Multifamily

GEBROE-HAMMER ARRANGES $2.5M SALE OF GRANDVIEW APARTMENTS

by admin October 25, 2013

HASBROUCK HEIGHTS, N.J. — Gebroe-Hammer Associates has arranged the $2.5 million sale of Grandview Apartments, a 20-unit, garden-style community in Hasbrouck Heights. Grandview Apartments is a three-story brick building featuring a mix of studio, one- and two-bedroom apartments. The complex includes 12 garages and 12 off-site parking spaces, as well as on-site laundry facilities. Situated eight miles from the George Washington Bridge, Grandview Apartments is located near the N.J. Transit train and bus stations. Ken Uranowitz, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller and identified the buyer in the transaction.

October 25, 2013

GREYSTONE ARRANGES $20.2M CMBS LOAN FOR HOUSTON APARTMENTS

by admin October 25, 2013

HOUSTON — Greystone has arranged a $20.2 million CMBS loan for The Place at Greenway, a Houston multifamily complex totaling 219 units. The firm was able to structure the 10-year, fixed-rate financing and close the transaction in just 19 days. The property features amenities including a pool, clubhouse, fitness center and reserved covered parking. Greystone’s Robert Russell originated the loan for co-sponsors Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa.

October 25, 2013

Multifamily Texas

BEECH STREET ARRANGES $6.8M LOAN FOR CORPUS CHRISTI APARTMENT ACQUISITION

by admin October 25, 2013

CORPUS CHRISTI, TEXAS — Beech Street Capital LLC has arranged a $6.8 million Fannie Mae loan for the acquisition of Peachtree Apartments, a 232-unit multifamily property in Corpus Christi. The 10-year, fixed-rate loan includes one year of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. The borrower plans capital improvements for the property, which currently features amenities such as two swimming pools, basketball court, tennis court, clubhouse and laundry facilities. Larry Sneathern of Beech Street’s Dallas office originated the financing.

October 25, 2013

Multifamily Western

DOWNTOWN SCOTTSDALE DEVELOPMENT SITE SELLS FOR $18.5M

by admin October 25, 2013

SCOTTSDALE, ARIZ. — A partnership formed by Alliance Residential has purchased a 5.4-acre multifamily development site in Scottsdale for $18.5 million. The site is located at 75th Street and Stetson Drive in the city’s downtown region. It is approved for 316 units. Alliance hopes to break ground on the new multifamily project later this year. The seller, Equity Partners Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Investment Group, and Don Arones of Cassidy Turley’s Office Group. Equity Partners Group is a division of Triyar Companies.

October 25, 2013

Multifamily Southeast

CBRE ARRANGES $42.3M SALE OF CENTRAL FLORIDA APARTMENT PORTFOLIO

by admin October 24, 2013

ORLANDO, FLA. — CBRE has arranged the $42.3 million sale of a four-property apartment portfolio in Central Florida. The acquired assets include Millenia West in Orlando, as well as Berkshires of West Melbourne, Lake Landing and Atlantis Cove in Fort Pierce. The apartment communities have an average occupancy rate of 94 percent. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. Freddie Mac provided acquisition financing for the buyer.

October 24, 2013

Multifamily Southeast

NORTHMARQ ARRANGES $16.2M REFINANCING OF MIAMI APARTMENTS

by admin October 24, 2013

MIAMI — NorthMarq Capital has arranged $16.2 million in first mortgage refinancing for Pepper Cove Apartments, a 208-unit multifamily property located at 9300 S.W. 137th Ave. in Miami. David Woida of NorthMarq’s Milwaukee office arranged the 12-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance LLC, an affiliate of NorthMarq.

October 24, 2013

Midwest Multifamily

CONSTRUCTION BEGINS ON WATERMARK AT JORDAN CREEK IN DES MOINES

by admin October 24, 2013

WEST DES MOINES, IOWA — Watermark Residential has begun construction of Watermark at Jordan Creek, a 176-unit, Class A multifamily community in West Des Moines. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. The community will include four four-story, wood-frame buildings and feature some parking in detached garages. Other amenities include a resort-style pool and a large clubroom. Watermark at Jordan Creek is located on a 9.2-acre site at the northeast corner of Stagecoach Drive and South 68th Street. The project is slated for completion in 2015. Dallas-based Humphreys & Partners Architects is the architect for the project.

October 24, 2013

Multifamily Northeast

71-UNIT APARTMENT COMMUNITY IN BOSTON SELLS FOR $21.5M

by admin October 24, 2013

BOSTON — CBRE/New England’s capital markets team has arranged the $21.5 million sale of Harrison Court Apartments, a 71-unit apartment building in Boston. Alumni Capital Partners LLC sold the property to an undisclosed buyer. Simon Butler, executive vice president and partner, and Biria St. John, executive vice president and partner, represented the seller, a venture between RF Walsh Co. and Kenney Development, and procured the buyer. Harrison Court is a Class B apartment building that was previously master-leased to Boston University. The buyer plans to upgrade 60 apartments and convert approximately 10,000 square feet of office space to 11 additional apartments and community space. Fulton Properties, a subsidiary of Kenney Development Inc., will oversee the redevelopment and repositioning of the property.

October 24, 2013

Multifamily Northeast

M&M ARRANGES $2.4M SALE OF 16-UNIT APARTMENT BUILDING

by admin October 24, 2013

NEW YORK CITY — Marcus & Millichap has arranged the sale of 24-26 Covert St., a 16-unit apartment property in Brooklyn, for $2.4 million. The sales price equates to $154 per square foot or $150,000 per unit. Shaun Riney, Derek Bestreich and Lucien Sproviero, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, both private investors.

October 24, 2013

Multifamily Texas

M&M BROKERS SALE OF 306-UNIT SAVANNAH APARTMENTS IN HOUSTON

by admin October 24, 2013

HOUSTON — Marcus & Millichap has brokered the sale of Savannah Apartments, a 306-unit multifamily property in Houston that commanded a list price of $10.5 million. Located at 8800 Broadway St., the complex is in close proximity to Hobby Airport, which is currently undergoing an extensive expansion. The buyer, a limited liability company, plans to operate the existing property until this expansion is complete, at which time it will review plans for a future mixed-use development on the site. Jeffrey Fript of Marcus & Millichap’s Houston office marketed the asset on behalf of the seller, also a limited liability company, and secured the buyer, as well.

October 24, 2013

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