Multifamily

NEWQUEST BROKERS SALE OF FUTURE MULTIFAMILY SITE

by admin April 4, 2012

HOUSTON — Houston-based NewQuest Properties has arranged the sale of a 3.47-acre land tract, located on Post Oak Boulevard and Transco One Drive in the heart of Houston's Galleria area. The buyer, Alliance Communities, plans to build a 272-unit, five-story multifamily building with a parking garage on the site. The project is slated for a first quarter 2014 completion. Cullen Kappler of NewQuest Properties represented the seller, Whitney National Bank, in the transaction. The buyer was self-represented by Brian Austin of Alliance Communites' Houston office.

April 4, 2012

VARSITY CLUB APTS SELLS FOR $11M

by admin April 4, 2012

NORTHRIDGE, CALIF. – The 50-unit Varsity Club Apartments in Northridge has sold to a private investor for $11.25 million. The 63,406-square-foot apartment building is located at 10020 Zelzah Ave. The buyer was represented by Thomas McCartin of Marcus & Millichap’s San Diego office. The seller, a Southern California real estate developer, was represented by Reza Ghobadi of the firm’s Encino office.

April 4, 2012

Multifamily Southeast

ASSOCIATED ESTATES TO BUILD $50M MD. APTS.

by admin April 3, 2012

BETHESDA, MD. — Associated Estates Realty Corp. has acquired a 2.5-acre parcel, located at 7001 Arlington Rd. in Bethesda, to build the $50 million, 140-unit Dwell Bethesda. The apartment building will include 7,000 square feet of first floor retail space. Merit Enterprises, a wholly owned subsidiary of Associated Estates, will act as construction manager. Completion is slated for the first quarter of 2014.

April 3, 2012

Midwest Seniors Housing

CAPITAL SENIOR LIVING ACQUIRES 5 PROPERTIES FOR $49.4M

by admin April 3, 2012

DALLAS — Dallas-based Capital Senior Living Corp. has acquired five senior living communities in Indiana and Texas for $49.4 million. The properties are 94 percent occupied and the average monthly rents are approximately $3,200. Additional terms of the deal were undisclosed.

April 3, 2012

Northeast Seniors Housing

LOVE FUNDING ARRANGES $4M REFINANCING LOAN

by admin April 3, 2012

BOSTON — Love Funding has arranged a $4 million loan to refinance Compass on the Bay, a Boston-based assisted living facility. Leonard Lucas of Love Funding's Boston office secured the loan through the U.S. Dept. of Housing and Urban Development's 232/223(a)(7) loan program. Compass on the Bay is operated by Senior Living Residences and contains 39 units.

April 3, 2012

Seniors Housing Texas

CAPITAL SENIOR LIVING ACQUIRES $49.4M PORTFOLIO

by admin April 3, 2012

DALLAS — Dallas-based Capital Senior Living has acquired five senior living communities in Texas and Indiana for $49.4 million, which include independent living, assisted living and memory care facilities. The communities were financed with $37.5 million of 10-year fixed rate debt. The properties have an average 94 percent occupancy and average monthly rents of approximately $3,200.

April 3, 2012

Multifamily Western

LA APARTMENT COMPLEX SELLS FOR $1.8M

by admin April 3, 2012

LOS ANGELES — A four-unit apartment complex in Los Angeles has sold to a private investor for $1.8 million. The community is situated on a 7,884-square foot lot at 2640 North Beachwood Drive. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.

April 3, 2012

Multifamily Southeast

BPG BUYS TWO VA. APT. COMPLEXES FOR $83.4M

by admin April 2, 2012

FREDERICKSBURG, VA. — BPG Properties, Ltd., has acquired two multifamily properties in Fredericksburg totaling 676 units for $83.4 million. Included in the sale was the 200-unit Greens at Falls Run, located at 2500 Green Tree Rd., and the 476-unit Manor at England Run, located at 101 Knights Ct. The properties are 95 percent leased. This is the first multifamily acquisition that BPG has made on behalf of BPG Investment Partnership IX, LP., its newly formed, value-add real estate fund.

April 2, 2012

Multifamily Southeast

JV TO BUILD $37M CIRCLE CROSSTOWN

by admin April 2, 2012

TAMPA, FLA. — A joint venture between Global Growth Trust and Crescent Resources has purchased 25-acres to develop the $37 million, 344-unit Circle Crosstown, located at the intersection of Interstate 75 and Lee Roy Selmon Expressway in Tampa. The Class A, garden-style development will include amenities such as a dog walk park, clubhouse and salt water pool. Groundbreaking is slated for the second quarter of this year.

April 2, 2012

Multifamily Northeast

SEASONS AT SPARTA FETCHES $3.2M

by admin April 2, 2012

SPARTA, N.J. — Seasons at Sparta LLC has closed on its acquisition of the $3.2 million Seasons at Sparta, an age-restricted multifamily property in Sparta. Located at 84 Sparta Ave., the 34-unit community is open to adults age 55 and above. On-site amenities include concierge services, a fitness center and laundry facilities. Stephen Tragash of the Livingston, N.J. office of Gebroe-Hammer Associates represented the seller, 84 Sparta Avenue LLC, in the transaction. Steven Follman, also of Gebroe-Hammer, represented the buyer.

April 2, 2012

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