Multifamily

APARTMENT BUILDING IN UPPER WEST SIDE SELLS FOR $7M

by admin September 11, 2013

NEW YORK CITY — Besen & Associates has arranged the sale of a 17-unit apartment building in New York City for $7 million, which equates to a 3.3 percent cap rate. The 11,988-square-foot, five-story building is located at 29 W. 84th St. in the Upper West Side. Five apartments are currently stabilized, but are rented at or above $2,500 per month. Apartment layouts include seven studios, five one-bedrooms and five two-bedrooms. David Bess of Besen & Associates represented the seller, Carlton Management. Cathy Connolly of Vandenberg Inc. procured the buyer, a private foreign investor.

September 11, 2013

STERLING PROPERTIES BEGINS CONSTRUCTION ON RIVERGATE

by admin September 11, 2013

BORDENTOWN, N.J. — Sterling Properties has begun construction on Rivergate, a transit-oriented, 159-unit rental community in Bordentown, located about six miles south of Trenton. Situated along the Delaware River waterfront, the four-building development will feature an array of amenities, including elevator access, private parking, an outdoor resort-style swimming pool and a clubhouse with a state-of-the-art fitness studio. Construction is slated to complete in 12 to 18 months.

September 11, 2013

Seniors Housing Texas

HENDRICKS-BERKADIA NEGOTIATES SALE OF SENIORS HOUSING IN SAN ANTONIO

by admin September 11, 2013

SAN ANTONIO — Hendricks-Berkadia has brokered the sale of Wedgwood, a high-rise independent living apartment complex in San Antonio. The property, geared toward individuals age 55 and up, features amenities such as a beauty salon, nature path, library, cabana and fish pond. Wedgwood also boasts an on-site medical team and close proximity to the River Walk and Interstates 410 and 281. Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia’s San Antonio office represented Centennial, Colo.-based seller Wedgwood Apartments, as well as the buyer, an out-of-state private investor. Acquisition financing was provided via Michael Levell from the Berkadia Austin/San Antonio office.

September 11, 2013

Multifamily Western

LANSHIRE HOUSE IN BEVERLY HILLS SELLS FOR $8.8M

by admin September 10, 2013

BEVERLY HILLS, CALIF. – The 27-unit Lanshire House apartment complex in Beverly Hills has sold to Palm Heights LLC for $8.8 million. The community is located at 3325 Canfield Ave. It was fully occupied at the time of sale. The buyer plans to reposition the property as a boutique/hotel-like community. Sami Dinar and Michael Balson of Keller Williams Commercial in Beverly Hills represented both the buyer and the seller, Redwood Residential Investments LLP, in this transaction. The acquisition’s financing was arranged by Todd Sherman of First Pacific Financial.

September 10, 2013

Seniors Housing Western

WASHINGTON GARDENS MEMORY CARE IN TIGARD RECEIVES $7.3M

by admin September 10, 2013

TIGARD, ORE. — Washington Gardens Memory Care, a 48-unit Alzheimer’s facility in Tigard, has received $7.3 million in refinancing. The facility is located at 9000 SW 91st Ave. near Downtown Portland. The cash-out refinancing was structured as a 20-year, fixed-rate, Freddie Mac loan. The loan was facilitated by Doug Harper of Berkeley Point. Washington Gardens is operated by Frontier Management, LLC and was developed by Seabold Construction Co.

September 10, 2013

Multifamily Western

OCEAN BEACH APARTMENT COMPLEX SELLS FOR $4.7M

by admin September 10, 2013

SAN DIEGO — A 22-unit apartment community in the San Diego submarket of Ocean Beach has sold to an unnamed buyer for $4.7 million. The community is located at 5041-5043 Santa Monica Ave. The seller, U.S. Bank National Association as Successor Trustee of The Keen Family Trust, was represented by Raymond S. Choi of Marcus & Millichap’s San Diego office.

September 10, 2013

Multifamily Western

ROYAL VISTA APARTMENTS IN CARSON CITY SELLS FOR $3.2M

by admin September 10, 2013

CARSON CITY, NEV. – The 98-unit Royal Vista Apartments in Carson City has sold to a Southern California-based apartment investment firm for $3.2 million. The community is located at 3230 Imperial Way. It was 86 percent occupied at the time of sale. The seller, a Southern California-based limited liability company, was represented by Kenneth N. Blomsterberg of Marcus & Millichap’s Reno office.

September 10, 2013

Multifamily Southeast

JOINT VENTURE ACQUIRES ARBOR TRACE COMMUNITY IN CHARLOTTE FOR $23.8M

by admin September 10, 2013

CHARLOTTE, N.C. — A joint venture between Baltimore-based Alex Brown Realty Inc. and Charleston, S.C.-based Chartwell Holdings has acquired Arbor Trace, a 384-unit multifamily community located in southwest Charlotte. The joint venture purchased the Class B community for approximately $23.8 million, or $62,000 per unit. The property was 97 percent occupied at the time of sale. Dean Smith, Blake Okland, John Heimburger and Sean Wood of ARA's Charlotte office represented the seller, Wilmington, N.C.-based Biltmark Corp., in the transaction. The joint venture plans to invest nearly $1 million in exterior and capital improvements at Arbor Trace.

September 10, 2013

Multifamily Southeast

STEADFAST INCOME REIT BUYS LEXINGTON APARTMENTS FOR $16.3M

by admin September 10, 2013

LEXINGTON, KY. — Steadfast Income REIT has purchased the newly constructed Watermark at Hamburg Place apartment community in Lexington for $16.3 million. The 150-unit community was 93 percent occupied at the time of sale. The REIT purchased the community from Watermark Residential. The community offers one-, two- and three-bedroom units with average rents of $952 per month. The community's amenity package includes a resort-style swimming pool, WiFi hotspots, a spa, 24-hour fitness center, outdoor fireplace, clubhouse with a coffee center, barbecue area and a dog park. The property will be renamed the Retreat at Hamburg Place. With this purchase and the $20.1 million acquisition of a community in Ohio, Steadfast Income REIT has surpassed $1 billion in assets.

September 10, 2013

Multifamily Southeast

ROCK APARTMENT ADVISORS SECURES $6.5M SALE OF BILOXI APARTMENTS

by admin September 10, 2013

BILOXI, MISS. — Rock Apartment Advisors has brokered the $6.5 million sale of Royal Gulf, a Class B apartment community located in Biloxi. The 144-unit community is located along the Mississippi Gulf Coast, minutes from the beach. Joseph Holt of Birmingham, Ala.-based Rock Apartment Advisors and Blake Pera of CBRE Memphis brokered the sale. Engle Realty Co. purchased the community from Newport Property Ventures. Royal Gulf is Rock's 14th transaction along the Mississippi Gulf Coast since 2007, totaling approximately $136 million in total sales.

September 10, 2013

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