Multifamily

WOOD PARTNERS ACQUIRES SITE FOR $68 MILLION MIXED-USE PROJECT IN VIRGINIA

by admin January 5, 2011

ALEXANDRIA, VA. — Wood Partners has acquired a 3-acre land parcel on the site of the former Beacon Field Airport in Alexandria. The company plans to develop The Heights at Groveton, a 290-unit luxury multifamily community, on the site. Located at 6830 Richmond Highway, the single-building, 299,000-square-foot community will feature five- and six-story elevations. Construction of the $68 million, shovel-ready project is expected to begin in January, with completion scheduled for late 2012. Wood Partners has partnered with Washington, D.C.-based Redbrick Development Group for the project. Additionally, JPMorgan Chase is providing funding for the development. The property was purchased from MDP Groveton LLC, with Holliday Fenoglio Fowler and Cassidy Turley serving as brokers. Terms of the transaction were not released.

January 5, 2011

ARBOR CLOSES THREE FANNIE MAE LOANS IN ILLINOIS, KANSAS

by admin January 5, 2011

STERLING AND DOWNERS GROVE, ILL., AND MISSION, KAN. — Arbor Commercial Funding has funded three loans totaling $8.51 million under the Fannie Mae DUS Loan, Fannie Mae DUS Small Loan and Fannie Mae Multifamily Affordable Housing Low-Income Housing Tax Credit Loan product lines for three properties in Illinois and Kansas. The 160-unit Northland Park Apartments in Sterling received a 10-year loan, which amortizes on a 30-year schedule, in the amount of $4.13 million; the 26-unit Curtiss Apartments in Downers Grove received a $1.87 million loan, which carries a 10-year term and a 30-year amortization schedule; and the 84-unit Lamar Place in Mission received a $2.5 million loan, which carries a 10-year term and a 30-year amortization schedule. Patrick McNutley of Arbor's Chicago office originated the loans.

January 5, 2011

Multifamily Northeast

MARCUS & MILLICHAP BROKERS $10.2 MILLION MULTIFAMILY SALE IN CONN.

by admin January 5, 2011

WEST HAVEN, CONN. — Marcus & Millichap has brokered the sale of a high-rise apartment community in West Haven for $10.2 million. Edgewater Tower is a 12-story, waterfront tower that contains 107 units. The one- and two-bedroom residences average 1,150 square feet. Community amenities include a pool with a terrace as well as a two-level parking garage. Steve Witten and Victor Nolletti with Marcus & Millichap's New Haven office were the sole brokers in the transaction between the buyer, Par Edgewater Owner LLC, and the seller, Edgewater Towers Associates.

January 5, 2011

Multifamily Texas

SAN ANTONIO'S PASEO POINTE SELLS

by admin January 5, 2011

SAN ANTONIO — Paseo Pointe, a 252-unit multifamily property located at 3787 Perrin Central Blvd. in San Antonio, has changed hands. Built in 2003, it consists of 144 one-bedroom, 84 two-bedroom and 24 three-bedroom units. Amenities include carports, garages, a pool and a fitness center. San Antonio-based Perrin Oaks I, Ltd. sold the property to Austin-based Sendera SA Investments, L.P. Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office represented both parties.

January 5, 2011

Multifamily Western

MCQUAID COMMERCIAL CLOSES $2.05 MILLION MULTIFAMILY SALE

by admin January 5, 2011

SEATTLE — McQuaid Commercial Real Estate has brokered the $2.05 million sale of a 24-unit multifamily property located at 3515 SW Ocean View Drive in southwest Seattle. Built in 1979 and managed by one of five owners, the building was sold, for the first time ever, to David Katt, a local investor working a tax-deferred exchange. Michael McQuaid represented the seller group in the all-cash transaction.

January 5, 2011

Multifamily Southeast

NORTHMARQ ARRANGES $31 MILLION STUDENT HOUSING LOAN IN ALABAMA

by admin January 4, 2011

TUSCALOOSA, ALA. — NorthMarq Capital's Atlanta Regional office has arranged $31 million in first mortgage financing for Woodlands of Tuscaloosa, which is located at 100 Hargrove Road East in Tuscaloosa. The 204-room student housing property offers 708 beds. Financing was based on a 7-year term with a 30-year amortization schedule. Bruce Foster of NorthMarq arranged the financing for the borrower, Woodlands of Tuscaloosa Phase I LLC, through NorthMarq's seller-servicer relationship with Freddie Mac.

January 4, 2011

Multifamily Northeast

CIGNATURE COMPLETES SALE OF TWO NYC APT BUILDINGS FOR $13.85 MILLION

by admin January 4, 2011

NEW YORK CITY — Cignature Realty has completed the sale of two multifamily buildings in New York City's Washington Heights neighborhood for $13.85 million. The first building is located at 336 Fort Washington Ave.; it contains 75 apartments and four professional office spaces. Average apartment rent is $1,045. The second building is located at 220 Wadsworth Ave.; it contains 50 apartments and two retail stores. The average rent per apartments is $987. Cignature represented the buyer, a real estate investment group, and the seller, Kingsley Court Associates.

January 4, 2011

Multifamily Northeast

CONNECTICUT STUDENT HOUSING PROPERTY TRADES FOR $4.3 MILLION

by admin January 4, 2011

NEW BRITAN, CONN. — Chozick Realty has brokered the sale of a 63-unit student housing property for $4.3 million. Campus View Apartments is located at 1300-1412 East St. in New Britain at the entrance to Central Connecticut State University. The property was built in 1970 and renovated approximately 10 years ago. A majority of the units contain two bedrooms. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, 1300 East Street Holdings LLC, and procured the buyer, a regional owner of multifamily properties.

January 4, 2011

Seniors Housing Texas

ENSIGN GROUP ACQUIRES TWO SENIOR HOUSING FACILITIES

by admin January 4, 2011

ABILENE — The Ensign Group has acquired Wisteria Place, a continuing care retirement community, and its sister facility, Wisteria Independent Living, both in Abilene. The facilities will be operated by a subsidiary of Keystone Care, Ensign's Texas-based portfolio subsidiary. Wisteria Place is a full-service care campus located at 3202 S. Willis St. in Abilene that operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living is located at 3917 Wisteria Way in Abilene and operates 72 independent living units.

January 4, 2011

Midwest Seniors Housing

WALKER & DUNLOP CLOSES $15.42 MILLION LOAN IN KANSAS

by admin January 3, 2011

WICHITA, KAN. — Walker & Dunlop has provided a $15.42 million permanent finance loan for Reflection Ridge in Wichita. The 119-unit independent living community features a resort-style dining, a fitness center, a whirlpool/spa, a communications center, a library, a 150-seat theater, a lounge, a bank, a pharmacy, a gift shop and garage/storage options. The 10-year term loan carries a 30-year using Freddie Mac's CME product. The borrower was Resort Lifestyles Communities. Midwest Commercial Mortgage originated the loan. Vic Clark and Doug Bath led the Walker & Dunlop team in the transaction.

January 3, 2011

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