Multifamily

AVALONBAY BUYS 15-BUILDING APARTMENT COMPLEX

by admin March 20, 2012

WATCHUNG, NORTH PLAINSFIELD, N.J. — Windsor at Crystal Ridge, a Class A apartment complex in Watchung and North Plainfield has sold for $63 million. The 334-unit complex is located on 25 acres at 1 Crystal Ridge Dr. of Route 22. The property has 15 three-story buildings with one-, two- and three-bedroom units. Amenities include a clubhouse, fitness center and indoor basketball court. Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien and Steve Simonelli of HFF represented the seller, GID Investment Advisors LLC, in the transaction. They also procured the buyer, AvalonBay Communities.

March 20, 2012

BROOKLYN HEIGHTS APARTMENT BUILDING SELLS

by admin March 20, 2012

NEW YORK CITY — The Watchtower Bible and Tract Society of New York Inc. has sold 161 Columbia Heights, between Clark and Pierrepont streets, for $3 million. Built in 1988, the apartment property contains more than 7,000 square feet. Bob Knakal and Stephen Palmese of Massey Knakal represented the seller and undisclosed buyer in the transaction.

March 20, 2012

Multifamily Texas

H&P BROKERS CLIFF PARK VILLAGE SALE

by admin March 20, 2012

DALLAS — Hendricks & Partners has arranged the sale of the 360-unit Cliff Park Village, a multifamily property located at 220 E. Overton Rd. in Dallas. The property has recently undergone capital improvements. Peter Hartnett of Hendricks & Partners' Dallas office represented the seller, BACM 2007-2 Cliff Park Apartments LLC, in the transaction. The seller is managed by San Francisco-based Helios AMC LLC. The buyer was New Orleans-based 220 Overton Apts. Dallas LLC.

March 20, 2012

Multifamily Western

MORRISON STREET CLOSES THREE TRANSACTIONS FOR $5.6M

by admin March 20, 2012

DENVER, TEMPE, ARIZ. — Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.

March 20, 2012

Multifamily Southeast

JV FORMS TO BUILD VA. APT. COMPLEX

by admin March 19, 2012

TYSONS CORNER, VA. — Greystar and Prudential Real Estate Investors (PREI) have formed a joint venture to build the 404-unit Ascent, a high-rise apartment community located at the intersection of Route 7 and Spring Hill Road in Tysons Corner. The 26-story property will be the tallest building in Tysons Corner. Amenities will include a rooftop pool, fitness center and community areas. Greystar will develop and manage the property, John Moriarty & Associates is the general contractor and PREI is acting on behalf of institutional investors. The property is part of the 7 million-square-foot Spring Hill Station, a mixed-use development under construction by the Georgelas Group and Dierman Realty Group, along with partners T-Rex Capital Group and Preminger Investments. Construction on Ascent is slated to begin this spring, with an expected completion in mid-2014.

March 19, 2012

Multifamily Northeast

CIM GROUP TAKES MAJORITY STAKE IN MANHATTAN RESIDENTIAL HIGH RISE

by admin March 19, 2012

NEW YORK CITY — Los Angeles-based CIM Group has closed on a transaction giving it a majority stake in a high-rise residential tower and development site in Midtown Manhattan. CIM Group and HFZ plan to co-develop the site, which is located at 303 E. 51st St. The project will include a 32-story tower with 123 residential units. Designed by SLCE Architects, the 273,750-square-foot building will include 9,000 square feet of ground-floor retail space. The property will also contain up to 32 parking spaces.

March 19, 2012

Multifamily Northeast

MOUNT VERNON BUYS 4 ATTACHED APARTMENT BUILDINGS IN BOSTON

by admin March 19, 2012

BOSTON — The Mount Vernon Co. has purchased four attached apartment buildings in Boston for $13.6 million. The 83-unit package is located at 74-86 Brainerd Rd. Boston Realty Advisors represented the seller, Boston Brainerd Mass Limited Partnership, in the transaction. The Mount Vernon Co. was self-represented. First Republic Bank provided the long-term financing.

March 19, 2012

Multifamily Texas

$100M FUND TO FINANCE TEXAS, OKLA. PROPERTIES

by admin March 19, 2012

IRVINE, CALIF. — Irvine-based WNC & Associates has closed WNC Institutional Tax Credit Fund 35, a $100 million multi-investor Low Income Housing Tax Credit fund that will finance 18 affordable housing properties across 11 states, including Texas and Oklahoma. The 1,134-unit portfolio encompasses 12 properties for families and six for senior citizens. WNC partnered with 18 different developer teams for the fund, half of which were repeat clients. The fund also closed with seven institutional investors, including five banks and two national insurance companies.

March 19, 2012

Multifamily Texas

STEADFAST BUYS MULTIFAMILY COMMUNITY FOR $19.35M

by admin March 19, 2012

EDMOND, OKLA. — Steadfast Income REIT has acquired the 252-unit Spring Creek of Edmond, a multifamily community located at 777 E. 15th St. in Edmond, for $19.35 million. The property has recently undergone a $5.4 million renovation that replaced roofs and windows, added granite countertops, installed new kitchen and bath cabinetry and placed new vinyl wood flooring. The community is Steadfast's 11th acquisition but the first in Oklahoma.

March 19, 2012

Multifamily Western

SAN DIEGO APARTMENT BUILDING SELLS FOR $1.8M

by admin March 19, 2012

SAN DIEGO – A 27-unit apartment building, located at 5460-5468 Imperial Ave. in San Diego, has sold to a limited liability company for $1,856,000. The property was built in 1984 and consists of five two-story buildings. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyer and the seller, a bank/financial institution, in this transaction.

March 19, 2012

Newer Posts

Older Posts