Multifamily

Marcus & Millichap Arranges $9.1M Sale of 266-Unit Apartment Building

by Amy Works October 6, 2014

SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.

October 6, 2014

Multifamily South Carolina Southeast

Kalikow Group Unveils Construction Plans for Charleston Apartment Community

by John Nelson October 6, 2014

CHARLESTON, S.C. — The Kalikow Group plans to start construction soon on The Apartments at Shade Tree, a 248-unit garden-style apartment community at the entrance of Shade Tree, a 355-acre master-planned development in Charleston. The asset will be located on a 9.2-acre site at 2947 Maybank Highway on Johns Island. The Kalikow Group has formed a joint venture with EYC Cos. for the project. The apartment community will feature a fitness center, clubhouse, pool, business center, playground, dog park, walking trails and access to community parks and retail outparcels. The Apartments at Shade Tree will be the first multifamily development in the Johns Island area since 2005.

October 6, 2014

Midwest Multifamily Nebraska

Haley Real Estate Group Acquires Five Multifamily Communities for $64.3M

by John Nelson October 3, 2014

OMAHA, NEB. — Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, has acquired five apartment communities for $64.3 million. The properties include Meadow Walk Apartments in Arkansas City, Kan.; Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; and Pryor Creek Apartments in Pryor, Okla. The company plans to invest an additional $3.4 million for capital improvements to the communities, which feature a combined total of 1,028 apartment homes. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 communities representing 11,380 units in 13 states.

October 3, 2014

Multifamily Texas

Greystone Provides $19.5M Bridge Loan for Apartment Complexes in Dallas

by Haisten Willis October 3, 2014

DALLAS — Greystone has provided a $19.5 million bridge loan for the acquisition of two apartment complexes in Dallas. JD Stettin of Greystone’s New York office originated the loan. The interest-only bridge loan for the properties, known as Vineyards and Villa Jolla, includes a two-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest more than $5 million in capital improvements for both properties for interior and exterior upgrades. Presidium will pursue long-term HUD financing through Greystone.

October 3, 2014

Multifamily Texas

M&M Arranges Sale of 192-Unit Apartment Complex in Metro Dallas

by Haisten Willis October 3, 2014

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Lakeside, a 192-unit apartment complex in Arlington. Bard Hoover, Nick Fluellen, Will Balthrope and Drew Kile of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, Madera Residential. Fluellen, Hoover, Balthrope and Kile also procured the 1031-exchange buyer, The Lighthouse Group. Fannie Mae provided the loan assumption. Lakeside is located at 2500 Brown Blvd. near Highway 360 and I-30. The property was built in 1979 and includes one- and two-bedroom floor plans with an average unit size of 858 square feet.

October 3, 2014

Crestview-Garden-Apartments-Tryko-Partners

Multifamily Northeast Pennsylvania

Tryko Partners Acquires 184-Unit Multifamily Community

by Amy Works October 3, 2014

NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.

October 3, 2014

Connecticut Multifamily Northeast

Marcus & Millichap Arranges $4.45M Multifamily Property Sale

by Amy Works October 3, 2014

SEYMOUR, CONN. — Marcus & Millichap has arranged the sale of Maplewood Commons, a 50-unit apartment property located in Seymour. Built in 1970, the garden-style apartment community consists of four detached wood-frame buildings. The buyer plans enhance the property with modest kitchen, bath and hallway upgrades. Blake Barbarisi, Adam Mancinone and Gary Witten of Marcus & Millichap’s New Haven, Conn., office listed the property on behalf of the seller, a limited liability company and secured the buyer, a private investor.

October 3, 2014

California Multifamily Western

La Mesa Apartment Building Sells for $2M

by Jaime Lackey October 2, 2014

SAN DIEGO – A 12-unit apartment building in the San Diego submarket of La Mesa has sold to Ginsburg Family Trust for $1.9 million. The community is located at 4345 Lowell Street. The trust was represented by Aaron Bove of Marcus & Millichap’s San Diego office. The seller was Wahl Property Group LLC & Wahl Parker LLC.

October 2, 2014

Multifamily Texas

NorthMarq Negotiates $28.5 Million Refinancing of Apartment Complex in Metro Houston

by Haisten Willis October 2, 2014

PEARLAND, TEXAS — NorthMarq Capital has arranged the $28.5 million refinancing of The Reserve at Tranquility Lake, a 314-unit apartment complex in Pearland, southeast of Houston. Greg Duvall of NorthMarq arranged financing. The 10-year loan includes a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

October 2, 2014

Kansas Loans Midwest Multifamily

NorthMarq Capital Arranges $15.8M Refinancing of The Overlook Apartments

by Danielle Everson October 2, 2014

TOPEKA, KAN. — NorthMarq Capital has arranged the $15.8 million refinancing of The Overlook Apartments, a 318-unit multifamily property in Topeka. The apartment community is located at 1310 S.W. Summit Woods Drive. Dan Trebil of NorthMarq Capital’s Minneapolis office arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.

October 2, 2014

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