Multifamily

HFF BROKERS MULTIFAMILY SALE, ARRANGES FINANCING

by admin March 2, 2012

PEARLAND — HFF has closed the sale of the 472-unit St. Andrews Apartments, a Class A multifamily community located on a 20-acre site at 9900 Broadway St. in Pearland. The property is 99.6 percent occupied. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF's Houston office represented the seller, a TIC ownership group managed by Joseph Mandelbaum and Henry Mandelbaum of RealTax Inc., in the transaction. Cortney Cole of HFF's Houston office arranged the financing through PPM Finance on behalf of the buyer, Venterra Realty. Holly Wathan represented PPM Finance in-house during the negotiations.

March 2, 2012

SD AFFORDABLE HOUSING COMPLEX SELLS FOR $15M

by admin March 2, 2012

EL CAJON, CALIF. – The 132-unit affordable housing property at 380 Mollison Ave. in the San Diego submarket of El Cajon has sold to Highland Property Development for $15.25 million. The buyer plans to invest $5.5 million in capital improvements for the property, which is also known as Key Largo Apartments. The seller, Key Largo Partners, was represented by CBRE’s Dixie Hall, Kevin Mulhern and Rachel Parsons, along with Jim Lampman and Jerry Low of Affordable Housing Group.

March 2, 2012

Multifamily Western

BROADSTONE BUYS 3-ACRE DEV SITE IN SCOTTSDALE

by admin March 2, 2012

SCOTTSDALE, ARIZ. — Broadstone Scottsdale Waterfront, LLC, a partnership between Alliance Residential and JP Morgan Asset Management, has purchased the 3.35-acre Lot 4 development site at Scottsdale Waterfront for $13.5 million. Alliance plans to build a 259-unit luxury apartment community on the site. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, Scottsdale Waterfront LLC, a partnership between Starwood Capital Group and Golub & Co., in this transaction.

March 2, 2012

Multifamily Southeast

ADVENIR BUYS COLONY CLUB FOR $26.65M

by admin March 1, 2012

BOYNTON BEACH, FLA. — Advenir has acquired the 214-unit Colony Club, located at 7132 Colony Club Dr. in Boynton Beach, from New York-based Holiday Organization for $26.65 million. The buyer has renamed the property Advenir at Boynton and will implement a capital improvement program, focused on beautifying the exterior of the buildings and upgrading community amenities. Currently, amenities include a clubhouse, pool with spa, fitness center, two tennis courts, a basketball court and picnic areas. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the seller in the transaction. The buyer was self-represented.

March 1, 2012

Multifamily Northeast

DEVELOPER CONVERTS FORMER SHOE FACTORY TO NYC APARTMENTS

by admin March 1, 2012

NEW YORK CITY — GDC Properties recently finished converting the former Hanan & Son shoe factory at 220 Water St. in Brooklyn to 134 luxury apartments. The property includes a mix of studio, one- and two-bedroom residences, with 14-foot ceilings. Rents for the building range from $3,150 to $6,150 per month.

March 1, 2012

Multifamily Northeast

CENTERLINE ARRANGES $3.5M LOAN TO REFINANCE REHABBED APARTMENT PROPERTY

by admin March 1, 2012

CAMDEN, N.J. — Centerline Capital Group has arranged a $3.5 million Fannie Mae loan to refinance a newly rehabbed apartment property in Camden. Macedonia Gardens consists of an 11-building apartment complex clustered among Saunders, Howell and Mitchell streets. Built in 1969, the properties underwent a substantial rehab that was completed in 2010. The borrower was Nationwide Housing Management.

March 1, 2012

Multifamily Texas

CULPEPPER FAMILY TO BUILD THE STACK

by admin March 1, 2012

COLLEGE STATION — The Culpepper Family LP has plans to develop the 400-bed The Stack, a five-story student housing facility located at the intersection of South College Avenue and University Drive in College Station near Texas A&M University. The student housing facility is Phase I of Legacy Point, a mixed-use development featuring commercial and residential properties. The Stack will feature two underground levels of parking, a fitness center, in-unit washers and dryers and a central courtyard pool area. Legacy Point will be constructed on the site where the vacant Albertson's building currently sits. Irving-based Collegiate Cos. will serve as the project's program manager. The property is expected to break ground this summer and be delivered in 2013.

March 1, 2012

Multifamily Western

RAINTREE PARTNERS BUYS TWO CONDO PROPERTIES FOR $24M

by admin March 1, 2012

LOS ANGELES — Raintree Partners has purchased the Vista Paradiso and Villa Sofia condominiums for $24.2 million. The two luxury properties total 63 units and reside within the San Fernando Valley. Both are currently vacant condo projects that Raintree plans to hold and manage as rental units. The 24-unit Vista Paradiso is located at 11805 Laurelwood Drive in Studio City. The 39-unit Villa Sofia is located at 4470 Woodman Ave. in Sherman Oaks. Raintree was represented by Hirsch Sherman and Jared Levine of KW Commercial. Daron Campbell, also of KW, represented the seller.

March 1, 2012

Multifamily Western

THE MEADOWS SELLS FOR $14M

by admin March 1, 2012

CITRUS HEIGHTS, CALIF. — The Meadows, a 256-unit apartment community in Citrus Heights, has sold to Xchange Solutions for $14 million. The property is located at 7677 Greenback Lane. The seller was First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens I, LLC; First American Exchange Company, LLC, which acted as qualified intermediary for Meadow Gardens II, LLC. The transaction was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento, Calif., office.

March 1, 2012

Multifamily Southeast

JV TO BUILD $30M WHITEHALL PARC

by admin February 29, 2012

CHARLOTTE, N.C. — A joint venture between between Global Growth Trust and Woodfield Investments has purchased 13 acres of land, located at the intersection of Interstate 485 and Arrowood Road in Charlotte, to build the $30 million, 298-unit Whitehall Parc. The Class A, garden-style development will include amenities such as a club room, cyber cafe, fitness center and resort-style pool.

February 29, 2012

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