Multifamily

ARA BROKERS SALE OF FAYETTEVILLE APARTMENT COMMUNITY

by admin July 16, 2013

FAYETTEVILLE, ARK. — Apartment Realty Advisors (ARA) has brokered the sale of Mountain Ranch Apartments. The 360-unit, Class A community is situated on 15 acres in western Fayetteville, minutes from the University of Arkansas. It was constructed in 2010 by the seller, SC Bodner Co. Unit floor plans average 984 square feet, and community amenities include a clubhouse with an entertainment lounge, game room, coffee bar, 24-hour fitness center and resort-style pool with tanning area. Occupancy was 94 percent at the time of closing. ARA brokers Brandon Lamb and Brian O’Boyle, Jr. represented the seller. The buyer was a joint venture between Capital Assets Inc. and Moriah Real Estate Co. The acquisition price was not disclosed.

July 16, 2013

COURTYARDS OF SOUTH TAMPA TRADES FOR $4.1 MILLION

by admin July 16, 2013

TAMPA, FLA. — Franklin Street Real Estate Services has completed the sale of Courtyards of South Tampa, a 71-unit apartment complex located at 3814 W. Euclid Ave., for $4.1 million. The property was constructed in 1969 and features a swimming pool. Occupancy was 94 percent at the time of closing. The Franklin Street team of Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames represented the seller, a local investor. The buyer, a local real estate group, plans to continue renovating the units and eventually raise rents.

July 16, 2013

Midwest Multifamily

RADCO ACQUIRES INDIANAPOLIS APARTMENT COMPLEX FOR $16.5M

by admin July 16, 2013

INDIANAPOLIS — The RADCO Cos. has purchased Lakewood Lodge, a 454-unit apartment community in northern Indianapolis, for $16.5 million from the Lehman estate. RADCO plans to rebrand the property as Ashford at Keystone and improve its interiors, replace the exterior building skin, upgrade the landscaping, add amenities and improve exterior signage. The property sits on 35 acres inside the city's primary perimeter road with extensive frontage on Keystone Avenue. The acquisition increases RADCO's current multifamily portfolio to more than 3,700 units. RADCO financed the purchase through a mix of bridge debt and private equity.

July 16, 2013

Multifamily Northeast

MERIDIAN ARRANGES $155M LOAN FOR NYC MULTIFAMILY PROPERTY

by admin July 16, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $155 million in financing on behalf of Cammeby’s International Ltd. for the purchase of The Monterey, a multifamily property located on Manhattan’s Upper East Side. Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, provided the 12-year loan at a fixed interest rate of 3.78 percent. The 29-story, 522-unit property is located at 175 E. 96th Street and includes a 209-space parking garage and 3,375 square feet of fully leased retail space. Abe Hirsch, managing director, and Zev Karpel, senior vice president in Meridian’s New York City headquarters, negotiated the transaction.

July 16, 2013

Multifamily Texas

HFF ARRANGES $46M IN LOANS FOR TWO APARTMENT COMMUNITIES

by admin July 16, 2013

IRVING AND DEER PARK, TEXAS — HFF has arranged approximately $46 million in acquisition financing for the 560-unit Vistas at Hackberry Creek in Irving and the 216-unit Deer Park Apartments in Deer Park. Vistas at Hackberry Creek is located at 2527 W. Royal Lane and is 95.5 percent occupied. Deer Park Apartments is located at 401 W. Pasadena Blvd. and is 94 percent occupied. HFF arranged the loans on behalf of the borrower, Pure Multi-Family REIT LP. HFF placed the $29.5 million, 15-year loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors LLC. HFF secured a separate $16.5 million, 10-year loan for Deer Park Apartments through Freddie Mac's CME program. John Brownlee of HFF led the team in arranging the loans.

July 16, 2013

Multifamily Texas

ARA SECURES SALE OF BENT TREE APARTMENTS IN SAN ANTONIO

by admin July 16, 2013

SAN ANTONIO — ARA has arranged the sale of the 272-unit Bent Tree Apartments, located at 4801 Gus Eckert Road in San Antonio. Casey Fry and Pat Jones of ARA represented the seller, Venterra Realty, a privately held owner/operator of apartment communities in Texas, Georgia, Florida, North Carolina and Tennessee. Venterra Realty sold the community to Salem, Ore.-based Windmill Investments, a privately held real estate investment firm. Bent Tree includes efficiencies, one- and two-bedroom units that average 683 square feet. The community also features two resort-style pools, a business center, resident lounge and views of downtown San Antonio. Occupancy at the time of sale was 96 percent.

July 16, 2013

Multifamily Western

NEW TAHITIAN APARTMENTS IN GOLETA RECEIVES $9.3M

by admin July 16, 2013

GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.

July 16, 2013

Multifamily Western

LA PALMA APARTMENTS IN ANAHEIM SELLS FOR $5M

by admin July 16, 2013

ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.

July 16, 2013

Seniors Housing Texas

CADENCE MCSHANE COMPLETES SENIORS HOUSING FACILITY IN KELLER

by admin July 16, 2013

KELLER, TEXAS — Cadence McShane Construction Co. has completed the 78-unit, 51,000-square-foot Legacy at Bear Creek in Keller. The assisted living and memory care facility is located at 200 Keller Smithfield Road S. in Keller Town Center, a 340-acre mixed-use development. PinPoint Commercial LP and Thrive Senior Living co-developed the project.

July 16, 2013

Seniors Housing Western

THE SPRINGS AT TANASBOURNE IN HILLSBORO RECEIVES $36.3M IN REFINANCING

by admin July 15, 2013

HILLSBORO, ORE. — The Springs at Tanasbourne, a 230-unit independent living, assisted living and memory care facility in Hillsboro, has received $36.3 million in financing. The community is located at 1950 NW 192nd Ave. The 10-year loan includes a fixed interest rate and a 30-year amortization schedule. The funds were used to refinance an existing construction loan. Carolyn Nazdin, Charlie Shoop and Doug Checketts of KeyBank Real Estate Capital 's Seniors Housing and Healthcare Groups provided the Fannie Mae loan. The borrower was a joint venture between affiliates of Ventas, Inc. and the Springs Living.

July 15, 2013

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