of The Place at Overlook, a 411-unit apartment community in San Antonio. HFF marketed the asset on behalf of MC Cos. My Residential, a private company based in Denver, purchased the property on a loan assumption basis for an undisclosed price. The Place at Overlook is situated on 16 acres at 4934 Woodstone Drive near the intersection of I-10 and Huebner Road in northwest San Antonio. The 31-building property includes 294,000 rentable square feet and offers a mix of one- and two-bedroom units. Community amenities include a swimming pool, full-size sport court, sand volleyball court, fitness center and a clubhouse. Matt Pohl and Sean Sorrell led the HFF investment sales team representing the seller.

December 1, 2015

Multifamily Texas

M&M Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis December 1, 2015

MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Tradewinds, a 308-unit multifamily asset in Mesquite. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office, along with Marc Sommer of the firm’s Chicago Downtown office, represented the seller. Fluellen, Hoover and Sean Scott, an associate in the Dallas office, procured the buyer. The property is located at 2136 Tradewind Drive with frontage along North Town East Boulevard. Built in 1967 on 13.1 acres, Tradewinds features five floor plans. The average unit size is 836 square feet and the majority are two- and three-bedroom apartments. Recent improvements include roof replacements on four buildings, the installation of a new chiller, cooling tower and hot water boiler and parking lot repairs. Approximately 120 units have undergone interior upgrades including vinyl flooring, updated appliances, new carpet and faux granite countertops.

December 1, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Negotiates $27M Sale of Development Site in Brooklyn

by Amy Works December 1, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 1, 2015

Multifamily New York Northeast

Alpha Realty Arranges $10.5M Sale of Multifamily Property in Brooklyn

by Amy Works December 1, 2015

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 36-40 Linden St. in Brooklyn’s Bushwick section. A local private investor sold the property to Manhattan-based buyers for $10.5 million. The four-story building includes 38 apartments. Glenn Raff of Alpha Realty represented the buyers, while Lev Mavashev, also of Alpha Realty, represented the seller in the transaction.

December 1, 2015

Affordable Housing Illinois Midwest Multifamily

U.S. Bank Provides $17.4M in Equity for Affordable Housing in Chicago

by Christina Cannon December 1, 2015

CHICAGO — U.S. Bank has provided a $17.4 million equity investment in a 78-unit affordable housing multifamily project in Chicago. Park Place Family will be located at the intersection of West 50th Street and South Millard Avenue. Brinshore Development LLC and Back of the Yards Neighborhood Council will develop the project. The development is estimated to cost $27 million. The units will range from one to three bedrooms. Two units will be built for vision- or hearing-impaired residents, and four units will be accessible for handicapped residents. Eligible tenants will earn between 50 and 60 percent of the area’s median income. Rents will range from $546 for a one-bedroom unit to $960 for a three-bedroom unit. Site preparation is underway, and completion is slated for February 2017.

December 1, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers $6.5M Sale of Apartment Building in Chicago

by Christina Cannon December 1, 2015

CHICAGO — Marcus & Millichap has brokered the sale of a 19-unit apartment property in Chicago. The building, located at 3161 N. Orchard St., sold for $6.5 million. The three-story asset was fully renovated in 2013. Upgrades included granite countertops, new kitchen cabinets, stainless steel appliances, new bathrooms, plumbing and electric, porches and newly stained hardwood floors. Kyle Stengle listed the property on behalf of the seller and secured the buyer in the transaction. Both parties were limited liability companies.

December 1, 2015

Colorado Multifamily Western

Village West Apartments in Arvada Sells for $9M

by Nellie Day November 30, 2015

ARVADA, COLO. — 29th St. Management LLC has purchased the 58-unit Village West apartment complex in Arvada for $9 million. The community is located at 12155 West 58th Place. It was built in the 1972. The buyer plans to renovate the property. Andy Hellman and Justin Hunt represented the seller, Village West Investment Group LLC, in this transaction.

November 30, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 112-Unit Apartment Complex in Austin MSA

by Haisten Willis November 30, 2015

ROUND ROCK, TEXAS — ARA Newmark has arranged the sale of Brushy Creek Village, a 112-unit apartment community located in Round Rock, a suburb of Austin. The property was 100 percent occupied at the time of the sale. Andrew Shih and James Young of ARA Newmark represented the seller, Steinmetz Family Trust, in the transaction. NGKF Capital Markets and ARA Newmark’s Patrick Short arranged financing through Freddie Mac on behalf of the buyer, a private investor out of San Diego. Brushy Creek Village is a garden-style community that was constructed in 1984 with brick and wood siding. Community amenities include a pool, laundry facilities, eight-foot ceilings and a washer and dryer connection in select units.

November 30, 2015

Newer Posts

Older Posts