Multifamily

UOB EAGLE ROCK ACQUIRES CLEMENS PLACE APARTMENTS FOR $29.5M

by admin April 4, 2013

HARTFORD, CONN. — UOB Eagle Rock Multifamily Property Fund LP has acquired Clemens Place Apartments, a 597-unit multifamily complex in Hartford, for $29.5 million. The revitalized 1920s-style community includes 595 apartments and two commercial spaces in 42 renovated buildings, 31 of which are on the National Register of Historic Places. The property is located at 160 Owen St., about one block from I-84. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, Intown West Associates Limited Partnership and Westtown LLC, in the transaction.

April 4, 2013

CARROLL ORGANIZATION BUYS TWO LUXURY MULTIFAMILY PROPERTIES

by admin April 4, 2013

HOUSTON — Atlanta-based Carroll Organization has acquired two luxury residential communities in Houston's Energy Corridor: the 330-unit Waterford on Westheimer and the 330-unit Villas at Westheimer. Waterford on Westheimer features a swimming pool, outdoor grill, billiard room, coffee bar and sundeck. Villas at Westheimer features a resort-style swimming pool, outdoor gas and charcoal grills, computer lounge, fitness center, auto detailing services and lush landscaping. Carroll Organization now owns seven multifamily communities in Houston totaling 2,476 units. The company has completed more than $400 million of multifamily acquisitions during the past 18 months.

April 4, 2013

Multifamily Western

THE CORTINA APARTMENTS IN PHOENIX CHANGES HANDS

by admin April 4, 2013

PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.

April 4, 2013

Seniors Housing Texas

WEIS BUILDERS COMPLETES $28M SENIORS HOUSING REDEVELOPMENT

by admin April 4, 2013

BRYAN, TEXAS — Dallas-based Weis Builders has completed the $28 million redevelopment project for Crestview, a 242,000-square-foot seniors housing property in Bryan. Crestview was originally an independent living community but is now considered a continuing care retirement community, which provides independent living, assisted living, memory care and skilled nursing services. The community includes several dining options, libraries, sitting rooms, beauty salons/spas, activity rooms, community kitchens, a chapel, outdoor pool and fitness center.

April 4, 2013

Multifamily Western

BARTON VINEYARD APARTMENTS IN REDLANDS RECEIVES $32.7M REFINANCE

by admin April 3, 2013

REDLANDS, CALIF. – The 296-unit Barton Vineyard Apartments in Redlands has received a $32.7-million refinance. The Class A community is located at 26630 Barton Road. The 10-year loan features a 2.31 percent adjustable interest rate and a 30-year amortization schedule. It was arranged by Rob Cantizano of Berkeley Point Capital through Fannie Mae’s Structured ARM program.

April 3, 2013

Multifamily Southeast

WALKER & DUNLOP ARRANGES $98M FOR APT. COMMUNITIES IN SOUTHEAST

by admin April 3, 2013

BETHESDA, MD. — Walker & Dunlop has arranged $98 million in financing for six multifamily properties in the Southeast, consisting of 1,708 units. The firm arranged a 10-year acquisition loan for Polo Glenn Apartments in Rockledge, Fla., through Freddie Mac on behalf of the borrower, Pollack Shores Real Estate Group. In Georgia, Walker & Dunlop arranged refinancing loans through Freddie Mac for Sinclair Apartment Homes and Springdale Glen Apartments on behalf of the borrower, Cortland Partners. Priderock Capital Partners secured a 10-year acquisition loan through Walker & Dunlop, which arranged the loan through Fannie Mae. The borrower used the funds to acquire Park Place Apartments in Louisville, Ky. In the last deal, the firm arranged two, 10-year loans for multifamily properties in Louisiana — Palmetto Creek Apartments and Regency Club Apartments — on behalf of the borrower, Favrot & Shane Cos.

April 3, 2013

Midwest Multifamily

CAMPUS CREST BUYS UNIVERSITY OF TOLEDO PORTFOLIO FOR $13.8M

by admin April 3, 2013

TOLEDO, OHIO — Campus Crest Communities has purchased 629 student housing beds, located across the street from the University of Toledo, for $13.8 million from Rochester, Mich.-based Campus Village. According to Triad, the portfolio has undergone some distress in recent years and had an occupancy rate of 80 percent during 2012. Campus Crest has plans for a substantial renovation and repositioning of the properties. The company also plans to take advantage of the close-to-campus location. Triad Real Estate Partners brokered the sale.

April 3, 2013

Multifamily Northeast

BENSEN ARRANGES SALE OF $20.6M PORTFOLIO IN MANHATTAN

by admin April 3, 2013

NEW YORK CITY — Besen & Associates has arranged the sale of apartment buildings located at 243, 244, 247, 333 & 335 E. 33rd St. in the Murray Hill neighborhood of Manhattan for $20.6 million, or $317,000 per unit. The buyer is a private investor and the seller is Five on 33rd LLC. The portfolio includes two walkups and three elevator buildings, a total of 63 apartments and two offices. The properties total 35,638 square feet, with approximately 16,000 square feet of air rights. Glenn Raff and Ron Cohen of Besen & Associates completed the transaction.

April 3, 2013

Multifamily Texas

LUXURY MULTIFAMILY COMMUNITY BREAKS GROUND IN HOUSTON

by admin April 3, 2013

HOUSTON — Behringer Harvard has begun construction on The Muse Museum District, a 270-unit luxury multifamily community located on a 2.9-acre site in Houston's Montrose/Museum District submarket. Dallas-based Trammell Crow Residential partnered with Behringer Harvard on acquiring the site for the community. Trammell Crow will be the project's developer, and an affiliate of Trammell Crow will serve as the general contractor. The Muse Museum District will span four stories and sit atop a two-level parking garage. The community will feature a cyber cafe, business center, fitness center, luxury swimming pool and dog station. Construction is scheduled to wrap up in the fourth quarter of 2014.

April 3, 2013

Multifamily Texas

ROCKWOOD ARRANGES SALE OF BAYOU VILLAGE APTS. IN DICKINSON

by admin April 3, 2013

DICKINSON, TEXAS — Rockwood Real Estate Advisors has brokered the sale of the 108-unit Bayou Village, a Class B apartment community located in Dickinson. Bayou Village's amenities include covered parking, a swimming pool, laundry facility and picnic areas. The property is 96 percent occupied. Jordan Cortez and Michael Anderson of Rockwood represented the seller, Bayou Dickinson LLC, in the transaction. The buyer was a California-based investor.

April 3, 2013

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