Multifamily

JV BUYS TWO S.C. APT. COMPLEXES FOR $36.9M

by admin April 12, 2012

SPARTANBURG, S.C. — A joint venture between New York City-based The Praedium Group and Chartwell Holdings has acquired the 496-unit Haven at Oak Forest and the 204-unit Haven at North Town in Spartanburg, for $36.9 million. Haven at Oak Forest is located at 200 Health Ln., and Haven at North Town is located at 458 N. Church St. Amenities at both properties include a swimming pool, clubhouse with full Wi-Fi access, a fitness center, playground, nature walking trails, community car wash and grilling areas. Blake Oakland of ARA's Charlotte, N.C., office represented the seller in the transaction.

April 12, 2012

SIX-PROPERTY PORTFOLIO SELLS FOR $4.5M

by admin April 12, 2012

PENSACOLA, FLA. — A 356-unit multifamily portfolio, which contains six properties located in Pensacola, has sold for $4.5 million. The properties include the 40-unit Aspen Village, the 36-unit Crow Road, the 96-unit Dogwood Place, the 18-unit Guidy Lane, the 34-unit Myrtle Grove Villas and the 132-unit Wellington Arms. Clint Hale of Jacksonville, Fla.-based Just Multifamily represented Amvestar Capital, the buyer, in the all-cash transaction. Gerald Smith and Geoff Harlan of Orlando, Fla.-based Smith Equities Real Estate Investment Advisors represented the seller, Wellington Arms Properties, which had foreclosed on the properties in 2009.

April 12, 2012

Multifamily Northeast

REALTY TRUST BUYS $2.7M APARTMENT BUILDING IN HYDE PARK

by admin April 12, 2012

BOSTON — 491 Huntington Realty Trust has purchased a 24-unit apartment building in Boston's Hyde Park neighborhood for $2.7 million. The 22,320-square-foot property is fully occupied and located at 491-495 Huntington Ave. Robert Tito and Dan McGree of NAI Hunneman represented the seller, Kingsley Brightwood LLC, in the transaction. They also procured the buyer.

April 12, 2012

Multifamily Northeast

BOLIS AGREES TO SELL TWO PLANNED DEVELOPMENTS

by admin April 12, 2012

NEW CASTLE COUNTY, DEL. — King of Prussia, Pa.-based Bolis Properties has agreed to sell the 220-unit Colony at Glasgow project to an undisclosed builder. The Colony at Glasgow is a mixed-use residential development in New Castle County. The community will include a mix of single-family lots and townhomes. Bolis has also agreed to sell its Appleview Apartment project to an undisclosed buyer. The 200-unit project will include a clubhouse and walking trails in East Brandywine Township, Pa.

April 12, 2012

Multifamily Northeast

LOVE FUNDING ARRANGES $6.5M REFINANCING LOAN

by admin April 12, 2012

AMHERST, MASS. — Love Funding has arranged a 6.5 million loan for the refinancing of Brandywine at Amherst Apartments, a 180-unit complex in Amherst. Laura Saull-Smith of Love Funding's Washington office arranged the loan through the U.S. Department of Housing and Urban Development's 223(a)(7) loan program. The complex was built in 1973 and has been refinanced by Love Funding twice before to secure a lower interest rate.

April 12, 2012

Multifamily Texas

CORTLAND PARTNERS BUYS APT. COMPLEX IN PLANO

by admin April 12, 2012

PLANO — Atlanta-based Cortland Partners has acquired the 368-unit La Jolla on Park, a multifamily community located at 1201 E. Park Blvd. in Plano. The property consists of 23 buildings sitting on 21 acres and is 99 percent occupied. The buyer plans to upgrade the interiors and exteriors of the property.

April 12, 2012

Multifamily Texas

A/P REBRANDS AUSTIN APT. COMPLEX

by admin April 12, 2012

AUSTIN — Atlantic/Pacific Co.'s has rebranded the 256-unit Logan's Mill Apartments, located at 1912 E. William Cannon in Austin, to The Atlantic/Logan's Mill. The apartment community features a community clubhouse, carports, a business center, a 24-hour fitness center, a swimming pool and a waterscape two-tier pool with a fountain.

April 12, 2012

Multifamily Western

RAIN TREE APARTMENTS SELLS FOR $2.8M

by admin April 12, 2012

FOLSOM, CALIF. – The 28-unit Rain Tree Apartments in Folsom has sold to a private investor for $2.84 million. The property is located at 1000 Sibley Street. Peter R. Flis and Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another private investor, in this transaction.

April 12, 2012

Multifamily Southeast

D.C. APT. BUILDING SELLS FOR $26M

by admin April 11, 2012

WASHINGTON, D.C. — A partnership between Washington, D.C.-based Urban Investment Partners and New York City-based Infinity Real Estate has acquired a 114-unit apartment building, located at 1841 Columbia Rd. NW in Washington, D.C., from Fairfield Residential Co. for $26 million. The property includes 20,000 square feet of retail space. The buyer plans to invest more than $7 million on a comprehensive building renovation and modernization program, which will include a complete window and storefront replacement, addition of an environmentally friendly water-sourced heating and cooling system, redesigned common areas and a rooftop terrace. Additionally, the building, formerly known at The Alcazar, will be renamed 1841 Columbia. Completion is slated for December 2012. Arbor Commercial Mortgage of New York provided acquisition and project debt financing.

April 11, 2012

Multifamily Southeast

JV BUYS FLA. APT. COMPLEX

by admin April 11, 2012

PALM BEACH GARDENS, FLA. — A joint venture between DeBartolo Development and Elco Landmark Residential has purchased the 542-unit Landmark at Garden Square, located at 4104 Union Square Blvd. in Palm Beach Gardens. The property, formerly known as Landmark at Union Square, will undergo improvements during the next 6 months. The property is 92 percent leased, and includes three pools, a clubhouse, state-of-the-art fitness center, business center, movie theater, tennis court, billiards room and a 9-hole putting green.

April 11, 2012

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