Multifamily

PRG AND PARTNERS ACQUIRE APARTMENT COMMUNITY FOR $44M

by admin September 8, 2011

JACKSON TOWNSHIP, N.J. — Phoenix Realty Group (PRG) has teamed with Gaia Real Estate Holdings and Harel Insurance Investments and Financial Services of Israel to purchase the Regency Club Apartments, a 372-unit apartment complex spanning 31 buildings at 330 S. New Prospect Rd. in Jackson Township. Regency Club features a swimming pool, tot lot and tennis courts, and the complex is expected to receive interior and exterior renovations through a planned $2 million improvement program. PRG assumed a $32.2 million Fannie Mae loan with a 5.9 percent interest rate. The seller is an affiliate of Morgan Management. PRG handled the transaction in house.

September 8, 2011

ADJACENT APARTMENT BUILDINGS IN NYC SELL FOR $6.35M

by admin September 8, 2011

NEW YORK CITY — Two adjacent buildings at 506 and 510 W. 150th St. in New York City have sold for $6.35 million. The walkup buildings have a combined 100 feet of frontage and contain a total of 61 units, 37 of which have been recently renovated. Massey Knakal's Robert Shapiro handled the transaction exclusively.

September 8, 2011

Multifamily Northeast

FGL CONVERTS NJ CONDOS TO RENTAL PROPERTIES

by admin September 8, 2011

UNION CITY, N.J. — Fidelity & Guaranty Life Insurance Co. (FGL), through a $3.6 million commercial mortgage loan provided by Procida Funding, will acquire and finish construction on a partially built 28-unit condominium development in Union City. The loan allows FGL to convert the distressed property from a for-sale development to a rental property.

September 8, 2011

Multifamily Texas

PEBBLE CREEK APARTMENTS RECEIVES HUD REFINANCE LOAN

by admin September 8, 2011

PORT ARTHUR — Walker & Dunlop has provided a $5.97 million loan under the U.S. Department of Housing and Urban Development (HUD) Section 223 (a)(7) program for Pebble Creek Apartments, a 208-unit garden style apartment complex in Port Arthur. The apartment complex features a swimming pool, playground and laundry center, and is currently 95 percent leased. Walker & Dunlop's Carolyn McMullen provided the loan for the borrower, The Itex Group, based on a 37-year term and a 37-year amortization schedule.

September 8, 2011

Multifamily Southeast

ARA BROKERS $31M SALE OF PINE HARBOUR IN FLA.

by admin September 7, 2011

ORLANDO — ARA has negotiated the $31 million sale of the 366-unit Pine Harbour, located at 10600 Bloomfield Dr. in Orlando. Kevin Judd of ARA's Orlando office, Marc deBaptiste of ARA's Boca Raton, Fla., office and Patrick Dufour of ARA's Tampa, Fla., office represented the undisclosed institutional seller in the transaction. The buyer was Saint-Lambert, Canada-based L.S.R. Development.

September 7, 2011

Multifamily Southeast

GILBANE DEVELOPMENT COMPLETES 8 1/2 CANAL STREET

by admin September 7, 2011

RICHMOND, VA. — Gilbane Development Co. has completed the 540-bed 8 1/2 Canal Street, a student housing development at Virginia Commonwealth University in Richmond. The property is located across the street from VCU's recent $228 million Monroe Park Campus expansion. Amenities include a 24-hour fitness center, cyber cafe, gaming center and clubhouse.

September 7, 2011

Multifamily Southeast

UIP BUYS 52-UNIT MERIDIAN HILL FOR $4.2M

by admin September 7, 2011

WASHINGTON, D.C. — Washington, D.C.-based Urban Investment Partners (UIP) has purchased the 52-unit Meridian Hill, located at 2359-2401 Ontario Rd. in Washington, D.C., for $4.2 million. UIP will begin a $2.4 million renovation that will include upgrading, repairing and restoring common areas, as well as plumbing, heating, cooling and electrical systems. Ari Firoozabadi of Marcus & Millichap's Bethesda, Md., office represented Ontario Partners, the seller, in the transaction.

September 7, 2011

Multifamily Northeast

NORTHMARQ ARRANGES MORTGAGE FOR VILLAGE PATH TOWNHOMES

by admin September 7, 2011

WEBSTER, N.Y. — NorthMarq Capital has arranged $2.18 million in first mortgage financing for Village Path Townhomes, a 21-unit multifamily property in Webster. Sam Berns of NorthMarq's upstate New York office arranged the financing based on a 10-year term and a 20-year amortization schedule.

September 7, 2011

Multifamily Texas

BELL PARTNERS PURCHASES DALLAS APARTMENT COMMUNITY FOR $51.5M

by admin September 7, 2011

DALLAS — Greensboro, N.C.-based Bell Partners Inc. has purchased The Ansley at Park Central Apartments, a 490-unit luxury apartment community that consists of midrise, townhome and garden-style apartments in Dallas, for $51.5 million. The Ansley also features 14,500 square feet of retail space and is currently 96 percent occupied. Bell Partners' purchase of The Ansley, along with a purchase of a Nashville apartment community called 1700 Midtown Apartments, is the first purchase for its Bell Fund IV.

September 7, 2011

Multifamily Western

JLL TO MARKET FOR-SALE TUSTIN COTTAGES

by admin September 7, 2011

TUSTIN, CALIF. — Jones Lang LaSalle’s Capital Markets experts have been selected by Nevis Homes to market the sale of Tustin Cottages, a 93-unit, Class A multifamily property in Tustin. Tustin Cottages contains 24 three- and four-story buildings. The 153,169-square-foot property is currently 82 percent occupied. Managing director Joe Leon and vice president Javier Rivera will lead the JLL team on this transaction.

September 7, 2011

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