Multifamily

ESSEX REALTY GROUP BROKERS $5.8 MILLION SALE OF MULTIFAMILY PROPERTY

by admin January 9, 2009

CHICAGO — Essex Realty Group has brokered the sale of a 64-unit multifamily property located at 930 W. Winona in the Uptown neighborhood of Chicago. Situated 1 block west of Lake Michigan, the building houses 18 studios and 46 one-bedroom units on top of a 35-space parking area. The building commanded a sales price of approximately $5.8 million. Both the buyer and seller were not disclosed. Doug Imber of Essex represented the seller; David Goss, also of Essex, represented the purchaser in the transaction.

January 9, 2009

MARCUS & MILLICHAP BROKERS MULTIFAMILY, RETAIL SALES

by admin January 9, 2009

HOUSTON AND AMARILLO, TEXAS — Marcus & Millichap has brokered two Texas sales. In Houston, Brian Janak of the firm’s Houston office represented the seller in the disposition of Byrne Heights Apartments, a 30-unit community located at 935 Byrne in the city’s Woodland Heights submarket. The property was constructed in 1963 and was 85 percent occupied at the time of closing. The seller was a California-based private investor, and the buyer was a locally based, limited liability company. The acquisition price was not released, but the property listed for $1.56 million. Additionally, Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office negotiated the sale of a 7,653-square-foot Bridgestone/Firestone store located in Amarillo. The property is situated on approximately 1 acre on South Coulter Street. The seller was a Texas-based limited partnership; the buyer was a Texas-based, limited liability corporation. The acquisition price was not disclosed.

January 9, 2009

Multifamily Southeast

NORTH CAROLINA APARTMENT COMPLEX CHANGES HANDS

by admin January 8, 2009

GREENSBORO, N.C. — Ohio-based E.O. Johnson has purchased the 124-unit Sedgefield Square Apartments from Greensboro-based Brown Investment Properties for $4.9 million. The property is located at 4215 Bernau Ave. in Greensboro. Hal Kern represented Brown Investment in house, and Nat Taylor of Winston Salem, N.C.-based Taylor & McChesney Commercial Properties represented E.O. Johnson.

January 8, 2009

Seniors Housing Southeast

309-UNIT SENIOR HOUSING COMPLEX PLANNED FOR AVALON PARK

by admin January 8, 2009

ORLANDO, FLA. — Orlando-based Avalon Park Group has entered the design phase for a 309-unit senior housing complex in Orlando’s Avalon Park neighborhood. The 250,000-square-foot property will feature 225 independent living units and 84 units designated for assisted living. Construction of the four-story building is slated to begin in early 2010. When complete, Avalon Park will encompass nearly 5,000 residences and 500,000 square feet of commercial development.

January 8, 2009

Seniors Housing Western

$22.9 MILLION SENIOR-LIVING DEVELOPMENT UNDERWAY

by admin January 8, 2009

PALO ALTO, CALIF. — BRIDGE Housing Corp. is developing Fabian Way Senior, an affordable senior-living apartment community in Palo Alto. Located at 3895 Fabian Way, the $22.9 million community will feature 56 units, with 20 units restricted for seniors with special needs. Additionally, the community will offer private decks, a landscaped courtyard and a community room for activities, services and classes. The community is part of a larger site acquired by BUILD LLC, a partnership between BRIDGE and CalPERS. Financing for the project is being provided by BUILD LLC, State of California Prop 1C Multifamily Housing Program, Silicon Valley Bank Community Development Finance, Union Bank of California N.A., Santa Clara County, City of Palo Alto, the Opportunity Fund, the Sobrato Family Foundation and the Housing Trust of Santa Clara County. Steinberg Architects provided architectural services; Segue Construction is serving as general contractor for the project. Completion is scheduled for early 2010.

January 8, 2009

Multifamily Southeast

KEYBANK ARRANGES MORE THAN $30 MILLION IN APARTMENT LOANS

by admin January 7, 2009

COLUMBIA AND NORTH BETHESDA, MD. — KeyBank Real Estate Capital has secured two loans worth $33.8 million for apartment complexes in Columbia and North Bethesda. UDR Maryland Properties received a $20 million loan for its 178-unit Tamar Meadow Apartments in Columbia. KeyBank also arranged a $13.8 million loan for Wisconsin Park Associates’ 549-unit Grand Apartments, a Class A complex in North Bethesda. Both loans were financed by Fannie Mae.

January 7, 2009

Midwest Multifamily

MARCUS & MILLICHAP BROKERS $11.6 MILLION MULTIFAMILY SALE

by admin January 7, 2009

ST. CLOUD, MINN. — Marcus & Millichap has brokered the sale of Park Place Estates, a 175-unit multifamily community located at 3700 West Germain in St. Cloud. The property, which includes one-, two- and three-bedroom units, commanded a sales price of $11.6 million. Jim Walsh and David Scott of Marcus & Millichap listed and sold the community to an undisclosed buyer. Amenities of Park Place Estates include three elevators, a private courtyard, an indoor swimming pool, an indoor spa and sauna, an exercise facility, a tennis court and a resident clubroom.

January 7, 2009

Midwest Multifamily

FORT SHELBY TOWER APARTMENTS OPENS WITHIN RENOVATED DOUBLETREE HOTEL

by admin January 7, 2009

DETROIT — Fort Shelby Tower Apartments has opened at 527 W. Lafayette in downtown Detroit. The community, which shares a lobby with the newly renovated Doubletree Hotel, features 54 apartment homes and two penthouses. The 22-story building includes 12 one-bedroom units ranging from 939 square feet to 1,350 square feet; 42 two-bedroom units ranging from 1,223 square feet to 1,848 square feet; and two two-story penthouse Sky Suites measuring 2,097 square feet and 2,231 square feet in size. Units are situated between the 11th and 21st floors of the building, with each floor housing five apartment homes. Residence of the community have full access the Doubletree amenities, which include valet parking, 24-hour dining options, a concierge, a fitness center, and housekeeping and dry cleaning services. Bingham Farms, Mich.-based FOURMIDABLE is managing the community.

January 7, 2009

Multifamily Northeast

GEBROE-HAMMER BROKERS TWO MULTIFAMILY SALES FOR $3.9 MILLION

by admin January 7, 2009

JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered two Jersey City multifamily sales for a total of approximately $3.9 million. The first transaction involved the disposition of 168-170 Clinton Ave. and 205 Monticello Ave. for $2.93 million. The two properties contain a total of 34 units. The second transaction included the sale of a 16-unit property located at 170-172 Jewett Ave. for $975,000. The properties had a 95 percent combined occupancy at the time of closing. All feature brick façades, and a mix of one-, two- and three-bedroom units. In the first transaction, David Jarvis and Benjamin Greenstein of GHA procured the buyer, DKCS LLC, and represented the seller, a private, New Jersey-based corporation. In the second transaction, Greenstein and Alan Lieberman, also of GHA, negotiated the transaction between the seller, 170-172 Jewett LLC, and the buyer, an undisclosed private investor.

January 7, 2009

Multifamily Northeast

MERIDIAN SECURES $5.43 MILLION MULTIFAMILY LOAN

by admin January 7, 2009

WEST HARTFORD, CONN. — Meridian Capital Group has secured $5.43 million in non-recourse financing for the acquisition of Boulevard Square Apartments, an 80-unit property located in West Hartford. The loan was originated by Avner Avesar and Noam Kaminetzky of Meridian’s Florida office. Terms of the financing include a 6.27 percent fixed interest rate and a 10-year term. The borrower, as well as the seller, was not disclosed.

January 7, 2009

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