Multifamily

$32M YONKERS AFFORDABLE HOUSING PROJECT BREAKS GROUND

by admin April 28, 2011

YONKERS, N.Y. — The groundbreaking has been held for a new affordable housing project in downtown Yonkers. The $32 million project, which will be located at 49 N. Broadway, will include the construction of a 12-story tower containing 92 studio through three-bedroom units. There will be 98 dedicated parking spaces in the 300-space Larkin Plaza parking facility that is being constructed nearby at 10 Woodworth Ave. A joint venture between L+M and Greyston is developing the project in partnership with the City of Yonkers and the Yonkers Industrial Development Agency.

April 28, 2011

TEI PROCURES $17M FOR TWO APT BUILDINGS IN NYC

by admin April 28, 2011

NEW YORK CITY — Time Equities Inc. has procured a total of $17 million for two of its New York City multifamily properties. In the first deal, a $9 million loan was secured for a 50-unit building located at the intersection of 96th Street and Broadway. The loan carries a 12-year term with a 4.75 percent fixed interest rate for the first 7 years and a reset thereafter. In the second deal, an $8 million loan was secured for a 39-unit property located two blocks south of Wall Street. The loan carries a 7-year term with interest-only payments for the entire term and a 60 percent loan to value ratio. Stuart Bruck of Time Equities represented his company in the deals. The lender was not disclosed.

April 28, 2011

Multifamily Western

PINNACLE NEGOTIATES $4.15 MILLION PURCHASE OF MILE HIGH CITY APTS.

by admin April 28, 2011

DENVER — Pinnacle Real Estate Advisors has arranged the $4.15 million acquisition of the 81-unit Loretto Manor, an apartment building located at 2775 S. Federal Blvd. in Denver. Constructed in 1973, the multifamily property consists of 42 one-bedroom/one-bath units and 39 two-bedroom/one-bath units. In the transaction, Pinnacle Real Estate Advisors’ Mike Phillips represented the buyer, who plans to completely renovate the building during the next 2 months.

April 28, 2011

Multifamily Western

CASSIDY TURLEY BRE COMMERCIAL CLOSES $2.35 MILLION APARTMENTS SALE

by admin April 28, 2011

VISTA, CALIF. — Cassidy Turley BRE Commercial has brokered the $2.35 million sale of the 22-unit Primrose Park Apartments, located at 2240-60 Primrose Ave. in Vista. Cassidy Turley BRE Commercial’s Ray Adams represented the seller, Primrose Park Apartments LLC, in the transaction, and Monty James of Pacific Coast Executive Realty represented the buyer, Chris Megison of North County Solutions for Change.

April 28, 2011

Multifamily Western

MARCUS & MILLICHAP CLOSES $2.95 MILLION SALE OF FRONT RANGE APARTMENTS

by admin April 28, 2011

BOULDER, COLO. — Marcus & Millichap has brokered the $2.95 million sale of the 16-unit Cascade Apartments, located at 765-785 20th Street in Boulder. Built in 1950 and fully occupied at the time of sale, the multifamily property consists of 10 two-bedroom units and 6 one-bedroom units. Marcus & Millichap’s Brian Haggar represented the private-investor seller in the transaction.

April 28, 2011

Multifamily Southeast

OXFORD SUMMIT IN ATLANTA SELLS FOR $33.2 MILLION

by admin April 27, 2011

ATLANTA — The 345-unit, 95 percent leased Oxford Summit apartment complex in Atlanta was purchased for $33.2 million by Maryland-based Preferred Apartment Communities from an undisclosed seller. PAC acquired the property through a loan originated by Prudential Multifamily Mortgage and expects the loan to be transferred to Fannie Mae within 60 days. Broker information was undisclosed.

April 27, 2011

Multifamily Southeast

ALLIANCE RESIDENTIAL COMPANY ACQUIRES WESTBURY AT LAKE BRANDON

by admin April 27, 2011

TAMPA, FLA. — The 366-unit, Class A apartment community Westbury at Lake Brandon, located at 1210 Westbury Pointe Dr. in Tampa, was sold for an undisclosed price. The undisclosed seller was in liquidation and Alliance Residential Company purchased the property through the bankruptcy trustee. Broker information was undisclosed.

April 27, 2011

Midwest Multifamily

MULTIFAMILY PROPERTY TRADES HANDS IN MILWAUKEE

by admin April 27, 2011

MILWAUKEE — River Park Properties LLC and South Shore Park Properties have purchased a multifamily property located at 2803 and 2813 E. Belleview Place in Milwaukee. The 27,448-square-foot property offers 17 apartment units. Brian Gingrass of Commercial Property Associates represented the buyers; Brian Parrish and Samuel Dickman of The Dickman Company/CORFAC International represented the seller, Elliot H. Shafton Family Trust, in the transaction. The acquisition price was not disclosed.

April 27, 2011

Multifamily Northeast

MANHATTAN APT BUILDINGS SELL FOR $5.15M

by admin April 27, 2011

NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of two four-story buildings located at 252-254 Tenth Ave. in Manhattan's West Chelsea neighborhood. The buildings contain a total of four vacant retail spaces and six free-market, floor-through apartments for a total of 7,584 square feet. The Massey Knakal team of Brock Emmetsberger and James Nelson arranged the deal.

April 27, 2011

Multifamily Western

MARCUS & MILLICHAP MANAGES $9.5 MILLION APT. DEAL 70 MILES NORTH OF L.A.

by admin April 27, 2011

LANCASTER, CALIF. — Marcus & Millichap has presided over the $9.5 million trade of the 120-unit Antelope Valley Apartments, a 114,004-square-foot Section 8 complex located at 43460 32nd St. West in Lancaster. Built in 1983 on 8.8 acres, the multifamily property features 106 two-bedroom/one-bath units and 14 three-bedroom/one-and-a-half-bath units. Marcus & Millichap’s Matthew Friedman represented both the buyer and the seller in the transaction.

April 27, 2011

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