Multifamily

103-UNIT APARTMENT BUILDING CHANGES HANDS FOR $16.2M

by admin August 5, 2013

NEW YORK CITY — Local investor 1-29 Bogardus Place LLC has purchased a seven-story, 103-unit multifamily building in Upper Manhattan for $16.2 million. The building, located at 1 Bogardus Place, was 95 percent occupied at the time of sale. R. Stuart Gross, Max Bryce and Scott Ellard of Eastern Consolidated represented the seller, Bogardus Property Owner LLC, and procured the buyer in the transaction. The property includes units ranging from 589-square-foot studios to 1,405-square-foot three-bedrooms units. Attorney Ilan Lerman of Winston & Strawn LLP represented the seller. Attorney Karen Scanna of Stroock & Stroock & Lavan LLP represented the buyer.

August 5, 2013

THE WESTRIDGES APARTMENT COMPLEX IN TACOMA SELLS FOR $64.5M

by admin August 5, 2013

TACOMA, WASH. — The Westridges, a 714-unit apartment community just outside downtown Tacoma, has sold to JRK Investors for $64.5 million. This 62-building property is the largest apartment community in Pierce County and the fourth largest in the Puget Sound region. The 37.1-acre site is located at 2602 Westridge Ave. West. The community was completed in 1991. The sale was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets. The seller was not named.

August 5, 2013

Multifamily Western

CRYSTAL SPRINGS APARTMENTS IN AVONDALE RECEIVES $25.7M IN FINANCING

by admin August 5, 2013

AVONDALE, ARIZ. – The 400-unit Crystal Springs Apartments in Avondale has received $25.7 million in permanent financing. The community is located at 11885 W. McDowell Road in thesouthwestern Phoenix suburb. The property was built in two phases that spanned from 2002 to 2004. It was 95 percent leased at the time of closing. The non-recourse loan has a fixed interest rate for the five-year term. It also features a 30-year amortization schedule. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office on behalf of a California-based real estate investor. The lender is a Wall Street firm. Crystal Springs is managed by Riverstone Residential Group.

August 5, 2013

Multifamily Western

JOINT VENTURE BUYS SANTORINI VILLAGE DEVELOPMENT IN SOUTH JORDAN

by admin August 2, 2013

SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.

August 2, 2013

Midwest Multifamily

M&M ARRANGES $1.2M SALE OF 21-UNIT APARTMENT BUILDING

by admin August 2, 2013

RIVERSIDE, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Riverside Apartments, a 21-unit apartment property in Riverside, a western suburb of Chicago. Jim Walsh, James Clough and Joseph Smazal, investment specialists in Marcus & Millichap’s downtown Chicago office, marketed the property on behalf of the seller, a long-term property owner trust. Andrean Angelov and Ryan D. Engle, investment specialists in Marcus & Millichap’s Chicago Oak Brook office represented the buyer, a local investor. Built in 1927, Riverside Apartments is located at 3408-3412 S. Harlem Ave. and includes nine garages and 18 parking spaces.

August 2, 2013

Multifamily Northeast

MASSEY KNAKAL ARRANGES $5M SALE OF MIXED-USE BUILDING

by admin August 2, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of a 21,678-square-foot mixed-use building in Manhattan’s Harlem neighborhood, for $5 million in an all-cash transaction. The six-story, walk-up building is located at 203 W. 144th St. and includes 28 residential and two commercial units. Of the residential units, 18 are two-bedroom units and 10 are three-bedroom units. A church and a retail tenant occupy the two ground-floor units. Josh Lipton and Michael Amirkhanian of Massey Knakal represented the seller and buyer, private investors, in the transaction.

August 2, 2013

Multifamily Northeast

M&M ARRANGES SALE OF EIGHT-UNIT APARTMENT BUILDING IN NYC

by admin August 2, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $1.7 million sale of 693 Madison Street, a 9,036-square-foot apartment property in Brooklyn. The sales price of the eight-unit multifamily property represents approximately $215,000 per unit and $190 per square foot. Dan Greenblatt, Shaun Riney and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Bestreich, Greenblatt and Riney also represented the buyer, a fund manager.

August 2, 2013

Multifamily Texas

SENQUEST ACQUIRES SENIOR COMMUNITY IN BRYAN

by admin August 2, 2013

BRYAN, TEXAS — SenQuest Senior Living has purchased Waldenbrooke Estates, a 180-unit independent senior living apartment property totaling approximately 164,150 square feet in Bryan. Waldenbrooke, which offers both one- and two-bedroom units in four three-story buildings, has undergone nearly $260,000 in capital improvements since 2011. The complex is located at 2410 Memorial Drive. SenQuest is the senior housing division of Los Angeles-based Titan Real Estate Investment Group Inc.

August 2, 2013

Multifamily Western

JOINT VENTURE BUYS SANTORINI VILLAGE DEVELOPMENT IN SOUTH JORDAN

by admin August 2, 2013

August 2, 2013

Multifamily Southeast

BLUE ROCK-KONOVER SOUTH JV BUYS APARTMENT COMMUNITY FOR $18.5M

by admin August 1, 2013

SANFORD, FLA. — A joint venture between Tampa, Fla.-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has purchased a 256-unit apartment community in Sanford from Robbins Associates for $18.5 million. Sailpointe at Lake Monroe is located on 401 W. Seminole Blvd. The new owners plan to invest $1.8 million in the property to upgrade its appearance, unit interiors and amenities. The community will also be renamed The Park at Ravello. Shelton Granade of the Orlando office of CB Richard Ellis brokered the transaction, and Prime Capital provided acquisition financing. The purchase represents Blue Rock and Konover South’s 11th joint acquisition in the past four years in the Orlando and Tampa Bay markets.

August 1, 2013

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