Multifamily

UNITED REALTY TRUST BUYS $23M TILDEN HALL IN BROOKLYN

by admin April 29, 2013

NEW YORK CITY — United Realty Trust has purchased Tilden Hall, located at 2520 Tilden Ave. in Brooklyn, for $22.9 million. The sales price equates to a value of $195,726 per unit, or $266 price per square foot, and includes a capitalization rate of 9.8 percent. The nine-story multifamily building includes 117 units and spans 86,000 square feet. Highland Park Development leases the property, which signs biyearly service agreements with the city and its Department of HomelessServices to provide transitional housing, counseling and rehabilitation programs for families in need. Greg Corbin and Amit Doshi of Besen & Associates completed the transaction.

April 29, 2013

GAIA REAL ESTATE ACQUIRES 463-UNIT COMMUNITY

by admin April 29, 2013

PROVIDENCE, R.I. — Gaia Real Estate has acquired the 478-unit Winchester Park & Winchester Wood, one of the largest apartment complexes in Providence. The undisclosed price was approximately $115,000 per unit. The acquisition also includes 20 acres of land next to the complex in the neighborhood of Riverside in East Providence. Winchester Park & Winchester Wood includes 79 two-and three-story garden- and townhouse-style apartment buildings and one single-story clubhouse building. Gaia Property Management will manage the apartment community. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer.

April 29, 2013

Multifamily Western

VOSE MANOR IN VAN NUYS SELLS FOR $4.1M

by admin April 29, 2013

VAN NUYS, CALIF. – The 25-unit Vose Manor in Van Nuys has sold to Vose Regency Apartment, LLC for $4.1 million. The community is located at 15329 Vose Street. Ziv Kozaski and Michael Dixon of NAI Capital’s Encino office represented both the buyer and the seller, Vose, LLC and C.F. Saticoy, in this transaction.

April 29, 2013

Multifamily Western

CHATEAU LA SALLE IN SAN JOSE RECEIVES $43.8M LOAN

by admin April 26, 2013

SAN JOSE, CALIF. — Chateau La Salle, a 434-unit housing community in San Jose, has received $43.8 million in financing. It is located at 2681 Monterey Road. The 10-year, fixed-rate loan has a 30-year amortization schedule. The Fannie Mae Delegated Underwriting and Servicing (DUS) Loan was originated by Tim Thompson of Greystone’s San Francisco office. The deal was brought to Greystone by Robert Mallett, of Marcus & Millichap Capital Corporation.

April 26, 2013

Multifamily Southeast

MORGAN GROUP BREAKS GROUND ON APT. PROJECT IN FLAGLER VILLAGE

by admin April 26, 2013

FORT LAUDERDALE, FLA. — The Morgan Group has broken ground on a 331-unit mid-rise apartment development in Flagler Village in Fort Lauderdale. Morgan acquired the site, which is located just north of the Las Olas River, in December 2012. The first move-ins are projected for summer 2014. The project marks the company's return to South Florida and its first development in Broward County. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again,” says Mike Morgan, CEO and chairman of The Morgan Group. “The area is ripe for residential units and amenities that are designed specifically with urban professionals in mind.”

April 26, 2013

Multifamily Southeast

OAKWOOD VILLAS SELLS FOR $8.4M

by admin April 26, 2013

JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $8.4 million sale of Oakwood Villas, a 200-unit apartment property in Jacksonville. The property, located at 8201 Kona Ave., consists of 50, four-unit buildings. Kevin Morris of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

April 26, 2013

Multifamily Northeast

HFF CLOSES SALE OF NYC MULTIFAMILY PROPERTY

by admin April 26, 2013

NEW YORK CITY — HFF has closed the sale of 166 W. 75th Street, a 207-unit multifamily property with 3,425 square feet of ground-floor retail on Manhattan’s Upper West Side. HFF marketed the property exclusively on behalf of the seller. The 16-story building is located near the intersection of Amsterdam Avenue and 75th Street close to Central Park, Riverside Park, Lincoln Center and the 72nd Street Subway Station. Simon Development Group purchased the asset and intends to renovate the property. Jeff Julien, KC Patel, Andrew Scandalios, Jose Cruz and Kevin O’Hearn led the HFF team representing the seller. The sales price was undisclosed.

April 26, 2013

Multifamily Texas

SWBC REAL ESTATE SELLS THREE APT. COMMUNITIES FOR $100M

by admin April 26, 2013

SAN ANTONIO AND NORTHLAKE, TEXAS — Dallas-based SWBC Real Estate LLC has sold three of its multifamily communities in Northlake and San Antonio for approximately $100 million. The communities include the 288-unit Dry Creek Ranch in Northlake, the 304-unit Mission Hills in San Antonio and the adjacent 329-unit Evans Ranch. Will Balthrope and Drew Kyle of Institutional Property Advisors represented the seller in the Dry Creek Ranch sale. Calgary-based Western Securities Limited purchased Dry Creek Ranch. Boston-based TA Associates purchased both Mission Hills and Evans Ranch. Additionally, SWBC plans to break ground on Overlook Ranch later this year. The Class A, 318-unit community will be located in the AllianceTexas development in north Fort Worth.

April 26, 2013

Multifamily Texas

CRITERION PROPERTY CO. OPENS 1800 BROADWAY IN SAN ANTONIO

by admin April 26, 2013

SAN ANTONIO — Criterion Property Co. LP has opened a new luxury living community in midtown San Antonio called 1800 Broadway, located at its namesake address. The 230-unit community is more than 50 percent leased and is located close to downtown San Antonio, the revitalized Pearl Brewery development, the River Walk, Alama Heights neighborhood and Fort Sam Houston. The community features one- and two-bedroom plans, as well as townhomes. Amenities include three outdoor living areas, a resort-style pool courtyard, oversized fireplace, outdoor grilling kitchen and a courtyard next to a river. The community also features “The Cave,” a covered space with a wet kitchen, flat screen TVs, bar games and free Wi-Fi.

April 26, 2013

Multifamily Western

CHATEAU LA SALLE IN SAN JOSE RECEIVES $43.8M LOAN

by admin April 26, 2013

April 26, 2013

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