Multifamily

TIKIJIAN ASSOCIATES NEGOTIATES $3.2 MILLION APARTMENT SALE

by admin April 8, 2009

INDIANAPOLIS — Indianapolis-based Tikijian Associates has negotiated the $3.2 million sale of The Argyle on Mass Ave, a 36-unit multifamily building located on Massachusetts Avenue within the Arts & Theater District of Indianapolis. The three-story property features ground-floor and basement retail space, as well as 33 one-bedroom and three two-bedroom apartments on the second and third floors. Retail tenants include Aesop’s Tables Mediterranean Restaurant, Buon Gusto Unique Events and Michael’s on Mass. Tikijian Associates represented the seller, Tony Wishart. The buyer, Shelbyville, Ind.-based Evergreen Investment Corp., plans to complete between $200,000 and $300,000 worth of capital improvements to the property. Approximately 6,000 square feet of ground-floor retail space is currently vacant.

April 8, 2009

MARCUS & MILLICHAP COMPLETES $5.12 MILLION SALE OF COUNTRYSIDE APARTMENTS

by admin April 8, 2009

COLUMBUS, OHIO — Marcus & Millichap has completed the sale of Countryside Apartments, a 229-unit multifamily property located in Columbus, for $5.12 million. The property, which is located at 5051 Open Meadows Dr., includes one-, two- and three-bedroom apartments, as well as two-bedroom townhome units. Amenities include a fitness center, garages, laundry facilities, a hot tub and an outdoor swimming pool. Occupancy was 85 percent at the time of closing. J. Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented the seller, an undisclosed partnership, as well as the buyer, a limited liability corporation.

April 8, 2009

Midwest Multifamily

NORTHMARQ SECURES $16.35 MILLION FOR APARTMENT PURCHASE

by admin April 8, 2009

INDEPENDENCE, MO. — NorthMarq Capital has secured $16.35 million in first-mortgage, acquisition financing for Pepperwood Apartments, a 300-unit multifamily property located in Independence. Sue Blumberg and Paul DeKruiff of NorthMarq’s Chicago office and David Farrell of the firm’s Kansas City, Mo., office originated the loan, which contains a 7-year term, a 30-year amortization schedule and a capped adjustable rate. The borrower was JVM Pepperwood Apartments LLC and the lender was Freddie Mac.

April 8, 2009

Multifamily Texas

WILLOW POND APARTMENTS SELLS

by admin April 8, 2009

DALLAS — Willow Pond Apartment Homes, a 387-unit multifamily community located in Dallas, has been sold. The rental property is situated on 13 acres at the corner of Northwest Highway and Abrams Road. It was acquired by an investment group sponsored by Clark Willingham of Dallas. The new owner plans to launch a capital improvements program and continue to operate the community as affordable housing. Tim Kay of Kay Commercial represented the buyer. The undisclosed seller was represented by William Coolidge of Coolidge & Associates. The acquisition price was not disclosed.

April 8, 2009

Multifamily Texas

NORTHMARQ ARRANGES FINANCING FOR SHADOWBROOKE APARTMENTS

by admin April 8, 2009

STAFFORD, TEXAS — The Houston office of NorthMarq Capital has arranged first-mortgage financing for Shadowbrooke Apartments, a 240-unit multifamily community located in Stafford. The Class A property is currently 95 percent occupied. NorthMarq’s Roger Trapnell and Warren Hitchcock originated the loan, which carries a 7-year term with a 30-year amortization schedule. The lender was Freddie Mac. The principal and interest rate of the loan were not released.

April 8, 2009

Multifamily Western

24-UNIT APARTMENT BUILDING SELLS FOR $1.79 MILLION

by admin April 8, 2009

OAKLAND, CALIF. — Marcus & Millichap has completed the disposition of a 24-unit multifamily building in Oakland. Located at 1502 Alice St., the 13,200-square-foot property sold for $1.79 million. The property, which was built in 1910, features 21 studio units and three one-bedroom/one-bath units. Ben Weil of Marcus & Millichap’s San Francisco office represented the buyer; David Wolfe of Marcus & Millichap’s Oakland office represented the seller. Additional information about the buyer and seller was not disclosed.

April 8, 2009

Multifamily Western

ROYAL GARDEN APARTMENTS FETCHES $4.48 MILLION

by admin April 8, 2009

BURLINGAME, CALIF. — Pacific Investments and Holding Co. LLC have acquired Royal Grove Apartments, a 18-unit apartment community located at 1477 Grove Ave. in Burlingame. Clarita and Elvira Realca sold the property for $4.48 million or $249,000 per unit. The property features one-bedroom units averaging 830 square feet. Drew O’Donnell with NAI BT Commercial’s Multifamily Group represented the buyer in the transaction.

April 8, 2009

Multifamily Southeast

CAPMARK SECURES TWO MULTIFAMILY LOANS TOTALING $18 MILLION

by admin April 7, 2009

TAMARAC AND CLEARWATER, FLA. — Jim Badolato of Capmark Finance’s Horsham, Pa., office has arranged loans worth more than $18 million for two multifamily properties in Florida. Water Place at Woodmont Park, located at 7850 N.W. 78th Ave. in Tamarac, received a $9.8 million loan, and Country Place Village Apartments, located at 2690 Enterprise Rd. East in Clearwater, received $8.97 million. Freddie Mac provided financing for the loans.

April 7, 2009

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES $2.5 MILLION MULTIFAMILY SALE

by admin April 7, 2009

CHICAGO — Marcus & Millichap has brokered the sale of a 41-unit apartment building located 2245 West 111th St. in Chicago’s Beverly/Morgan Park neighborhood. The property sold for $2.5 million, or $60,975 per unit. Nicholas Kanich, Shaun Buss and Sean Lyons of Marcus & Millichap’s Chicago Downtown office exclusively listed the property for the undisclosed seller. The trio also secured the buyer, a limited liability company in the transaction.

April 7, 2009

Midwest Multifamily

LOVE FUNDING SECURES $4 MILLION FOR SENIOR HOUSING, MULITFAMILY PROPERTIES

by admin April 7, 2009

CLEVELAND — Cleveland-based Love Funding has closed two loans totaling more than $4 million for properties in Michigan and Ohio. In Holland, Mich., Love secured approximately $3.93 million through HUD’s 241(a) program for the 131-unit Appledorn Living Center III. The loan is being used for a 30-unit addition and various capital improvements. Terms of the loan include a 7.5 percent interest rate and a 31-year amortization. In Zanesville, Ohio, Love arranged a $701,200 refinance loan for the 25-unit Muskingum Arc Apartments community. Financing for the 16,320-square-foot complex came from HUD’s 207/223(f) loan program. The loan included a 6.25 percent fixed interest rate over a 35-year term.

April 7, 2009

Newer Posts

Older Posts

Upcoming Events

Aug
18