Multifamily

ARA SECURES SALE OF MOUNTAIN SHADOW APTS. IN EL PASO

by admin February 13, 2013

EL PASO, TEXAS — ARA has brokered the sale of the Mountain Shadow Apartment Homes, located at 2500-2624 Morehead Ave. in El Paso. The Mountain Shadow development is a collection of apartment properties, including the 72-unit Mountain Shadows, the 28-unit Sun City and three single-family homes. The development features views of the Franklin Mountains, a swimming pool, four laundry facilities and picnic areas. The development is 94 percent occupied. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, a Colorado-based private investor, in the transaction. The buyer is a local, private investor.

February 13, 2013

M&M BROKERS SALE OF ARCADIA PLACE IN SAN ANTONIO

by admin February 13, 2013

SAN ANTONIO — Marcus & Millichap has arranged the sale of the 16-unit Arcadia Place, a multifamily community located at 216 Arcadia Place in the Alamo Heights area of San Antonio. Zar Haro, Michael Moffit Jr. and Moses Siller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 13, 2013

Multifamily Texas

BLOOMFIELD CAPITAL CLOSES $3.3M APARTMENT BRIDGE LOAN

by admin February 13, 2013

HOUSTON — Birmingham, Mich.-based Bloomfield Capital has closed a $3.3 million senior bridge loan for the acquisition of a 240-unit apartment complex located in Houston. The borrower purchased the multifamily community through a short sale. The acquisition loan also includes a reserve for capital improvements in order to renovate vacant units.

February 13, 2013

Multifamily Western

LOS PORTICOS IN SCOTTSDALE SELLS FOR $1.7M

by admin February 12, 2013

SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.

February 12, 2013

Multifamily Southeast

BEACH CLUB APARTMENTS IN LONG BEACH SECURES $12.3M LOAN

by admin February 12, 2013

LONG BEACH, MISS. — HFF has arranged a $12.3 million refinancing loan for Beach Club Apartments, a 220-unit, garden-style community in Long Beach. The property, located at 2012 W. 2nd St., is less than a half mile from the Gulf of Mexico. The 20-building community includes a fitness center, clubhouse, swimming pool and playground. Units average 1,061 square feet. Travis Anderson and Cory Fowler led the HFF team that arranged the 10-year, fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, Dawn Properties Inc.

February 12, 2013

Midwest Multifamily

HFF CLOSES $101M SALE, FINANCING LOAN FOR MSU HOUSING

by admin February 12, 2013

EAST LANSING, MICH. — Chicago-based HFF has closed on the $101 million sale of an off-campus, three-property student housing portfolio serving Michigan State University in East Lansing. The 852-unit, 2,772-bed student housing property has an average occupancy of 96 percent. Properties in the portfolio include The Club at Chandler Crossing located at 3850 Coleman Road; The Village at Chandler Crossings located at 3839 Hunsaker St.; and The Landings at Chandler Crossings located at 16789 Chandler Road. HFF also arranged the financing. The long-term, fixed-rate $85 million loan is with a CMBS lender on behalf of the buyer, Westpac Investments. HFF represented the seller, Boston-based Long Wharf Real Estate Partners LLC, in the deal.

February 12, 2013

Multifamily Western

LOS PORTICOS IN SCOTTSDALE SELLS FOR $1.7M

by admin February 12, 2013

February 12, 2013

Northeast Seniors Housing

JOINT VENTURE PURCHASES ASSISTED LIVING COMMUNITY FOR $7.1 MILLION

by admin February 12, 2013

MONROE TOWNSHIP, N.J. — A joint venture between Chelsea Senior Living and Focus Healthcare Partners and Artemis Real Estate Partners has acquired The Residence at Forsgate for $7.1 million via a court-ordered receivership sale. The 69,000-square-foot assisted living facility was developed in 1996 and was 64 percent occupied at the time of sale. The three-story property has 89 units of assisted living and a separate 28-unit memory care wing.

February 12, 2013

Multifamily Southeast

GRANDBRIDGE CLOSES $76M IN LOANS FOR THREE MULTIFAMILY PROPERTIES

by admin February 11, 2013

ALPHARETTA AND GREENVILLE, S.C. — Grandbridge Real Estate Capital has closed financing for three multifamily properties totaling $76 million. Mike Ortlip of Grandbridge arranged a $21 million first mortgage loan for Stoneleigh at Deerfield, a 370-unit community in Alpharetta. He also secured a $14 million acquisition loan for City Edge Apartments in Greenville, which was funded through BB&T Real Estate Funding. The three-year loan will also be used for the redevelopment of the property. Additionally, the company arranged a $39 million permanent loan for the Preserve at Travis Creek, a 608-unit community in Austin.

February 11, 2013

Midwest Multifamily

$198M K2 APARTMENTS OPENS IN CHICAGO

by admin February 11, 2013

CHICAGO — Fifield Cos. and national developer Wood Partners have received a partial certificate of occupancy for the $198 million K2, a 496-unit luxury apartment building in Chicago’s River West neighborhood. The certificate of occupancy is valid for the basement through the seventh floor of the 34-story apartment tower, and the first move-ins will take place March 1. Residences at K2 include studio, one-, two- and three-bedroom apartments. Interiors feature nine-foot ceilings, stainless steel appliances, granite counter tops and plank flooring. Rents range from $1,650 for a studio to $6,500 for a three-bedroom, three-bath penthouse. Locally based Fifield partnered with Wood Partners to break ground on K2 in October 2011. Construction for the entire building is nearly complete and leasing has begun.

February 11, 2013

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