Multifamily

WOOD PARTNERS BREAKS GROUND ON 200-UNIT LAKEFRONT APARTMENT COMMUNITY

by admin February 5, 2013

ORLANDO, FLA. — Wood Partners has started construction on a 200-unit apartment community on Spring Lake in Orlando. The site, located at the northwest corner of Sand Lake and Turkey Lake roads, is a quarter mile from I-4 and three miles from Walt Disney World. The urban-style community will include 17,000 square feet of retail space, to be owned by The Wilder Cos. The apartment units will average 1,056 square feet and community amenities will include a leasing center, clubhouse, pool and fitness center. Construction is slated for completion in 2014. Real Estate Capital Partners is Wood Partners' equity partner in the project and Synovus Bank is the lender.

February 5, 2013

41-UNIT APARTMENT BUILDING IN CHICAGO SELLS FOR $4M

by admin February 5, 2013

CHICAGO — A 41-unit multifamily property located at 6747-67 N. Sheridan Road in Chicago has sold for $4 million to an investment group. The apartment complex is three blocks away from Loyola University and is within close proximity to public transportation and Lake Michigan. The property also includes three leased commercial spaces and 28 garage parking spaces. The Kiser Group represented the buyer and the seller, a land trust, in this deal.

February 5, 2013

Midwest Multifamily

SPERRY VAN NESS ARRANGES SALE OF APARTMENT BUILDING FOR $2.4M

by admin February 5, 2013

CHICAGO — Sperry Van Ness has arranged the sale of 112. S. Sangamon St., a five-unit multifamily property located in Chicago’s Wrigleyville neighborhood, for $2.4 million. The property, which was renovated in 2009, was fully occupied at the time of sale. Jeff Baasch of Sperry Van Ness executed the sale.

February 5, 2013

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 12-UNIT APARTMENT BUILDING FOR $1.03M

by admin February 5, 2013

DOWNERS GROVE, ILL. — Marcus & Millichap has arranged the sale of 5140 Fairview Ave., a 12-unit apartment property, for $1.03 million. The property includes 12 two-bedroom units and features onsite laundry and 20 parking spaces. The multifamily complex is located in Downers Grove, about 22 miles west of Chicago. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.

February 5, 2013

Multifamily Northeast

BEECH STREEET CLOSES $7.8M LOAN TO REFINANCE APARTMENTS IN NEW YORK

by admin February 5, 2013

QUEENSBURY, N.Y. — Beech Street Capital LLC has closed a $7.8 million Fannie Mae DUS loan to refinance the Whispering Pines Apartments, a 190-unit complex in Queensbury. The fixed-rate loan has a 10-year term with 9.5 years yield maintenance and a 30-year amortizing schedule. Whispering Pines was built in 1970 and was recently renovated by the owner. The borrower refinanced this asset to cover the cost of improvements to the apartment property. Kristen Croxton and Greg Reed of Beech Street arranged the deal.

February 5, 2013

Multifamily Texas

STREETLIGHTS RESIDENTIAL, HUNT COS. BREAK GROUND ON APT. TOWER

by admin February 5, 2013

AUSTIN, TEXAS — Affiliates of StreetLights Residential and Hunt Cos. have formed a joint venture to break ground on a 300-unit, high-rise apartment tower, located at 214 Barton Springs Road in Austin. The project's ownership group consists of Hunt Development Group LLC and Hunt Barton Springs LLC (both affiliates of Hunt Cos.), along with SLR Residential at Barton Springs LLC, an affiliate of StreetLights Residential. Austin-based Rhode Partners designed the 19-story glass and brick tower. The interior of the property has been designed to emulate a boutique hotel with an expansive lobby, resort-style pool deck, fitness center and rooftop lounge. The high-rise will feature views of Lady Bird Lake, the downtown skyline, the State Capitol and the West Hills. The high-rise tower is scheduled to open by August 2014, with pre-leasing expected to begin in the summer of 2014.

February 5, 2013

Multifamily Texas

LMI CAPITAL ARRANGES $29.2M IN MULTIFAMILY DEBT

by admin February 5, 2013

HOUSTON AND AUSTIN, TEXAS — Jamie Mullin of LMI Capital has arranged $29.2 million in debt across six multifamily properties for six different borrowers. The loans include: A 10-year, $7.2 million refinance loan for a 380-unit property in the Greenspoint area of Houston A 10-year, $4.8 million acquisition loan for a 258-unit multifamily community in southwest Houston A 10-year, $4.8 million refinance loan for a 240-unit property in southwest Houston A three-year, $3.6 million acquisition loan for a 216-unit distressed community in southwest Houston A 10-year, $6.6 million acquisition loan through Fannie Mae for a 192-unit community in north Austin A 10-year, $2.2 million acquisition loan for a 54-unit property in north Austin

February 5, 2013

Multifamily Texas

ARA BROKERS SALE OF THE BRIDGEMOOR AT KILLEEN APTS.

by admin February 5, 2013

KILLEEN, TEXAS — ARA has secured the sale of The Bridgemoor at Killeen Apartments, a 180-unit, Class A community located at 2710 Cunningham Road in Killeen. The community features a saltwater pool, spa, movie theater, billiards room, poker room, business center, fitness center, yoga studio and garages. The property is 96 percent occupied. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, an Oregon-based regional investor, in the transaction. A Chicago-based private investor purchased the property.

February 5, 2013

Multifamily Western

IRONWOOD AND FAIRWAY PALMS IN RANCHO CUCAMONGA SELLS FOR $100M

by admin February 5, 2013

RANCHO CUCAMONGA, CALIF. — Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, has sold to Western National Realty Advisors for $100.8 million. The Class A property consists of two adjacent apartment communities that will now be operated and managed as one by Western National Property Management. This will be the final acquisition under the company’s Western National Realty Fund II, L.P., which was its second private equity fund. The seller, JP Morgan, was represented by Mike Murphy of Moran and Company.

February 5, 2013

Multifamily Western

NORTH HOLLYWOOD APARTMENT BUILDING SELLS FOR $4.5M

by admin February 4, 2013

NORTH HOLLYWOOD, CALIF. – A 30-unit apartment building located at 11760 Hamlin Ave. in North Hollywood has sold to a private trust for $4.5 million. The trust was represented by Rick Raymundo of Marcus & Millichap Real Estate Investment Services. The unnamed seller was represented by Jim Fisher, Mike Smith and Duncan Lemmon of Lee & Associates.

February 4, 2013

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