Multifamily

TWO MULTIFAMILY PROPERTIES SELL FOR $18.95M IN CENTRAL ILLINOIS

by admin January 31, 2014

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the $18.95 million sale of two multifamily apartment complexes in Springfield. Located at 1516 7 Pines Road and built in 1986, the 288-unit Orchard Park Apartments and the 120-unit Orchard Park South Apartments were 94 percent occupied at the time of sale. Orchard Park Apartments features one-, two- and three-bedroom suites offering full-size washer/dryer, spacious closets, separate dining rooms and storage space. Community amenities include a fitness center, outdoor swimming pool, on-site laundry facilities and on-site maintenance. Orchard Park South offers two-bedroom/one-bath suites, with an average unit size of 988 square feet. Each suite features a full-size washer/dryer, spacious closets, storage space and ample parking. James Walsh, senior vice president investments with Marcus & Millichap’s Chicago downtown office, represented the seller, the property developer; the buyer was a Chicago-area private investor representing a family investment trust. Rick Lynn, director at Marcus & Millichap Capital Corp. Chicago Oak Brook office, arranged a loan for 75 percent of the purchase price from two local banks

January 31, 2014

CONSTRUCTION FINANCING ARRANGED FOR RESIDENTIAL TOWER

by admin January 31, 2014

BOSTON — HFF has arranged construction financing for Twenty Two Liberty, a 14-story, luxury residential tower at Fan Pier in Boston. HFF secured the loan for the borrower, a venture between Boston-based The Fallon Co. and Massachusetts Mutual Life Insurance Co. (MassMutual), through Wells Fargo Bank. Slated for completion in late 2015, the new property will feature 15,025 square feet of ground-floor retail space and a 282-space, below-grade parking structure. Designed by CBT Architects, Twenty Two Liberty will feature condos ranging from studio pieds-a-terre to three-plus bedroom homes. John Fowler, Anthony Cutone and Toby Banta of HFF represented the borrower, and Shelly Gouin led the Wells Fargo team.

January 31, 2014

Multifamily Southeast

DEVELOPERS BREAK GROUND ON $72M SKYHOUSE BUCKHEAD

by admin January 30, 2014

ATLANTA — Novare Group, Batson-Cook Development Co. and Ackerman & Co. have broken ground on SkyHouse Buckhead, a $72 million luxury apartment building. The 26-story SkyHouse Buckhead, located on Stratford Road just off Peachtree Road, will include 362 one-, two- and three-bedroom units. The high-rise building will be connected to the Buckhead Marta station. SkyHouse Buckhead will feature a clubroom, fitness area and outdoor plazas with an infinity swimming pool and fireplaces. The property is the eighth SkyHouse branded project for the team and its third in Atlanta, following SkyHouse Midtown and SkyHouse South. The building is scheduled for completion in the first quarter of 2015.

January 30, 2014

Multifamily Southeast

BLUE ROCK, KONOVER SOUTH BUY MULTIFAMILY PORTFOLIO FOR $28.2M

by admin January 30, 2014

FORT MYERS, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in a partnership with Konover South LLC, purchased a 512-unit multifamily portfolio in Fort Myers from IMT for approximately $28.2 million. The portfolio includes two communities: Reflections located at 3891 Solomon Blvd. and The Place at Summerlin located at 4757 Barkley Circle. The properties will be rebranded as The Park at Veneto and The Park at Murano, respectively. Blue Rock and Konover South plan to invest $4.3 million to renovate the two properties. Hampton Beebe of ARA brokered the transaction, and Ares provided acquisition financing. The communities were 95 percent occupied at the time of the sale.

January 30, 2014

Multifamily Southeast

HENDRICKS-BERKADIA BROKERS $14.6M SALES OF THREE APARTMENT COMMUNITIES

by admin January 30, 2014

BIRMINGHAM, ALA. — Hendricks-Berkadia Real Estate Advisors has arranged the sales of three apartment communities in Alabama totaling $14.6 million. The communities include the 180-unit Chadwick Place in Huntsville, the 160-unit Alpine Village in Hoover and the 27-unit Medford Manor in Fairfield. Dexter, Mo.-based Southeast Holdings purchased Chadwick Place from The Hallmark Cos. of Atlanta for $7.5 million. David Oakley, Hal Warren, Cole Whitaker and Jason Stanton of Hendricks-Berkadia represented The Hallmark Cos. of Atlanta in the transaction. Oakley also represented the seller, Birmingham-based Ruffner Mountain Management in the sale of Alpine Village. Hackensack, N.J.-based Cofinance Inc. purchased the community for $6.5 million while also assuming the existing Fannie Mae loan. David Etchison and Josh Jacobs of Hendricks-Berkadia represented a California-based seller in the sale of Medford Manor. In 2013 alone, the Alabama office of Hendricks-Berkadia brokered the sale of 39 communities spanning more than 9,050 units for approximately $510 million.

January 30, 2014

Midwest Multifamily

MMCC ARRANGES $2.4M LOAN FOR METRO CHICAGO PROPERTY

by admin January 30, 2014

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.4 million loan for the acquisition of Dryden Apartments, a 48-unit multifamily property in Arlington Heights, a suburb of Chicago. Dean Giannakopoulos, a director in MMCC’s Chicago office, arranged the 30-year, self-amortizing loan, which carries a 3.56 percent interest rate.

January 30, 2014

Midwest Multifamily

HERMAN & KITTLE PROPERTIES INC. BUYS ORCHARD APARTMENTS

by admin January 30, 2014

INDIANAPOLIS — Tikijian Associates has arranged the sale of Orchard Apartments, a 378-unit apartment community located in Indianapolis. Tikijian Associates represented the seller, a New York-based private real estate investment group. The seller acquired the property from its lender in 2011 and completed needed repairs to stabilize property operations before listing it for sale. Herman & Kittle Properties Inc., an Indianapolis-based real estate owner and developer, purchased the property. The new owner renamed the property The Landings at 56th Street and plans to spend approximately $1.5 million on capital improvements to further improve operations. Improvements include clubhouse and property common area amenity enhancements and upgrades of kitchens and bathrooms. Merchants Bank provided the financing for the acquisition.

January 30, 2014

Multifamily Northeast

NORTHMARQ ARRANGES $8.6M LOAN FOR WATERBURY PROPERTY

by admin January 30, 2014

WATERBURY, CONN. — NorthMarq Capital has arranged an $8.6 million loan for the refinancing of Scott Gardens & PR Scott Apartments, a 276-unit multifamily property located at Stonefield Drive in Waterbury. The 10-year loan includes one-year of interest only payments and a 30-year amortization schedule. NorthMarq arranged the loan for the borrower, Scott Gardens LLC & P. R. Scott LLC through Freddie Mac.

January 30, 2014

Multifamily Northeast

GEBROE-HAMMER ARRANGES SALE OF TWO MULTIFAMILY PROPERTIES

by admin January 30, 2014

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $4.7 million sale of a two-property, 74-unit multifamily package in East Orange. The buildings are located at 112 Lincoln St. and 444-450 Prospect St. and include a mix of one- and two-bedroom units. Both properties feature on-site laundry facilities and parking, with 20 garages available to tenants at the Prospect Street property.David Oropeza, managing director, and Stephen Tragash, vice president of Gebroe-Hammer Associates represented the seller while Nicholas Nicolaou, vice president at the firm, procured the buyer.

January 30, 2014

Multifamily Texas

SKYHOUSE RIVER OAKS, 352-UNIT APARTMENT TOWER, TO BREAK GROUND

by admin January 30, 2014

HOUSTON — The project team of Simpson Housing LLLP, Novare Group, Batson-Cook Development Co. and Peter Dienna will break ground in February on SkyHouse River Oaks, a 352-unit high-rise multifamily community in the River Oaks neighborhood of Houston. The 25-story property will offer one- and two-bedroom apartments, as well as amenities such as two swimming pools, a club room, fitness center and outdoor kitchen. Completion for the building, designed for Energy Star certification, is slated for the first quarter of 2015. Simpson Housing, Novare and Batson-Cook are partnering in development; Simpson Housing is serving as owner and operator; Batson-Cook is acting as general contractor; and Peter Dienna is working as project manager. JP Morgan is providing construction financing, and Smallwood, Reynolds, Stewart, Stewart is serving as architect.

January 30, 2014

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