Multifamily

VENTURE TO BUILD $26.5M STUDENT HOUSING

by admin March 15, 2012

CARROLLTON, GA. — A public-private venture between the University System of Georgia Board of Regents and the University of West Georgia Foundation has plans to build a $26.5 million housing and dining complex at the University of West Georgia. RA-LIN and Associates has been selected to provide construction management services. The architect is Atlanta-based HADP. Two existing residence halls, Downs Hall and Boykin Hall, will be razed as well as the Art Annex building. These structures will be replaced with two new residence halls totaling 460 beds and a 30,000-square-foot dining facility with seating for 320. Plans also call for construction of office space for university housing and residence life staff within the dining facility. In addition, Bowdon Hall, a 290-bed residence hall, will be renovated to include ADA accessibility, updated bathrooms, wireless Internet and other improvements. Construction is scheduled to begin in July with a completion target of August 2013.

March 15, 2012

M&M BROKERS $2M APT. SALE

by admin March 15, 2012

TAMPA, FLA. — Marcus & Millichap has arranged the $2 million sale of the 40-unit Dale Mabry Palms Apartments, a Class B garden-style apartment complex located at 5901 S. Dale Mabry Hwy. in Tampa. Casey Babb and Luis Baez of Marcus & Millichap's Tampa office represented the seller, a developer, in the transaction and procured the buyer, a private investor.

March 15, 2012

Multifamily Southeast

CENTERLINE SECURES $23M IN MULTIFAMILY LOANS

by admin March 15, 2012

NEW YORK CITY — New York City-based Centerline Capital Group has arranged $23 million in affordable MBS loans for the refinance and acquisition of nine multifamily properties, four of which are located in the Southeast in Memphis and Cleveland, Tenn.; Gastonia, N.C.; and Birmingham, Ala. Additional properties are located in Temple, Texas; Kansas City, Mo.; Cincinnati, Dayton and Franklin, Ohio. The borrower is a commercial real estate owner and management company that specializes in Section 8 housing. The loans all have a 10-year term with a 30-year amortization schedule.

March 15, 2012

Multifamily Northeast

CONSTRUCTION TO BEGIN ON AFFORDABLE HOUSING COMMUNITY IN NEW JERSEY

by admin March 15, 2012

BARNEGAT, N.J. — The Walters Group plans to begin construction on the apartment component of Whispering Hills in Barnegat this month. The 52-unit affordable housing community will be located off Rose Hill Road, between Barnegat Boulevard and Route 9. The residences will consist of six, two-story buildings and a one-story building. On-site amenities will include a playground, recreational field and walking trails. The first phase is slated to open later this year.

March 15, 2012

Multifamily Texas

M&M ARRANGES DAKOTA PLACE SALE

by admin March 15, 2012

HURST — Marcus & Millichap has brokered the sale of the 77-unit Dakota Place, a multifamily property located at 450 E. Hurst Blvd. in Hurst. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented both parties, both limited liability companies, in the transaction. A local bank financed the acquisition of the property, which was 98 percent occupied at the close of escrow.

March 15, 2012

Multifamily Texas

BMC CAPITAL ARRANGES $1.1M MULTIFAMILY LOAN

by admin March 15, 2012

GARLAND — Dallas-based BMC Capital has arranged a $1.1 million acquisition and capital improvement loan for a 108-unit multifamily property, located on West Walnut Road in Garland. Barrett Linburg of BMC Capital arranged the loan for the Class C property. Marcus & Millichap brokered the sale of the property.

March 15, 2012

Northeast Seniors Housing

VALUE COS. TO BREAK GROUND ON THE VILLAS AT WEST CALDWELL

by admin March 15, 2012

WEST CALDWELL, N.J. —Value Cos., a Clifton, N.J.-based developer, plans to break ground on The Villas at West Caldwell this spring. The Villas is an age-restricted rental community in West Caldwell, and will include 30 residences. The two-bedroom homes will range from 1,200 to 1,500 square feet. Leasing is scheduled to begin in the fall or winter of 2013, and initial monthly rents are expected to begin in the mid-$2,000s. The community will accept adults age 55 and older.

March 15, 2012

Multifamily Southeast

CONSTRUCTION BEGINS ON $120M SKY HOUSE

by admin March 14, 2012

WASHINGTON, D.C. — Bethesda, Md.-based Urban Atlantic and Chevy Chase, Md.-based The JBG Companies have started construction on the $120 million, 530-unit Sky House, two residential buildings located at the intersection of 4th and M streets in Washington, D.C. The project is an adaptive reuse of two vacant commercial buildings. Urban Atlantic is the developer for the project, and The JBG Companies is the financial partner and will serve as the management company upon completion. Capitol One, TD Bank and Eagle Bank provided financing. Wiencek + Associates Architects + Planners DC designed the property and Hamel Builders of Washington is constructing the project. Completion is slated for fall 2013.

March 14, 2012

Multifamily Southeast

M&M SELLS APT. COMPLEX FOR $7.3M

by admin March 14, 2012

DUNEDIN, FLA. — Marcus & Millichap has arranged the $7.3 million sale of the 188-unit Logarto Apartments, located at 257 Milwaukee Ave. in Dunedin. The property is 70 percent leased. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a partnership, in the transaction and procured the buyer, a private investor.

March 14, 2012

Midwest Multifamily

THE CARLYLE GROUP CONTRIBUTES EQUITY FOR $43M APARTMENT COMPLEX

by admin March 14, 2012

EVANSTON, ILL. — Atlantic Realty Partners and Focus Development have received $12 million in equity from the Carlyle Group for a $43 million multifamily development project in Evanston. The funds will be used for a ground-up, 175-unit complex known as Seventeen17. The eight-story building will be located at 1717 Ridge Ave. and will include an outdoor pool, fitness facility and outdoor courtyard. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that arranged the joint venture financing through The Carlyle Group.

March 14, 2012

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