Multifamily

PENN & AMERICAN RECEIVES FINAL APPROVAL IN MINNESOTA

by admin December 10, 2010

BLOOMINGTON, MINN. — United Properties and StuartCo have received final development plan approval for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington. The first phase of Penn & American includes a four-story building with 14,000 square feet of retail space and 60 apartments; an eight-story, 152-unit apartment building; and a four-story, 22-unit townhome building. Construction is scheduled to begin in May 2011 and will include 234 Genesee apartments and townhomes, built by StuartCo, and two retail buildings, built by United Properties.

December 10, 2010

CONFIER ACQUIRES STUDENT HOUSING FOR REDEVELOPMENT

by admin December 10, 2010

HEMPSTEAD, N.Y. — Conifer Realty has acquired a former Hofstra University student housing community from the school. Twin Oaks Apartments was vacant at the time of the sale, as it was replaced by new on-campus housing by the school. Conifer plans to redevelop the 94-unit property into affordable housing. David Leviton of Cushman & Wakefield's Melville, N.Y., office partnered with David Berhaut, Gary Gabriel and Jared Zimmel of the firm's East Rutherford, N.J., office to arrange the sale.

December 10, 2010

Multifamily Western

NORTHMARQ CAPITAL ARRANGES $20.25 MILLION APT. FINANCING IN N. SAN DIEGO CO

by admin December 10, 2010

OCEANSIDE, CALIF. — NorthMarq Capital has arranged $20.25 million in first-mortgage financing for the 252-unit River Oaks Apartments, located at 3891 San Ramon Drive in Oceanside. The multifamily financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq’s Michael Elmore through its seller-servicer relationship with Freddie Mac. This was the first broken condo loan by Freddie Mac in their CME loan format, according to Elmore.

December 10, 2010

Northeast Seniors Housing

HUDSON/PARKWOOD JV ACQUIRES $33 MILLION CONDO NOTE IN N.J.

by admin December 10, 2010

CLIFTON, N.J. — A joint venture between Hudson Realty Capital and Parkwood Development has acquired the $33 million note secured by 109 partially completed senior housing units in Clifton. The units are part of the third phase of the 270-unit Winthrop Court senior housing community, which is located within the Cambridge Crossings master-planned community. The partnership immediately foreclosed on the note and plans to complete and sell the remaining condos.

December 10, 2010

Midwest Seniors Housing

LOVE FUNDING SECURES $11.5 MILLION SENIOR HOUSING LOAN IN MICHIGAN

by admin December 9, 2010

HAZEL PARK, MICH. — Love Funding has closed a $11.5 million rehabilitation loan for the refinance and rehabilitation of American House – Hazel Park Senior Living apartments. Located in Hazel Park, the property offers 125 one- and two-bedroom apartments and two-bedroom/two-bath freestanding duplex cottages. Community amenities include a community room/dining room, a theater, game and craft rooms and a library. Mickey Rist and Bruce Gerhart of Love Funding's Cleveland office originated the transaction.

December 9, 2010

Multifamily Northeast

MASSEY KNAKAL BROKERS $11.5 MILLION MULTIFAMILY SALE IN MANHATTAN

by admin December 9, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of three Manhattan apartment buildings for $11.5 million. The buildings contain a total of 69 apartments and are located at 118 and 120-122 E. 4th St. in the East Village. The units comprise a mix of studios and one-bedrooms; 40 of the units are rent stabilized and the other 29 are free market. Massey Knakal's John Ciraulo, Joe Sitt and Craig Waggner arranged the deal between the undisclosed buyer and the seller, Bruce Mittenberg of Bread & Butter Realty LLC. The property traded at a 5.78 percent cap rate.

December 9, 2010

Multifamily Texas

UNIVERSITY OF HOUSTON OPENS NEW FRESHMAN HOUSING FACILITY

by admin December 9, 2010

HOUSTON — The University of Houston and Hardin Construction Co. have completed a new $42 million freshman housing facility called Cougar Village that will serve as a model for future expansion. The seven-story, 291,000-square-foot building houses 1,132 students, who are grouped into themed communities based on their academic disciplines. Cougar Village features suites and single units and provides amenities such as a central lounge, study and lecture areas, a fitness center, kitchens, a convenience store, a computer room and student services offices. The new freshman housing facility is part of the University's long-term plan to transform from a traditionally commuter campus. HADP Architecture served as project architect.

December 9, 2010

Multifamily Texas

IPA BROKERS TWO MULTIFAMILY SALES

by admin December 9, 2010

LIVE OAK AND CORPUS CHRISTI — Institutional Property Advisors' (IPA) Balthrope Group, led by Will Balthrope and Ryan Epstein, has recently brokered two multifamily sales: the 378-unit Mira Loma in the San Antonio suburb of Live Oak and the 270-unit Alta Bayside in Corpus Christi. Developed in 2009 by Godfrey Residential Group, Mira Loma is a 335,260-square-foot luxury apartment complex situated on 20.8 acres located near the interchange of Interstate 35 and Loop 1604 in Live Oak. Godfrey sold the property to Concierge Asset Management. The 295,593-square-foot Alta Bayside is located along Ennis Joslin Road in Corpus Christi. Built in 2007, it sits on 14.5 acres and was sold to Camden Property Trust by Wood Partners.

December 9, 2010

Multifamily Texas

LANE CO. ACQUIRES VILLAS AT RIVER PARK WEST IN SUBURBAN HOUSTON

by admin December 9, 2010

RICHMOND — Lane Co. has purchased Villas at River Park West, a 252-unit multifamily community located at 21811 Wildwood Park in the Houston suburb of Richmond. The seller, 2005 RP West Ltd., was represented by Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler's (HFF) Houston office. Completed in 2007, Villas at River Park West has one- and two-bedroom floor plans and is 98 percent leased. Amenities include a business center, a laundry facility, a fitness center and a resort-style swimming pool.

December 9, 2010

Multifamily Western

PINNACLE NEGOTIATES 40-UNIT APTS. SALE WEST OF DENVER

by admin December 9, 2010

IDAHO SPRINGS, COLO. — Pinnacle Real Estate Advisors has handled the $1.75 million sale of 40-unit The Big Horn Apartments, located 30 miles west of Denver at 3201 Riverside Drive in Idaho Springs. Constructed in 1974, the multifamily property consists of four studio, 18 one-bedroom/one-bath and 18 two-bedroom/two-bath units. Pinnacle Real Estate Advisors’ Matt Ritter and Jeff Johnson assisted the seller in the transaction, and Sandy Feld and Mike Hehir of Shames-Makovksy Realty Co. assisted the buyer.

December 9, 2010

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