Multifamily

EASTERN CONSOLIDATED BROKERS $3 MILLION NYC APARTMENT SALE

by admin April 27, 2010

NEW YORK CITY — Eastern Consolidated has brokered the sale of a market-rate apartment building located in New York City. Situated at 979 Second Ave., the building totals 5,200 square feet and includes 8,800 square feet of air rights. All but one of the apartment units are occupied. Ety Lee of Eastern Consolidated represented the seller, the Gilbert family, and procured the buyer, 979 2nd Avenue LLC. A statement from Eastern Consolidated indicated that future plans for the building include pairing it with adjacent residential buildings as a development site.

April 27, 2010

ARLINGTON APARTMENT COMPLEX CHANGES HANDS

by admin April 27, 2010

ARLINGTON, TEXAS — Madera Equity has purchased the 300-unit Chatham Creek apartment complex from a Dallas-based non-profit organization for an undisclosed amount. The Class B property is located at 2505 Thomason Circle in Arlington. Will Tolliver of Marcus & Millichap's Dallas office represented the buyer. The firm's Nick Fluellen represented the seller.

April 27, 2010

Multifamily Southeast

AMELIA ISLAND CONDO UNITS SOLD

by admin April 26, 2010

AMELIA ISLAND, FLA. — Walchle Lear Multifamily Advisors has brokered the sale of 160 units in the 224-unit Cottages at Stoney Creek Condominium between the developer and a private buyer for $68,000 per unit. The property is spread across 80 acres on Stoney Creek Parkway in Amelia Island. The 28 two-story buildings feature two- and three-bedroom units. Bart Walchle, Steve Lear, Erik Bjornson and Batey McGraw of Walchle Lear Multifamily Advisors represented the seller in the transaction.

April 26, 2010

Midwest Multifamily

$14.52 MILLION LOAN ARRANGED FOR APARTMENT COMPLEX IN ST. LOUIS

by admin April 26, 2010

St. Louis, Mo. — NorthMarq Capital has arranged a $14.52 million loan for Charter Place Apartments. The 284-unit multifamily property is located in St. Louis. The 10-year loan has a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan served as financing for the acquisition of the apartment community. The seller was Des Moines, Iowa-based Principal Global Investors. David Garfinkel of NorthMarq Capital’s St. Louis regional office arranged the financing.

April 26, 2010

Multifamily Texas

TWO UNDISCLOSED PARTIES TRADE 100-UNIT APARTMENT COMPLEX

by admin April 26, 2010

NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of the 100-unit River Park apartment complex between two undisclosed limited liability companies. The property is located on 4.62 acres at 241 Seville Drive in New Braunfels. River Park, which was built in 1972, features a swimming pool. Ryan Epstein and Todd Sherrer of Marcus & Millichap's Austin, Texas, office brokered the sale.

April 26, 2010

Multifamily Southeast

FELTON HOMES APARTMENTS RENOVATION PROJECT PLANNED

by admin April 23, 2010

MACON, GA. — McShane Construction Co. is planning a 100-unit renovation project for Felton Homes Apartments. The property, located at the intersection of Felton Avenue and Sessions Drive in Macon, will be the redevelopment of a 77,088-square-foot duplex community situated on 11.5 acres. Felton Homes was originally built as military housing in 1941 and was converted to public housing in 1955. The redevelopment will be designed to Enterprise Green Communities standards.

April 23, 2010

Multifamily Northeast

CBRE CAPITAL MARKETS SECURES $17.25 MILLION FOR BROOKLYN APT BUILDING

by admin April 23, 2010

NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has secured $17.25 million in permanent financing for an apartment building located in Williamsburg, Brooklyn. The building, originally constructed as a tonic factory in the 1800s, was recently converted into a residential property featuring 42 apartments and five ground-floor commercial spaces. Both components were fully occupied at the time of closing. The loan carries a 5-year term, a 30-year amortization schedule and a 5.62 percent fixed rate. The lender was a local bank.

April 23, 2010

Multifamily Northeast

MASSEY KNAKAL BROKERS BROOKLYN APARTMENT SALE

by admin April 23, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a walk-up apartment building in Brooklyn's Carroll Gardens neighborhood for $2.44 million. The four-story buildings, which is located at 111 4th Place, contains 11 residential units, including five studios, five one-bedroom units and one two-bedroom unit. Massey Knakal's Ken Freeman and Joseph Sitt arranged the deal between both undisclosed parties.

April 23, 2010

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES SALE OF THREE N.J. APARTMENT BUILDINGS

by admin April 23, 2010

NEW BRUNSWICK, PERTH AMBOY AND JERSEY CITY, N.J. — Marcus & Millichap's New Jersey office has completed the sales of three New Jersey apartment buildings for a total of $2.7 million. The first transaction involved a seven-unit building located at 40-42 Easton Ave. that traded for $1.15 million. The second deal included an 11-unit property located at 216 Madison Ave. in Perth Amboy that traded for $675,000. Maz Radwan of Marcus & Millichap represented the sellers as well as the buyers, all local parties. Radwan also partnered with Marcus & Millichap's Steven Matovski to sell a two-building, 12-unit property located at 161 Congress St. and 175 South St. in Jersey City. The property traded for $887,000. Matovski procured the buyer, a local apartment operator. The seller was a local private investor.

April 23, 2010

Multifamily Southeast

ARBOR COMMERCIAL ARRANGES MULTIFAMILY FINANCING

by admin April 22, 2010

HAMMOND, LA. — A private owner has borrowed a $6.3 million Fannie Mae loan for the 102-unit Tangi Lake Townhomes in Hammond. The 10-year loan comes with a 6.04 percent interest rate. Scott Waddington of Arbor Commercial Funding's Tampa Bay, Fla., office arranged the loan, which was financed by Eustis Mortgage.

April 22, 2010

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