Multifamily

DEVELOPMENT TO BEGIN THIS MONTH FOR NEW APARTMENT TOWER

by admin March 9, 2011

HOBOKEN, N.J. — New Jersey developer Advance Realty will commence development this month for a new apartment tower in Hokoken. Willow14 will be located at the intersection of 14th Street and Willow Avenue. The seven-story building will contain 140 luxury apartments over 22,000 square feet of street-level retail space and 387 below-grade parking spaces. Community amenities will include a swimming pool, terraces, green roofs and a community center. The project will be seeking LEED certification. Environmental remediation of the 1-acre site will begin this month. Vertical construction will begin later this year, with completion anticipated by the end of 2013.

March 9, 2011

ARA BROKERS TWO MULTIFAMILY SALES IN BEAUMONT AND PORT ARTHUR

by admin March 9, 2011

BEAUMONT AND PORT ARTHUR — Atlanta-based ARA, a national investment advisory firm focused on the multifamily industry, has arranged the sale of two multifamily communities, The Preserve at Old Dowlen in Beaumont and Normandy Townhomes in Port Arthur. Located at 5350 Old Dowlen Rd. in Beaumont, The Preserve at Old Dowlen was built in 2008 and features 304 units. Meanwhile, Normandy Townhomes is located at 3800 Normandy Ave. in Port Arthur. Built in 1975, it features 143 units. Jeff Patterson and Jon Boone of ARA's Austin office represented the sellers of both assets. An undisclosed Houston-based national investment group sold The Preserve at Old Dowlen, while a private investor, also undisclosed, sold Normandy Townhomes.

March 9, 2011

Multifamily Southeast

267-UNIT MULTIFAMILY PROPERTY SELLS FOR $40.5 MILLION IN N.C.

by admin March 8, 2011

CHARLOTTE, N.C. — Institutional investors advised by J.P. Morgan Asset Management have acquired Elizabeth Square, a 267-unit multifamily property in Charlotte. Constructed in 2009, the property, which offers one-, two- and three-bedroom units, sold for $40.5 or $151,780 per unit. Dean Smith and Blake Okland of ARA represented the seller, Ashburn, Va.-based Woodfield Investments. Elizabeth Square was 93 percent occupied at the time of acquisition.

March 8, 2011

Multifamily Western

LEE & ASSOCIATES NEGOTIATES $7.6 MILLION LAND BUY IN COASTAL COMMUNITY

by admin March 8, 2011

SAN DIEGO — Lee & Associates has arranged Zephyr Partners-RE LLC’s $7.6 million acquisition of a 0.32-acre land parcel, located at 1030 Pearl St. and 7522-7532 Herschel Ave. in the La Jolla area of San Diego. Currently improved with office and apartment buildings, the 27,687-square-foot parcel is fully entitled for 24 town homes. Zephyr plans to demolish the existing structures and break ground for a new development in the next 3 to 4 months. Lee & Associates’ Matt Weaver, Patrick Miller and Trevor Jensen represented the buyer in the transaction, and Colliers International’s Victor Krebs represented the seller, Pearl & Herschel LLC.

March 8, 2011

Multifamily Western

CASSIDY TURLEY BRE COMM. HANDLES $3.3 MILLION BUY OF PACIFIC BEACH APTS.

by admin March 8, 2011

SAN DIEGO — Cassidy Turley BRE Commercial has closed the $3.3 million purchase of the Diamond 24 Apartments, located at 1742 and 1754 Diamond Street in the Pacific Beach area of San Diego. Built in approximately 1967 and 1972, the Diamond 24 Apartments consist of adjacent eight-unit and 16-unit courtyard buildings. Cassidy Turley BRE Commercial’s Diane Miramontes, Darcy Miramontes and Kip Malo represented the buyer, and Grubb & Ellis’ Robert Vallera represented the sellers, Eric Moore, Martha Moffett, Roger Moore and Sara Moore, successor trustees under the Vincent/Sara Irrevocable Trust Agreement.

March 8, 2011

Multifamily Southeast

WALKER & DUNLOP CLOSES TWO LOANS TOTALING $8 MILLION IN N.C.

by admin March 7, 2011

JACKSONVILLE AND WILMINGTON, N.C. — Walker & Dunlop has provided two loans totaling $8 million for multifamily properties in North Carolina. The 134-unit Cardinal Village in Jacksonville received a $3 million loan. Built in 1964, the property features an outdoor pool, a barbecue area, laundry rooms and a clubhouse. The 10-year loan has a 30-year amortization schedule and was underwritten to a 55 percent loan-to-value with a 1.55x debt service. Cypress Grove, a 208-unit property in Wilmington, received a $5 million, 10-year loan with a 30-year amortization schedule. The loan was underwritten to a 75 percent loan-to-value with a 1.30x debt service coverage ratio. Ryan Greer of Meridian Capital Group originated the loans. Will Baker led the Walker & Dunlop team in the transactions.

March 7, 2011

Multifamily Western

LEBEAU REALTY ADVISORS NEGOTIATES APPROX. $2.08 MILLION MULTIFAMILY BUY

by admin March 7, 2011

EL CAJON, CALIF. — LeBeau Realty Advisors has arranged the nearly $2.08 million purchase of an 11-unit multifamily property, located at 420 Hart Drive in El Cajon. Built in 2008, the property consists entirely of three-bedroom/three-bath units. David LeBeau represented the buyer, Tracy and Cathy Patrick, in the transaction, and Pacific Multifamily Properties represented the seller, Mt Helix Real Estate Trust.

March 7, 2011

Multifamily Western

ACI NEGOTIATES $1.2 MILLION PURCHASE OF SAN DIEGO APARTMENTS

by admin March 7, 2011

SAN DIEGO — Apartment Consultants Inc. has brokered the $1.2 million acquisition of a 10-unit apartment property located at 3151-69 Lincoln Ave. in the North Park area of San Diego. Built in 1952, the multifamily complex consists of all one-bedroom/one-bath units. ACI’s Norm Root represented the buyer, James and Margaret Blankinship, in the transaction; the seller, L-20 LLC, represented itself.

March 7, 2011

Seniors Housing Southeast

33,636-SQUARE-FOOT HOSPICE HOUSE COMPLETE IN FLORIDA

by admin March 7, 2011

SEBRING, FLA. — Stevens Construction has completed the construction of the Bud & Donna Somers Hospice House and Resource Center for Good Shepherd Hospice in Sebring. Located at 1110 Hammock Road, the 33,636-square-foot hospice house offers 61 beds. The property features private suites, a children's play area, a chapel, a kitchen and a library. Architecture Inc. provided architectural services for the project.

March 7, 2011

Multifamily Southeast

WALKER & DUNLOP PROVIDES $5.86 MILLION MULTIFAMILY LOAN IN FLORIDA

by admin March 4, 2011

SORRENTO, FLA. — Walker & Dunlop has provided a $5.86 million loan for the refinancing of Oak Springs manufactured housing community in Sorrento. Built in 1973, the 431-pad community features a clubhouse, an outdoor pool, tennis courts, a fitness center, basketball courts, a playground, a laundry room, shuffleboard courts and RV storage. The loan was structured with a 10-year term and a 25-year amortization with a 1.30 debt-service coverage ratio. Cary Monroe and Mike Giordano of Monroe & Giordano originated the loan. Andrew Tapley of Walker & Dunlop led the firm's team.

March 4, 2011

Newer Posts

Older Posts