Multifamily

BOSTON CAPITAL INVESTS IN AFFORDABLE MULTIFAMILY DEVELOPMENT IN MAINE

by admin January 18, 2012

PORTLAND, MAINE — Boston Capital is investing in the construction of Pearl Place II, a 54-unit multifamily development in Portland. The property will be built with tax credit equity from the Low Income Housing Tax Credit program and the general partner is Portland-based Pinecone Housing Corp. Pearl Place II will include a community room and central laundry. About 11 units will be reserved for homeless or displaced residents. To date, Boston Capital has invested in about 315 units of affordable housing in Portland.

January 18, 2012

EVANS COURT SELLS FOR $1.7 MILLION IN PHILADELPHIA

by admin January 18, 2012

PHILADELPHIA — Marcus & Millichap has arranged the $1.7 million sale of Evans Court, a 31-unit apartment building in Philadelphia. The building is fully occupied. Fred Paisley and Dana Newton of Marcus & Millichap's Philadelphia office represented the seller, a private investor, in the transaction. They also represented the buyer, a limited liability company.

January 18, 2012

Multifamily Western

LA APT PORTFOLIO SELLS FOR $2.8M

by admin January 18, 2012

LOS ANGELES – A multifamily portfolio that contained 60 units in two Los Angeles-area apartment complexes sold to a private investor for $2.8 million. The properties are located at 414 Witmer and 457-461 Witmer Street in Los Angeles’ Westlake District. The 9,196-square-foot building contains 20 units, while the 15,368-square-foot building contains 40 units. Lane Schwartz and Thomas Jonsson of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a private investor.

January 18, 2012

Multifamily Western

MISSION BEACH APT COMPLEX SOLD FOR $2.3M

by admin January 18, 2012

SAN DIEGO – A 13-unit apartment complex in the San Diego submarket of Mission Beach has sold to Sefer Tahiraj for $2.3 million. The 5,358-square-foot property is located at 3414 Mission Blvd. The buyer was represented by Terry Taylor of Apartment Consultants, Inc. The seller, David N. Catton, was represented by Joe Ramos of South Coast Commercial.

January 18, 2012

Multifamily Southeast

WOODFIELD INVESTMENTS BREAKS GROUND ON N.C. APTS.

by admin January 17, 2012

RALEIGH, N.C. — Woodfield Investments has broken ground on the 256-unit Woodfield Creekstone, located at the intersection of South Miami Boulevard and Hopson Road in Raleigh. Amenities will include a resort-style pool, clubhouse, landscaped grounds and garage parking. The Carlyle Group and US Bank are financial partners for the project, CF Evans Construction is providing general construction services and the project's architectural design is by The Housing Studio. Greystar will manage the property. Completion is slated for the summer of 2012.

January 17, 2012

Multifamily Southeast

IPA ARRANGES MULTIFAMILY REO SALE

by admin January 17, 2012

TAMPA, FLA. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the REO sale of the 228-unit Rivertree Landing, an apartment complex located at 6909 Indian River Rd. in Tampa. Jamie May and Ken Hoff of IPA's Tampa office represented the seller in the transaction. The property is currently undergoing a $550,000 renovation, including both interior and exterior upgrades.

January 17, 2012

Multifamily Texas

SQN, ALLEN HARRISON CO. PARTNER TO ACQUIRE CHIMNEY HILL APTS.

by admin January 17, 2012

DALLAS — Grapevine-based SQN Realty Finance and Houston-based Allen Harrison Co. have partnered to purchase the 240-unit Chimney Hill Apartments, located at 9637 Forest Ln. in Dallas. The property is approximately 90 percent occupied and is undergoing renovations. AHC Construction, an affiliate of Allen Harrison Co., will oversee property renovations, and Houston-based Mosaic Residential will manage the apartment complex.

January 17, 2012

Multifamily Western

CHATEAU NORMANDIE SELLS FOR $1.7M

by admin January 17, 2012

LOS ANGELES – The 30-unit Chateau Normandie has sold to Safco Capital Corp. for $1,775,000. The apartment complex is located at 756 South Normandie Ave. The seller was J & B Asset Management/Normandie Apartments LLC. The transaction was negotiated by Brent Sprenkle of Hendricks & Partners’ West Los Angeles office.

January 17, 2012

Multifamily Southeast

CONNOR CROUP SELLS N.C. APTS. FOR $28.8M

by admin January 16, 2012

DURHAM, N.C. — Centerville, Ohio-based The Connor Group has sold the 292-unit Lenox at Patterson Place, located at 100 Rose Garden Ln. in Durham, to Westdale Lenox for $28.8 million. The Connor Group acquired the property in 2009 for $19.08 million. Amenities include a pool, playground, fitness center and tennis courts.

January 16, 2012

Multifamily Southeast

FRANKLIN STREET BROKERS $3.12M SALE OF 59 CONDO UNITS

by admin January 16, 2012

LARGO, FLA. — Franklin Street Real Estate Services has arranged the $3.12 million sale of 59 of the 108 condo units at Whispering Palms Condominiums, located at 13200 Wilcox Rd. in Largo. Bob Goldfinger, Darron Kattan and Kevin Kelleher of Franklin Street's Tampa, Fla., office represented Whispering Palms Condominiums LLC, the seller, in the transaction. The buyer was JSSH 1.

January 16, 2012

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