Multifamily

Interra Realty Brokers Sale of Four Multifamily Properties in Separate Transactions for $1.9M

by Christina Cannon October 23, 2015

CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.

October 23, 2015

Multifamily New York Northeast

New York REIT Sells 163 Washington Avenue

by Haisten Willis October 23, 2015

NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.

October 23, 2015

Multifamily New York Northeast

Akelius Buys Clinton Hill Apartment Property for $15M

by Jaime Lackey October 22, 2015

NEW YORK CITY — Akelius USA has purchased 415 Washington Avenue in the Clinton Hill neighborhood of Brooklyn for $15 million from DSA Management, which acquired the property for $10.25 million about a year ago. GFI Realty Services arranged the sale of the six-story, 25-unit apartment building in an off-market transaction. Erik Yankelovich and Shawn Sadaghati of GFI brokered the transaction. The pre-war building offers a mix of two-, three-, and four-bedroom residential units, which feature high ceilings, large closets and hardwood floors. Twelve of the apartments are free-market units, while four are rent-controlled, and nine are rent-stabilized.

October 22, 2015

$4.4-million-dollar-Refinance-loan-Brandon-LMI-Capital-Houston

Loans Multifamily Texas

LMI Capital Arranges $4.4M Refinancing Loan for Apartment Property in Houston

by Haisten Willis October 22, 2015

HOUSTON — Brandon Brown of LMI Capital has arranged $4.4 million in debt for the refinancing of a garden-style apartment complex in the Inner Loop East submarket of Houston. Brown worked on behalf of the borrower to obtain a seven-year, fixed-rate loan featuring two years of interest-only payments and a flexible prepayment structure. The borrower plans to use the excess loan proceeds to fund future development projects.

October 22, 2015

Indiana Midwest Multifamily

UMH Properties Acquires Three Manufactured Home Communities in Indiana for $36.1M

by Christina Cannon October 22, 2015

ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.

October 22, 2015

Georgia Multifamily Southeast

Alliance Residential Opens Apartment Community in Buckhead

by John Nelson October 22, 2015

ATLANTA — Alliance Residential Co. has opened Broadstone Court, a six-story, 250-unit apartment community located in Atlanta’s Buckhead district. The property is situated on Maple Drive, roughly a block between Peachtree and Piedmont roads and within walking distance of the Buckhead MARTA station. The apartment community’s units feature 9-foot ceilings, walk-in closets, white quartz countertops, stainless steel appliances, full-size washers and dryers, private balconies and open floor plans for studio, one- and two-bedroom residences. Community amenities include a resort-style swimming pool, cabana, fireplace, sundeck, outdoor bar, entertainment kitchen, clubroom with nine TVs, dog spa and a fitness center with a yoga room and spin studio.

October 22, 2015

California Multifamily Western

Adagio on the Green Debuts in Mission Viejo

by Nellie Day October 22, 2015

MISSION VIEJO, CALIF. — Wermers Properties has debuted the 256-unit Adagio on the Green luxury apartment complex in Mission Viejo. The community is located at 26600 Oso Parkway. Adagio sits adjacent to the Mission Viejo Country Club.

October 22, 2015

Multifamily New York Northeast

HFF Brokers Sale of Hudson Park in Yonkers

by Jaime Lackey October 21, 2015

YONKERS, N.Y. — Holliday Fenoglio Fowler LP (HFF) has brokered the sale of Hudson Park, a multifamily community situated along the Hudson River in downtown Yonkers. Strategic Capital purchased the property, which consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club. Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom units and approximately 15,500 square feet of office and retail space. Hudson Park North was completed in spring 2008 and has 294 one- and two-bedroom apartments, as well as a free-standing parking garage. The property also includes a nearly quarter-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor. The groundbreaking for this development occurred in mid-September with an expected completion date of mid-2017. The completed residential component of Hudson Park is 98 percent leased. HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. The HFF investment sales team representing the seller was led by Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Steve Simonelli and Michael Oliver. Shearman & Sterling LLP provided legal counsel to Strategic Capital …

October 21, 2015

Colorado Multifamily Seniors Housing Western

Lancaster Pollard Hires Rob McAdams to Open Office in Denver

by Nellie Day October 21, 2015

DENVER — Rob McAdams has joined Lancaster Pollard and will open a new office for the firm in Denver. McAdams will serve the lender’s clients in Colorado, Wyoming, Montana and Idaho and will oversee the structuring and funding of healthcare project financings for hospitals and senior living providers in those states. McAdams has been involved in investment sales and debt and equity structuring for the hotel and hospitality industry since 2005 and most recently served as a partner at U.S. Hotel Advisors in Denver. In that role, he oversaw all areas of hotel debt and equity financing transactions, including new business generation, negotiation of financing terms, selection of capital providers and orchestration of closing processes. He earned master’s degrees in finance, as well as real estate and construction management, from the University of Denver, Daniels College of Business. He received a bachelor’s degree in communications from the University of Colorado.

October 21, 2015

California Multifamily Student Housing Western

ACH Awarded Management of Property Near Cal Polytechnic

by Nellie Day October 21, 2015

SAN LUIS OBISPO, CALIF. — Asset Campus Housing has been selected as the management company of Mustang Village, a 1,006-bed student housing community. The property is located within walking distance of California Polytechnic University in San Luis Obispo. Mustang Village offers one-, two-, three- and four-bedroom units with private bedrooms and full-furnishing options. The student housing complex will undergo interior and exterior renovations to include upgraded flooring, cabinetry, counters, lighting, appliances and furniture. Upon completion of the renovations, amenities for the Mustang Village apartments will include a newly refurbished basketball court, BBQ grills, picnic area, computer lab, study room, TV lounge and pool.

October 21, 2015

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