Multifamily

GEBROE-HAMMER ARRANGES $7.7M SALE OF APARTMENT COMMUNITY

by admin September 23, 2013

ROCHELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the $7.7 million sale of Central Avenue Apartments, a 32-unit apartment community in Rochelle Park. The two-building, garden-style apartment complex is located at 47-53 Central Ave., about 18 miles north of Newark. A four-bedroom, 1,900-square-foot home and 66-space parking lot were also included in the sale. Joseph Brecher, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller, 47-53 Central Avenue LLC, and identified the buyer in the transaction.

September 23, 2013

CBRE BROKERS SALE OF WOODMERE TRACE APARTMENTS IN NORFOLK

by admin September 20, 2013

NORFOLK, VA. — CBRE | Hampton Roads has arranged the sale of Woodmere Trace Apartments, located at 6741 E. Tanners Creek Drive in Norfolk. An affiliate of Harbor Group International LLC sold the 300-unit, garden-style multifamily community to Washington, D.C.-based CPDC. Woodmere Trace is the buyer's first multifamily investment in the Hampton Roads area. The buyer plans to renovate the interiors of the apartment community, which was built in 1975. Dan Johnson and Hank Hankins of CBRE | Hampton Roads represented the seller in the transaction.

September 20, 2013

Midwest Multifamily

M&M ARRANGES SALE OF SIX-UNIT APARTMENT BUILDING IN CHICAGO

by admin September 20, 2013

CHICAGO — Marcus & Millichap has arranged the sale of 1528 N. Ashland Ave., a six-unit apartment property in Chicago. Kyle Stengle and Joseph Bergman, investment specialists in Marcus & Millichap’s Chicago downtown office, marketed the property on behalf of the seller, a private investor. James Ziegler and Ryan Engle, investment specialists from Marcus & Millichap’s Chicago O'Hare and Chicago Oak Brook offices, represented the buyer, also a private investor. The asset sold for $692,500.

September 20, 2013

Multifamily Northeast

APARTMENT COMPLEX IN HARRISBURG SELLS FOR $25.7M

by admin September 20, 2013

HARRISBURG, PA. — Marcus & Millichap has arranged the $25.7 million sale of Ivy Ridge Apartments, a 218-unit, newly constructed apartment complex in Harrisburg. The sales price represents $117,913 per unit, a new price per unit high in the Harrisburg market this year, according to Marcus & Millichap. Zachary Pierce and Mark Thomson, directors of Marcus & Millichap’s national multi housing group in Philadelphia, represented the seller, a local investor/developer. The buyer, also procured by Pierce and Thomson, is an operator of multifamily assets based in Northern New Jersey. The garden-style community is located at 589 Yale St. and features 192 two-bedroom units with private entrances and patios. The remaining 26 units are townhomes adjacent to the main complex. Community amenities include a clubhouse/leasing center with 24-hour fitness area, outdoor seating with fire pit and free Wi-Fi access.

September 20, 2013

Multifamily Northeast

ARBOR PROVIDES $7M LOAN FOR NEWARK MULTIFAMILY PROPERTY

by admin September 20, 2013

NEWARK, N.J. — Arbor Commercial Funding, LLC has provided a $7 million loan for the refinancing of a 108-unit multifamily community in Newark. The property, 103 Chancellor Avenue Apartments, is in proximity to the Garden State Parkway and Newark Liberty International Airport and features a central laundry facility on the ground floor. The five-year, Fannie Mae DUS loan includes a 30-year amortization schedule.

September 20, 2013

Multifamily Texas

TRYPERION-PRESIDIUM JOINT VENTURE BUYS 252-UNIT SAN ANTONIO APARTMENTS

by admin September 20, 2013

SAN ANTONIO — Tryperion Partners and Presidium Group have formed a joint venture to acquire Oakwell Springs, a 252-unit apartment complex in the northeast submarket of San Antonio. The partnership plans renovations for the property including new interior finishes, enhanced amenities and landscaping and refurbished exteriors. Tryperion is a Los Angeles-based private real estate investment firm focusing on value-add opportunities in the office, retail, hospitality and multifamily sectors in secondary markets in western states. Presidium is an investment and management firm specializing in Texas multifamily properties and currently has more than 6,000 units under management.

September 20, 2013

Multifamily Western

GLENBROOKE APARTMENTS IN PUYALLUP RECEIVES $13.6M REFINANCE

by admin September 19, 2013

PUYALLUP, WASH. – The 225-unit Glenbrooke Apartments in Puyallup has received a $13.6-million refinance. The affordable housing complex is located at 701 43rdAve. The property had a complex ownership structure with multiple partners. The transaction facilitated a refinance for a limited partner buy-out. Financing was based on a 10-year term and a 30-year amortization period with three years interest-only. It was arranged by Ron Peterson of NorthMarq Capital’s Seattle regional office through the firm’s seller-servicer relationship with Freddie Mac.

September 19, 2013

Multifamily Southeast

NORTHMARQ ARRANGES $10M LOAN FOR SOMERSTONE APARTMENTS IN CHARLOTTE

by admin September 19, 2013

CHARLOTTE, N.C. — NorthMarq Capital has arranged $10 million in first mortgage refinancing for Somerstone Apartments, a 360-unit, market-rate multifamily community located in Charlotte. Kevin Jenkins of NorthMarq Capital's Charlotte office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Somerstone LLC.

September 19, 2013

Midwest Multifamily

DORAN CONSTRUCTION COMPLETES BLUESTONE LOFTS

by admin September 19, 2013

DULUTH, MINN. — Doran Construction has completed Bluestone Lofts, a 99-unit student housing project at the University of Minnesota in Stillwater. Summit Management developed the 183,000-square-foot property, which broke ground in September 2012. The BlueStone project is part of more than 1,000 apartment units Doran Construction is building or has completed this year.

September 19, 2013

Midwest Multifamily

M&M ARRANGES SALE OF 12-UNIT APARTMENT BUILDING

by admin September 19, 2013

WEST DUNDEE, ILL — Marcus & Millichap has arranged the sale of 729 Strom Drive, a 12-unit apartment property in West Dundee, located about 40 miles northwest of Chicago. The property sold for $818,750 in 15 days at 93.6 percent of its original list price. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction. The property includes two one-bedroom and 10 two-bedroom units. Recent capital improvements to the multifamily property include new balconies and six updated bathrooms.

September 19, 2013

Newer Posts

Older Posts