Multifamily

MERIDIAN ARRANGES $50 MILLION LOAN FOR NYC APARTMENT PORTFOLIO

by admin November 16, 2010

NEW YORK CITY — Meridian Capital Group has secured a $50 million loan for the refinancing of a New York City multifamily portfolio. Owned by The Parkoff Organization, the portfolio contains a total 558 apartments. Two of the properties are located in Manhattan, three are located in the Bronx, one is located in Queens and one is located in Brooklyn. The loan, which was provided by a local community bank, carries a 7-year term with interest-only payments for the first 2 years and a 4.2 percent rate. Avi Weinstock of Meridian arranged the financing.

November 16, 2010

MARCUS & MILLICHAP MANAGES $19 MILLION APT. SALE IN VENTURA COUNTY

by admin November 16, 2010

OXNARD, CALIF. — Marcus & Millichap has brokered the $19 million sale of Newport Landing 1 and 2, a 170-unit apartment community located at 5200-5300 South J St. within 1 mile of the Port Hueneme Naval Base in Oxnard. Built in 1965 and 1970, the 170,382-square-foot multifamily complex consists of separate but identical 85-unit buildings situated on more than 6.5 acres of land, together offering 40 one-bedroom/one-bath units, 110 two-bedroom/1.5-bath townhomes and 20 three-bedroom/1.5-bath townhomes. Marcus & Millichap’s Lane Schwartz and Jerry Wise represented both the private-investor buyer and the seller, one of the nation’s largest institutional lenders, in the REO transaction.

November 16, 2010

Multifamily Southeast

GROUND BREAKS FOR MULTIFAMILY COMMUNITY IN ALEXANDRIA, VA.

by admin November 15, 2010

ALEXANDRIA, VA. — Erkiletian and McLean, Va.-based Jefferson Apartment Group are developing The Asher, a luxury multifamily property in Alexandria. Located one block from the Braddock Road metro station, the 206-unit property will offer one- and two-bedroom apartments, 6,400 square feet of retail space and a two-story, 256-space underground parking garage. Additionally, the project will feature a landscaped plaza, a residents' club room with Wi-Fi and state-of-the-art business and fitness centers, and rooftop terraces with views of the Potomac River and Washington, D.C. The project, which is seeking LEED certification, is being financed by a $40.5 million construction loan from US Bank and $7 million in preferred equity from Federal Capital Partners of Washington, D.C. Erkiletian is providing the remaining equity.

November 15, 2010

Seniors Housing Southeast

91,000-SQUARE-FOOT SENIOR LIVING PROJECT UNDER WAY IN TENNESSEE

by admin November 15, 2010

OAK RIDGE, TENN. — Medical Development Group has selected Choate Construction Co. as general contractor to construct Canterfield at Oak Ridge. Located in Oak Ridge, the three-story, 91,000-square-foot senior living community features 91 units, a library, a salon, a parlor, an exercise room, an arts and crafts room and multipurpose space. Individual units will feature granite countertops, crown molding, tray ceilings and ample closet space. The Corcoran Ota Group is providing architectural services for the project.

November 15, 2010

Multifamily Southeast

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

Multifamily Texas

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

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