Multifamily

Indigo Creek Apartments in Glendale Sells for $40.5M

by Nellie Day November 12, 2014

GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave. Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages. Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services. The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.

November 12, 2014

Midwest Minnesota Multifamily

M&M Brokers $2.5M Sale of Apartment Property in Cambridge, Minn.

by John Nelson November 12, 2014

CAMBRIDGE, MINN. — Marcus & Millichap has brokered the $2.5 million sale of Calhoun Apartments, a 48-unit apartment property located in Cambridge. Calhoun Apartments is located at 414 Calhoun Place N. and 514 Calhoun Terrace. The 48-unit community consists of two 24-unit buildings that include one- and two-bedroom apartments. Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Evan Miller of Marcus & Millichap, along with Gunderson and Linnell, represented the buyer, a limited liability company.

November 12, 2014

Loans Midwest Multifamily Ohio

Pillar Originates $11.7M Fannie Mae Loan for Multifamily Property in Columbus

by Danielle Everson November 11, 2014

COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.

November 11, 2014

Multifamily New York Northeast

Time Equities, Hamlin Ventures Acquire 34 Prince Street in Manhattan

by Amy Works November 11, 2014

NEW YORK CITY — Co-developers Time Equities and Hamlin Ventures have acquired 34 Prince Street, the former convent and school of St. Patrick’s Old Cathedral complex in Manhattan’s Northern Little Italy neighborhood, for $30.7 million. The joint venture plans to transform the property, which was built in 1825, into a seven luxury condominium residences and two townhomes. Designed by Marvel Architects, the renovated property will feature two townhomes ranging in size from 9,000 to more than 10,000 square feet, and loft residences ranging in size from 2,600 to nearly 5,000 square feet, with many featuring private outdoor space. CORE will handle the sales for the townhomes, which offer home customization options. This acquisition is the second development venture for the team. Its first project, 14 Townhouses, was completed in spring 2014.

November 11, 2014

Loans Multifamily New Jersey Northeast Seniors Housing

Oak Grove Capital Arranges $8.2M FHA Financing for Senior Apartment Community

by Amy Works November 11, 2014

TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.

November 11, 2014

Multifamily New York Northeast

Marcus & Millichap Brokers $1.65M Apartment Building Sale in Brooklyn

by Amy Works November 11, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of 377 Manhattan Avenue in Brooklyn. The six-unit apartment building sold for $1.65 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office listed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.

November 11, 2014

Florida Multifamily Southeast

CBRE Brokers $52M Sale of The Manor in Plantation

by John Nelson November 11, 2014

PLANTATION, FLA. — CBRE has brokered the $52 million sale of The Manor in Plantation, a newly developed 197-unit apartment community. The mid-rise and townhome residential asset is located at 601 N.W. 82nd Ave. in Plantation. The Manor LLC purchased the apartment community from Veranda II Apartments LLC and Veranda II Townhomes LLC. The Manor’s rents have been averaging $1.99 per square foot and the property was 90 percent occupied at the time of sale. Amenities include a beach entry pool with a hot tub, clubroom with flat screen TV and WiFi loft, billiards and poker room, private dining room, business center with conference room, theater and a fitness center. Robert Given, Zachary Sackley, Gerard Yetming and Neal Victor of CBRE represented the seller in the transaction. Related Group of Florida delivered The Manor in 2013.

November 11, 2014

Georgia Multifamily Southeast

Oak Coast, IMG Purchase Legacy Key Apartments in Metro Atlanta for $30M

by John Nelson November 11, 2014

SANDY SPRINGS, GA. — Oak Coast Properties and IMG have purchased Legacy Key Apartments, a 350-unit, Class B multifamily community in Sandy Springs, a northern suburb of Atlanta. Oak Coast and IMG purchased the asset from DRA Advisors LLC. Oak Coast is planning a $2 million capital improvement program for the property that includes a rebranding. Units average 959 square feet and are configured in both garden-style and townhome formats. Legacy Key’s amenity package includes controlled access gates, a clubhouse, business center, fitness center, two swimming pools, two lighted tennis courts, gazebo, picnic and grilling areas, car care center and a laundry facility.

November 11, 2014

Multifamily Southeast Virginia

ARA Brokers Sale of Infinity Apartments in Arlington

by John Nelson November 11, 2014

ARLINGTON, VA. — ARA has brokered the sale of Infinity Apartments, a 227-unit, mid-rise apartment community in Arlington. Washington, D.C.-based Capital Investment Advisors acquired the property from San Francisco-based Carmel Partners for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Carmel Partners in the transaction. Capital Investment Advisors plans to make upgrades to the common areas of the apartment community, which was constructed in 1959 and renovated in 2011. Occupancy at the time of the sale was 96.7 percent.

November 11, 2014

California Multifamily Western

Diablo Villas Apartments in Concord Sells for $8.8M

by Nellie Day November 11, 2014

CONCORD, CALIF. – The 48-unit Diablo Villas Apartments in Concord has sold to WaveCrest Capital Management for $8.8 million. The community is located at 4265 Clayton Road. It is fully occupied. The community will be rebranded as CityPlace Apartments. It was originally built in 1964. The seller, a local Bay Area lender affiliate, foreclosed on the property in late 2010. Acquisition financing was provided by American West Bank. WaveCrest was represented by Patrick Nash and Chris Sparacino of Bay Apartment Advisors.

November 11, 2014

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