Multifamily

N.J. APARTMENT COMPLEXES SELL FOR $7M

by admin March 29, 2012

ELMWOOD PARK, N. J. — Marcus & Millichap has arranged the sale of two apartment complexes, totaling 87 units, in Essex County. A California-based investor purchased 355 Belleville Ave. in Bloomfield for $2.7 million. Christopher Rizzolo of Marcus & Millichap's New Jersey office represented both parties in the deal. In a separate transaction, a local developer sold a 50-unit apartment complex at 22-30 S. Munn Ave. in East Orange for $4 million. Nat Gambuzza, also of the firm's New Jersey office, represented the buyer, while Rizzolo represented the seller.

March 29, 2012

CONNOR GROUP BUYS LODGE AT FRISCO BRIDGES

by admin March 29, 2012

FRISCO — The Connor Group has purchased the 262-unit Lodge at Frisco Bridges, a luxury apartment community located at 8568 Warren Parkway in Frisco, for an undisclosed price to an undisclosed seller. This is the company's second property in Frisco, the other one being The Residences at Starwood.

March 29, 2012

Multifamily Western

HAMPTON HEIGHTS SELLS FOR $4.9M

by admin March 29, 2012

TROUTDALE, ORE. – The 64-unit Hampton Heights in Troutdale has sold to Portland Properties OR, LLC for $4.9 million. The community was built in 1996 and is located at 496-628 NE 257th Drive. The seller, B3R Properties, LLC, was represented by Grayson Pounder of Hendricks & Partners’ Portland office.

March 29, 2012

Multifamily Southeast

TWO D.C. APT. BUILDINGS SELL FOR $2.32M

by admin March 28, 2012

WASHINGTON, D.C. — Greysteel has arranged the sale of two multifamily buildings in Washington, D.C., totaling 69 units, for $2.32 million. The properties include the 33-unit 1 Hawaii Ave. NE and the 36-unit 113 Wilmington Place SE. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Bethesda, Md.-based Greysteel, along with Marcus & Millichap, represented the sellers in both transactions. For 1 Hawaii Ave. NE, Carroll Associates sold the property to Mayfair LLC for $1.32 million. For 113 Wilmington Place, RM Cohen Investment Co. sold the property for $1 million.

March 28, 2012

Midwest Multifamily

BEECH STREET ARRANGES $5.1M FANNIE MAE LOAN

by admin March 28, 2012

INDIANAPOLIS — Beech Street Capital has arranged a $5.1 million Fannie Mae loan to refinance Hunt Club Apartments, a 200-unit property in Indianapolis. Jacob Schmuckler of Meridian Capital Group originated the 7-year, fixed-rate loan, which carries a 30-year amortization schedule. The borrower has spent $1.8 million in renovations to the property's interior and plans to upgrade all of the units.

March 28, 2012

Multifamily Northeast

THREE RETAILERS JOIN THE EDGE IN WILLIAMSBURG

by admin March 28, 2012

BROOKLYN — Three new retailers are slated to move into the Edge condominium project in Williamsburg. Among the tenants is Brooklyn Harvest Market, a 15,000-square-foot gourmet grocery store. Fabbrica, an Italian espresso bar and bakery, and Ride Brooklyn, a bicycle shop, have also signed new leases. The businesses will join a CVS pharmacy and Frolic!, a children's play space. Robert Greenstone of Greenstone Realty was the sole broker in all three transactions.

March 28, 2012

Multifamily Texas

M&M BROKERS SALE OF WOODLAKE APTS.

by admin March 28, 2012

FORT WORTH — Marcus & Millichap has arranged the sale of the 82-unit Woodlake Apartments, located at 1404 Weiler Blvd. in Fort Worth. Boyan Radic and Brian Roosth of Marcus & Millichap's Fort Worth office represented the seller, a Chicago-based limited liability company, and procured the buyer, a New York-based limited liability company, in the transaction. The buyer plans to renovate the property's interior rooms as well as upgrade the exterior with new roofs, landscaping and paint.

March 28, 2012

Multifamily Southeast

MERIDIAN ARRANGES $16.3M ACQUISITION LOAN

by admin March 27, 2012

SUITLAND, MD. — Meridian Capital Group has arranged $16.3 million in acquisition financing for the 315-unit Parkway Terrace Apartments, located at 3415 Parkway Terrace Dr. in Suitland. Jacob Katz of Meridian's Bethesda, Md., office secured the 10-year loan with 2.5 years of interest only through Beech Street Capital.

March 27, 2012

Multifamily Texas

HFF ARRANGES MULTIFAMILY FINANCING

by admin March 27, 2012

HOUSTON — HFF has secured acquisition financing for the 227-unit Meyergrove Apartments, located at 4605 N. Braeswood Blvd. in southwest Houston. The seven-building community is currently 99 percent occupied. Colby Mueck of HFF's Houston office led the team, which arranged the 10-year FNMA loan through Greystone Servicing Corp. on behalf of the borrower, Rockwell Management Corp.

March 27, 2012

Multifamily Southeast

BELL PARTNERS BUYS APT. COMPLEX FOR $33.3M

by admin March 26, 2012

CHARLOTTE, N.C. — Greensboro, N.C.-based Bell Partners has acquired the 214-unit Morrison at South Park Apartments, located at 721 Governor Morrison St. in Charlotte. Amenities include a pool, fitness center, clubroom and courtyards. The buyer plans to upgrade several of the amenities and renovate all units.

March 26, 2012

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