Multifamily

BEECH STREET ARRANGES $9.25M APT ACQUISITION LOAN IN IND.

by admin June 29, 2011

ZIONSVILLE, IND. — Beech Street Capital has arranged $9.25 million in Fannie Mae financing for the acquisition of Quail Run Apartments, a 166-unit community located in the Indianapolis suburb of Zionsville. The property contains a mix of one- through four-bedroom, garden-style and townhouse units. Amenities include a swimming pool, tennis and basketball courts, a clubhouse, a playground and covered parking. The loan carries a 10-year term with three years of interest-only payments and a 30-year amortization schedule. Jacob Katz of Meridian Capital Group originated the loan and Nathan Burlingame of Beech Street financed it through Fannie Mae. The borrower is an established multifamily owner in the Indianapolis market.

June 29, 2011

SVN BROKERS $2.83M APT SALE IN IND.

by admin June 29, 2011

EVANSVILLE, IND. — Global Investments LLC has purchased Highland Hills Apartments from Seven Oaks Properties III LLC for $2.83 million. The Class C community was constructed in 1973. It contains 132 units within 14 two-story buildings situated on 7.3 acres. Chris Stuard and Steve Martin of Sperry Van Ness/Martin Commercial Group arranged the deal.

June 29, 2011

Multifamily Texas

USAA SELLS THE PRESERVE ON FREDERICKSBURG

by admin June 29, 2011

SAN ANTONIO — San Antonio-based USAA Real Estate Co., co-developer with Houston-based Cambridge Development Group of The Preserve on Fredericksburg in San Antonio, has announced the sale of the 376-unit Class A multifamily project to an undisclosed institutional investor. The upscale apartment community utilized Humphreys & Partners Architects “Big House” design that integrates numerous elements of single-family residences.

June 29, 2011

Multifamily Texas

LNR PARTNERS SELLS OAK GATE APARTMENTS

by admin June 29, 2011

PLANO — LNR Partners LLC has sold the 96-unit Oak Gate Apartments, located at 623 E. 16th St. in Plano, to DP Oaks LLC. The seven-building property, which was built in 1971 on 3.2 acres, was 90 percent occupied at the time of the transaction. Bob Helterbran and Linda Simpson of Grubb & Ellis Co. represented LNR Partners.

June 29, 2011

Multifamily Southeast

MADISON ACQUIRES 80 PERCENT EQUITY INTEREST IN TWO APT. COMPLEXES

by admin June 28, 2011

GAINESVILLE & TALLAHASSEE, FLA. — New York City-based Madison International Realty has acquired an 80 percent equity interest in a portfolio of two student housing communities in Florida for $30 million. The properties are the 412-unit The Enclave in Gainesville and the 486-unit Seminole Grand in Tallahassee. Both communities are owned and operated by The Collier Cos.

June 28, 2011

Multifamily Southeast

M&M BROKERS SALE OF 91-UNIT THE COURTYARDS

by admin June 28, 2011

GAINESVILLE, FLA. — Marcus & Millichap has arranged the sale of the 91-unit, 110,597-square-foot The Courtyards in Gainesville. Dorothy Jackman and Travis Prince in the firm's Tampa office represented the seller, Trimark Properties. The buyer is a Florida-based owner and developer.

June 28, 2011

Multifamily Southeast

PAC INVESTORS ACQUIRES 78-UNIT LAUREL RIDGE FOR $3.32M

by admin June 28, 2011

NAPLES, FLA. — PAC Investors has purchased the 78-unit Laurel Ridge Apartments, located at 5543 Laurel Ridge Lane in Naples, from Cypress Point L.P. for $3.32 million. Jonathan Richards of CB Richard Ellis' Naples office and Thomas Fischer of the firm's Columbus, Ohio, office represented the seller in the transaction.

June 28, 2011

Midwest Multifamily

COHEN ARRANGES REFI OF TWO APT BLDGS IN CHICAGO

by admin June 28, 2011

CHICAGO — Cohen Financial has arranged the refinancing of two apartment buildings located in Chicago's Lincoln Park neighborhood. A $6 million loan will refinance a five-story, 118-unit building. A $5.25 million loan was taken out for a five-story, 110-unit property. Both properties were fully leased at the time of closing. The loans carry 10-year terms and 30-year amortization schedules. The borrower was a family-operated limited liability company. The loans were arranged through Freddie Mac with assistance provided by Wells Fargo Multifamily Capital.

June 28, 2011

Multifamily Northeast

RESIDENCES AT PALMER SQUARE COMPLETES PHASE I

by admin June 28, 2011

PRINCETON, N.J. — Phase I has been completed at The Residences at Palmer Square in Princeton, consisting of 11 town homes and 16 condominium residences. Construction is being executed in three phases, with the entire community scheduled for completion in 2012. Lambertville, N.J.-based Minno & Wasko Architects and Planners designed the property and construction is being completed by Princeton-based MOD Construction Services.

June 28, 2011

Seniors Housing Texas

MCFARLIN AND STROUD TO DEVELOP ORCHARD PARK ASSISTED LIVING COMMUNITIES

by admin June 28, 2011

GEORGETOWN AND KYLE — McFarlin Group and its development partner, Stroud Development, are developing two Orchard Park assisted living and memory care communities in Georgetown and Kyle. Orchard Park of Georgetown will be located adjacent to the southern entrance of Del Webb's Sun City Texas, the largest active adult community in Texas, off Williams Drive and Del Webb Boulevard in Georgetown. The 70,000-square-foot Orchard Park of Georgetown will be situated on 6 acres of land with room for expansion. It is expected to break ground by 2012. Meanwhile, Orchard Park of Kyle will be situated on 5 acres within Plum Creek, a 2,200-acre mixed-use, master-planned community, and adjacent to Texas Trust State Bank near Kyle Parkway and Cromwell Drive in Kyle. Both Orchard Park communities are being designed by experienced senior assisted living architect Galier, Tolson and French of Belford. McFarlin Group and Stroud Development have also announced plans for another development south of Houston and anticipate the start of construction on Orchard Park of Odessa in the next few months.

June 28, 2011

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