Multifamily

GEBROE-HAMMER ARRANGES $2.95 MILLION MULTIFAMILY SALE

by admin June 16, 2009

NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of Oliver Place Apartments, a 58-unit multifamily community located in Newark, for $2.95 million. Oliver Place is a five-story, mid-rise building situated at 469 Elizabeth Ave. in the city’s Weequahic Park neighborhood. It contains a mix of one-, two- and three-bedroom units, and occupancy was 95 percent at the time of closing. Gebroe-Hammer’s David Jarvis represented the seller, Elizabeth Avenue Associates Corp., and procured the buyer, 469 Associates LLC.

June 16, 2009

RENOVATIONS UNDER WAY FOR KENT APARTMENTS

by admin June 16, 2009

GARLAND, TEXAS — Denver-based Metro Wing LLC has acquired the 59-unit Kent Apartments out of foreclosure. The community is located on West Walnut Street in Garland. Its condition had deteriorated significantly over the years and Metro Wing is attempting to remedy that by launching a significant capital improvements program. Deferred maintenance from the previous owner will be completed, improvements will be made and the apartment will be repositioned to attract family-oriented tenants. The construction timetable was not released.

June 16, 2009

Multifamily Western

70-UNIT AFFORDABLE HOUSING REVITALIZATION COMPLETE

by admin June 16, 2009

BURBANK, CALIF. — The Burbank Housing Corp. has completed the renovation of Peyton Grismer, a 70-unit multifamily community located at 1801-1815 Grismer Ave. and 1729-1735 Elliot Dr. in Burbank. The affordable housing development’s key feature is the Activity and Family Resource Center, which promotes lifelong learning and integration skills through extra-curricular education programs for residents. The revitalized buildings consist of 70 units featuring large closet spaces, kitchen and bathroom upgrades, central HVAC, ENERGY STAR appliances, water conservation fixtures and an on-site laundry facility.

June 16, 2009

Multifamily Western

PARTNERSHIP ACQUIRES 149 UNITS AT THE MERCURY

by admin June 16, 2009

LOS ANGELES — A partnership between Beverly Hills, Calif.-based Kennedy Wilson, Guardian Life Insurance Company of America and LeFrak Organization has purchased the remaining 149 units in The Mercury, a 22-story luxury condominium tower located at the corner of Wilshire Boulevard and Western Avenue in Los Angeles. The tower offers 16 one- and two-bedroom floorplans averaging 1,062 square feet. The residences feature 9- to 10-foot ceilings, granite slab counters, stainless steel kitchen appliances, bamboo floors and Bosch washers and dryers. Additionally, the property features a resort-style swimming pool, a spa, a state-of-the-art fitness center, a fire pit, an even lawn, barbecue areas and seating coves. Vince Norris of Hendricks & Partners represented the buyer and the seller, Forest City Residential West, in the transaction. The acquisition price was not disclosed.

June 16, 2009

Multifamily Western

MARCUS & MILLICHAP BROKERS TWO APARTMENT SALES

by admin June 16, 2009

LOS ANGELES AND ANAHEIM, CALIF. — Marcus & Millichap has completed the sales of two apartment communities in California for a total consideration of $4.65 million. In the first transaction, Robert Leveen represented the seller in the disposition of Nicolet Riviera, a 30-unit community located at 3848 Nicolet Ave. in Los Angeles. Constructed in 1957, the property sold for $1.95 million or $77.83 per square foot. Tony Azzi, also of Marcus & Millichap, represented the undisclosed buyer in the transaction. In the second transaction, Ira Virden and Tyler Leeson of Marcus & Millichap represented the undisclosed seller in the $2.7 million sale of Savanna Apartments, an 18-unit multifamily community located at 3515 W. Savanna St. in Anaheim. Leeson also represented the undisclosed buyer in the transaction.

June 16, 2009

Multifamily Western

10-UNIT APARTMENT PROPERTY SELLS FOR $1.15 MILLION

by admin June 16, 2009

SAN DIEGO — San Diego Youth and Community Services has acquired a 10-unit multifamily property, which is located at 101-119 Fir St. in San Diego. Duluth, Minn.-based Vanstrom sold the property for $1.15 million. Built in 1955, the property offers six one-bedroom/one-bath units and four studio units. Kevin Sweeney represented the buyer; Chuck Hoffman of Apartment Consultants Inc. represented the seller in the transaction.

June 16, 2009

Multifamily Southeast

LOUISIANA LUXURY APARTMENT COMPLEX ACQUIRED

by admin June 15, 2009

BATON ROUGE, LA. — Irvine, Calif.-based Thompson National Properties represented Delaware Statutory Trust investors in the acquisition of the 276-unit Millennium Town Center apartment complex from an undisclosed seller for an undisclosed price. The luxury multifamily property is spread across 11 buildings at 6810 Jefferson Highway in Baton Rouge.

June 15, 2009

Multifamily Southeast

156-UNIT APARTMENT COMPLEX CHANGES HANDS

by admin June 15, 2009

NASHVILLE, TENN. — Freeman Webb Investments has acquired the 156-unit Arbors at Southern Hills Apartments from TRB Arbors for $3.95 million. The property is located at 371 Wallace Rd. in Nashville. Freeman had previously purchased the property in 1992 for $2.5 million and sold it in 2006 for $6.6 million. TRB Arbors had originally listed Southern Hills for $9.3 million. Steve Massey of CB Richard Ellis’ Nashville office and William Kirkland of The Kirkland Company in Brentwood, Tenn., brokered the transaction.

June 15, 2009

Multifamily Northeast

THE BROOKLYNER TOPS OUT

by admin June 15, 2009

NEW YORK CITY — Construction has topped out for The Brooklyner, a 51-story residential rental tower located in Brooklyn, New York City. Developed by locally based The Clarett Group, The Brooklyner is located at 111 Lawrence St. Upon completion, it will feature 491 rental apartments in a mix of lofts, studios, and one- and two-bedroom units. First occupancies are slated for late 2009 or early 2010. Upon completion, The Brooklyner will be the tallest building in downtown Brooklyn. It was designed by locally based Gerner Kronick + Valcarcel Architects.

June 15, 2009

Multifamily Northeast

ITZHAKI PROPERTIES BROKERS THREE MULTIFAMILY SALES TOTALING $18.25 MILLION

by admin June 15, 2009

NEW YORK CITY —Itzhaki Properties has brokered the sale of three multifamily buildings located in New York City. The first property is an eight-story loft building located at 64-68 Wooster St. in Manhattan. The $13 million sale was arranged by Ivan Hakimian of Itzhaki. The second property is a four-story, 35-unit apartment building located at 84 Lawrence Ave. in Brooklyn. The $3.15 million sale was arranged by Hakimian, Shay Zach and Itai Akabi, all from Itzhaki. The final transaction comprised the $2.1 million sale of a four-story, 16-unit apartment building located at 37-67 64th St. in Woodside, Queens. Zach, as well as Itzhaki’s Tal Kashi and Aaron Kozhinoff, negotiated the sale. All parties were undisclosed.

June 15, 2009

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