Multifamily

CONNECTICUT STUDENT HOUSING PROPERTY TRADES FOR $4.3 MILLION

by admin January 4, 2011

NEW BRITAN, CONN. — Chozick Realty has brokered the sale of a 63-unit student housing property for $4.3 million. Campus View Apartments is located at 1300-1412 East St. in New Britain at the entrance to Central Connecticut State University. The property was built in 1970 and renovated approximately 10 years ago. A majority of the units contain two bedrooms. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, 1300 East Street Holdings LLC, and procured the buyer, a regional owner of multifamily properties.

January 4, 2011

ENSIGN GROUP ACQUIRES TWO SENIOR HOUSING FACILITIES

by admin January 4, 2011

ABILENE — The Ensign Group has acquired Wisteria Place, a continuing care retirement community, and its sister facility, Wisteria Independent Living, both in Abilene. The facilities will be operated by a subsidiary of Keystone Care, Ensign's Texas-based portfolio subsidiary. Wisteria Place is a full-service care campus located at 3202 S. Willis St. in Abilene that operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living is located at 3917 Wisteria Way in Abilene and operates 72 independent living units.

January 4, 2011

Multifamily Southeast

MULTIFAMILY PORTFOLIO SELLS FOR $5.59 MILLION IN FLORIDA

by admin January 3, 2011

HOMESTEAD, FLA. — Marcus & Millichap has brokered the sale of the South Dade Portfolio, a two-community multifamily portfolio in Homestead. The properties offer a total of 150 units. The properties are located at 15451 S.W. 288 Street and 527 Flagler Avenue. A North Miami, Fla.-based investor acquired the portfolio for $5.59 million. Daniel Draizin, Evan Kristol and Still Hunter III of Marcus & Millichap's Ft. Lauderdale, Fla., office represented the seller, an undisclosed investor from Coral Gables, Fla., in the transaction.

January 3, 2011

Multifamily Southeast

WOOD PARTNERS ACQUIRES MULTIFAMILY PROPERTY IN JACKSONVILLE, FLA.

by admin January 3, 2011

JACKSONVILLE, FLA. — Atlanta-based Wood Partners has purchased Magnolia Village Apartments, a Class A multifamily property in Jacksonville. Constructed in 2008 and situated on 8.44 acres at 1620 Bartram Road, the six-building property offers 168 units. The gated community offers one-, two- and three-bedroom floorplans, General Electric kitchen appliances, maple-finished cabinets, ceramic tile in the kitchen and foyer, built-in computer desks, high-speed Internet wiring, ceiling fans, and washers and dryers. The community includes a clubhouse, a resort-style swimming pool with a large sundeck and poolside WiFi access and a fully equipped fitness center. Lubert-Adler and Carter & Associates are equity partners on the acquisition, which was brokered by Atlanta-based Apartment Realty Advisors.

January 3, 2011

Multifamily Southeast

$16.8 MILLION LOAN ARRANGED FOR MULTIFAMILY PROPERTY IN GEORGIA

by admin January 3, 2011

NORCROSS, GA. — CB Richard Ellis Capital Markets has secured a $16.8 million loan for Park Partners LLC for the refinancing of Wesley Park in Norcross. The 14-building apartment community offers 370 units and is more than 91 percent leased. The lender was State Farm Insurance Co. CBRE Debt & Equity Finance's John Farrell, Robert LaCapelle and Richard Jordan secured the loan.

January 3, 2011

Midwest Seniors Housing

WALKER & DUNLOP CLOSES $15.42 MILLION LOAN IN KANSAS

by admin January 3, 2011

WICHITA, KAN. — Walker & Dunlop has provided a $15.42 million permanent finance loan for Reflection Ridge in Wichita. The 119-unit independent living community features a resort-style dining, a fitness center, a whirlpool/spa, a communications center, a library, a 150-seat theater, a lounge, a bank, a pharmacy, a gift shop and garage/storage options. The 10-year term loan carries a 30-year using Freddie Mac's CME product. The borrower was Resort Lifestyles Communities. Midwest Commercial Mortgage originated the loan. Vic Clark and Doug Bath led the Walker & Dunlop team in the transaction.

January 3, 2011

Multifamily Texas

PLANO MULTIFAMILY GRABS $28 MILLION ACQUISITION LOAN

by admin January 3, 2011

PLANO – Atlanta-based Centennial Holding Co. has received a $28 million acquisition loan for Century Legacy Village, a 328-unit Class A multifamily property offering one-, two- and three-bedroom units in Plano. Amenities include a clubhouse, a business center, a fitness center, a resort-style pool and controlled access gates. Walker & Dunlop provided the loan, which is structured with a 10-year term with 2 years interest only and a 30-year amortization, by utilizing Fannie Mae’s DUS product. Century Legacy Village is 98 percent occupied.

January 3, 2011

Multifamily Western

RED PROVIDES $24 MILLION FOR CONSTRUCTION OF NOHO SENIOR APARTMENTS

by admin January 3, 2011

LOS ANGELES — Red Mortgage Capital LLC has underwritten and processed $23.99 million in non-recourse financing for the construction of the 126-unit NoHo Senior Arts Colony, which will offer age-restricted (62 and older) one-and two-bedroom independent-living units in L.A.’s North Hollywood district. At an estimated total cost of $42 million, Meta Housing Corp.’s multifamily development will include typical common-area amenities such as pool, Jacuzzi and a library/great room, as well as numerous, unique artistic amenities such as a 76-seat theater, art studios, classrooms, gallery/exhibit space, computer media and digital video/film labs, and a radio recording and editing room. As part of the financing requirements, 20 percent of the development will be restricted to renters having income at the lesser of LIHTC and California Redevelopment Law maximum allowable rents. The innovative senior-housing project also utilized tax credits, grant money and funding from the Community Redevelopment Agency of the City of Los Angeles.

January 3, 2011

Multifamily Western

CASSIDY TURLEY BRE COMMERCIAL BROKERS $19.6 MILLION APTS. SALE

by admin December 28, 2010

PHOENIX — Cassidy Turley BRE Commercial has facilitated the $19.6 million sale of the 454-unit Diamonte on Bell, an apartment complex located at 3202 W. Bell Rd. in Phoenix. The Royal Bank of Canada sold the multifamily property to a company formed by Vancouver, B.C.-based Onni Group. Cassidy Turley’s David Fogler and Steven Nicoluzakis negotiated the all-cash sales transaction.

December 28, 2010

Midwest Seniors Housing

UNITED PROPERTIES TO BUILD TWO SENIOR HOUSING FACILITIES IN MINNESOTA

by admin December 23, 2010

MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.

December 23, 2010

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