Multifamily

Tikijian Associates Brokers Sale of 152-Unit Apartment Complex in Indianapolis

by Danielle Everson November 4, 2014

INDIANAPOLIS — Tikijian Associates has brokered the sale of a 152-unit apartment community in Indianapolis for an undisclosed sales price. Teal Run Apartments, located at 2302 Windsong Drive, features one- and two-bedroom garden-style apartments. Tikijian Associates represented the seller, Chicago-based JVM Realty, which has owned the property since 2001. An Ohio-based real estate investment company whose holdings include other multifamily properties in Indiana and Ohio purchased the apartment community. The new owner plans to complete extensive renovations at the property. Cincinnati-based Towne Properties will serve as the property manager for the new owner.

November 4, 2014

Multifamily Texas

Capital One Provides $19.5M Loan for Apartment Complex in Austin

by Haisten Willis November 3, 2014

AUSTIN — Capital One Multifamily Finance has provided a $19.5 million Fannie Mae fixed loan for the acquisition of City Point, a 396-unit apartment complex in Austin. Firmus Equity Partners was the borrower. Adam Bieber with Capital One’s Bethesda, Maryland office originated the transaction. The property was built in 1983 and is located near the intersection of I-35 and U.S. Highway 290. The borrower plans to complete interior renovations. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule.

November 3, 2014

Multifamily Texas

Performance Properties Acquires Apartment Complex in Dallas

by Haisten Willis November 3, 2014

DALLAS — Performance Properties LLC has acquired the 370-unit Linda Vista Apartments in Dallas. The company plans to spend $1.3 million on renovations at the complex. The apartments are located at 13450 Manham Road and were 98 percent leased at the time of sale. Linda Vista consists of 18 buildings and was built in 1980. Units average 667 square feet with a mix of one- and two-bedroom layouts.

November 3, 2014

Florida Multifamily Southeast

Wood Partners, Ustler Group Completes Phase I of Orlando Apartment Development

by John Nelson November 3, 2014

ORLANDO, FLA. — Wood Partners and the Ustler Group of Cos. have completed Phase I of construction at The Ivy – Residences at Health Village, a 248-unit apartment community in downtown Orlando. The property is part of Florida Hospital’s 172-acre Health Village, a transit-oriented, master-planned urban development. Wood Residential Services is managing the property. The Ivy’s amenity package includes a cyber café, resort-style pool with a multi-level deck and cabanas, 24-hour fitness center, yoga and Pilates studio and a billiards room. The project team includes architect Baker Barrios, architect of record Charlan Brock & Associates, general contractor Wood Florida Builders, civil engineer GAI Consultants and landscape architect Libra Design Group Inc.

November 3, 2014

Georgia Multifamily Southeast

Bell Partners Acquires Apartment Community in Metro Atlanta

by John Nelson November 3, 2014

WOODSTOCK, GA. — Bell Partners Inc. has acquired Alta Woods, a 498-unit apartment community in Woodstock, a northern suburb of Atlanta. Bell Partners will manage the community and will rename it Bell Woodstock. The property’s amenity package includes two clubhouses, WiFi access, two outdoor pools, a sand volleyball court, nine-hole putting green, outdoor playground, lighted tennis courts, two fitness centers, dog park and multiple grill and picnic areas. Bell Woodstock was more than 96 percent occupied at the time of sale.

November 3, 2014

Loans Multifamily Utah Western

Midtown360 Apartment Development in Orem Receives $56.5M in Financing

by Nellie Day November 3, 2014

OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project. The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo. Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 square feet of retail space. Common amenities will include a study lounge, business center, rooftop deck, clubhouse, fitness center, pool and basketball court. Phase I construction should be completed in 18 months. Phase II will include 308 units in a third tower. Construction on this phase is expected to commence in about two years. Construction on this project initially commenced before the recession. At the time, it was called Midtown Village. The developer partially completed 40 of the units before construction was halted in 2008. The new loan was provided to The Ritchie Group by PCCP LLC.

November 3, 2014

California Multifamily Western

Van Nuys Apartment Building Sells for $3.6M

by Nellie Day November 3, 2014

VAN NUYS, CALIF. – A 26-unit apartment building in the Los Angeles submarket of Van Nuys has sold to a 1031 exchange buyer for $3.6 million. The community is located at 8165 Langdon Ave. It was built in 1964. The buyer was represented by Yubin Tao of IREA. The seller, a private LLC, was represented by Rick Raymundo of Marcus & Millichap.

November 3, 2014

California Multifamily Western

San Diego Apartment Community Sells for $2.6M

by Nellie Day November 3, 2014

SAN DIEGO – A 13-unit apartment community in the San Diego submarket of Golden Hill has sold to the Barthell Family Trust for $2.6 million. The community is located at 2329 C Street. The property was built in 1928 and recently underwent renovations. The trust was represented by Kevin Kawaoka of NAI Capital Bluechip Investment Group. The seller, the Gagon Family Trust, was represented by Rita Lancaster-Hannah of Colliers International.

November 3, 2014

Loans Mixed-Use Multifamily New York Northeast

Mission Capital Secures $21M in Financing for Acquisition of 66 Pearl Street

by Amy Works November 3, 2014

NEW YORK CITY — Mission Capital Advisors’ Debt & Equity Finance Group has arranged $21 million in first mortgage financing on behalf of Northwind Group for the acquisition of 66 Pearl Street in New York City. Northwind Group is purchasing the six-story, mixed-use residential property located in New York City’s Financial District for $30 million. The 43,546-square-foot building features 42 residential units, with 6,485 square feet of ground-floor retail. Jonathan More, Ari Hirt, Steve Buchwald and David Behmoaras represented the sponsor, Northwind Group, in arranging the financing with Sterling National Bank.

November 3, 2014

Mixed-Use Multifamily New York Northeast

Ariel Property Advisors Brokers Sales of Two Upper Manhattan Properties

by Amy Works November 3, 2014

NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties located in Upper Manhattan totaling $7.2 million. In the first transaction, a private developer purchased a development site at 1516-1532 Park Avenue in East Harlem for $3.8 million. Zoning for the property permits approximately 28,730 buildable square feet as-of-right for a mixed-use development, and approximately 35,419 buildable square feet with a community facility. Michael Tortorici, Victor Sozio, Shimon Shkury and Marko Agbaba of Ariel represented the seller, a private investor, and procured the buyer in the deal. In the second transaction, a private real estate investment group sold 422 St. Nicholas Avenue in Central Harlem for $3.35 million to a private real estate investment group. The 11,105-square-foot building consists of 10 units with nine three-bedroom units and one two-bedroom unit. Sozio, Tortorici and Shkury represented both parties in the transaction.

November 3, 2014

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