Multifamily

ARA BROKERS SALE OF 264-UNIT MULTIFAMILY PROPERTY IN TAMPA, FLA.

by admin November 15, 2010

TAMPA, FLA. — San Francisco-based Jackson Square Properties has completed the disposition of Reflections at Carrollwood, a 264-unit multifamily community located in Tampa. An undisclosed local investor acquired the property for $12.92 million. Built in 1982, the property features one- and two-bedroom floor plans with an average unit size of 729 square feet. Community amenities include a clubhouse, a pool, a fitness center and a business center. Kevin Judd, Patrick Dufour and Dick Donnellan of ARA Central/North Florida represented the seller in the transaction.

November 15, 2010

SITUS COMPLETES SALE OF BANKRUPT CONDO COMPLEX

by admin November 12, 2010

HOUSTON — Situs has represented the Bankruptcy Trustee in the sale of Gramercy Park Condominiums, a luxury mid-rise multifamily asset in the Medical Center submarket of Houston. Constructed in 2005 and 2006, Gramercy Park was financed by 230-plus individual investors. Later in 2006, various entities which controlled servicing rights to the property initiated a series of bankruptcies with Asset Resolution, an affiliate of Silar Advisors, and the property was foreclosed on in late 2008 with 220 units unsold. An auction was conducted this September in which Situs negotiated terms with the stalking horse bidder, Alliance Realty Partners, which ultimately closed on the property. Martin Bronstein, David Malev, Randall Tuller, Maury Bronstein and John Wall, Jr. led the Situs team in the transaction.

November 12, 2010

Multifamily Texas

IPA BROKERS SALE OF ESTATES AT CANYON RIDGE

by admin November 12, 2010

SAN ANTONIO — Institutional Property Advisors (IPA), a Marcus & Millichap company, has brokered the sale of Estates at Canyon Ridge, a 270-unit luxury apartment complex located at 20614 Stone Oak Pkwy. in San Antonio. Will Balthrope and Ryan Epstein represented both the buyer, the Connell real estate family, and the seller, Asset Plus. Developed in 2007 by Asset Plus, the units at the Estates at Canyon Ridge average 1,200 square feet, and include private ground-level entrees and a private, direct-access garage for each unit. The 322,963-square-foot multifamily property is part of the Stone Oak master-planned community.

November 12, 2010

Multifamily Western

ARA NEGOTIATES $10.6 MILLION SALE OF APARTMENTS NORTH OF DENVER

by admin November 12, 2010

NORTHGLENN, COLO. — ARA has brokered the $10.6 million sale of the thoroughly remodeled, 230-unit Highland Way Apartment Homes located just west of Interstate 25 in Northglenn. The more than 35-year-old multifamily property was 97 percent occupied at the time of sale. Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment of Atlanta-headquartered ARA represented the undisclosed seller in the transaction involving Denver-based real estate investor/buyer, Capital Real Estate.

November 12, 2010

Multifamily Western

MARCUS & MILLICHAP SELLS $6.9 MILLION APARTMENT BUILDING IN 1031 EXCHANGE

by admin November 12, 2010

COSTA MESA, CALIF. — In a 1031 exchange involving two Southern California multifamily properties, Marcus & Millichap arranged the sale of an 18-unit apartment building at 1420 Kelton Ave. in Los Angeles, the proceeds of which went toward the acquisition of the 40-unit Villa Cordova, located at 2323 Elden Ave. in Costa Mesa. Marcus & Millichap’s Justin White, John Vorsheck and Rebecca Caldwell, along with John L. Nguyen, found the replacement property, which consists of 26 one-bedroom units and 14 two-bedroom units.

November 12, 2010

Multifamily Southeast

208-UNIT MULTIFAMILY PROPERTY SELLS IN TENNESSEE

by admin November 11, 2010

OAK RIDGE, TENN. — Florida-based NPP Oak Ridge LLC has acquired Bristol Park at Oak Ridge, a multifamily property located at 790 Emory Valley Dr. in Oak Ridge. The 208-unit property sold for $18.3 million or approximately $88,000 per unit. Built by Bristol Development Group in 2007, the property offers 84 one-bedroom, 108 two-bedroom and 16 three-bedroom units. Scott Tyrone of Cassidy Turley's Nashville, Tenn., office represented the buyer and the seller, Bristol Development Group, in the transaction.

November 11, 2010

Multifamily Southeast

ARA BROKERS MULTIFAMILY UNIT BULK SALE IN FLORIDA

by admin November 11, 2010

WEST PALM BEACH, FLA. — The South Florida office of ARA has brokered the bulk sale of 179 apartment units within the 300-unit San Michele condominium community in West Palm Beach. The property sold through an open court auction for $11.15 million. The buyer was Bay Harbor, Fla.-based DREA Group. Avery Klann, Hampton Beebe and Marc deBaptiste of ARA's Boca Raton, Fla., office arranged the transaction on behalf of the seller, the bankruptcy trustee Robert C. Furr of Boca Raton.

November 11, 2010

Multifamily Southeast

$31.84 MILLION ACQUISITION LOAN ARRANGED FOR MARYLAND APARTMENT COMPLEX

by admin November 11, 2010

GREENBELT, MD. — Walker & Dunlop provided a $31.84 million loan to an affiliate of Harbor Group International for the acquisition of Hanover Apartments in Greenbelt. Built in 1966, the property is comprised of nine residential buildings offering one-, two- and three-bedroom units, and a clubhouse. Additional amenities include a business center, a children's playground, a fitness center, a swimming pool, a laundry facility and a picnic and barbeque area. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization schedule. Stephen Farnsworth of Walker & Dunlop originated the loan and led the firm's team.

November 11, 2010

Multifamily Southeast

202-UNIT APARTMENT COMPLEX TRADES HANDS IN FLORIDA

by admin November 11, 2010

WEST PALM BEACH, FLA. — CASA Partners IV, a value-add apartment fund managed by Henderson Global Investors, has acquired Village Place in West Palm Beach. Built in 1986, the 202-unit property offers one-, two- and three-bedroom units, a resort-style swimming pool, a clubhouse and an amenity package. CB Richard Ellis represented the seller, Invesco Real Estate, in the transaction. Terms of the sale were not released.

November 11, 2010

Midwest Multifamily

255-UNIT MULTIFAMILY PROPERTY SELLS IN INDIANAPOLIS

by admin November 11, 2010

INDIANAPOLIS — North Carolina-based Greystone Bank has completed the disposition of Presidential Estates Apartments, a 255-unit multifamily property located in Indianapolis. Greenwood, Ind.-based EMK Property Investors acquired the property, which was listed for $6.75 million, for an undisclosed price. Tikijian Associates represented the buyer and the seller in the transaction.

November 11, 2010

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