Multifamily

505W37 opens

by admin March 10, 2010

NEW YORK CITY — TF Cornerstone has opened 505W37, an 835-unit rental apartment community located in Manhattan, New York City. The community is located at the intersection of 10th Avenue and 37th Street in the borough's Hudson Yards neighborhood. It consists of two glass towers containing studio through two-bedroom units. Amenities include rooftop decks on each building, two landscaped courtyards, a second floor terrace, a fitness center, a catering kitchen and a clubroom. Rents start at $1,821 for a studio apartment, $2,533 for a one-bedroom apartment and $3,706 for a two-bedroom apartment. The project architect was Handel Architects. 505W37 is TF Cornerstone's second residential community in Hudson Yards; the first is 455W37, which is fully occupied.

March 10, 2010

MASSEY KNAKAL BROKERS TWO NYC MULTIFAMILY SALES

by admin March 10, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered two multifamily sales in New York City. In the first transaction, Swain Weiner of Massey Knakal negotiated the sale of a six-story building located at 37-05 90th Street in Jackson Heights, Queens, for $8.34 million. The building contains 49 residential units and seven retail spaces. In the second transaction, Massey Knakal's Michael DeCheser negotiated the sale of a five-story building located at 217 E. Houston St. on the Lower East Side of Manhattan for $5.27 million. The building contains eight residential units and a ground-floor commercial unit that is occupied by the Mercury Lounge. The buyers and sellers in both transactions were not disclosed.

March 10, 2010

Multifamily Texas

FIRM BROKERS TWO TEXAS APARTMENT COMPLEX SALES

by admin March 10, 2010

HOUSTON AND BAYTOWN, TEXAS — New York City-based American Mortgage Acceptance Co. has sold two Texas apartment complexes totaling 389 units to AMSI Tex Properties of Overland, Kansas. The sale includes Quay Bay – Quay Point, located at 3925 Arlington Square Drive in Houston, and Oaks of Baytown, located at 2011 Ward Road in Baytown. Hendricks & Partners' Mike Miller represented the seller. The sale price was not released.

March 10, 2010

Multifamily Western

99-UNIT AFFORDABLE HOUSING COMPLEX OPENS IN W. OAKLAND

by admin March 10, 2010

OAKLAND, CALIF. — BRIDGE Housing Corp.’s Ironhorse at Central Station, a 99-unit affordable apartment community located in west Oakland's Central Station neighborhood, has opened. Featuring numerous sustainable building and landscaping components, the development contains a mix of one-, two- and three-bedroom homes affordable to individuals and families with annual incomes ranging from $18,000 to $50,000. Designed by David Baker + Partners and constructed by J.H. Fitzmaurice Inc., Ironhorse at Central Station is part of a reintegration of approximately 29 acres of abandoned former industrial land into the surrounding residential neighborhood.

March 10, 2010

Multifamily Southeast

64-UNIT EMERSON PLAZA II COMPLETE IN FLORIDA

by admin March 9, 2010

ALTAMONTE SPRINGS, FLA. — Emerson International has completed the development of Emerson Plaza II, a 64-unit luxury apartment complex in Altamonte Springs. The 12-story tower, which overlooks Cranes Roost Park, includes two rooftop penthouses. Additional features include a recreation center, a pool and spa, and a fitness center.

March 9, 2010

Midwest Multifamily

$4.13 MILLION LOAN ARRANGED FOR MULTIFAMILY COMPLEX IN OHIO

by admin March 9, 2010

SPRINGFIELD, OHIO — NorthMarq Capital has arranged $4.13 million in first mortgage financing for Red Coach Village in Springfield. The multifamily complex offers 136 apartment units. The financing carries a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq Capital arranged the financing under Freddie Mac’s CME program. The borrower was not disclosed.

March 9, 2010

Multifamily Northeast

NAI FRIEDLAND BROKERS BRONX DEVELOPMENT SALE

by admin March 9, 2010

NEW YORK CITY — NAI Friedland Realty has brokered the sale of a 20,000-square-foot development site located at 4339 White Plains Road in the Bronx, New York City. The buyer, Praxis Housing Initiatives, paid $1.26 million. It plans to develop a 40,000-square-foot building on the site that will provide permanent supportive housing for homeless people with special needs. The project is expected to cost $20 million. Rick Stassa of NAI Friedland negotiated the transaction. The seller was 4339 White Plains Associates LLC.

March 9, 2010

Multifamily Texas

APARTMENT COMPLEX SOLD IN HOUSTON

by admin March 9, 2010

HOUSTON — Byron Plant – Asset Plus has sold the 282-unit Timber Hollow Apartments to Ascension Cook Road for an undisclosed amount. The buyer plans to spend $2 million in upgrades on the property, which is located at 8000 Cook Road in Houston. Timber Hollow was sold out of receivership and is currently 82 percent occupied. Jim Hearn, Tom Warren, Tom Burns and Jay Gunn of Hendricks & Partners brokered the sale.

March 9, 2010

Multifamily Southeast

CARY APARTMENT COMPLEX SOLD FOR $34 MILLION

by admin March 8, 2010

CARY, N.C. — Boca Raton, Fla.-based Altman Cos. has sold the 360-unit Preston's Reserve apartment complex to Atlanta-based Centennial Holding Co. for $34 million. The Cary property is situated in a growth corridor between downtown Raleigh, N.C., and the Research Triangle Park. Phil Brosseau of CB Richard Ellis' Charlotte, N.C., office and Robert Given of the firm's Miami office represented the seller in the transaction.

March 8, 2010

Midwest Multifamily

284-UNIT MULTIFAMILY PROPERTY SELLS IN CREVE COEUR, MO.

by admin March 8, 2010

CREVE COEUR, MO. — Gannon Development/Fireside Financial has acquired Charter Place, a 284-unit multifamily property located at 11907 Charter House Lane in Creve Coeur. Principal Global sold the property, which was built in 1971 and renovated in 1999. Sean Fogarty, Matthew Lawton and Marty O’Connell of Holliday Fenoglio Fowler’s Chicago office brokered the transaction. The sales price was not disclosed.

March 8, 2010

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