Multifamily

$29M PARKWAY LAKESIDE APARTMENTS OPEN IN O'FALLON

by admin October 4, 2012

O'FALLON, ILL. — Balke Brown Transwestern has opened Parkway Lakeside Apartment Homes on Green Mountain Roade in O'Fallon. The $29 million community consists of 21 two-story buildings containing 232 units. One-site services include car detailing, resident valet and the Posh Pet Spa. Amenities include a saltwater swimming pool and wellness center. Rents range from $945 to $1,800 per month. AFL-CIO Housing Investment Trust financed the project via a $26.1 million FHA-insured construction and permanent mortgage loan.

October 4, 2012

TUDOR-STYLE APARTMENT BUILDING TRADES FOR $2.3M

by admin October 4, 2012

NEW ROCHELLE, N.Y. — Marcus & Millichap has arranged the $2.3 million sale of Elm Court, a 17-unit Tudor-style apartment building at 102 Drake Ave. in New Rochelle. Harry Delaney of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a private investor.

October 4, 2012

Multifamily Texas

BEHRINGER HARVARD BREAKS GROUND ON ALLUSION WEST UNIVERSITY

by admin October 4, 2012

HOUSTON — Behringer Harvard has begun construction of the 231-unit Allusion West University, an upscale multifamily community located on a 2.5-acre tract in the West University submarket of Houston's inner loop. Trammell Crow Residential partnered with Behringer Harvard on the land acquisition and will develop the community. An affiliate of Trammell Crow Residential will serve as the general contractor. The two-story development will be constructed on top of a two-story parking garage and feature a cyber cafe, business center, fitness center, resort-style pool and dog park.

October 4, 2012

Multifamily Texas

MONDRIAN CITYPLACE IN DALLAS SELLS

by admin October 4, 2012

DALLAS — Multi-Employer Property Trust (MEPT) has purchased the 218-unit Mondrian Cityplace, a 20-story apartment community located in Dallas' Uptown neighborhood. The Class A property is 98 percent leased and includes a 24-hour concierge, door service, a swimming pool, garden, outdoor fireplace, business center, cyber cafe and 24-hour workout facility with expansive views of West Village. Bentall Kennedy, MEPT's real estate advisor, has retained Greystar for property management and leasing.

October 4, 2012

Multifamily Texas

ARA BROKERS SALE OF CAMDEN SOUTH CONGRESS

by admin October 4, 2012

AUSTIN — ARA has arranged the sale of the 253-unit Camden South Congress, a Class A multifamily community located at 1007 S. Congress Ave. in Austin. The property features a resort-style pool, cabana area, clubroom, 24-hour fitness center and cafe-style coffee bar. Patton Jones of ARA represented the seller, a joint venture featuring Houston-based Camden Property Trust, in the transaction. Centerville, Ohio-based Connor Group was the buyer.

October 4, 2012

Multifamily Texas

LA MIRAGE APTS. IN SAN ANTONIO SELLS

by admin October 4, 2012

SAN ANTONIO — San Antonio Commercial Advisors, owned and operated by Cushman & Wakefield, has brokered the sale of the 280-unit La Mirage Apartments, located at 8050 Oakdell Way in San Antonio's South Texas Medical Center submarket. Scott Weems and Brandon Lo Porto of San Antonio Commercial Advisors represented the seller in the transaction.

October 4, 2012

Multifamily Texas

GRANDBRIDGE ARRANGES $4.5M MULTIFAMILY LOAN

by admin October 4, 2012

DALLAS — Grandbridge Real Estate Capital has recently closed $4.5 million in first mortgage financing for the 300-unit Brandon Mill Apartments, located in Dallas. Tom Walsh of Grandbridge's Atlanta office arranged the three-year loan with a 30-year amortization schedule through National Cooperative Bank.

October 4, 2012

Multifamily Western

BASCOM BUYS THREE AZ APARTMENT COMPLEXES FOR $77.1M

by admin October 4, 2012

PHOENIX, AVONDALE, MESA, ARIZ. — The Bascom Group has purchased three apartment complexes in Arizona for $77.1 million. The acquisition includes 301-unit Coldwater Springs Apartments at 12115 W. Van Buren Ave. in Avondale for $27.2 million; 256-unit Madera Point at 445 S. Dobson Road in Mesa for $14.3 million; and the 528-unit Foothills at 4424 E. Baseline Road in Phoenix for $35.5 million. Bascom was represented in these transactions by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield of Arizona.

October 4, 2012

Multifamily Western

MGPG BUYS LANCASTER MULTIFAMILY PORTFOLIO FOR $91.7M

by admin October 3, 2012

LANCASTER, CALIF. — MG Properties Group(MGPG) has purchased a four-property, 1,190-unit multifamily portfolio in Lancaster for $91.75 million. The acquisition includes 416-unit Cordova Park, 320-unit Granada Villas, 314-unit Sienna Heights and 140-unit Woodlands West. The acquisitions were financed separately with a 10-year, fixed-rate loan of $75.60 million that was provided by Rob Prouty at KeyBank Real Estate Capital and Fannie Mae.MGPG plans to upgrade the properties’ exterior and common areas, as well as address any deferred maintenance issues. The firm represented itself in this transaction, while the private seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Smolen of Institutional Property Advisors.

October 3, 2012

Multifamily Southeast

UPSCALE MULTI-HOUSING SITE SOLD NEAR ORLANDO, FLA.

by admin October 3, 2012

CELEBRATION, FLA. — Shelton Granade, Luck Wickham and Justin Basquill of CBRE’s Orlando office have represented the seller in the sale of a multi-housing development site in Celebration. An upscale community is planned and it will be the first multi-housing rental community built in Celebration since 2002.

October 3, 2012

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