Multifamily

DEVELOPER CONVERTS HISTORIC FIRE HALL INTO AFFORDABLE HOUSING IN DULUTH

by admin March 1, 2013

DULUTH, MINN. — The original Duluth Fire House No. 1 on Third Street has become an affordable housing apartment complex, following a $12 million renovation. The project included renovating the old arched fire hall to create a 40-unit complex called The Firehouse and Firehouse Flats. The units feature open floor plans, energy-efficient appliances including washer/dryer units and island kitchens. Several units are designated for residents who have experienced chronic homelessness. Community amenities include a fitness center and storage. MetroPlains LLC developed the project. The Greater Minnesota Housing Fund provided $3.5 million for the project and Minnesota Housing secured $1.4 million in financing. A partnership between UnitedHealthcare and U.S. Bank provided $7.1 million in Low Income Housing Tax Credit equity for the project.

March 1, 2013

FAROS PROPERTIES ACQUIRES 350,000 SF WASHINGTON PLAZA APARTMENTS

by admin March 1, 2013

PITTSBURGH — Faros Properties has purchased the majority interest of Washington Plaza, a 24-story apartment building in Pittsburgh, and will manage the property. The multifamily property, which is located at 1420 Centre Ave., spans 350,000 square feet. Currently at 96 percent occupancy, the apartment building includes 390 studios and one- and two-bedroom units that range from 460 to 1,180 square feet. Faros Properties said that the building will undergo extensive interior and exterior renovations later this year. Washington Plaza is Faros Properties’ first residential project, as the company owns three office buildings in New York and Connecticut. A purchase price was not disclosed, however, the Pittsburgh Business Times, reported in February that it was $48 million.

March 1, 2013

Multifamily Northeast

CBRE ARRANGES SALE OF THE BEACON HILL PORTFOLIO IN BOSTON

by admin March 1, 2013

BOSTON — CBRE has arranged the sale of The Beacon Hill Portfolio, a 16-unit apartment portfolio, which includes 24 Joy St. and 88 W. Cedar St., located in Boston’s historic Beacon Hill neighborhood. The portfolio consists of two four-story apartment buildings that were built in the late 1800s. Beacon Hill Apts. LLC, a private partnership led by Luzern Associates LLC, sold the portfolio to an affiliate of The Copley Group.

March 1, 2013

Multifamily Texas

MCCANN REALTY ACQUIRES VIEW AT ENCINO COMMONS APTS.

by admin March 1, 2013

SAN ANTONIO — McCann Realty Partners has acquired the 324-unit View at Encino Commons Apartments in San Antonio. The garden-style community features a clubhouse, fitness center, resort-style swimming pool, attached garages and a movie theater. Pegasus Residential will manage the apartment community.

March 1, 2013

Multifamily Western

SEATTLE, LA APARTMENT COMMUNITIES RECEIVE $43.7M IN ACQUISITION FINANCING

by admin February 28, 2013

SEATTLE, LOS ANGELES — Pacific Urban Residential has received $43.7 million in first-mortgage debt for the acquisition of two apartment communities in Seattle and Los Angeles. The communities include the 200-unit Totem Lake Apartments in the Seattle suburb of Kirkland and the 120-unit Waterstone at Cheviot Hills in West Los Angeles. The loans are separately collateralized. Both loans feature a three-year term. Totem Lake received $22.4 million in debt financing, while Waterstone at Cheviot Hills received $21.3 million. Both loans were arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital Corporation. Financing was originated by Brandon Bachner of Mesa West Capital.

February 28, 2013

Multifamily Southeast

GLEN BURNIE APT. COMMUNITY SELLS TO INVESTORS

by admin February 28, 2013

GLEN BURNIE, MD. — A joint venture between Morgan Properties and Dune Real Estate Partners has acquired Chesapeake Glen, a 796-unit apartment community in Glen Burnie, from Equity Residential. The garden-style community is close to major commuter arteries, including I-95, I-97 and the Baltimore-Washington Parkway. Amenities include a clubhouse, fitness center, outdoor swimming pool, tennis courts and picnic areas. The buyers plan to upgrade the property. HFF represented the seller in the transaction.

February 28, 2013

Multifamily Southeast

BEECH STREET ARRANGES $6.5M FANNIE MAE LOAN FOR MONTEVALLO APTS.

by admin February 28, 2013

ALABASTER, ALA. — Beech Street Capital has arranged a $6.5 million Fannie Mae loan for the acquisition of the Montevallo Apartments, a 200-unit community in Alabaster. The property includes a clubhouse, two pools and two tennis courts. The borrower has recently acquired four other garden apartment complexes in Birmingham from long-term owners. Barry Lefkowitz and Jay Jacobovitch of Meridian Capital Group originated the seven-year loan, which features a 30-year amortization schedule.

February 28, 2013

Midwest Multifamily

CHICAGO APARTMENT PROPERTY SELLS FOR $1.5M TO LOCAL INVESTOR

by admin February 28, 2013

CHICAGO — A 13-unit multifamily property in downtown Chicago has sold to a local investor for $1.5 million. The building, located at 945-947 W. Cullom Ave., includes one- and two-bedroom units and a laundry facility. The property also had capital improvements made to it 11 years ago, which include a new roof, boiler, windows, vertical plumbing and new wiring to units. Kyle Stengle of Marcus & Millichap represented the buyer and the seller, a personal trust, in the deal.

February 28, 2013

Multifamily Western

SEATTLE, LA APARTMENT COMMUNITIES RECEIVE $43.7M IN ACQUISITION FINANCING

by admin February 28, 2013

February 28, 2013

Multifamily Western

FOX PLAZA APARTMENTS IN SAN FRANCISCO CHANGES HANDS

by admin February 27, 2013

SAN FRANCISCO – The 443-unit Fox Plaza Apartments in San Francisco has sold to Essex Property Trust for an undisclosed sum. The vintage concrete tower is located at 1390 Market Street. The building also contains 13 floors of office space, a 399-car underground garage and an attached two-story retail building that houses Starbucks and other retailers.The residential units are situated on floors 14 through 29. Archstone acquired the entire tower in 2005 for $147.5 million. It sold the 232,000-square-foot office/retail component to Broadreach Capital for $42.7 million in 2007. Broadreach still owns that component. The recent sale was executed by David Orozco of Cassidy Turley and Frank Wheeler of Colliers International.

February 27, 2013

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