Multifamily

82-UNIT LUXURY APARTMENT BUILDING IS UNDERWAY IN ST. LOUIS

by admin December 17, 2013

ST. LOUIS — Village Green has broken ground on an 82-unit luxury apartment building in Central West End of St. Louis. West End Apartments is an addition to the existing 318 apartments in three historic high-rises, and the community will now be known as Central West End City Apartments. During construction of the new apartment building, renovations will be made to the historic apartment amenities and common areas, including the expansion of the pool and a new community entrance. Floor plans range from 400-square-foot studios to 4,000-square-foot penthouses. Apartments will feature wood floors, custom closets and 9-foot to 20-foot ceilings. The project is slated for completion in the fourth quarter of 2014. Village Green is a developer based in Farmington Hills, Mich.

December 17, 2013

MERIDIAN ARRANGES $38M LOAN FOR NYC MULTIFAMILY PROPERTY

by admin December 17, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged $38 million in permanent financing for a 117-unit multifamily property in in the Williamsburg neighborhood of Brooklyn on behalf of 53 Hope Street LLC. Located at 55 Hope St., the six-story former warehouse property was redeveloped in 2010 into a high-end multifamily property with 4,300 square feet of retail. Amenities at the building include a fitness center and a roof deck with views of New York City. A life insurance company provided the 10-year loan that features a 4.28 percent fixed interest rate. Aaron Appel, managing director, and Michael Diaz, vice president at Meridian Capital Group, arranged the transaction.

December 17, 2013

Multifamily Northeast

TWO MANHATTAN MULTIFAMILY PROPERTIES TRADE HANDS FOR $9.3M

by admin December 17, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $9.3 million sale of two five-story, 21-unit apartment buildings in Upper Manhattan. The sales price equates to $216,000 per unit. The properties are located at 515 W. 139th St. and 526 W. 139th St. Marco Lala in Marcus & Millichap’s Manhattan office represented the seller and the buyer, two local families.

December 17, 2013

Multifamily Texas

BERKELEY POINT ARRANGES $63 MILLION FOR HOUSTON MULTIFAMILY ACQUISITIONS

by admin December 17, 2013

HOUSTON — Berkeley Point Capital has arranged $63 million in acquisition financing for three multifamily communities in the Houston metro area. Irvine, Calif.-based Steadfast Income REIT purchased the properties, which include Carrington Place, Carrington at Champion Forest and Carrington Park at Huffmeister. Each of the 10-year, adjustable rate loans was secured through the Fannie Mae DUS program. Charlie Haggard and Kevin Mignogna of Berkeley Point originated the loans.

December 17, 2013

Multifamily Western

MERIDIAN GLEN APARTMENTS IN EVERETT SELLS FOR $8.7M

by admin December 16, 2013

EVERETT, WASH. – The 86-unit Meridian Glen apartments in Everett has sold to Randolph Street Realty Capital LLC for $8.7 million. The community is located at 12115 Meridian Ave. South in the city’s Silver Lake submarket. It was built in 1990. The seller was not named. The transaction was executed by David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle’s Capital Markets.

December 16, 2013

Multifamily Western

NORTH HILLS APARTMENT BUILDING SELLS FOR $3M

by admin December 16, 2013

LOS ANGELES – A 25-unit apartment building in the Los Angeles submarket of North Hills has sold to a partnership for $2.9 million. The community is located at 8628-8648 Langdon Ave. The buyer was represented by Jeff Louks, Catherine O'Brien and Matt Ziegler of Marcus & Millichap’s Encino office. Louks also represented the seller, another partnership, in this transaction.

December 16, 2013

Multifamily Western

MERIDIAN GLEN APARTMENTS IN EVERETT SELLS FOR $8.7M

by admin December 16, 2013

December 16, 2013

Multifamily Western

NORTH HILLS APARTMENT BUILDING SELLS FOR $3M

by admin December 16, 2013

December 16, 2013

Multifamily Southeast

PASSCO COS. BUYS RALEIGH APARTMENTS FOR $31M

by admin December 13, 2013

RALEIGH, N.C. — Passco Cos. LLC has purchased Wakefield Glen Apartments, a 246-unit, Class A multifamily community located in Raleigh, for $31 million. The community is part of the 2,220-acre Wakefield Plantation master-planned complex. Wakefield Glen is Passco’s second multifamily acquisition this year in the Raleigh-Durham market, according to Passco. The property features a resort-style pool, clubhouse, fitness center, business center, playground and car care center.

December 13, 2013

Midwest Multifamily

M&M ARRANGES $6.2M SALE OF 73-UNIT APARTMENT BUILDING

by admin December 13, 2013

WHITEWATER, WIS. — Marcus & Millichap has arranged the $6.2 million sale of Fox Meadows, a 73-unit apartment property in Whitewater. Scott Harris, an investment specialist in Marcus & Millichap’s Oak Brook, Ill. office marketed the 61,836-square-foot property on behalf of the seller, a private investor. Matthew Whiteside, an investment specialist in Marcus & Millichap’s Milwaukee office, represented the buyer, a limited liability company, in the transaction. Fox Meadows is located at 291 N. Fraternity Lane, about 44 miles southeast of Madison. Built in 1985, the 9.3-acre property is within two blocks of the University of Wisconsin-Whitewater campus. The property includes four one-bedroom apartments, 60 two-bedroom units and nine three-bedroom residences.

December 13, 2013

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