Multifamily

WASHINGTON VILLAGE SELLS FOR $14.4 MILLION IN INDIANA

by admin October 11, 2010

GREENFIELD, IND. — Financial Equity Associates has acquired Washington Village, a multifamily property located at 4211 W. Potomac Dr. in Greenfield. Locally based Village Apartments of Sugar Creek sold the property for $14.4 million or $50,295 per unit. The 288-unit, 294,826-square-foot property is comprised of 18 two-story buildings offers a mix of 64 one-bedroom/one-bath units, 156 two-bedroom/two-bath units and 68 three-bedroom/two-bath units. Amenities include a 24-hour fitness center, a clubhouse with a billiards table, a swimming pool, a basketball court, a sand volleyball court and a playground. Michael Wernke of Marcus & Millichap represented the buyer and seller in the transaction.

October 11, 2010

PLANS FOR MIXED-USE PROJECT MOVE FORWARD IN INDIANAPOLIS

by admin October 11, 2010

INDIANAPOLIS — Buckingham Cos. is planning to develop North of South, a mixed-use community in downtown Indianapolis. Located between Delaware Street and Virginia Avenue, the $150 million project is slated to include a Dolce Hotels and Resorts hotel, 320 luxury apartments, 40,000 square feet of restaurant and retail space and a 75,000-square-foot YMCA facility. The project is a part of a public-private partnership that includes the City of Indianapolis, State of Indiana and Eli Lilly & Co. Pending final approval, delivery of the first building components is scheduled for late 2011.

October 11, 2010

Midwest Multifamily

190-UNIT APARTMENT AUCTION SCHEDULED FOR MID-OCTOBER

by admin October 11, 2010

INDIANAPOLIS — National Commercial Auctioneers is auctioning a 190-unit multifamily building, which is located on Meridian Street in Indianapolis. The nine-story, 125,502-square-foot building offers studio, one- and two-bedroom units ranging in size from 351 to 1,325 square feet. Additionally, the 60-percent-occupied property includes on-site laundry facilities, access-card entry, free parking, four elevators and security cameras. The property will be up for auction on October 14, 2010.

October 11, 2010

Multifamily Northeast

KISLAK BROKERS TWO N.J. SALES FOR $4.8 MILLION

by admin October 11, 2010

BROOKLAWN AND ELIZABETH, N.J. — The Kislak Company has brokered the sale of two New Jersey properties for a total of $4.8 million. The first property was Brooklawn Court Apartments, a 54-unit multifamily community located in Brooklawn. It traded for $2.9 million. The second property was an 18,360-square-foot office building located in Elizabeth. It sold for $1.9 million. Kislak's Joni Sweetwood represented the buyer in Brooklawn deal and the seller in the Elizabeth deal, which were the same party, as well as the seller in the Brooklawn deal. Kislak's Andrew Jonas represented the buyer in the Elizabeth deal.

October 11, 2010

Multifamily Western

ARA NEGOTIATES $62 MILLION, 1,398-UNIT APT. PORTFOLIO SALE ON FRONT RANGE

by admin October 11, 2010

DENVER METRO — ARA has brokered the sale of a 1,398-unit multifamily portfolio in the Denver metro area. In its first acquisition in the Colorado market and the largest multifamily portfolio transaction in the state since 2008, Jackson Square Partners, a California-based apartment investment group, acquired the three properties for $62 million. Built in 1984, the 688-unit Hickory Ridge apartment community in Aurora sold for $33 million. With 426 units spread across five buildings ranging from three to five stories, The Lakes at Monaco Pointe, constructed in Denver in 1975, traded for $17 million. Built in 1970, The Lodge at Aspen Grove, also located in Denver, sold to JSP for $12 million. ARA’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented an undisclosed lender in the transaction.

October 11, 2010

Multifamily Southeast

$12.65 MILLION LOAN ARRANGED FOR STUDENT-HOUSING PROPERTY IN TENNESSEE

by admin October 8, 2010

KNOXVILLE, TENN. — Walker & Dunlop has provided a $12.65 million Fannie Mae ERL loan for the Retreat at Knoxville, a student-housing property located in Knoxville. The property offers of 65 detached private three-, four- and five-bedroom cottages, a fitness center, a tanning salon, a movie theater, a computer lab, billiard tables, a resort-style swimming pool and a beach volleyball court. The property was 100 percent leased at the time of the transaction. The loan was structured with a 10-year term with 2 years interest only and a 30-year amortization. Additionally, the loan was underwritten to a 75 percent loan-to-value with a 1.03x debt-service coverage ratio. Timothy Bradley of TSB Capital Advisors originated the loan. Will Baker of Walker & Dunlop led the Walker & Dunlop. The borrower is a joint venture between Landmark Properties and Harrison Street Real Estate Capital.

October 8, 2010

Multifamily Northeast

PHOENIX BUYS DISTRESSED MULTIFAMILY PORTFOLIO FOR $24.2 MILLION IN N.J.

by admin October 8, 2010

EAST ORANGE, N.J. — Phoenix Realty Group has acquired a portfolio of 548 distressed apartment units in East Orange for $24.2 million. The units primarily date from the 1930s and are located within a 1-mile radius of each other. They mostly consist of a mix of one- and two-bedroom apartments in multi-story buildings. Phoenix has brought on TreeTop Development to renovate the units and bring them back up to market rates. Phoenix made the acquisition on behalf of one of its institutional real estate funds.

October 8, 2010

Multifamily Southeast

TWO MANUFACTURED HOME COMMUNITIES SELL FOR $23.65 MILLION IN FLORIDA

by admin October 7, 2010

DEERFIELD BEACH, FLA. — Willow Lake Estates Inc. has completed the disposition of Country Knolls and Highland Village, two manufactured housing communities consisting of 666 lots on approximately 90 acres in Deerfield Beach. Additionally, the properties offer 5,360 square feet of retail/office space. The assets sold for $23.65 million. The buyers were Highland Village MHC, Country Knoll MHC and Highland Village Commercial. Barbara Welch and Bob Pino of Coldwell Banker Commercial NRT brokered the transaction.

October 7, 2010

Midwest Multifamily

ESSEX REALTY GROUP BROKERS TOWNHOME BULK SALE IN CHICAGO

by admin October 7, 2010

CHICAGO — Essex Realty Group has brokered the bulk sale of six townhomes, which are located at 7002-16 W. Medill in Chicago's Montclare neighborhood. The asset consists of six three-bedroom/2.5-bath row-house style townhomes and includes 12 garage spaces. Jim Darrow and Jordan Gottlieb of Essex represented the undisclosed buyer, which acquired the property for $1 million. The seller was not disclosed.

October 7, 2010

Multifamily Texas

CLASS A MULTIFAMILY PROPERTY SELLS IN SAN ANTONIO

by admin October 7, 2010

SAN ANTONIO — Legacy Heights, a 306-unit Class A multifamily property has sold in San Antonio for an undisclosed amount. Located at 1320 Austin Hwy., it sits on 13.6 acres and includes one-, two- and three-bedroom units that are fully leased. Amenities include a clubhouse with a game room, a fitness center and a swimming pool. Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler (HFF) represented the seller, a joint venture between Nationwide Insurance Co. and Embrey Partners Ltd. Crow Holdings Realty Partners V, LP, the latest real estate fund from Crow Holdings, purchased the property.

October 7, 2010

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