Multifamily

CBRE CLOSES $16M SALE OF 210 MULTIFAMILY UNITS IN KISSIMMEE

by admin August 13, 2013

KISSIMMEE, FLA. —CBRE has arranged the sale of 210 units at Legacy Parc in Kissimmee for $16 million. The community was built in 1990 and was purchased for condominium conversion in 2005. A majority of the units were reverted to rentals, and the current buyer purchased 210 of the 320 units at the community. The 210 units were 98 percent occupied at the time of sale. Legacy Parc offers one-, two- and three-bedroom units averaging 1,001 square feet. The community's amenities include a swimming pool, fitness center, children's playground, two tennis courts and a sand volleyball court. Luke Wickham, Shelton Granade and Justin Basquill of CBRE's Orlando office represented the seller in the transaction.

August 13, 2013

PROMINENT REALTY ACQUIRES JACKSONVILLE APARTMENT COMMUNITY

by admin August 13, 2013

JACKSONVILLE, FLA. — Atlanta-based Prominent Realty Group of Georgia Inc. has acquired The Registry at Windsor Parke, a 260-unit apartment community in Jacksonville. The community is situated on Hodges Boulevard west of Ponte Verde Beach. This is Prominent Realty's first multifamily acquisition in Florida.

August 13, 2013

Midwest Multifamily

EIGHT-UNIT MULTIFAMILY PROPERTY SELLS IN METRO CHICAGO

by admin August 13, 2013

PARK RIDGE, ILL. — Millennium Properties R/E has completed the sale of a 12,200-square-foot, eight-unit apartment complex at 1 N. Hamlin Ave. in Park Ridge, a northwest suburb of Chicago, for $150,000 per unit. According to Millennium Properties, the multifamily property generates more than $100,000 in annual rent. Situated on the corner of Hamlin and Touhy avenues, the units in this property feature hardwood floors, eat-in kitchens and private patios and lawns. The building includes on-site laundry, storage and 14 parking spaces split between a six-car garage and an eight-space parking lot. Millennium Properties served as the sales advisor to a bankruptcy court in the transaction.

August 13, 2013

Midwest Multifamily

M&M ARRANGES $1.5M SALE OF 42-UNIT APARTMENT BUILDING

by admin August 13, 2013

GLENCOE, MINN. — Marcus & Millichap has arranged the $1.5 million sale of the Morningside Apartment Portfolio, a 42-unit apartment property located in Glencoe, about 50 miles southwest of Minneapolis. Mox Gunderson and Joe Cuskey, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The Morningside Apartment Portfolio is located at 1214 Baldwin Ave. North.

August 13, 2013

Multifamily Northeast

245-UNIT APARTMENT COMMUNITY SELLS FOR $46.7M IN METRO BOSTON

by admin August 13, 2013

TEWKSBURY, MASS. — GRE Tewksbury Property LLC, a joint venture between Guggenheim Real Estate and The Dolben Co., has sold Shawsheen Place at Tewksbury, a 245-unit apartment community located in Tewksbury, about 24 miles north of Boston, for $46.7 million. SF IV Tewksbury Owner LLC, an affiliate of The DSF Group, purchased the property. Shawsheen Place at Tewksbury includes one five-story and six three-story apartment buildings, as well as one clubhouse, 10 stand-alone carports and a maintenance building. The average unit size spans 1,020 square feet. The community's amenities include a clubhouse featuring a great room with fireplace, kitchen, TV, billiards room, business center with computers and printers, fitness center with cardio and nautilus equipment and an indoor heated pool with hot tub. The property also includes a children’s playground, tennis court and common laundry rooms on each floor of the Tower Building. Simon Butler and Biria St. John of CBRE/New England’s Capital Markets represented the seller and procured the buyer.

August 13, 2013

Multifamily Texas

STEADFAST REIT ACQUIRES AUSTIN, DALLAS APARTMENTS FOR $92M

by admin August 13, 2013

DALLAS AND AUSTIN, TEXAS — Steadfast Income REIT has purchased two Texas apartment properties in separate deals for an aggregate price of $92 million. Meritage at Steiner Ranch (currently known as Monterone at Steiner Ranch), which sold for $80 million, is a 502-unit complex within the Steiner Ranch master planned community in Austin. The Belmont, which sold for $12.1 million, is a 260-unit complex in the Dallas/Fort Worth suburb of Grand Prairie. With these acquisitions, Steadfast now holds more than 10,000 multifamily housing units in 10 states.

August 13, 2013

Multifamily Texas

BEHRINGER HARVARD SCOOPS UP SUGAR LAND APARTMENTS

by admin August 13, 2013

SUGAR LAND, TEXAS — Behringer Harvard has acquired Parkside Apartments, a 240-unit apartment community in Sugar Land, a growing city within Greater Houston. The property was purchased for the portfolio of Behringer Harvard Opportunity REIT II through a joint venture with affiliates of Houston’s Arcadian Real Estate Group. Built in 1998, Parkside comprises 19 buildings on 9.2 acres near the intersection of Highway 6 and U.S. Highway 90. The joint venture partners plan a renovation program for the complex that will upgrade common-area amenities as well as unit finishes.

August 13, 2013

Multifamily Western

SPOKANE VALLEY APARTMENT COMPLEX RECEIVES $9.7M IN FINANCING

by admin August 13, 2013

SPOKANE VALLEY, WASH. – A 120-unit apartment complex in Spokane Valley has received $9.7 million in permanent financing. The total take-out loan contains a 10-year term, 30-year amortization schedule and an 80 percent loan-to-value. It was arranged by Demetri Koston of Newmark Realty Capital in Spokane.

August 13, 2013

Seniors Housing Texas

HILLSIDE WEST SENIORS OPENS EARLY AT THE CANYON IN DALLAS

by admin August 13, 2013

DALLAS — The Hillside West Seniors Community, a 130-unit, age-restricted multifamily complex, has opened ahead of schedule at The Canyon in Oak Cliff, a 200-acre mixed-used development located five miles west of downtown Dallas. Development owner Stratford Land partnered with developer GroundFloor Development on both Hillside West and The Canyon’s original multifamily complex, Taylors Farm Apartments. GroundFloor utilized HUD financing and Low Income Housing Tax Credit financing assistance in the construction of the new complex, which offers one- and two-bedroom configurations plus amenities.

August 13, 2013

Multifamily Western

CONSTRUCTION BEGINS ON BROADSTONE CAPITOL HILL PROJECT IN SEATTLE

by admin August 12, 2013

SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending.Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.

August 12, 2013

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