Multifamily

$30M AFFORDABLE HOUSING COMPLEX OPENS

by admin April 27, 2012

MIAMI — The $30 million, 100-unit Dr. Barbara Carey-Shuler Manor, an affordable housing complex located at 1400 NW 54th St. in Miami, has opened. Half of the units are designated for formerly homeless families and the other half are set aside for elderly residents and low-income families earning at or below 60 percent of the area's median income. Amenities include an exercise facility and community room. Additionally, there is 16,000 square feet of ground-floor office space. Carrfour Supportive Housing developed the property.

April 27, 2012

BERKADIA ARRANGES $36.8M REFINANCING LOAN FOR APARTMENT COMMUNITY

by admin April 27, 2012

ROMEOVILLE, ILL. — Berkadia Commercial Mortgage has arranged a $36.8 million loan for the refinancing of HighPoint Community Apartments, a 389,900-square-foot complex in Romeoville. Len Deering, Paul Matusiak and Tom Sigrist of Berkadia's Chicago office arranged the 35-year loan through the U.S. Department of Housing and Urban Development's 223(f) program. Highpoint includes one- and two-bedroom apartments and is currently 94 percent leased. The fixed-rate loan has a 35-year amortization schedule.

April 27, 2012

Multifamily Texas

ALLIANCE BREAKS GROUND ON MULTIFAMILY PROPERTY

by admin April 27, 2012

HOUSTON — Alliance Residential Co. has commenced construction on the 272-unit Broadstone Post Oak, a five-story luxury apartment community located in the Lakes of Post Oak development in Houston's Galleria submarket. The clubhouse and first units are expected to be be delivered in the second quarter of 2013, and completion is slated for the end of 2013. The property features 500 feet of private lake frontage. Amenities will include a business center, iCafe, resident lounge, climate-controlled corridors, two-story fitness center overlooking a lake and two courtyards.

April 27, 2012

Multifamily Texas

VENTURE BROKERS FUTURE MULTIFAMILY SITE

by admin April 27, 2012

FORT WORTH — Dallas-based Venture Commercial represented Hillwood Communities in the sale of 20 acres, located on North Tarrant Parkway between Ray White Boulevard and Highway 377 in north Fort Worth. The site will be the home of the 322-unit The Sovereign, a luxury apartment community. Atlanta-based Davis Development purchased the property and is anticipating breaking ground in late 2012. Ken Reimer and David Davidson of Venture represented the seller in the transaction.

April 27, 2012

Multifamily Texas

W&D PROVIDES $6M LOAN FOR VILLAS AT MONTIERRA

by admin April 27, 2012

DALLAS — Walker & Dunlop has provided $6 million in financing for the 357-unit Villas at Montierra, an affordable housing property located in Dallas. Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule. The property was 88 percent leased and features a playground, laundry facilities, a courtyard, picnic area with barbecue grills, mail center, access gates and two swimming pools.

April 27, 2012

Multifamily Southeast

RAM SELLS FLA. APT. COMPLEX

by admin April 26, 2012

MIAMI BEACH, FLA. — Ram has sold the 118-unit Alton Pointe, located at 1920 Michigan Ave. in Miami Beach. The company recently finished renovating the property, including modernizing interiors and upgrading the grounds, as well as the addition of green spaces, a pool and patio area. The property is 96 percent leased.

April 26, 2012

Midwest Multifamily

FLAHERTY & COLLINS BREAKS GROUND ON HIGH-END APARTMENT COMPLEX

by admin April 26, 2012

ORLAND PARK, ILL. — Indianapolis developer Flaherty & Collins has broken ground on a 295-unit apartment complex in Orland Park, which is slated for completion in the spring of 2013. The project is part of a multi-phase Main Street triangle development, which will include retail and residential properties. The Village of Orland Park owns the 32-acre parcel, which is bound by La Grange Road on the east, 143rd Street on the south and the Metra Southwest Line on the west. The Village Board of Orland Park recently selected Chicago-based HSA Commercial Real Estate as its development consultant for the project.

April 26, 2012

Multifamily Northeast

PARALLEL 41 APARTMENT COMMUNITY TO OPEN THIS JUNE

by admin April 26, 2012

STAMFORD, CONN. — Parallel 41, a 124-unit apartment building at 1340 Washington Blvd. in Stamford, is slated to open this June. Residents will have access to a game room, health club and roof deck, which features an outdoor kitchen, grills and flat-screen TVs. Parallel 41's interior spaces were designed by Julia L. Walters-Curanaj IID of JL Design Associates. TRIO Properties LLC will manage the property and the developer is RMS Cos.

April 26, 2012

Multifamily Texas

DEERWOOD ARRANGES $6.3M MULTIFAMILY LOAN

by admin April 26, 2012

DALLAS — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has secured a $6.3 million loan for a 300-unit multifamily property, located in Dallas. David Rosenberg and Mark Silbersher of Deerwood arranged the 10-year loan with a 30-year amortization schedule.

April 26, 2012

Multifamily Western

TWO SHERMAN OAKS APARTMENT BUILDINGS SELL FOR $2.5M

by admin April 26, 2012

SHERMAN OAKS, CALIF. — Shaffer Enterprise LLC has purchased two multifamily properties in Sherman Oaks for a total of $2,525,000. The properties, both of which contain seven units, are located at 13508 and 13514 Burbank Blvd. They were built in 1986. Jeff McGuire of Lee & Associates-LA North/Ventura represented both the buyer and the seller, IFT Properties LLC, in this all-cash transaction.

April 26, 2012

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