Multifamily

MARQUETTE COS. PURCHASES 400-UNIT APARTMENT COMPLEX

by admin July 15, 2013

GRANGER, IND. — The Marquette Cos. has purchased Main Street Village, a 400-unit apartment community in Granger, a northwest suburb of South Bend. The purchase price was undisclosed. Located at 5504 Town Center Drive, about three miles from Notre Dame University, the property represents the second purchase completed in a joint venture with New York-based DRA Advisors. Built in two phases between 2001 and 2003, Main Street Village is a garden-style community that includes one-, two- and three-bedroom apartments, some with attached one- or two-car garages. The apartments measure 653 to 1,389 square feet and include a private entry, washer and dryer and private outdoor space. Amenities at the apartment community include an outdoor swimming pool, fitness center, sauna, tanning bed, gymnasium, business center, movie theater, TV lounge, billiards table and a car wash center. Rents range from $829 to $1,684 per month.

July 15, 2013

CHOZICK REALTY BROKERS $8.4M SALE OF STUDENT APARTMENTS

by admin July 15, 2013

WILLINGTON, CONN. — Chozick Realty Inc. has brokered the sale of Willington Oaks Apartments, a 128-unit student apartment community located near the University of Connecticut, for $8.4 million. The property includes a mix of 64 one-bedroom units and 64 two-bedroom units with a 384-bed capacity. The new owners, Willington Oaks LLC plan to renovate the property. Rick Chozick of Chozick Realty represented the seller, RRE VIP Willington LLC, and procured the buyers in the transaction.

July 15, 2013

Multifamily Northeast

HISTORIC MULTIFAMILY BUILDING IN NYC SELLS FOR $8.6M

by admin July 15, 2013

NEW YORK CITY — For the first time in more than 50 years, a historic row house located at 36 Riverside Drive in Manhattan has sold. A Long Island-based developer purchased the 7,380-square-foot residential building for $8.6 million. The five-story building includes eight multifamily units. Nestled in a historic landmark district alongside Riverside Park at 76th Street, 36 Riverside Drive was one of the earliest row houses (1888-89) to be constructed on the Drive. Adelaide Polsinelli, senior director at Eastern Consolidated, Kevin McConnell of Himmelstein, McConnell, Gribben, Donoghue & Joseph, Jeffrey E. Glen, Nicholas R. Maxwell of Anderson Kill & Olick, David R. Brody of Borah Goldstein Altschuler Nahins & Hoidel and Milo Silberstein of Dealy Silberstein & Bravernan LLP. Gary Hisiger of Moritt Hock & Hamroff LLP and Polsinelli represented the buyer in the transaction.

July 15, 2013

Multifamily Texas

STEADFAST INCOME REIT BUYS APARTMENT COMMUNITIES FOR $31.9M

by admin July 15, 2013

PLANO AND CARROLLTON, TEXAS — Steadfast Income REIT Inc. has acquired two apartment communities in Plano and Carrollton totaling for $31.9 million. The REIT purchased the 350-unit Waterford on the Meadow in Plano for $23.1 million and the 131-unit Arbors at Carrollton in Carrollton for $8.8 million. Waterford on the Meadow is 97 percent occupied and includes a swimming pool, sand volleyball court, clubhouse and picnic areas. Steadfast plans to upgrade the interior of each apartment unit between resident move-ins. Arbors at Carrollton is 95 percent occupied and includes a swimming pool, clubhouse and barbecue areas. Steadfast plans to upgrade the kitchen appliances when turning the units between residents. Including these acquisitions, the REIT has acquired more than 9,250 apartments homes in the Southwest, Southeast and Midwest for approximately $820 million.

July 15, 2013

Multifamily Western

SOMMERSET GARDENS IN AURORA RECEIVES $31.6M IN ACQUISITION FINANCING

by admin July 15, 2013

AURORA, COLO. – The 420-unit Sommerset Gardens in Aurora has received $31.6 million in acquisition financing. The Class B community is located at14304 E. Tennessee Ave. The community was built in two phases between 1981 and 1983. It has undergone minor renovations over the years. Sponsor Kennedy Wilson plans to invest $5 million to further upgrade the property. The loan features a 12-year term with five years interest-only at a fixed rate of 4.27 percent. Financing was provided by Berkeley Point Capital LLC under the Fannie Mae Delegated and Underwriting and Servicing (DUS) program.

July 15, 2013

Multifamily Southeast

RESOURCE REAL ESTATE BUYS DISTRESSED APARTMENT COMMUNITY FOR $10.1M

by admin July 12, 2013

WINTER PARK, FLA. — Resource Real Estate has acquired a distressed apartment community in the Orlando suburb of Winter Park on behalf of its Resource Real Estate Opportunity REIT for $10.1 million. Nob Hill Apartments consists of 192 units within 10 buildings on 10 acres of land. Amenities include a swimming pool, fitness center, club room, business center, theater, sauna, and tennis and shuffleboard courts. Resource plans to complete a capital improvements project that will include individual unit and common area repairs and renovations as well as new exterior painting and landscaping. Resource acquired the property from a financial institution that had previously foreclosed on it.

July 12, 2013

Multifamily Southeast

MARCUS & MILLICHAP BROKERS $7.6 MILLION MULTIFAMILY, HOTEL SALE

by admin July 12, 2013

ORLANDO — Marcus & Millichap has brokered the sale of a multifamily community and a hotel in Orlando for a combined $7.6 million. Universal Suites is located at 1200 Holden Ave. The apartment community includes a 140 one- and two-bedroom units. It sold for $4.3 million. Tranquility Inn is a 110-room extended-stay hotel located at 4855 S. Orange Blossom Trail. It traded for $3.3 million. Nicholas Meoli, Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the local seller. John Keeler of Marcus & Millichap’s Orlando office represented the Colorado-based buyer.

July 12, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $32.9M LOAN FOR 340-UNIT MULTIFAMILY PROPERTY

by admin July 12, 2013

WAUKEGAN, ILL. — NorthMarq’s Chicago regional office has arranged $32.9 million in first mortgage refinancing for Landings at Amhurst Lake, a 340-unit in Waukegan. The market-rate multifamily community is located at 1375 S. White Oak Drive, approximately 50 miles north of Chicago. The 10-year loan includes three years of interest-only payments and a 30-year amortization schedule. Sue Blumberg, senior vice president and managing director of NorthMarq arranged the financing for the borrower, Northern Crossing JV LLC, through its seller-servicer relationship with Freddie Mac.

July 12, 2013

Midwest Multifamily

GREYSTONE PROVIDES $8.5M FOR ILLINOIS MULTIFAMILY PROPERTY

by admin July 12, 2013

WOODRIDGE, ILL. — Greystone has provided an $8.5 million FHA loan for Hawthorn Ridge Apartments, a multifamily complex in Woodridge, located about 30 miles west of Chicago. Hawthorn Ridge Apartments includes 176 units, a pool and a small park. Naftali Schuss of Greystone’s New York City office arranged the financing.

July 12, 2013

Multifamily Texas

WALKER & DUNLOP PROVIDES FINANCING FOR TWO MULTIFAMILY PROPERTIES

by admin July 12, 2013

DALLAS AND HUMBLE, TEXAS — Walker & Dunlop Inc. has provided financing for two borrowers in Texas under its Interim Loan Program. The program offers floating-rate loans to experienced borrowers seeking to acquire or reposition multifamily, independent living and assisted living properties that do not currently qualify for permanent financing. The first financing is a $23.35 million acquisition loan for Bellaterra at Deerbrook, a 360-unit, garden-style apartment property located in Humble. The complex features one- and two-bedroom floor plans. This one-year, interest-only financing marks the first interim loan for borrower Priderock Capital Partners. Stephen Farnsworth, senior vice president, led the Walker & Dunlop team in the transaction. The second financing is an interest-only, nonrecourse loan for the 55-unit Shelby Apartments, a Class A multifamily property located on the Southern Methodist University campus in Dallas. The Prescott Group of Dallas and AREA Property Partners received the loan. Matt Wallach and Stephen Wes, vice presidents led the Walker & Dunlop team in the transaction.

July 12, 2013

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