Multifamily

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

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

Multifamily Southeast

$63M APARTMENT HIGH-RISE BREAKS GROUND IN MIDTOWN ATLANTA

by admin February 4, 2013

ATLANTA — Novare Group and Baston-Cook Development Co. have broken ground on a 23-story apartment high-rise in Midtown Atlanta called 100 6th Street. The $63 million development will include 320 units with floor-to-ceiling glass, wood floors and granite countertops. An investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI and Baston-Cook are providing equity. The project team also includes project architect Smallwood, Reynolds, Stewart, Stewart and general contractor Baston-Cook Construction.

February 4, 2013

Midwest Multifamily

PRIVATE INVESTOR PURCHASES APARTMENT PROPERTY IN LIBERTYVILLE FOR $2.5M

by admin February 4, 2013

LIBERTYVILLE, ILL. — A private investor has purchased a 27-unit apartment property in Libertyville, a northern suburb of Chicago, for $2.5 million. The property, which is located at 705 S. Milwaukee Ave., includes five one-bedroom units, 18 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a personal trust. James Clough of Marcus & Millichap represented the buyer.

February 4, 2013

Multifamily Northeast

BEECH STREET CLOSES $70M LOAN TO REFINANCE APARTMENTS IN JERSEY CITY

by admin February 4, 2013

JERSEY CITY, N.J. — Beech Street Capital LLC has closed a $70 million Fannie Mae conventional loan to refinance The Gotham, a 22-story high-rise apartment building in Jersey City. The fixed-rate loan has a 10-year term, 9.5 years yield maintenance, and a 30-year amortizing schedule. The borrower sought a cash-out refinance of The Gotham to invest in other development opportunities. The 220-unit apartment building includes six occupied commercial spaces covering more than 20,000 square feet on the ground floor and a four-story parking garage with 340 spaces. The Gotham is three blocks west of the Exchange Place PATH station and six blocks northwest of the Paulus Hook Ferry

February 4, 2013

Multifamily Northeast

TRYKO PARTNERS PURCHASES MULTIFAMILY PROPERTY FOR $16.1M

by admin February 4, 2013

CAMDEN, N.J. — Brick, N.J.-based Tryko Partners LLC has purchased The Crestbury, a 392-unit apartment building, for $16.1 million. Built in 1950, the multifamily property features one- and two-bedroom units and is situated within a few miles of bridges heading into Philadelphia. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus and Millichap represented the buyer, Tryko Partners, and the seller, a New Jersey-based liability company, in the deal.

February 4, 2013

Multifamily Northeast

QUAIL RUN APARTMENTS SELLS FOR $7.75M IN LINDENWOLD, N.J.

by admin February 4, 2013

LINDENWOLD, N.J. — Quail Run Apartments, also known as Birchwood Gardens, has sold for $7.75 million in Lindenwold, located about 15 miles east of Philadelphia. The 216-unit apartment complex features a mix of one-and two-bedroom layouts, a swimming pool and on-site laundry facilities. Joseph Brecher and Joel Schwartz of Livingston, N.J.-based Gebroe-Hammer Associates arranged the sale.

February 4, 2013

Multifamily Texas

M&M BROKERS SALE OF THE WINDEMERE IN ARLINGTON

by admin February 4, 2013

ARLINGTON, TEXAS — Marcus & Millichap has secured the sale of the 60-unit Windemere, an apartment complex located at 2003 Wesley Drive in Arlington. Nick Fluellen, Robert Denninger and Bard Hoover of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Fluellen and Hoover also secured and represented the buyer, a private investor.

February 4, 2013

Multifamily Texas

ALLIANT CAPITAL CLOSES $6.65M MULTIFAMILY REFINANCE

by admin February 4, 2013

AUSTIN, TEXAS — Alliant Capital has closed a $6.65 million refinance loan on the 65-unit Park Terrace Apartments in Austin. Mary Dee Clancy of Alliant's Chevy Chase, Md., office originated the seven-year loan on a 30-year amortization schedule.

February 4, 2013

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