Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 8-UNIT APT. BUILDING

by admin July 2, 2013

CHICAGO — Marcus & Millichap has arranged the sale of an eight-unit apartment property located in Chicago for $1.7 million. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a local investment group, and the buyer, a limited liability company. The property is located at 3600 N. Oakley Ave., about six miles north of the Loop, in the upscale north side neighborhood of Roscoe Village. The multifamily building recently underwent extensive renovations, including the addition of granite countertops, individual HVAC and stainless steel appliances.

July 2, 2013

FIRST UNITS COMPLETE AT CHICAGO’S LAKE PARK CRESCENT

by admin July 2, 2013

CHICAGO — Weis Builders has completed five low-rise multifamily buildings at Lake Park Crescent, a $44 million redevelopment in Chicago. The initial 24 units are located at the south end of the property, on the corner of Lake Park and Bowen Avenue. The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.

July 2, 2013

Multifamily Northeast

MERIDIAN ARRANGES $13.5M LOAN FOR APARTMENT BUILDINGS

by admin July 2, 2013

ROCHELLE, N.Y. — Meridian Capital Group LLC has arranged $13.5 million in acquisition financing for two high-rise apartment buildings in New Rochelle. Abe Schonfeld, vice president at Meridian Capital’s Iselin, N.J. office, negotiated the loan on behalf of Sound View Management Associates. The seven-year loan carries a fixed interest rate of 3.5 percent. The Sound Shore Apartments property includes an 11-story tower and a 12-story tower, which total 206 units. The buildings were acquired from a medical facility and are now being leased to the public market.

July 2, 2013

Multifamily Western

VILLA LA PALOMA IN RESEDA SELLS FOR $14.5M

by admin July 2, 2013

RESEDA, CALIF. – The 138-unit Villa La Paloma in Reseda has sold to La Paloma LLC for $14.5 million. The community is located at 7722 Reseda Blvd. in the Los Angeles submarket. The seller, 1439 Curson Partners LP, was represented by Jeff Louks of Marcus & Millichap’s Encino office.

July 2, 2013

Multifamily Western

VISTA PACIFIC VILLAS IN CHULA VISTA SELLS FOR $9.6M

by admin July 2, 2013

CHULA VISTA, CALIF. — The 55-unit Vista Pacific Villas in the San Diego submarket of Chula Vista has sold to Masaaki Shintaku for $9.6 million. The community is located at 1035 Fourth Ave. Masaaki Shintaku was represented by Norio Kanai of Cosmo Investments. The seller, Vista Pacific Villas, L.P., was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.

July 2, 2013

Northeast Seniors Housing

WASHINGTON TRUST FINANCES $6.5M ACTIVE ADULT COMMUNITY

by admin July 2, 2013

OXFORD, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $6.5 million loan to Timberlake Holdings Co. LLC for the refinancing of 803 acres of undeveloped land in Oxford. Timberlake plans to build a 385-unit, master-planned active adult community on the land. The property surrounds Oxford Greens, an 18-hole championship golf course.

July 2, 2013

Midwest Seniors Housing

JV BUYS 17 SENIORS HOUSING COMMUNITIES FOR $135M

by admin July 1, 2013

OLATHE, KAN. — A joint venture has acquired 17 assisted living and memory care communities throughout Illinois, Indiana, Iowa and Nebraska for $135 million. National Health Investors Inc. (NYSE: NHI) owns 85 percent of the joint venture and Bickford Senior Living owns 15 percent. The acquisition brings the total number of properties in the joint venture to 30, three of which are under construction. Wells Fargo Securities LLC served as financial advisor to NHI on this transaction. The 17 assisted living and memory care communities include 14 communities purchased from a subsidiary of Care Investment Trust Inc. (OTCQX: CVTR) for $123 million, and three communities purchased from affiliates of Bickford for $12 million.

July 1, 2013

Multifamily Western

PROSPECT PARK DEVELOPMENT IN DENVER RECEIVES $13.7M LOAN

by admin July 1, 2013

DENVER — The 296-unit Prospect Park apartment project in Denver has received $13.7 million in financing. It will be located at 2970 Huron Street, just blocks from the Union Station redevelopment and adjacent to Coors Field. The 300,000-square-foot building should be completed in the third quarter of 2014. The mezzanine loan was secured by HFF’s Dave Keller and Ken Martin. They worked on behalf of Edwards Companies. The loan was placed with Behringer Harvard Opportunity REIT II, Inc. It will be used in conjunction with a construction loan to finance the project’s development.

July 1, 2013

Multifamily Western

BAYSIDE APARTMENTS IN SAN DIEGO SELLS FOR $2.6M

by admin July 1, 2013

SAN DIEGO — The 11-unit Bayside apartments in San Diego has sold to 1728 Realty Company LLC for $2.6 million. The community is located at 3630 Bayside Lane. The seller, 3630 Bayside LLC, was represented by Steve Huffman of Hendricks-Berkadia’s San Diego office.

July 1, 2013

Multifamily Southeast

LOWE ENTERPRISES BEGINS REDEVELOPMENT OF WHEATON OFFICE

by admin July 1, 2013

WHEATON, MD. — Lowe Enterprises has started the redevelopment of 11411 Georgia Avenue, an existing five-story office building in Wheaton, into an apartment building. The company will add seven stories to the existing building, creating a 12-story apartment tower with 194 residences with a mix of studio, one- and two-bedroom units designed to appeal to young urban professionals. Construction began in mid-June with completion scheduled in 2014. Whiting Turner is the contractor for the project with Bonstra Haresign as the architect. Lowe Enterprises Investors acquired the property on behalf of a pension fund client in September 2011. Lowe currently manages nearly 2 million square feet of commercial property in the Washington, D.C., area.

July 1, 2013

Newer Posts

Older Posts