Multifamily

NORSOUTH BREAKS GROUND ON 80-UNIT OLIVER HOUSE

by admin December 13, 2011

DECATUR, GA. — Savannah, Ga.-based NorSouth Constructs has broken ground on the 80-unit Oliver House, a seniors housing property located at 1450 Commerce Dr. in Decatur. The development is the second phase of a $30 million redevelopment of Allen Wilson Terrace Public Housing by the Decatur Housing Authority. Upon completion, Allen Wilson Terrace will contain 190 units for low-income families and seniors. HADP Architecture designed the property, which is expected to receive two EarthCraft green building certifications. Oliver House is slated for completion in August 2012.

December 13, 2011

CARTER IN PURSUIT OF $500M IN DEVELOPMENT, INVESTMENTS

by admin December 12, 2011

ATLANTA — Carter, with offices in Atlanta, Tampa, Fla., and New York City, has plans to pursue $500 million in development and investments. Following the completion of the sale of the company's brokerage and property management groups, the firm is focusing on four key areas: development of mixed-use and for-rent multifamily properties in urban infill locations, equity development of student housing, acquisition of opportunistic and value-add investments in the office sector and growing its project management and strategic consulting business.

December 12, 2011

Multifamily Southeast

UIP ACQUIRES 21-UNIT APT. BUILDING FOR $3.7M

by admin December 12, 2011

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased a 21-unit apartment building, located at 1346 Park Rd. NW in Washington, D.C.'s Columbia Heights neighborhood, from Someck Development and Northridge Capital for $3.7 million. UIP has plans to invest $2.7 million in a full renovation of the property, including new plumbing, electrical, heating and cooling systems, as well as a new roof, windows and condo-level finishes. Additionally, seven units will be added on the cellar level. Andrew McAllister of Washington, D.C.-based MAC Realty Advisors represented the sellers in the transaction.

December 12, 2011

Multifamily Northeast

ARIEL CLOSES SALE OF TWO MANHATTAN PROPERTIES

by admin December 12, 2011

NEW YORK CITY — Ariel Property Advisors has closed on two Manhattan multifamily properties for approximately $4 million. The properties include 280 Manhattan Ave., a 12,610-square-foot apartment building, which sold for $2.2 million. Victor Sozio, Michael Tortorici and Jesse Deutch represented the buyer and seller, both of which were private investors, in the transaction. The second property, an 8,500-square-foot, mixed-use building, is located at 1804 Third Ave. and sold for $1.85 million. Tortorici and Sozio represented the seller, a family, and the buyer, a private investor.

December 12, 2011

Multifamily Texas

H&P BROKERS SALE OF THE RESERVE AT PECAN VALLEY

by admin December 12, 2011

SAN ANTONIO — Hendricks & Partners has arranged the sale of the 405-unit The Reserve at Pecan Valley, located at 4032 E. Southcross Blvd. in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, Denver-based AMTAX Holdings 665, in the transaction. The buyer was Old Greenwich, Conn.-based SBC 2011-1 REO.

December 12, 2011

Multifamily Western

WOODBEND SHADOWRIDGE SELLS FOR $44M

by admin December 12, 2011

VISTA, CALIF. – The 240-unit Woodbend Shadowridge apartment complex in Vista has sold to Woodbend, LP, C/O R&V Management Corporation for $44.3 million. The 210,800-square-foot complex was built in 1988 and was renovated in 2008. Cushman & Wakefield’s team of Edward Rosen, John Chu and Alejandro Lombrozo represented the seller, Shadowridge Corporation, C/O LaSalle Investment Management.

December 12, 2011

Multifamily Southeast

POLLACK SHORES BREAKS GROUND ON $40M STEEL HOUSE APTS.

by admin December 9, 2011

ORLANDO, FLA. — Atlanta-based Pollack Shores Real Estate Group has broken ground on the $40 million, 326-unit Steel House Apartments, located at 750 N. Orange Ave. in Orlando. Poole & Poole Architecture is the architect for the project, Cambridge Swinerton is the general contractor, Bowyer Singleton is the civil engineer, Beasley & Henley is the interior designer and Foster Conant designed the landscaping and hardscapes. Amenities include a clubroom with skyline views of the city, a pool, fountains, fitness center, business center and gallery space. The first units will be completed in the fall of 2012, with full completion slated for February 2013.

December 9, 2011

Multifamily Southeast

CAPREIT SELLS ISLES OF GATEWAY APT. COMPLEX FOR $16.82M

by admin December 9, 2011

ST. PETERSBURG, FLA. — Rockville, Md.-based CAPREIT has sold the 212-unit Isles of Gateway, an apartment complex located at 10600 Fourth St. N. in St. Petersburg, to Newton, Mass.-based Robbins Property Associates for $16.82 million. The property is 95 percent occupied. CBRE's Multi-Housing Group in Tampa represented the seller in the transaction.

December 9, 2011

Multifamily Southeast

WALKER & DUNLOP CLOSES $6.1M ACQUISITION LOAN

by admin December 9, 2011

CHARLOTTE, N.C. — Walker & Dunlop has arranged $6.1 million in acquisition financing for the 202-unit Cameron at Hickory Grove, located at 5625 Keyway Blvd. in Charlotte. Stephen Farnsworth of the firm's New Orleans office arranged the 7-year loan with 2-years interest only and a 30-year amortization schedule through Freddie Mac's CME Program on behalf of the borrower, Atlanta-based Cortland Partners.

December 9, 2011

Multifamily Northeast

LETTIRE COMPLETES CONSTRUCTION ON CIENA AND HOBBS COURT

by admin December 9, 2011

NEW YORK CITY — East Harlem-based Lettire Construction Corp. has finished construction on The Ciena and Hobbs Court, two affordable rental complexes that total 339 units, in East Harlem.The Ciena, located at 314 E. 100th St., is a rehabilitation of five existing buildings. Hobbs Court consists of two new, nine-story buildings located at 315 E. 102nd St. The project team included Lettire Construction, Phipps Houses, Urban Builders Collaborative and MGH Architects. The Ciena and Hobbs Court were the first developments in the U.S. to receive $25 million in Tax Credit Assistance Program funds.

December 9, 2011

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