Multifamily

$37 MILLION SENIOR HOUSING COMMUNITY OPENS

by admin December 7, 2009

KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.

December 7, 2009

$28.2 MILLION LOAN SECURED FOR FLORIDA RESORT

by admin December 4, 2009

POMPANO BEACH, FLA. — The Chetrit Group and Read Property Group have borrowed $28.2 million to acquire 138 units in the 186-unit Plaza at Oceanside resort. The loan also covers the purchase of 22,400 square feet of retail space. The Pompano Beach property includes a zero-edge pool, a fitness center and a wine-tasting lounge. Ladder Capital financed the 2-year loan. Ronnie Levine of Meridian Capital's New York office secured the loan.

December 4, 2009

Multifamily Southeast

200-UNIT COMPLEX PLANNED IN TENNESSEE

by admin December 4, 2009

ANTIOCH, TENN. — Jacksonville, Fla.-based Summit Contracting Group will construct the 312-unit VantagePointe Homes at Franklin Heights. The Antioch property, which is being built for Montgomery, Ala.-based VantagePointe Homes, encompasses 13 buildings. Lacy and Associates provided assistance with architectural and construction documentation.

December 4, 2009

Midwest Multifamily

144-UNIT REO MULTIFAMILY PROPERTY TRADES HANDS IN COLUMBUS

by admin December 4, 2009

COLUMBUS, OHIO — J Rosenbusch and Matt Gocksetter of Marcus & Millichap represented Winthrop Realty Trust in the disposition of Cross Key Row, a 144-unit REO multifamily property located in Columbus. A local investor acquired the property for $725,000 in an all-cash transaction. Built in 1971, the property offers one- and two-bedroom garden units and was 30 percent occupied at the time of closing.

December 4, 2009

Multifamily Northeast

EASTERN CONSOLIDATED COMPLETES $28.25 MILLION MULTIFAMILY SALE

by admin December 4, 2009

NEW YORK CITY — Eastern Consolidated has completed the sale of a 10-story apartment building located in New York City for $28.25 million. The building is situated at 201-207 E. 35th St. It contains 85 residences in a mix of 41 free-market units, 39 rent-stabilized units and five-rent controlled units. The ground-floor of the building contains five retail stores ranging in size from 550 to 1,000 square feet. Eastern Consolidated's Brian Ezratty and Scott Ellard represented the seller, 201 LLC. George Moss, also of Eastern Consolidated, procured the buyer, 35 East Assoc LLC.

December 4, 2009

Multifamily Northeast

TREMONT REALTY CAPITAL ARRANGED $14.5 MILLION LOAN IN NEW YORK

by admin December 4, 2009

RIVERHEAD, N.Y. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $14.5 million loan for the refinancing of MacLeod's MHC, a 376-unit manufactured housing community located in Riverhead. The loan carries a 10-year term with a 65 percent loan-to-value ratio and a 5.95 percent interest rate. The borrower and lender were not disclosed.

December 4, 2009

Multifamily Texas

BEHRINGER HARVARD JV ACQUIRES THE ECLIPSE

by admin December 4, 2009

HOUSTON — A joint venture that includes Behringer Harvard has acquired The Eclipse, a luxury multifamily community located in Houston's Energy Corridor. The property contains 330 units and is located at 1725 Crescent Plaza. Community amenities include a club room, a swimming pool, a business center, a fitness center, a theater and a game room. The joint venture that purchased the property consists of one of Behringer Harvard's investment vehicles, Behringer Harvard Multifamily REIT I, and PGGM Private Real Estate Fund, which is an investment fund for large Dutch pension funds. As part of the transaction, the joint venture paid off the asset's construction loan and took full control over its ownership.

December 4, 2009

Multifamily Texas

MARCUS & MILLICHAP BROKERS 252-UNIT MULTIFAMILY SALE IN SAN ANTONIO

by admin December 4, 2009

SAN ANTONIO — Marcus & Millichap has brokered the sale of Broadstone Ranch, a 252-unit multifamily community located in San Antonio. Situated on 13.63 acres at 5803 UTSA Blvd., the property serves as an off-campus housing option for the nearby University of Texas – San Antonio. Broadstone Ranch consists of 132 one-bedroom units, 84 two-bedroom units and 36 three-bedroom units. Amenities include a resort-style swimming pool. Will Bathrop of Marcus & Millichap's Dallas office and Ryan Epstein of the firm's San Antonio office represented the seller, San Francisco-based McMorgan & Co. The buyer was Brass Real Estate Funds and the acquisition price was not disclosed.

December 4, 2009

Multifamily Western

COLLIERS BROKERS $2 MILLION MULTIFAMILY SALE

by admin December 4, 2009

SOUTH PASADENA, CALIF. — Colliers International has handled the $2.02 million sale of an 8,900-square-foot multifamily property located at 390 Pasadena Ave. in South Pasadena. Built in 1948 and 90 percent occupied, the property consists of 10 two bedroom/one bathroom units. Colliers’ Han Widjaja represented both the buyer, Raymond Chen, and the seller, Mee Ching Goh, in the transaction.

December 4, 2009

Multifamily Southeast

TWO KNOXVILLE-AREA APARTMENT COMPLEXES SOLD FOR $20 MILLION

by admin December 3, 2009

FARRAGUT, TENN. — Horne Properties has sold two Farragut apartment complexes to Sealy Realty for more than $20 million. The 208-unit Lanesborough traded for $15.83 million, and the 72-unit Derby Run sold for $5.37 million. Nathan Swenson, Chris Spain and David Gutting of Cushman & Wakefield's Atlanta office represented Horne Properties in the transaction.

December 3, 2009

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