Multifamily

PRESCOTT REALTY BEGINS $45M MULTIFAMILY DEVELOPMENT

by admin June 24, 2013

DALLAS — Prescott Realty Group has kicked off the development of an unnamed $45 million multifamily development in Dallas. Prescott has begun the abatement process of the existing White Rock Trail and Toscana apartment communities, which will be followed by demolition. The new Class A, 362-unit apartment community will incorporate a proposed public hike and bike trail connection to the upcoming Lake Highlands Trail and the existing White Rock Creek Trail. The new community is slated to open in late summer 2014.

June 24, 2013

ARCADIA COVE APARTMENTS IN PHOENIX CHANGES HANDS

by admin June 21, 2013

PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.

June 21, 2013

Multifamily Western

ONE CANYON PLACE IN PUYALLUP RECEIVES $18M IN FINANCING

by admin June 21, 2013

PUYALLUP, WASH. – The 251-unit One Canyon Place in Puyallup has received $18 million in financing. The community is located at 11619 Canyon Road East just east of Tacoma. It is 97 percent occupied. The 35-year, fixed-rate loan features a 3.2 percent interest rate and a 72 percent loan-to-value ratio. The non-recourse financing was arranged by Louis Weisman of Berkadia Commercial Mortgage LLC’s Seattle office on behalf of Delta II LLC. It was arranged through the firm’s FHA/HUD 223(f) program.

June 21, 2013

Multifamily Western

MANON GARDEN APARTMENTS IN HAYWARD SELLS FOR $2.6M

by admin June 21, 2013

HAYWARD, CALIF. – The 20-unit Manon Garden Apartments in Hayward has sold to an unnamed buyer for $2.6 million. The community is located at 27435 Manon Ave. The seller, a limited liability company, was represented by David Weglarz of Marcus & Millichap’s Oakland office.

June 21, 2013

Multifamily Southeast

UF STUDENT HOUSING COMMUNITY TRADES FOR $36.25 MILLION

by admin June 21, 2013

GAINESVILLE, FLA. — The Preiss Company has acquired a 770-bed student housing community serving students of the University of Florida for $36.25 million. The seller was a joint venture between New York-based Glenmont Capital Management and Birmingham, Ala.-based Arlington Properties. Canopy Apartments is located at 4400 SW 20th Ave. in Gainesville. Constructed in 2009, the property features five three-story residential buildings containing a mix of two- through four-bedroom units. Unit amenities include granite countertops, stainless steel appliances and nine-foot ceilings. Community amenities include a resort-style pool with a bar and grilling area, a fitness center, a clubhouse with a gaming area, an indoor basketball court, two sand volleyball courts, a virtual golf course, tanning beds, and a business center. Canopy Apartments was 95 percent occupied at the time of closing. The Holliday Fenoglio Fowler (HFF) team of Brian Kelly and Manny de Zarraga represented the seller. HFF also assisted Preiss in arranging acquisition financing for the property. HFF’s Timothy Joyce, Stephen Skok and Elliott Throne secured a $26.4 million acquisition loan through M&T Realty Capital Corp. The loan carries a 4.5 percent fixed interest rate and a 12-year term.

June 21, 2013

Multifamily Southeast

NORTHMARQ ARRANGES $14M MORTGAGE FOR TAMPA-AREA APARTMENT COMMUNITY

by admin June 21, 2013

PALM HARBOR, FLA. — NorthMarq has arranged a $14 million permanent loan for the refinancing of Landings at Boot Ranch, a 232-unit multifamily community located in the Tampa suburb of Palm Harbor. The borrower, an undisclosed national multifamily investor, had recently acquired the defaulted note on the property, which is located at 212 Katherine Blvd., and is in the midst of an extensive renovation. Robert Hernandez of NorthMarq’s Tampa office arranged the loan, which carries a 15-year term and a 25-year amortization schedule. The lender was an undisclosed life insurance company.

June 21, 2013

Midwest Multifamily

CBRE ARRANGES SALE OF AUTUMN BREEZE APARTMENTS

by admin June 21, 2013

NOBLESVILLE, IND. — CBRE has arranged the sale of Autumn Breeze, a newly constructed 280-unit luxury apartment community in Noblesville, a northeast suburb of Indianapolis. Steve LaMotte and Dane Wilson of CBRE's Indianapolis-Cincinnati Multi-Housing Group represented the seller, Indianapolis-based developer Herman & Kittle Properties, in the transaction. Passco Cos., a West Coast-based private investment group, purchased the property. Autumn Breeze was built in 2009 and features a full amenity package including a clubhouse with 24-hour access to a billiard room, conference room, fitness center, tanning salons and a Wi-Fi lounge with coffee bar. The purchase price was not disclosed.

June 21, 2013

Midwest Multifamily

MARCUS & MILLICHAP BROKERS $1.3M SALE OF APARTMENT BUILDING

by admin June 21, 2013

CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1.3 million. Stephen Rachman, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a limited liability company. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago Downtown office, secured and represented the buyer, an individual/personal trust. The apartment building is located at 1233 N. Hoyne Ave. in Chicago's Wicker Park neighborhood. The apartment community is fully occupied.

June 21, 2013

Multifamily Northeast

MACK-CALI BREAKS GROUND ON $100M RIVERFRONT APARTMENTS

by admin June 21, 2013

WEEHAWKEN, N.J. — Mack-Cali Realty Corp. has broken ground on the $100 million RiverParc at Port Imperial, a 280-unit luxury multifamily property in Weehawken. The 10-story building is part of the $2 billion Port Imperial development, a mixed-use waterfront destination that spans two-and-a-half miles directly across the Hudson River from Midtown Manhattan. RiverParc is Mack-Cali’s first new construction residential project since acquiring multifamily developer Roseland in October 2012. Roseland will oversee the leasing and management responsibilities of RiverParc. The building is expected to open for occupancy in the third quarter of 2014. RiverParc is a joint venture between Roseland and The Prudential Insurance Co. of America. PNC is the leading provider of construction financing for the project, and Wells Fargo is also participating with construction financing. RiverParc’s amenity package will include a fitness center, golf simulator, indoor heated pool, outdoor terrace with a hot tub and fire pit, movie theater, children’s playroom, conference meeting space and a game room with billiards. The community will also have 320 indoor parking spaces, which will include guest parking.

June 21, 2013

Multifamily Western

ARCADIA COVE APARTMENTS IN PHOENIX CHANGES HANDS

by admin June 21, 2013

June 21, 2013

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