Multifamily

M&M ARRANGES $2.6M SALE OF 60-UNIT APARTMENT BUILDING

by admin September 24, 2013

CINCINNATI — Marcus & Millichap has arranged the $2.6 million sale of Machine Flats Lofts, a 60-unit apartment property in Cincinnati. Matt Snyder, Dan Burkons, Michael Barron and Josh Wintermute, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a bank/financial institution, and represented the buyer, a private investor. Machine Flats Lofts is located at 3301 Colerain Ave. The property was renovated in 2005 and includes 60 units ranging from 980 square feet to 1900 square feet.

September 24, 2013

M&M ARRANGES $8.3M SALE OF 30-UNIT APARTMENT PROPERTY

by admin September 24, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $8.3 million sale of three contiguous five-story multifamily buildings on the Upper West Side in New York City. The sales price equates to $417 per square foot. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and Sean Lefkovits, investment associate, of Marcus & Millichap, represented the buyer and seller, both private individuals. The multifamily walk-up buildings total 30 units and 19,801 square feet.

September 24, 2013

Multifamily Northeast

MILLERSVILLE UNIVERSITY BREAKS GROUND ON NEW LIVING COMMUNITY

by admin September 24, 2013

MILLERSVILLE, PA. — Millersville University students, administration and a development crew celebrated the official groundbreaking and beam signing for the first phase of new living-learning communities on the Millersville University of Pennsylvania campus. Project developer, Ambling University Development Group, was awarded the project through a national bid process along with its partner firms, Benchmark Construction and architecture firm Lord, Aeck and Sargent. The project marks the initial phase of Millersville's plan to replace all 2,200 on-campus beds with modern, suite-style accommodations while maintaining a consistent bed capacity throughout the modernization initiative. The project cost is $180 million. The first phase is slated for completion by fall 2014 and will include 709 beds in two buildings. Phase I includes 188,272 square feet and 267 units in a mix of single and double occupancy semi-suites and full suites. The tax-exempt bond financing for the project was coordinated by RBC Capital Markets and recently closed at an interest rate of 4.54 percent. Student Services Inc. will serve as the owner of the new facilities.

September 24, 2013

Multifamily Texas

HFF SECURES $47M IN FINANCING FOR REGENCY PARK APARTMENTS IN AUSTIN

by admin September 24, 2013

AUSTIN, TEXAS — HFF has arranged $47 million in financing for Regency Park Apartments, a 528-unit, Class A multifamily property in Austin. The garden-style community, which features amenities such as a fitness center and dog park, is located at 401 Little Texas Lane between S. Congress Ave, and Interstate 35. Since its completion in 2003, Regency Park has averaged 97 percent occupancy, and the property currently boasts 98 percent occupancy. Douglas Opalka and Robert Wooden led the HFF team that represented the borrower, Suburban Homes Inc. JP Morgan Chase Bank was the lender.

September 24, 2013

Multifamily Western

LOS ANGELES APARTMENT BUILDING SELLS FOR $3.4M

by admin September 24, 2013

LOS ANGELES – An eight-unit multifamily property in Los Angeles has sold to LA Glo, Inc. for $3.4 million. The community is located at 1451 Hi Point Street in the Faircrest Heights neighborhood near Fairfax and Pico Boulevards. LA Glo was represented by Coldwell Banker. The seller, a local private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.

September 24, 2013

Multifamily Western

LAS SENDAS SITE IN MESA SELLS FOR $3.3M

by admin September 24, 2013

MESA, ARIZ. — A 15-acre site within the Las Sendas master-planned community in Mesa has sold to Ryland Homes for $3.3 million. The company plans to use the land for Phase 1 of Desert Creek at Las Sendas. It will close on Phase II, a seven-acre site, in early 2014. The project will be located near the Loop 202 and McDowell Roads. The seller, Talon Properties (Chris Arnold), was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley’s Land Group.

September 24, 2013

Multifamily Southeast

URS CAPITAL ACQUIRES ST. JAMES CROSSING APARTMENTS IN NORTH CHARLESTON

by admin September 23, 2013

NORTH CHARLESTON, S.C. — New York-based URS Capital Partners has acquired St. James Crossing, a 280-unit apartment complex in North Charleston. In order to appeal to the nearby expansion of a Boeing facility, URS will renovate and position the apartment complex as an affordable living option for entry-level Boeing employees and middle management. New York-based DJ Capital provided a bridge loan and joint venture equity for the transaction.

September 23, 2013

Midwest Multifamily

INDEPENDENCE REALTY BUYS $13.3M APARTMENT COMMUNITY

by admin September 23, 2013

CUMBERLAND, IND. — Independence Realty Trust Inc. has acquired a 354-unit apartment community in Cumberland, an eastern suburb of Indianapolis, for $13.3 million. The property was constructed in 1970, and the previous owner invested more than $3.5 million into renovations during the past three years. The property includes a mix of one-, two-, three- and four-bedroom townhome and garden-style apartments. The average occupancy of the property at the time of the acquisition was 98 percent.

September 23, 2013

Midwest Multifamily

ARIES ARRANGES $1.6M LOAN FOR CHICAGO APARTMENT BUILDING

by admin September 23, 2013

CHICAGO — Aries Capital has arranged $1.6 million in acquisition financing on behalf of Metro Property Group for a 65-unit apartment building in Chicago. A private lender provided the 10-year, non-recourse loan, which includes a 5.67 percent interest rate and a 30-year amortization schedule. The property is located at 7733 S. South Shore. Eric Jones, vice president at Aries Capital’s Chicago office, arranged the financing. Metro Property Group owns several single-family residential properties throughout the United States. This is the borrower’s first commercial real estate purchase in the U.S.

September 23, 2013

Midwest Multifamily

TIKIJIAN ARRANGES SALE OF 126-UNIT APARTMENT PROPERTY

by admin September 23, 2013

EVANSVILLE, IND. — Tikijian Associates, an Indianapolis-based multi housing broker and investment advisor, has arranged the sale of Shady Tree Apartments, a 126-unit multifamily community in Evansville. West Palm Beach, Calif.-based Ocwen Loan Servicing sold the property to Renewing Management Inc., an Anderson, Ind.-based owner. Shady Tree Apartments is located at 3900 N. Fulton Ave. Renewing Management plans to renovate the interior and exterior of the property. Tikijian Associates represented the buyer and the seller in the transaction. The purchase price was undisclosed.

September 23, 2013

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