Multifamily

M&M ARRANGES $6.2M SALE OF 73-UNIT APARTMENT BUILDING

by admin December 13, 2013

WHITEWATER, WIS. — Marcus & Millichap has arranged the $6.2 million sale of Fox Meadows, a 73-unit apartment property in Whitewater. Scott Harris, an investment specialist in Marcus & Millichap’s Oak Brook, Ill. office marketed the 61,836-square-foot property on behalf of the seller, a private investor. Matthew Whiteside, an investment specialist in Marcus & Millichap’s Milwaukee office, represented the buyer, a limited liability company, in the transaction. Fox Meadows is located at 291 N. Fraternity Lane, about 44 miles southeast of Madison. Built in 1985, the 9.3-acre property is within two blocks of the University of Wisconsin-Whitewater campus. The property includes four one-bedroom apartments, 60 two-bedroom units and nine three-bedroom residences.

December 13, 2013

TRYKO BUYS LEECHBURG MULTIFAMILY COMPLEX FOR $4.2M

by admin December 13, 2013

LEECHBURG, PA. — Private equity real estate group Tryko Partners LLC has acquired Sandalwood Apartments, an 86-unit, affordable-housing community in Leechburg, for $4.2 million. American Housing Partners Inc. sold the property, which is located on 10 acres at 253 Sandalwood Drive, about 33 miles northeast of Pittsburgh. Sandalwood Apartments consists of 16 buildings, including mostly two- and three-bedroom townhomes. Amenities at the property include on-site laundry, a community room with kitchen, storage, a playground and basketball court and proximity to local schools and shopping. Marcus & Millichap served as broker in the transaction. CBRE Capital Markets provided financing for the acquisition.

December 13, 2013

Multifamily Southeast

NORTHMARQ ARRANGES $13.7M LOAN FOR PURCHASE OF TWO APARTMENT PROPERTIES

by admin December 12, 2013

CHAPEL HILL AND HIGH POINT, N.C. — NorthMarq Capital has arranged two acquisition loans totaling approximately $13.7 million for two apartment communities in North Carolina. The communities include the 144-unit Timberlyne Apartments at 200 Westminster Drive in Chapel Hill and The Crossing at Chester Ridge Apartments, a 152-unit apartment complex at 2122 Crossing Way in High Point. Brett Mason of NorthMarq’s Raleigh office arranged a three-year loan through a bridge lender for the Timberlyne Apartments acquisition. Mason also arranged a 10-year loan for the The Crossing at Chester Ridge purchase. Mason arranged the loan with a 30-year amortization schedule through a Fannie Mae DUS lender.

December 12, 2013

Multifamily Southeast

CBRE|HAMPTON ROADS SECURES SALE OF CHESAPEAKE APARTMENTS

by admin December 12, 2013

CHESAPEAKE, VA. — CBRE|Hampton Roads has brokered the sale of Great Bridge Apartments, a 100-unit multifamily community located in Chesapeake’s Great Bridge neighborhood near Battlefield Boulevard. Dan Johnson and Hank Hankins of CBRE|Hampton Roads represented the seller, Baltimore-based Property Capital Group, in the transaction. North Bay Group purchased the apartment community from Property Capital for an undisclosed amount. Great Bridge Apartments is part of an eight-property, 1,640-unit multifamily portfolio that CBRE is marketing.

December 12, 2013

Midwest Multifamily

GRANDBRIDGE ARRANGES $4.2M LOAN FOR APARTMENT PROPERTY

by admin December 12, 2013

MINNEAPOLIS — Grandbridge Real Estate Capital has closed a $4.2 million first-mortgage loan secured by Charlestown Apartments, a 109-unit apartment property in Minneapolis. Tony Carlson of Grandbridge originated the refinancing. A local bank funded the five-year loan, which includes a fixed interest in the mid-three percent range and a 20-year amortization schedule. The loan equates to less than $40,000 per unit and was used to pay off the borrower’s existing debt and fund property improvements.

December 12, 2013

Multifamily Northeast

M&M ARRANGES $1.3M SALE OF SIX-UNIT APARTMENT BUILDING

by admin December 12, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $1.3 million sale of 355 Stockholm Street, a six-unit apartment property in Brooklyn. Said Boukhalfa of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and represented the buyer, a developer, in the transaction. The three-story apartment building is located on Stockholm Street between Wyckoff and St. Nicholas avenues in the Bushwick section of Brooklyn. All of the two-bedroom units in the building were recently renovated and include mahogany wood cabinets, granite counter tops and stainless steel appliances. The property’s basement is finished with tile floors and may be leased as a medical office.

December 12, 2013

Multifamily Texas

M&M BROKERS SALE OF 250-UNIT DENTON MULTIFAMILY PROPERTY

by admin December 12, 2013

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of McKinney Park, a 250-unit multifamily community in Denton, a northern suburb of the Dallas/Fort Worth Metroplex. Constructed in 1999, the property is located at 191 Duchess Drive, in close proximity to Loop 288 and Interstate 35. The complex offers one-, two- and three-bedroom units, which were approximately 90 percent occupied at the time of the sale. Al Silva of Marcus & Millichap, in conjunction with the firm’s Seattle-based Tax Credit Group, represented the seller, a national owner based in Washington state. Silva also secured the buyer, a local partnership that plans renovations for the complex.

December 12, 2013

Multifamily Texas

198-UNIT TETRO STUDENT VILLAGE UNDERWAY IN SAN ANTONIO

by admin December 12, 2013

SAN ANTONIO — Developer Carter has broken ground on Tetro Student Village, a 198-unit, 590-bed student housing complex serving the University of Texas at San Antonio. The Atlanta-based firm is using a 14-foot food truck known as the Tetro Truck as a “mobile leasing center,” as it will visit nearby festivals, parks, sporting events, restaurants and bars to promote the new community. Cardinal Group Management is currently leasing units for the 2014-2015 academic year and will manage the property upon opening. Units will range from one to four bedrooms, and amenities will include a coffee shop, sports bar, fitness center, media room, swimming pool and tanning room.

December 12, 2013

Multifamily Texas

WORLD CLASS CAPITAL BUYS SAN MARCOS STUDENT HOUSING PROPERTY

by admin December 12, 2013

SAN MARCOS, TEXAS — World Class Capital Group LLC has acquired State Flats, a 162-unit student housing community near the campus of Texas State University in San Marcos. The property, located at 1640 Aquarena Springs Drive with frontage on Interstate 35, offers one- and two-bedroom apartments in townhome and single-floor configurations. Amenities include two swimming pools, a fitness center and a sand volleyball court. World Class Capital, based in Austin, operates a commercial portfolio in 12 states.

December 12, 2013

Multifamily Northeast

HOME PROPERTIES ACQUIRES APARTMENT COMPLEX FOR $15.5M

by admin December 11, 2013

BROOKHAVEN, PA. — Home Properties Inc. has purchased Camelot Court, a 204-unit apartment community in suburban Philadelphia, for $15.5 million. The sales price equates to $76,000 per unit. Rochester, N.Y.-based Home Properties has renamed the multifamily property Stone Hill Apartments. At closing, Stone Hill Apartments was 90.2 percent occupied at monthly rents averaging $918. Built in 1971, Stone Hill consists of 11 three-story apartment buildings and is located in Brookhaven. Common area amenities include a laundry room in each building and a swimming pool with a private yard. During the first three years of ownership, Home Properties plans to spend approximately $3 million on site improvements, including window and door replacements and upgraded kitchens and baths in the apartment units.

December 11, 2013

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