Multifamily

JV PURCHASES PORTOFINO LUXURY APTS.

by admin May 24, 2012

FARMERS BRANCH — A joint venture between Naperville, Ill.-based The Marquette Companies and Glendale, Calif.-based American Realty Advisors has purchased the 224-unit Portofino Luxury Apartments, located at 11601 Lago Vista W. in Farmers Branch. Marquette will serve as the property manager for the facility. The property features a clubhouse with a kitchen, Internet cafe, pool, spa, fitness center and business center. CBRE Capital provided acquisition financing through Freddie Mac for the transaction.

May 24, 2012

OAK GROVE ARRANGES $10M REFINANCING LOAN

by admin May 24, 2012

TEWKSBURY, MASS. — Oak Grove Capital has arranged a $10 million bridge loan to refinance Bayberry at Emerald Court, a 90-unit assisted living and memory care community in Tewksbury. Oak Grove arranged the 18-month, interest-only loan on behalf of the borrower, a limited liability company. Bayberry at Emerald Court is managed by Boston-based Northbridge. The bridge loan enables the borrower to lower the interest rate on debt it had obtained prior to repositioning the property.

May 24, 2012

Seniors Housing Texas

SENIORS APARTMENT COMMUNITY IN ALLEN SELLS

by admin May 24, 2012

ALLEN — Holiday Retirement has purchased the 196-unit Parkview in Allen, an independent living community located on Greenville Avenue in Allen. The seller, McKinney-based Zerga Development, was the general partner, developer and operator of the community. Mike Girard and Ed LaFrance of Allen-based TSG represented the seller in the transaction.

May 24, 2012

Multifamily Northeast

ARA ARRANGES NEW HAMPSHIRE'S LARGEST 2012 MULTIFAMILY SALE TO DATE

by admin May 23, 2012

SALEM, N.H. — ARA has arranged the sale of Brook Village West, a 169-unit apartment community in Salem. The buyer, Forest Acquisition Fund, is a Massachusetts-based property management and asset-repositioning firm with a portfolio of 4,000 units. The new owner plans upgrade Brook Village West's units and common areas. The property was 98 percent occupied at the time of sale. Terence Scott of ARA represented the seller in the transaction. The transaction represents the largest multifamily sale in New Hampshire so far this year.

May 23, 2012

Multifamily Western

TIMBERLINE PLACE SELLS FOR $8.5M

by admin May 23, 2012

FLAGSTAFF, ARIZ. — Timberline Place, a fractured luxury condominium project in Flagstaff, has sold to SWRE Deal IV, LLC for $8.5 million. The LLC purchased 102 luxury condominium units in the complex, which is located at 4343 E. Soliere Ave. The project contains 204 total units – 102 of which were available for bulk purchase – and was built in 2000. The complex resides within the Continental Country Club community. The seller, Aspen Timberline II, LLC, was represented by David Fogler and Steven Nicoluzakis, with Cassidy Turley’s Multi-Family Service Group.

May 23, 2012

Multifamily Texas

INVESTCORP ACQUIRES INTEREST IN MULTIFAMILY PORTFOLIO

by admin May 22, 2012

HOUSTON — Investcorp has acquired an interest in four adjacent multifamily properties, located in the Copperfield master-planned community in northwest Houston. The four properties total 1,076 units and are currently 95 percent occupied. The portfolio has also recently undergone a $6 million renovation. The seller, MHP Investments, will retain an interest in the portfolio. Investcorp financed the transaction with 10-year, fixed-rate loan.

May 22, 2012

Multifamily Texas

IPA BROKERS AMLI AT BRECKINRIDGE POINT SALE

by admin May 22, 2012

RICHARDSON — Institutional Property Advisors (IPA) has arranged the sale of the 440-unit AMLI at Breckinridge Point, a 426,390-square-foot luxury multifamily community located at 4250 E. Renner Road in Richardson. Will Balthrope and Drew Kile of IPA represented the seller, Chicago-based AMLI Residential Properties, in the transaction. Los Angeles-based JRK Property Holdings was the buyer. The property is currently 95 percent occupied. IPA is a recently formed multifamily brokerage division of Marcus & Millichap.

May 22, 2012

Multifamily Texas

TRANSWESTERN ARRANGES FINANCING FOR THE AUSTONIAN

by admin May 22, 2012

AUSTIN — Transwestern has secured refinancing for The Austonian, a 56-story high-rise residential tower located at 200 Congress Ave. in downtown Austin, 9 blocks from the State Capitol. Jan Sparks and Michael Snodgrass of Transwestern's Houston office arranged the financing on behalf of Grupo Villar Mir/Benchmark Development, operating as Second Congress, Ltd.

May 22, 2012

Multifamily Western

TWO LA-AREA APARTMENTS SELL FOR $6.5M

by admin May 22, 2012

LOS ANGELES — Cresta Properties has purchased two Los Angeles-area apartment buildings for a total of $6.5 million. The transaction includes a 60-unit apartment building in Koreatown and a 21-unit building in Hollywood. These acquisitions are part of Cresta’s plan to double its multifamily portfolio by the end of 2012. Both properties will be managed by the Property Management Division of Los Angeles-based TRG Real Estate Services.

May 22, 2012

Multifamily Southeast

IPA BROKERS $13.5M MULTIFAMILY SALE

by admin May 21, 2012

SARASOTA, FLA. — Institutional Property Advisors has arranged the $13.5 million sale of the 178-unit Tradition at Palm Aire, a multifamily property located at 8445 Gardens Way in Sarasota. Amenities include a two-story clubhouse, business center with Wi-Fi, fitness center, three swimming pools, spa, lighted tennis courts, two lakes with walking paths and a car care center. Jamie May of IPA represented Beachwold Residential, the seller, in the transaction. Preston Giuliano Capital Partners was the buyer.

May 21, 2012

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