Multifamily

500 LAKE SHORE DRIVE NEARS COMPLETION IN CHICAGO

by admin May 2, 2013

CHICAGO — Developer Related Midwest has opened the doors to 500 Lake Shore Drive, a new 47-story, 500-unit multifamily glass tower in the Streeterville neighborhood of Chicago. Solomon Cordwell Buenz designed the building, which is expected to receive LEED Silver certification. The architects coordinated with Robert Pope Interiors on the design of the building’s common areas, which include a glass, wood and stone two-story lobby. Apartments currently available for lease include studios and one- and two-bedroom residences located on floors 3 through 29, with a move-in date of May 15. Residences in the remainder of the building will be available for lease beginning this fall and include three-bedroom penthouses on the top four floors. Rents at 500 Lake Shore Drive begin at $1,795 a month.

May 2, 2013

NORDBLOM BORROWS $9.5M FOR MULTIFAMILY PROPERTY

by admin May 2, 2013

BROOKLINE, MASS. — Nordblom Co. has received a $9.5 million FHA 223(f) loan to refinance Marion Square, a 44-unit, two-building multifamily complex in Brookline, a southwest suburb of Boston. Nordblom built the first building in 2003 after purchasing the land from a related entity. The company purchased the other building, which was built in 1913, more than 40 years ago. The fixed-rate loan includes a 35-year term with a 35-year amortization schedule. Brian Sykes of Beech Street Capital’s Boston office originated the transaction.

May 2, 2013

Multifamily Northeast

ARIEL PROPERTY ARRANGES SALE OF MULTIFAMILY PROPERTY

by admin May 2, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a five-story Upper West Side multifamily property located at 313 West 77th St. for $5.2 million. The trustee overseeing the disposition of the 11-unit property, a former co-op that filed for bankruptcy protection, retained the Ariel Property Advisors sales team of Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch. The trustee also retained Wolf Jakubowski of Brown Harris Stevens for the transaction. A national investor bought the building at an auction and plans to renovate the property. The 5,898-square-foot property includes approximately 1,046 square feet of air rights. The building is located three avenues from Central Park and the Museum of Natural History.

May 2, 2013

Multifamily Northeast

BLINK FITNESS SIGNS 15,500 SF LEASE IN NYC

by admin May 2, 2013

NEW YORK CITY — Blink Fitness has signed a 15,500-square-foot lease at Chelsea Park, a new residential building located at 260 West 26th St. in New York City. The 12-story Chelsea Park, located on the corner of Eighth Avenue and West 26th Street, includes 204 apartments ranging from studios to two-bedroom units. Alexander Hill of Winick Realty Group represented the ownership in the transaction. Peter Levine of Charter Realty & Development represented the tenant.

May 2, 2013

Multifamily Western

PHOENIX TO RECEIVE TWO NEW APARTMENT COMMUNITIES

by admin May 2, 2013

PHOENIX – Metro Phoenix will soon to be home to two new apartment communities. Developer Investment Property Associates has received more than $74.8 million in development financing to build the 402-unit Liv Ahwatukee and the 240-unit Liv North Scottsdale. Liv Ahwatukee is located in the Ahwatukee Foothills area of Phoenix, while Liv North Scottsdale is part of an urban-infill, mixed-use development near Scottsdale Quarter & Kierland Commons in North Scottsdale. Liv North Scottsdale received $34.5 million in financing and has already begun construction. Liv Ahwatukee received $40.2 million and is scheduled to break ground in the second quarter of 2013. Financing was arranged by Mark Strauss, Robert Lindner and John Carrick of Cohen Financial.

May 2, 2013

Multifamily Western

NAPA APARTMENT PORTFOLIO SELLS FOR $39.5M

by admin May 1, 2013

NAPA, CALIF. – A two-property multifamily portfolio in Napa has sold to Ridge Capital Investors, LLC and Redwood Real Estate Partners for $39.5 million. The properties included in this acquisition were the 124-unit Saratoga Downs Apartments and the 54-unit Sheveland Ranch Townhomes. The contiguous Class A properties are located just south of downtown Napa. The combined assets have been rebranded as Saratoga Downs at Sheveland Ranch. They represent the newest apartment product in the Napa market. The new property will be managed by FPI Management. Vince Schwab of Marcus & Millichap’s San Francisco office represented both the buyers and the unnamed seller in this transaction.

May 1, 2013

Multifamily Southeast

CARROLL ACQUIRES APT. PROPERTIES FOR $46M

by admin May 1, 2013

ATLANTA — Carroll Organization has acquired two Atlanta-area apartment communities for a combined $46 million. The sale includes the 396-unit Chattahoochee Landing in Roswell and the 200-unit Abbey at East Cobb in Marietta. Chattahoochee Landing, which is 97 percent occupied, is located on 28 acres along the Chattahoochee River. Floor plans average 1,309 square feet. Carroll plans to invest $1 million in upgrades to the property. The Abbey at East Cobb, which is 98 percent occupied, was upgraded in 2005 and 2008. Carroll plans to transform the current clubhouse into a fitness center, while the current gym will serve as a resident lounge.

May 1, 2013

Multifamily Texas

M&M ARRANGES SALE OF AUSTIN COMMONS APARTMENTS

by admin May 1, 2013

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of the 240-unit Austin Commons, an apartment complex located at 1630 Rutland Drive in north central Austin. The complex was built in 1971 and includes two swimming pools, a clubhouse, business center, fitness center, picnic areas and on-site laundry facilities. Joe James and Kent Myers of Marcus & Millichap's Austin office represented the seller, a California-based partnership, in the transaction. The buyer is also a California-based partnership.

May 1, 2013

Multifamily Western

NAPA APARTMENT PORTFOLIO SELLS FOR $39.5M

by admin May 1, 2013

May 1, 2013

Northeast Seniors Housing

GREYSTONE ORIGINATES $28M FINANCING FOR TWO COMMUNITIES

by admin May 1, 2013

UTICA, N.Y. AND CANTON, GA. — Greystone has provided a total of $28 million in bridge loan financing to United Group of Cos. Inc. for two market-rate senior apartment communities located in New York and Georgia. Proceeds from the loan were used to refinance existing debt. The independent living properties are Schuyler Commons in Utica, N.Y. and The Lodge at BridgeMill in Canton, Ga. Donny Rosenberg and Steve Germano of Greystone originated the loans.

May 1, 2013

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