Multifamily

662-UNIT APARTMENT COMPLEX IN URBANA, ILL. HITS THE MARKET

by admin February 7, 2013

URBANA, ILL. — Town & Country Apartments, a 662-unit apartment complex with a 52-unit self-storage facility, has hit the market in central Illinois. The price is open bid and the call for offers is scheduled for Feb. 12. Located at 1032 E. Kerr. Ave. in Urbana, the apartment complex was constructed in five phases beginning in 1968 and ending in 2008. The multifamily property includes 412 one-bedroom units and 250 two-bedroom units. Marcus & Millichap is the listing agent for Town & Country Apartments.

February 7, 2013

CBRE ARRANGES SALE OF BROADSTONE GRAMERCY

by admin February 7, 2013

HOUSTON — CBRE has brokered the sale of the 224-unit Broadstone Gramercy, a 252,404-square-foot multifamily community located at 2601 Gramercy St. in Houston's Texas Medical Center neighborhood. Ryan Epstein of CBRE's Houston Multi-Housing Group represented the seller, Alliance Residential Fund I, in the transaction. The mid-rise, podium-built community is 95 percent occupied.

February 7, 2013

Multifamily Western

APARTMENT PORTFOLIO CHANGES HANDS IN SAN FRANCISCO

by admin February 7, 2013

SAN FRANCISCO – The final 12 apartment buildings in San Francisco that were part of CIM Group’s 22-property portfolio have sold to multiple buyers. The other 10 properties were sold this past September and October. The purchase prices were not disclosed. The portfolio contained a total of 418 units that were acquired by CIM Group in June 2009 through a deed in lieu of foreclosure. The purchase was sourced through CIM’s off-market proprietary network.

February 7, 2013

Multifamily Western

ARCHSTONE TERRACINA IN ONTARIO SELLS FOR $95M

by admin February 6, 2013

ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.

February 6, 2013

Multifamily Western

WESTBAY PORTFOLIO IN COSTA MESA SELLS FOR $59.3M

by admin February 6, 2013

COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.

February 6, 2013

Multifamily Southeast

HIBERNIAN PACIFIC CLOSES $78.5M MULTIFAMILY PORTFOLIO PURCHASE

by admin February 6, 2013

ATLANTA — Hibernian Pacific Holdings and its Atlanta-based partner have acquired an 846-unit, Class A multifamily portfolio in Georgia for $78.5 million. The properties are located in Cobb and Gwinnett counties. Wilwat Properties Inc. was the seller. The deal marks Hibernian's 10th transaction since announcing its new affiliation with Evolution Capital Management, an investment advisor. Over the past 90 days, Hibernian closed on a series of deals comprising a diversified portfolio of assets from major community banks in Chicago and Atlanta.

February 6, 2013

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 12-UNIT APARTMENT FOR $630,000

by admin February 6, 2013

HANOVER PARK, ILL. — Marcus & Millichap has arranged the acquisition of 2470 Leslie Lane, a 12-unit apartment property, for $630,000. The multifamily building includes four 700-square-foot, one-bedroom units and eight 800-square-foot, one-bedroom units. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction.

February 6, 2013

Northeast Seniors Housing

NORTHMARQ ARRANGES $23.7M LOAN FOR COLONIAL GARDENS IN BEVERLY, MASS.

by admin February 6, 2013

BEVERLY, MASS. — NorthMarq Capital has arranged a $23.7 million loan for Colonial Gardens, a 173-unit independent living facility located at 105 Cherry Hill Drive in Beverly, about 25 miles north of Boston. The property was recently completed and is 98 percent occupied. It is owned and operated by Hawthorne Retirement Group.

February 6, 2013

Multifamily Northeast

AVON PLACE CONDOMINIUMS SELLS FOR $22M IN AVON, CONN.

by admin February 6, 2013

AVON, CONN. — Gaia Real Estate has purchased 163 units of the 188-unit Avon Place, a condominium property located in Avon, about 10 miles west of Hartford, for $22 million. Avon Place is made up of three residential buildings situated on 46 acres. Jeff Dunne, Christopher Leonard and Michael Stone of CBRE represented the seller, Equity Residential, in the condo interest sale.

February 6, 2013

Multifamily Northeast

MARCUS & MILLICHAP ARRANGES SALE OF TWO APARTMENT BUILDINGS FOR $4M

by admin February 6, 2013

SPRING VALLEY AND SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of two apartment properties in New York for a combined total of $4 million. The first, Juliann Garden Apartments, is a 52-unit apartment complex located in Spring Valley, about 35 miles north of New York City. The multifamily property, which is located at 9 Park Ave., includes 24 on-bedroom units, 18 two-bedroom units and two three-bedroom units. The buyer and seller were private investors. The second property, Union Street Apartments, is a 10-unit apartment building located in Schenectady, about 15 miles north of Albany. The multifamily property, which is located at 4 Union St., features two studios, six one-bedroom units, and two two-bedroom units. The seller was a financial institution and the buyer was a private investor.

February 6, 2013

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