Multifamily

M&M ARRANGES $5.5M SALE OF 25-UNIT APARTMENT BUILDING

by admin December 4, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $5.5 million sale of 853 Saint Nicholas Ave., a 25-unit apartment property in New York City. Peter Von Der Ahe, Scott Edelstein, Joseph Koicim, Seth Glasser, David Lloyd and Jonathan Schwartz, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer, a limited liability company, and the seller, a private investor. The apartment property is located in the Harlem section of Manhattan between 152nd and 153rd streets. The selling price equates to $219,000 per unit.

December 4, 2013

ARC CAPITAL, CARDINAL GROUP BUY AUSTIN APARTMENTS

by admin December 4, 2013

AUSTIN, TEXAS — Real estate investment platform Arc Capital Partners, in partnership with Cardinal Group Investments (CGI), has acquired The Establishment, a 139-unit apartment complex in the South Congress submarket of Austin. Located at 3501 S. 1st St., the asset features one- and two-bedroom floor plans plus amenities such as a swimming pool, barbecue and picnic area and business center. CGI will rebrand and manage the property as Mint Urban | Establishment under its Mint Urban platform.

December 4, 2013

Multifamily Texas

BOKA POWELL, MANHATTAN CONSTRUCTION COMPLETE 252 UNITS AT SWBTS

by admin December 4, 2013

FORT WORTH, TEXAS — Architect BOKA Powell and general contractor Manhattan Construction Co. have completed a new 252-unit apartment development at Southwestern Baptist Theological Seminary in Fort Worth. Located in the J. Howard Williams Student Village, the garden-style complex offers one- and two-bedroom layouts as well as granite countertops, stainless steel appliances and laminate wood flooring. The residential area is connected to the main campus by a walkway.

December 4, 2013

Multifamily Western

VUE21 APARTMENTS IN COLORADO SPRINGS SELLS FOR $54M

by admin December 4, 2013

COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.

December 4, 2013

Seniors Housing Southeast

$16M SENIORS HOUSING FACILITY OPENS IN PEACHTREE CITY

by admin December 4, 2013

PEACHTREE CITY, GA. — Somerby of Peachtree City, a $16 million seniors rental community, has opened in Peachtree City. Phase I of the facility includes 72 assisted living units and 24 memory care units. The upscale community includes a Wellness Your Way Clinic, which is staffed by Agape Senior Primary Care physicians. The community features amenities such as a fitness center, restaurant, bistro and café, library with a computer center and a theater. Somerby Senior Living, a division of Birmingham, Ala.-based Dominion Partners, is the project developer. Chicago-based Harrison Street Capital is Somerby’s equity partner in the project. The project team includes architect Trammell + Rubio LLC, general contractor Hardin, construction manager Maxus Construction and civil engineer/landscape architect Eberly & Associates.

December 4, 2013

Midwest Seniors Housing

GRANDBRIDGE CLOSES $27.8M SENIORS HOUSING CONSTRUCTION LOAN

by admin December 4, 2013

ROCHESTER, MINN. — Grandbridge Real Estate Capital has closed a $27.8 million construction loan secured by The Waters on Mayowood, a senior living development in Rochester, a city in southeast Minnesota. Located near the Mayo Clinic and adjacent to the Apache Mall, the 175-unit community is slated to open in late 2014. A local developer is constructing the 276,000-square-foot facility, which will include a four-story assisted living wing with 70 units and six enhanced-care suites, a four-story, 71-unit independent living wing and a two-story, 28-unit memory care wing. The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities, will manage the community. Tony Carlson of Grandbridge originated the loan.

December 4, 2013

Seniors Housing Texas

WEIS BUILDERS COMPLETES 138-UNIT SENIORS HOUSING FACILITY

by admin December 3, 2013

FORT WORTH, TEXAS — General contractor Weis Builders has completed the first phase of The Villas of Hulen Bend, a $12 million affordable independent living community in Fort Worth. The first phase of the HUD-financed property, which is specifically designed for active seniors, consists of 138 units in one- and two-bedroom layouts. Amenities include a pool, putting green, gazebo and community garden with greenhouse, and select units have an attached garage. Trinity Courtyard LP acted as developer on the project, which is located at 6150 Oakmont Trail, and RPGA Design Group Inc. served as architect.

December 3, 2013

Multifamily Western

WATERHOUSE PLACE APARTMENTS IN BEAVERTON CHANGES HANDS

by admin December 3, 2013

BEAVERTON, ORE. – A joint venture between Holland Partner Group and an affiliate of Heitman has purchased the 279-unit Waterhouse Place apartments in Beaverton for an undisclosed sum. The community is located at 600 NW 158th Ave. next to the Cornell Oaks Corporate Center. It is less than a mile from Nike’s world headquarters. Other nearby corporate headquarters include Intel, Tektronix and Columbia Sportswear. The complex was partially renovated in 2009. The seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management, was represented by HFF’s Ira Virden, Sean Deasy and Kerry Hughes.

December 3, 2013

Multifamily Western

SANTA ANA APARTMENT BUILDING SELLS FOR $5.2M

by admin December 3, 2013

SANTA ANA, CALIF. – A 48-unit apartment building in Santa Ana has sold to a limited liability company for $5.2 million. The community is located at 311 South Oak Street. It was built in 1987. The LLC was represented by Gordon Reeseand Daniel Blackwell of Marcus & Millichap. The seller, a living trust, was represented by Stephen T. Soqui of the same firm. This transaction was part of a two-property sale that included another 57-unit property in Santa Ana.

December 3, 2013

Multifamily Southeast

WALKER & DUNLOP PROVIDES $44.2M LOAN FOR NASHVILLE APARTMENTS

by admin December 3, 2013

NASHVILLE, TENN. — Walker & Dunlop Inc. has provided $44.2 million in acquisition financing for Madison at Ridgelake, a 560-unit apartment community located in Nashville. The borrower, Arenda Capital Management, will use the funds to purchase the apartment community and make capital improvements. Stephen West and Matthew Wallach of Walker & Dunlop led the team that structured the two-year interest-only bridge loan.

December 3, 2013

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