Multifamily

JOHNSON CAPITAL ARRANGES $2.4M IN EQUITY FINANCING

by admin June 19, 2013

SAN ANTONIO — Ron Davis of Johnson Capital’s Dallas office has arranged $2.4 million in joint venture equity financing for the construction of Autumn Leaves of Stone Oak, a 30,000-square-foot memory care center located at 20272 Stone Oak Parkway in San Antonio. Davis procured the equity investment from Dallas-based MedProperties Holdings LLC. The project cost will total $10.7 million. The LaSalle Group is the developer for the project. Frost Bank provided the construction loan. Autumn Leaves of Stone Oak is expected to open in spring 2014 and will house 50 residents with Alzheimer’s, dementia and memory impairment.

June 19, 2013

ORACLE VILLAGE IN TUCSON SELLS FOR $9M

by admin June 18, 2013

TUCSON, ARIZ. – The 144-unit Oracle Village in Tucson has sold to an affiliate of Hamilton/Zanze for $9 million. The community is located at 5921 North Oracle Road. The seller was an affiliate of HSL Properties. The transaction was executed by Art Wadlund of Hendricks-Berkadia’s Tucson office.

June 18, 2013

Multifamily Western

LA MESA TOWNHOMES SELLS FOR $3.1M

by admin June 18, 2013

SAN DIEGO — Pathfinder Partners has acquired 16 of the unsold units within the Aragon townhome community, which resides within the San Diego submarket of La Mesa. The transaction included an adjacent land parcel that can hold an additional 10 townhomes. The community is located at 7705, 7715, 7725 and 7745 El Cajon Blvd. The 48-unit, attached-home community was developed by Barratt American in 2005. The company sold 32 units to individual homeowners between 2005 and 2007. Pathfinder represented itself in this transaction, while the seller was represented by Allen Chitayat and David Andrews at Hendricks and Partners.

June 18, 2013

Multifamily Southeast

VENTERRA REALTY ACQUIRES TUSCANY AT LINDBERGH

by admin June 18, 2013

ATLANTA — Venterra Realty has acquired Tuscany at Lindbergh, a 324-unit, Class A multifamily community located at 600 Garson Drive in Atlanta. Constructed in 2001, the property features one- through three-bedroom units averaging 1,034 square feet. Community amenities include a resort-style swimming pool, a fitness center, an executive center and a media room. Occupancy was 95 percent at the time of closing. Cortney Cole of Holliday Fenoglio led the team that represented Venterra in the deal. The buyer procured fixed-rate acquisition financing through MetLife.

June 18, 2013

Multifamily Southeast

MHA BROKERS $31.6 MILLION MULTIFAMILY SALE

by admin June 18, 2013

DURHAM, N.C. — Multi Housing Advisors (MHA) has brokered the sake of 1520 Magnolia, a 280-unit apartment community located in Durham, for $31.6 million. Constructed in 2001 and located at 1101 Exchange Place, the Class A property features units with double crown molding, 9-foot ceilings, garden-style tubs, and built-in bookshelves and desks. Property amenities include a 24-hour fitness center, on-site laundry facilities, a pool with a sundeck, a 2-mile jogging trail and concierge services. Marc Robinson and Jordan McCarley of MHA’s Charlotte, N.C., office represented the seller, Columbia, S.C.-based Estates, Inc. Nashville, Tenn.-based Carter Haston is the buyer.

June 18, 2013

Multifamily Southeast

NEW ORLEANS-AREA DISTRESSED APARTMENT COMMUNITY SELLS

by admin June 18, 2013

GRETNA, LA. — Marcus & Millichap has completed the sale of Pine I and II, a 143-unit distressed multifamily property located in the New Orleans suburb of Gretna. The property is located at 112 and 250 Holmes Blvd. The two communities, which contain a total of 27 two- and three-story buildings, were constructed in 1968 and 1978. They were extensively renovated in 2006 following Hurricane Katrina. Boyan Radic and Mason Green of Marcus & Millichap’s Fort Worth, Texas, office represented the seller, B-G&G Investors LLC, and the note holder, Hudson Advisors. Radic and Green also selected the deal’s stalking horse bidder and eventual buyer, a Florida-based limited liability company.

June 18, 2013

Multifamily Northeast

KALIKOW, WATERBRIDGE REFINANCE MANHATTAN PROPERTY

by admin June 18, 2013

NEW YORK CITY — The Kalikow Group and Waterbridge Capital have received $11.7 million for the refinancing of a three-building, 30-unit multifamily property at 113-117 Elizabeth St. in Manhattan. Chase Commercial Term Lending issued the loan commitment to the partners in May. Kalikow and Waterbridge purchased the property in November 2011 for $12.6 million. Kaled Management, the operations arm of The Kalikow Group, is currently managing the property.

June 18, 2013

Multifamily Texas

STEADFAST INCOME BUYS THREE APT. COMMUNITIES FOR $62M

by admin June 18, 2013

IRVINE, CALIF. — Irvine-based Steadfast Income REIT Inc. has acquired three apartment communities in separate transactions for a combined total of $62 million. The communities include the 240-unit Quail North in Oklahoma City, the 144-unit Rosemont Olmos Park in San Antonio and the 240-unit Grayson Ridge in Fort Worth. With the three acquisitions, the REIT owns more than 8,500 apartment units in 10 states totaling $770 million.

June 18, 2013

Multifamily Texas

PEARL GREENWAY COMMUNITY IN HOUSTON OPENS

by admin June 18, 2013

HOUSTON — The Morgan Group has launched its luxury Pearl apartment community brand with the grand opening of Pearl Greenway in Houston. The 341-unit, luxury community is located in Houston's Greenway Plaza area at 3788 Richomnd Ave. Pearl Greenway includes electric car charging stations, door-to-door recycling services, a cyber cafe, business center, lounge, upscale fitness center, Las Vegas-style swimming pool, Zen lap pool, covered bar area, grills, private cabanas and a dog park. The Morgan Group will managed the new community.

June 18, 2013

Multifamily Western

ORACLE VILLAGE IN TUCSON SELLS FOR $9M

by admin June 18, 2013

June 18, 2013

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