Multifamily

MIXED-USE PROPERTY TO OPEN IN FAIR LAWN IN 2013

by admin August 8, 2012

FAIR LAWN, N.J. — Fair Lawn Promenade, a mixed-use property with 150 apartment units and 63,000 square feet of retail and office space, is under construction in Fair Lawn. Garden Homes and Development and Garden Commercial Properties are developing the project, which is located near NJ Transit's Radburn train station. The development will consist of two rental buildings, one with 104 units and another with 46 units, that are constructed above a ground-level parking garage. Appel Design Group and Rotwein + Blake Architects have designed the property. The apartments are expected to be open for occupancy in the fall of 2013.

August 8, 2012

PANTHER TRANSACTION BUYS WESTGATE APTS.

by admin August 8, 2012

IRVING — Panther Transaction Group, in a partnership with a Dallas-based multifamily investor, has purchased the 256-unit Westgate Apartments, located at 3829 William DeHaes Drive in Irving. The partnership has plans to make interior renovations exceeding $500,000. The community is 94 percent occupied. Transwestern represented both the buyer and seller in the transaction.

August 8, 2012

Multifamily Texas

M&M BROKERS SALE OF HAVENWOOD IN FORT WORTH

by admin August 8, 2012

FORT WORTH — Marcus & Millichap has arranged the sale of the 316-unit Havenwood, a multifamily community located at 6500 Melwood St. in Fort Worth. The community features two swimming pools, a fitness center, tennis and racquetball courts, security systems and washer/dryer connections. The property is 94 percent occupied. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based investor, in the transaction and represented the buyer, an out-of-state partnership. Marcus & Millichap Capital Corp. arranged a 10-year loan through Fannie Mae for the acquisition on behalf of the buyer.

August 8, 2012

Multifamily Southeast

FLA. APT. COMPLEX SELLS FOR $42M

by admin August 7, 2012

PEMBROKE PINES, FLA. — The 296-unit Lakes at Pembroke, located at 9900 Sheridan St. in Pembroke Pines, has sold for $42 million. The property is 96 percent leased. Amenities include two swimming pools, sport courts, a playground, covered parking and a fitness center. Marc deBaptiste, Avery Klann and Hampton Beebe represented LaSalle Investment Management, the seller, in the transaction. The buyer was Atlanta-based Stockbridge Capital.

August 7, 2012

Multifamily Southeast

CBRE GROUP BROKERS $39.6M SALE

by admin August 7, 2012

LAKE MARY, FLA. — CBRE Group has arranged the $39.6 million sale of the 600-unit Sun Lake, a multifamily community located at 420 Sun Lake Circle in Lake Mary. Amenities include a private lake, 24-hour fitness center, two swimming pools and a clubhouse with a wide-screen TV and movie viewing area. Shelton Granade and Luke Wickham of CBRE Group represented the seller in the transaction. The buyer assumed an existing loan and will finish stabilizing the property, which was largely vacated during a construction project on site.

August 7, 2012

Multifamily Southeast

LAKE POINT SELLS FOR $4.3M

by admin August 7, 2012

CHARLOTTE, N.C. — The 296-unit Lake Point Apartments, a multifamily community located at 7259 Point Lake Drive in Charlotte, has sold for $4.3 million. Atlanta Capital Advisors, the buyer, plans to invest $4.5 million to renovate the community. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.

August 7, 2012

Multifamily Southeast

NORTHMARQ SECURES $12M LOAN

by admin August 7, 2012

FAYETTEVILLE, N.C. — NorthMarq Capital has arranged $12 million in first mortgage refinancing for the 694-unit Cambridge Arms Apartments, a market-rate multifamily community located at 301 Barcelona Drive in Fayetteville. Bill Matone of NorthMarq's Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, SRC Cambridge Arms, through Freddie Mac.

August 7, 2012

Multifamily Texas

VICTORY PARK UST SELLS THE VISTA

by admin August 7, 2012

DALLAS — Victory Park UST Joint Venture I (VPUST), has sold The Vista, a six-story, 129-unit apartment community located at 2345 N. Houston St. in Victory Park in Dallas. The amenities include underground parking, views of downtown Dallas, a rooftop infinity pool and an athletic center. The buyer was Vista Dallas Apartment Co., which is owned by institutional investors advised by J.P. Morgan Asset Management. VPUST is the property of Orlando, Fla.-based UST XVI Victory Park. Bill Miller and Roberto Casas of HFF's Dallas office represented the seller in the transaction. Gary Ross, also of HFF's Dallas office, represented J.P. Morgan. The Vista is currently 98 percent occupied.

August 7, 2012

Multifamily Texas

M&M ARRANGES SALE OF LA SIERRA

by admin August 7, 2012

NORTH RICHLAND HILLS — Marcus & Millichap has brokered the sale of the 20-unit La Sierra, an apartment community located at 7102 Glenview Drive in North Richland Hills. The community includes a courtyard and swimming pool. Robert Denninger, Nick Fluellen and Brad Hoover of Marcus & Millichap's Dallas office represented the seller and buyer, both limited liability companies, in the transaction.

August 7, 2012

Multifamily Western

DENVER APARTMENT COMPLEX SELLS FOR $1.4M

by admin August 7, 2012

DENVER — A 17-unit apartment complex located at 15 Washington Street near Denver’s Washington Park neighborhood has sold to 15 Washington, LLC for $1.47 million. The complex was built in 1967. The buyer was represented by Jeff Johnson, Matt Ritter and Jim Knowlton of Pinnacle Real Estate Advisors. The seller represented itself in this transaction.

August 7, 2012

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