Multifamily

STONELEIGH ON KENSWICK COMPLETE

by admin July 8, 2009

HUMBLE, TEXAS — Construction is complete for Stoneleigh on Kenswick Apartments, a 318-unit, Class A multifamily community located in Humble. Developed by a joint venture between Passco Companies Development LLC and Seneca Investments, the property is situated on 15 acres at 19800 Kenswick Dr. Amenities include a clubhouse with a media center, a cyber café with wireless Internet access, a resort-style swimming pool, a fitness center, and outdoor picnic and barbecue areas. Stoneleigh at Kenswick also is situated adjacent to a 275-acre nature preserve. The owners plan to stabilize the property over the next year and possibly sell it, depending on market conditions. The grand opening ceremony will be held at the end of the month.

July 8, 2009

106-UNIT APARTMENT COMMUNITY FETCHES $14 MILLION

by admin July 8, 2009

CAMARILLO, CALIF. — Camarillo Mountain View LLC has acquired Mountain View Apartments, a 106-unit multifamily property in Camarillo. Palo Alto, Calif.-based Essex Portfolio Properties sold the community for $14 million. Located just north of the 101 Freeway, the property offers one- and two-bedroom units, a pool, a fitness center, a clubhouse and picnic areas. Dean Zander and Vince Norris of Hendricks & Partners represented the seller in the transaction.

July 8, 2009

Multifamily Western

MARCUS & MILLICHAP BROKERS 40-UNIT APARTMENT PROPERTY SALE

by admin July 8, 2009

PLEASANT HILL, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed buyer in the acquisition of Oak Park Manor, an apartment community located at 1808 Oak Park Blvd. in Pleasant Hill. The 40-unit property sold for $5.5 million. The community features a swimming pool, and each apartment features a fully equipped kitchen, a private balcony/patio, and central heating and air conditioning. The seller was not disclosed.

July 8, 2009

Seniors Housing Southeast

DEVELOPER PLANS $35 MILLION SENIOR HOUSING PROJECT

by admin July 7, 2009

ORLANDO, FLA. — Avalon Park Group will start construction early next year on the first phase of a 265,000-square-foot senior housing facility in its mixed-use Avalon Park community in Orlando. The $21 million initial phase of the four-story building calls for 130 units. The project’s total cost is expected to reach $35 million. Winter Park Construction Co. is providing consulting services, and Cuhaci & Peterson Architects will design the property.

July 7, 2009

Midwest Multifamily

269-UNIT APARTMENT COMMUNITY UNDERWAY AT SAXONY

by admin July 7, 2009

FISHERS, IND. — Developer J.C. Hart Co. recently acquired 13 acres within Republic Development’s 725-acre Saxony mixed-use community in Hamilton County with plans to develop a 269-unit apartment complex. The District at Saxony luxury apartment project, which is being developed adjacent to a 20-acre lake at 131st Street, just south of Interstate 69, will feature units ranging in price from $675 to $1,425 per month. J.C. Hart Co. expects construction to take approximately 2 years. Saxony is a expansive mixed-use endeavor that will encompass 1 million square feet or retail, 3.5 million square feet of office and light industrial space, and approximately 1,300 residential units upon full build out.

July 7, 2009

Midwest Multifamily

NORTHMARQ ARRANGES $15.3 MILLION LOAN FOR CHICAGO-AREA APARTMENTS

by admin July 7, 2009

LAKE ZURICH, ILL. — Sue Blumberg of NorthMarq Capital’s Chicago office has arranged approximately $15.3 million in first-mortgage financing for Landings of Lake Zurich, a 206-unit multifamily community located in Lake Zurich. The borrower, Landings Capital Partners, secured the financing with 10-year term and 30-year amortization schedule. Funding was provided through Amerisphere through Fannie Mae.

July 7, 2009

Midwest Multifamily

ESSEX REALTY GROUP NEGOTIATES MULTIFAMILY SALE

by admin July 7, 2009

CHICAGO — Essex Realty Group has brokered the sale of a 28-unit walk-up apartment building located at 1456-1458 W. Thorndale Ave. in Chicago. Matt Welke of Essex negotiated the transaction for both parties, with Mike Tetrick, also of Essex, providing additional services for the undisclosed buyer. The property, which features 21 studios and seven one-bedroom units, traded for approximately $1.36 million.

July 7, 2009

Multifamily Texas

GABLES AUGUSTA SELLS

by admin July 7, 2009

HOUSTON — California-based Francis Property Management has acquired Gables Augusta, a 312-unit multifamily property located in Houston. The property is situated at 2660 Augusta Dr. within the city’s Galleria submarket. Constructed in 2004, it features loft-style residences in a four-story complex. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry, all of CB Richard Ellis, represented the seller, Gables Residential, in the transaction. International Realty Concepts represented Francis Property Management. The acquisition price was not disclosed.

July 7, 2009

Multifamily Western

CONSTRUCTION COMPLETE ON 36-UNIT MULTIFAMILY PROPERTY

by admin July 7, 2009

LEMON GROVE, CALIF. — Community Collective and the city of Lemon Grove have completed the development of Citron Court, a 36-unit multifamily community located at 7385 Broadway in Lemon Grove. The five-building community features studio, one-, two- and three-bedroom units; 2,200 square feet of commercial/retail space; an on-site management office; a community meeting room; a computer learning center; a children’s play area and a laundry room. The eco-friendly property utilizes a photovoltaic system, ENERGY STAR-rated appliances, low-flow water fixtures, dual-flush toilets and Low-E windows. Allgire General Contractors served as general contractor for the project, which was designed by Foundation for Form.

July 7, 2009

Multifamily Western

MMCC ARRANGES $13.6 MILLION LOAN FOR TWO MULTIFAMILY PROPERTIES

by admin July 7, 2009

TUSTIN, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of two multifamily properties in Tustin. The two properties offer a total of 117 apartment units. Michael Derk arranged the financing on behalf of the undisclosed borrower. Terms of the loan include a fixed rate of 6.25 percent for the first 5 years, a 30-year amortization schedule and a 65 percent loan-to-value.

July 7, 2009

Newer Posts

Older Posts