Multifamily

402-UNIT MULTIFAMILY PROPERTY SELLS FOR $10.5 MILLION IN FLORIDA

by admin January 27, 2011

POMPANO BEACH, FLA. — A south Florida apartment operator and investor has purchased Palm Islands Apartments, which is located at 401 N.W. 34th St. in Pompano Beach. The 402-unit, 286,115-square-foot property sold for $10.5 million. The property offers 88 studios, 181 one-bedroom/one-bath units, 79 two-bedroom/one-and-a-half-bath units and 54 two-bedroom/two-bath units. All residences have central heating and air conditioning, individual hot water heaters, ceiling fans, spacious closets and fully equipped kitchens. Community amenities include a swimming pool and lighted tennis courts. Still Hunter III and Evan Kristol of Marcus & Millichap represented the undisclosed seller; Douglas Mandel and Ryan Nee, also of Marcus & Millichap, represented the buyer in the transaction.

January 27, 2011

JOINT VENTURE ACQUIRES APARTMENT BUILDING IN WASHINGTON, D.C.

by admin January 27, 2011

WASHINGTON, D.C. — A joint venture between Washington, D.C.-based Urban Investment Partners (UIP) and New York-based Infinity Real Estate has acquired a multifamily property in Washington, D.C. Located at 1340 Kenyon St. N.W., the 40-unit apartment building sold for $4.5 million. UIP has a $2 million renovation planned for the property, including new front doors, key fob- and telephone-based controlled entry access, a key-fob accessed bike storage, and renovated elevators, lobbies, hallways and individual units. UIP General Contracting, a subsidiary of UIP, will complete the renovations. UIP Property Management will manage the property. Andrew McAllister of Mac Realty Advisors represented the seller, an affiliate of Northridge Capital, in the transaction.

January 27, 2011

Multifamily Northeast

ARBOR ARRANGES $15.23 MILLION MULTIFAMILY LOAN IN NYC

by admin January 27, 2011

NEW YORK CITY — Arbor Commercial Funding has arranged $15.24 million in Fannie Mae DUS financing for the East Village Portfolio, a five-building, 52-unit multifamily portfolio located in New York City. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.

January 27, 2011

Multifamily Southeast

CONSTRUCTION COMPLETE FOR WEST YARD LOFTS IN S.C.

by admin January 26, 2011

NORTH CHARLESTON, S.C. — McShane Construction Company's Southeast Region has completed West Yard Lofts, a 75,982-square-foot affordable housing development at 2375 Noisette Blvd. in North Charleston. Situated on 1.59 acres, the property offers 60 one-, two- and three-bedroom units, a multi-purpose room with a kitchenette, a fitness center, a community laundry room, a technology and learning center and a leasing office. West Yard Lofts is part of the revitalization of the 340-acre former Charleston Naval Base, which closed in 1995. Martin Riley Associates Architects provided architectural services for the project.

January 26, 2011

Midwest Multifamily

COMPLETION NEARS FOR $26 MILLION VILLAS AT CRYSTAL LAKE IN ILLINOIS

by admin January 26, 2011

SWANSEA, ILL. — Locally based Holland Construction Services is nearing completion on the construction of Villas at Crystal Lake, a $26 million multifamily community being developed in Swansea. The three-story, 211,000-square-foot building will offer a variety of one- and two-bedroom floor plans. Additionally, the property will feature 36 fully enclosed garages, a resort-style swimming pool and a clubhouse offering a community room, a gas fireplace, a state-of-the-art fitness center and a 24-hour business center. St. Louis-based Mills Properties will manage the property. Swansea-based EWR Associates provided architectural services and Belleville, Ill.-based Berutti & Associates served as civil engineer for the project.

January 26, 2011

Midwest Multifamily

BERKADIA ORIGINATES $42.35 MILLION MULTIFAMILY LOAN IN MILWAUKEE

by admin January 26, 2011

MILWAUKEE — Berkadia Commercial Mortgage has originated $42.35 million in permanent, fixed-rate financing for the construction of The Moderne, a high-rise multifamily property located at 1141 Old World Third St. in Milwaukee. The 90-percent loan-to-value loan features a 40-year term and a 40-year amortization schedule with a fixed rate of 5.11 percent. Upon completion, the 30-story property will feature 203 rental units and 181 covered parking spaces in six above-ground levels and a lower level. Tom Sigrist of Berkadia originated the loan for the borrower, Milwaukee Moderne LLC. The loan was financed through Berkadia's HUD/FHA program.

January 26, 2011

Midwest Multifamily

MARK ONE CAPITAL ARRANGES $6.27 MILLION MULTIFAMILY LOAN IN MISSOURI

by admin January 26, 2011

KIRKWOOD, MO. — Mark One Capital, a subsidiary of Marcus & Millichap, has arranged a $6.27 million loan for a 112-uni multifamily property in Kirkwood. The The 10-year loan has a 30-year amortization schedule, a fixed interest rate of 5.54 percent and an 80 percent loan-to-value. Charles Sosa of Mark One Capital and Jim Sotos of Marcus & Millichap arranged the loan.

January 26, 2011

Multifamily Western

30-UNIT KING COUNTY APARTMENT COMPLEX TRADES FOR $3.2 MILLION

by admin January 26, 2011

NEWCASTLE, WASH. — Del Mar Village Enterprises LLC has sold the 30-unit Del Mar Village Apartments, located at 12828 Newcastle Way in Newcastle, to Del Mar Apartment LLC for $3.2 million. Kidder Mathews’ Jim Nichols and Mark McAlister and Don Pickens of Westec Ltd. represented both the buyer and Seattle-area investor/seller in the transaction.

January 26, 2011

Midwest Multifamily

60-UNIT MULTIFAMILY PROPERTY SELLS IN ILLINOIS

by admin January 25, 2011

LYONS, ILL. — A private individual has acquired Riverside Trail Apartments in Lyons. The 60-unit multifamily property sold for $3.51 million or $58,500 per unit. The property is located at 7860 W. Ogden Ave. James Clough of Marcus & Millichap represented the buyer; Ryan Engle of Marcus & Milichap's Oak Brook, Ill., office represented the seller.

January 25, 2011

Multifamily Texas

CONCIERGE ASSET MANAGEMENT MERGES WITH CROSSBEAM CAPITAL

by admin January 25, 2011

HOUSTON — Houston-based Concierge Asset Management, an investor, redeveloper and manager of apartment communities, has merged with Bethesda, Md.-based Crossbeam Capital, an institutional real estate investment fund manager. The combined company, Crossbeam Holdings, will focus on acquiring multifamily communities throughout the U.S. for redevelopment. The merger finalizes a partnership established last year that acquired seven multifamily communities, including closing on five multifamily communities in December 2010.

January 25, 2011

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