Multifamily

KBS LEGACY ACQUIRES WATERTOWN APARTMENTS IN SUBURBAN MINNEAPOLIS

by admin January 29, 2013

MINNEAPOLIS — KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, Class A property in suburban Minneapolis. Watertown Apartments, located at 12300 Singletree Lane, is 95 percent occupied and units average 959 square feet. Amenities include a fitness center, business center, conference rooms, a sauna and courtyards with grills. The property also includes 100,000 square feet of retail space. HFF arranged a $25 million, five-year acquisition loan for the buyer through Allianz of America. Matthew Lawton, Sean Fogarty and Marty O'Connell led the HFF team that represented the seller in the transaction.

January 29, 2013

ARA ARRANGES SALE OF AVANTI HILLS IN AUSTIN

by admin January 29, 2013

AUSTIN, TEXAS — ARA has secured the sale of the 309-unit Avanti Hills, an apartment community formerly known as Alexan Galleria, located at 12601 Bee Cave Parkway in Austin. The property is 96 percent occupied and features two resort-style swimming pools, remote-control limited entry gates, a fitness center and landscaping. Patton Jones of ARA's Austin office represented the seller, an undisclosed Fortune 500 bank, in the transaction. The buyer was an undisclosed private investor based in Austin.

January 29, 2013

Multifamily Texas

TREMONT STRUCTURES $2.3M FINANCING FOR MANUFACTURED HOMES

by admin January 29, 2013

ODESSA, TEXAS — Tremont Realty Capital has arranged $2.3 million in acquisition financing for Vista West, a 184-space manufactured home community in Odessa. Tom Lorenzini of Tremont's Chicago office arranged the 10-year, non-recourse loan through a CMBS lender. The property is 95 percent occupied and includes amenities such as a central office, clubhouse, swimming pool, tennis court and playground.

January 29, 2013

Multifamily Western

MILL CREEK RESIDENTIAL TRUST BUYS GLENDALE LAND PARCEL

by admin January 29, 2013

GLENDALE, CALIF. — MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has purchased a 67,518-square-foot land parcel in Glendale. The company plans to develop 245 apartment units on the site, which is located at 610 N. Central Ave. Construction is set to commence in April. It should be completed by the first quarter of 2015. Craig Stevens and Tyler Stevens of Lee & Associates-LA North/Ventura represented both the buyer and the seller in this transaction.

January 29, 2013

Multifamily Southeast

CBRE ARRANGES $77.9M FOR TWO MULTIFAMILY PROPERTIES IN BALTIMORE

by admin January 28, 2013

BALTIMORE — CBRE Capital Markets has arranged $77.9 million in permanent financing for Spinnaker Bay Apartments and The Promenade at Harbor East in Baltimore. CBRE worked on behalf of H&S Properties Development Corp. to arrange two permanent loans through its Fannie Mae DUS program. Joe Donato led CBRE’s Washington, D.C., team in arranging the permanent financing. Spinnaker Bay is a 315-unit, Class A multifamily community at 707 S. President St. in Baltimore, and The Promenade at Harbor East is a 113-unit Class A multifamily community at 1001 Aliceanna St. in Baltimore.

January 28, 2013

Multifamily Southeast

ALABAMA MULTIFAMILY PROJECT WITH 170 UNITS SELLS FOR $5.2M

by admin January 28, 2013

BIRMINGHAM, ALA. — The Willows, a 170-unit apartment community in Birmingham, has sold for $5.2 million. David Oakley of Hendricks-Berkadia’s Alabama office represented the seller, Willows Partners LLC, an Alabama limited liability company. Willow United LLC purchased the multifamily property.

January 28, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $12.6M REFINANCING LOAN

by admin January 28, 2013

WICHITA, KAN. — NorthMarq Capital has arranged a $12.6 million loan for the refinancing of LaCrosse Apartments, a 176-unit Class A multifamily property, located at 7201 E. 37th St. in Wichita. John Bendon of NorthMarq arranged the 10-year loan through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan features a 30-year amortization schedule.

January 28, 2013

Multifamily Texas

TREMONT CLOSES $11.1 MILLION FINANCING FOR MHC/RV COMMUNITIES

by admin January 28, 2013

MCALLEN AND WESLACO, TEXAS — The Chicago office of Tremont Realty Capital has arranged two loans totaling $11.1 million for four manufactured home and RV communities in McAllen and Weslaco, Texas. The communities include The Homestead and Homestead Ranch in McAllen and Leisure World & Trails End in Weslaco. Tom Lorenzini of Tremont arranged the 10-year loans to both amortize during the next 30 years through a CMBS lender.

January 28, 2013

Multifamily Western

WYNDHAM PARK APARTMENTS IN BEAVERTON RECEIVES $20M

by admin January 25, 2013

BEAVERTON, ORE. – The 288-unit Wyndham Park Apartments in Beaverton has received $20 million in acquisition financing. The 10-year loan carries two years of interest-only followed by a 30-year amortization schedule.Financing was arranged for Kl-Wyndham Park, LLC by Luke Donahue and John Kinser of NorthMarq’s Phoenix regional office through the firm’s seller-servicer relationship with Freddie Mac.

January 25, 2013

Multifamily Western

AVALON PARK APARTMENTS IN TIGARD SELLS FOR $19.6M

by admin January 25, 2013

TIGARD, ORE. — The 192-unit Avalon Park Apartments in Tigard has sold to Tandem Development Corporation for $19.6 million. The value-add asset is located in a Westside suburban submarket of Portland. The seller, Hamilton Zanze and Company, was represented by HFO Investment Real Estate.

January 25, 2013

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