Multifamily

Gebroe-Hammer Associates Arranges $14.1M in Multifamily Sales

by Amy Works December 4, 2014

PHILADELPHIA — Gebroe-Hammer Associates has arranged $14.1 million in multifamily sales in Philadelphia. The Livingston, N.J.-based firm recently brokered the sales of The Julien in northwest Philadelphia and Avondale Apartments in northeast Philadelphia. Located at 5600 Ogontz St., The Julien consists of seven mid-rise buildings offering a total of 206 studio, one- and two-bedroom apartments. Avondale Apartments, located at 4628 Leiper St., consists of five mid-rise buildings offering a total of 113 residential units. Eli Rosen of Gebroe-Hammer negotiated both transactions.

December 4, 2014

Multifamily Texas

M&M Arranges Sale of Apartment Complex in Corpus Christi

by Haisten Willis December 4, 2014

CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of Cliff Maus Village Apartments, a 110-unit apartment complex in Corpus Christi. Mike Moffitt Jr. and Zar Haro of Marcus & Millichap’s Austin and San Antonio offices marketed the property on behalf of the seller, a partnership. Moffitt and Haro also secured the buyer, a private investor. Cliff Maus Village Apartments was built in 1968 and is located at 1458 W. Point Road. The 110-unit complex consists of 24 two-bedroom and 86 three-bedroom floor plans. Amenities include a basketball court, playground, community center, laundry facilities and courtyard.

December 4, 2014

Multifamily Texas

Q10 KDH Secures $8.3M Loan for Apartment Complex in Houston

by Haisten Willis December 4, 2014

HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has secured a fixed-rate loan for the 356-unit Oaks on Bissonnet Apartments located in southwest Houston. The buyer plans to renovate both the interior and exterior of the property.

December 4, 2014

Indiana Midwest Multifamily

Apartment Complex in Hobart, Ind. Sells for $11.3M

by John Nelson December 4, 2014

HOBART, IND. — Marcus & Millichap has arranged the $11.3 million sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, approximately 45 minutes southeast of the Chicago Loop. Built in 1972 on less than 20 acres, the property is located at 400 N. Lake Park Ave. and includes a mix of one- and two-bedroom units. The apartment community is adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property. Scott Harris of Marcus & Millichap’s Oak Brook office in suburban Chicago represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.

December 4, 2014

Connecticut Multifamily Northeast

IPA Brokers $16.4M Sale of Connecticut Apartment Community

by Amy Works December 3, 2014

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hunters Crossing, an apartment community located in Middletown’s Westlake district. Hunters Crossing LLC purchased the 198-unit community for $16.4 million, or $82,800 per unit, from Middletown Apartment Associates LLC. Located at One Russet Lane, the community features 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry facilities and a nature trail. Steve Witten, Victor Nolletti and Eric Pentore of IPA represented both the seller and buyer in the transaction.

December 3, 2014

Multifamily New York Northeast

Kalmon Dolgin Affiliates Negotiates $4.5M Sale of 8,000 SF Brooklyn Lot

by Amy Works December 3, 2014

NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of an 8,000-square-foot lot at 180 Concord St. in Brooklyn’s Vinegar Hill section. Red Rock Resources sold the property to Greentown Equities for $4.5 million. The property consists of a 5,000-square-foot building and a 3,000-square-foot parking lot. Greentown Equities plans to develop two four-story residential buildings totaling 14 units, on the site. Robert Klein of Kalmon Dolgin represented both parties in the transaction.

December 3, 2014

Seniors Housing Southeast Tennessee

NHI to Acquire Eight Seniors Housing Communities for $476M

by John Nelson December 3, 2014

MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.

December 3, 2014

Illinois Midwest Multifamily Seniors Housing

IMPACT Strategies Begins Construction on Seniors Housing Project in Belleville, Ill.

by Danielle Everson December 3, 2014

BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.

December 3, 2014

Florida Multifamily Southeast

Trio of Florida-Based Companies Team Up for Multifamily Project in Orlando

by John Nelson December 3, 2014

ORLANDO, FLA. — The Courtelis Co., Kislak Organization and HMG/Courtland Properties are partnering to develop, manage and build a 240-unit apartment community in Orlando. The property will be located on a 9.5-acre site at the corner of John Young Parkway and Taft-Vineland Road. The joint venture project between the three Florida-based companies is expected to break ground in the first quarter of 2015, with delivery projected for the first quarter of 2016.

December 3, 2014

Multifamily Texas

M&M Arranges Sale of Apartment Building in Fort Worth

by Haisten Willis December 3, 2014

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of University Village Apartments, a 15-unit apartment property in Fort Worth. Trey McGhin of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. A Fort Worth-based limited liability company purchased the property in a 1031 tax-deferred exchange. Mason Green of the firm’s Fort Worth office represented the buyer. University Village Apartments is located at 3123-3125 S. University Drive and is within walking distance of Texas Christian University. The property was built in 1959 and sits on .3 acres. It spans 8,800 square feet with an average unit size of 586 square feet.

December 3, 2014

Newer Posts

Older Posts