Multifamily

CONSTRUCTION COMPLETE FOR CASTLE GARDENS

by admin August 6, 2010

NEW YORK CITY — Construction is complete for Castle Gardens, a new affordable housing project in Harlem. The building contains 114 residential units, including 50 supportive studio apartments and 13 units set aside for formerly homeless people and those recently released from incarceration. The building is located at 625 W. 140th St., adjacent to the non-profit Fortune Academy, which provides transitional housing for formerly incarcerated homeless people. The Fortune Society co-developed the project with Jonathan Rose Cos. as a way to provide permanent housing to complement its transitional housing. Castle Gardens is applying for LEED-Gold certification. Its sustainable features include a green roof with a rainwater harvesting system, aluminum solar shades on the south façade and VOC-free interior materials. The general contractor for the project was Lettire Construction Corp.

August 6, 2010

DOVE VALLEY RANCH APARTMENTS CHANGES HANDS IN SAN ANTONIO

by admin August 6, 2010

SAN ANTONIO, TEXAS — Agape Northwest Housing has sold the 248-unit Dove Valley Ranch apartment complex to Dove Valley Associates for an undisclosed amount. The property is located at 4980 USAA Blvd. in San Antonio. Amenities include a business center, a clubhouse and a pool. Mike Miller of Hendricks & Partners' San Antonio office represented the seller.

August 6, 2010

Multifamily Western

163-UNIT MID-RISE APARTMENT PROPERTY TRADES SOUTH OF SAN FRANCISCO

by admin August 6, 2010

SAN BRUNO, CALIF. — Behringer Harvard has acquired the 163-unit Acappella Apartments located at 1001 National Ave. in San Bruno. Terms of the deal were not disclosed. Situated approximately three miles northwest of the San Francisco International Airport, 10 miles south of downtown San Francisco, less than one mile from the corporate headquarters of YouTube LLC and immediately adjacent to 1.1-million-square-foot The Shops at Tanforan, the Acappella Apartments consist of a five-story building with a below-grade parking garage and includes a state-of-the-art fitness center, a business center, a resort-style swimming pool and spa, and a landscaped courtyard with picnic/cookout area. The mid-rise multifamily property was constructed in 2009 during the third phase of development at The Crossing, a 20-acre, master-planned community.

August 6, 2010

Multifamily Texas

BEHRINGER HARVARD ACQUIRES APARTMENT COMPLEX

by admin August 5, 2010

HOUSTON — Behringer Harvard has purchased the 392-unit Uptown Post Oak from a private party for an undisclosed amount. The property is located on a 4.4-acre parcel at 1111 Post Oak Blvd. in Houston's Uptown district. Amenities include a resort-style pool, a coffee bar, an athletic club and an Internet lounge.

August 5, 2010

Multifamily Texas

HENDRICKS & PARTNERS BROKERS MULTIFAMILY SALE

by admin August 5, 2010

SAN ANTONIO, TEXAS — Atlanta-based TriTex Real Estate Advisors has sold the 134-unit Jackson Square apartment complex to HDC Hill Country Equities of Austin, Texas, for an undisclosed amount. The property is located at 2500 Jackson Keller Road in San Antonio. Hendricks & Partners' Will Caruth represented the seller.

August 5, 2010

Multifamily Texas

SAN ANTONIO APARTMENT SOLD FOR $4.5 MILLION

by admin August 5, 2010

SAN ANTONIO, TEXAS — Commerce Capital Partners has purchased the 124-unit Turtle Creek Vista from C.T. Cummings for $4.5 million. The apartment complex is located at 3629 Medical Drive in San Antonio. Turtle Creek is 90 percent occupied and features a 5,000-square-foot clubhouse, a pool and a fitness center. Jerry Tenge and Shannon Selby of Colliers International's Phoenix office represented the buyer. KW Commercial's Nathan Cardon represented the seller.

August 5, 2010

Multifamily Southeast

GREENSBORO APARTMENTS SOLD FOR $22.8 MILLION

by admin August 4, 2010

GREENSBORO, N.C. — Bell Fund III has purchased the 336-unit Brassfield Park Apartments from an Atlanta-based investment firm for $22.8 million. The property, which was built in 1997, is located in Northwest Greensboro. A partial renovation is already under way.

August 4, 2010

Midwest Multifamily

$7.4 MILLION LOAN ARRANGED FOR IOWA MULTIFAMILY PROPERTY

by admin August 4, 2010

MARION, IOWA — Alliant Capital has completed the refinancing of the Regal Townhomes in Marion. The borrower, Rosslare Capital Investments, received a $7.376 million 10-year term loan, which carries a 5.83 percent interest rate. Completed in 2003, the multifamily property consists of 42 two-story garden- and townhome-style buildings offering 168 two- and three-bedroom apartment units. Aaron Abelson of Alliant Capital closed the transaction. The refinancing was completed to remove the existing CMBS loan, which was originally financed in 2003.

August 4, 2010

Multifamily Texas

TWO APARTMENT COMPLEXES SOLD

by admin August 4, 2010

KAY AND HOUSTON — Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler's Houston office have closed two multifamily transactions in Texas. The team represented Allied Realty Services and GE Capital Real Estate in their sale of The Retreat at Cinco Ranch to JRK Property Holdings for an undisclosed amount. The 268-unit property is located at 3306 S. Fry Road in Katy. The team also represented Trammell Crow Residential in the sale of the 230-unit Alexan Upper Kirby to Invesco Real Estate for an undisclosed amount. The property, which is 99 percent leased, is located at 2300 Richmond Ave. in Houston.

August 4, 2010

Multifamily Western

CASSIDY TURLEY BRE COMMERCIAL HANDLES $15.8 MILLION MULTIFAMILY SALE

by admin August 4, 2010

PHOENIX — Cassidy Turley BRE Commercial has completed the $15.8 million sale of the 230-unit San Riva at The Foothills, a multifamily community located at 2155 E. Liberty Lane in Phoenix. Cassidy Turley’s David Fogler, Steve Nicoluzakis and Dan Dobric represented the seller, San Riva Madison Ownership Co. LLC, in the transaction; the buyers, a joint venture by Scottsdale, Ariz.-based Everest Holdings and Dallas-based Thackeray Partners, represented themselves.

August 4, 2010

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