Multifamily

CBRE BROKERS $42.7 MILLION APARTMENT PORTFOLIO SALE

by admin February 20, 2009

HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the sale of a 436-unit apartment portfolio located in suburban Hartford for $42.7 million. The portfolio consists of Glastonbury Center, a 105-unit community located in Glastonbury; Ribbon Mill, a 104-unit community located in Manchester; Colonial Village, a 104-unit community located in Plainville; and Loomis Manor and Brooksyde, two communities located in West Hartford that total 123 units. The properties consist of garden-style buildings constructed between 1945 and 1965, except for Ribbon Mill, which is a converted mill building originally constructed in 1908. Jeffrey Dunne and Matthew Innes of CB Richard Ellis’ New York Institutional Group, along with Michael Stone of CBRE’s Multi-Housing Group, represented the seller, Equity Residential. The trio also procured the buyer, The Kamson Corporation, and worked with Michael Riccio of the Hartford office of CBRE | Melody to arrange $34.25 million in Freddie Mac financing for the purchase.

February 20, 2009

FPE ARCHITECTS TO DESIGN HISTORIC APARTMENT REDEVELOPMENT

by admin February 20, 2009

NEW YORK CITY — Northside Development has selected Fifield Piaker Elman (FPE) Architects to design the residential redevelopment of three adjacent commercial buildings located at 11-15 Old Fulton St. in the Fulton Ferry Historic District of Brooklyn, New York City. FPE Architect’s design will combine the structures as a single building, as well as include the addition of a fifth floor to the four-story buildings. The project will contain ground-floor retail space, 15 one- and two-bedroom apartments on the second through fourth floors and a penthouse on the fifth floor. The penthouse will connect to the apartments on the fourth floor to create three duplex units, each with its own terrace. The middle building will contain the project’s residential elevator lobby and entrance. Exterior construction will include the restoration of the building’s brick and masonry façade and the moving in of the rear façade. Construction will begin in early 2009 with completion expected in early 2010. The historic buildings were first constructed from 1836 to 1839.

February 20, 2009

Multifamily Southeast

CIRCLE AT BARTRAM PARK WELCOMES RESIDENTS

by admin February 19, 2009

JACKSONVILLE, FLA. — Charlotte, N.C.-based Crescent Resources Multifamily Development Group has completed construction on the 336-unit Circle at Bartram Park, an environmentally friendly apartment complex in Jacksonville. The property is located at 14701 Bartram Park Blvd. near Old St. Augustine Road and I-95. Green features include low-emission paint, a metal roof to repel heat and the use of reclaimed city water for irrigation.

February 19, 2009

Midwest Multifamily

AIMCO SELLS 2,103-UNIT MULTIFAMILY PORTFOLIO TO HAMPSHIRE PROPERTIES

by admin February 19, 2009

INDIANAPOLIS — The Phoenix and Indianapolis offices of CB Richard Ellis have collaborated in the sale of a 2,103-unit multifamily portfolio located in Indianapolis. Brooklyn, N.Y.-based Hampshire Properties acquired the six-property portfolio from AIMCO for an undisclosed amount. The apartment properties include the 1,381-unit Westlake and the 166-unit Wind Drift located on the west side of the city; as well as the 190-unit Woods Edge, the 126-unit Villa Nova, the 120-unit Spyglass and the 120-unit Riverwood located on the north side of the city. Hampshire Properties has hired locally based Buckingham Cos. and Flaherty & Collins to manage the portfolio. CB Richard Ellis’ Multi-Housing Group represented AIMCO in the transaction.

February 19, 2009

Midwest Multifamily

MERIDIAN CAPITAL GROUP ARRANGES MULTIFAMILY LOANS TOTALING $10.45 MILLION

by admin February 19, 2009

JOLIET, MORRIS AND CHICAGO, ILL. — New York-based Meridian Capital Group has arranged approximately $10.45 million in loans for four Illinois multifamily properties. In Joliet and Morris, the company has arranged $8.83 million in financing for three apartment communities totaling 237 units. The properties, which are located on Marbel Court in Morris and Larkin Avenue in Joliet, were recently remodeled. Joseph Schwimmer in the Illinois office of Meridian negotiated on behalf of the undisclosed borrower. Financing for all of the properties was based on a 10-year term, with rates ranging from 5.63 percent to 5.79 percent. In Chicago, Meridian has arranged approximately $1.62 million in financing for an apartment community located at 6110 N. Winthrop Ave. The loan for the 37-unit property was based on a 5-year term with a rate of 5.72 percent. Tannie Schnell in Meridian’s Illinois office secured financing for the undisclosed borrower.

February 19, 2009

Multifamily Northeast

CONSTRUCTION ADVANCING FOR HUDSON HILL CONDOMINIUM

by admin February 18, 2009

NEW YORK CITY — Manhattan, New York City-based Alchemy Properties is advancing construction for Hudson Hill Condominium, a 67-unit residential building currently under construction at 462 W 58th St. in New York City. Upon completion in June, the property will contain a mix of one-, two- and three-bedroom residences that range from 760 to 3,253 square feet in size and range from $805,000 to $2.98 million in price. Many of the homes feature terraces and balconies, and all five of the building’s penthouse units feature rooftop terraces. Building amenities include a 24-hour attended lobby, a video intercom system, a recreation room and an outdoor patio. The project was designed by FXFOWLE ARCHITECTS and is being developed by Alchemy. Sales have commenced for the residences and a model unit has been completed for prospective buyers.

February 18, 2009

Multifamily Northeast

MERIDIAN CAPITAL GROUP ARRANGES $32 MILLION MULTIFAMILY LOAN

by admin February 18, 2009

NEW YORK CITY — Meridian Capital Group has arranged $32 million in first-mortgage financing for a 13-story luxury apartment building located at 222 W. 83rd St. in the Upper West Side of Manhattan, New York City. The building comprises 111 apartments and four commercial units. Avi Weinstock of Meridian negotiated the financing on behalf of the undisclosed borrower with a local lender. Terms of the financing include a 5.85 percent fixed interest rate with 5 years of interest-only payments.

February 18, 2009

Multifamily Western

14-UNIT APARTMENT COMPLEX SELLS FOR $2.8 MILLION

by admin February 18, 2009

SHERMAN OAKS, CALIF. — Woodland Hills, Calif.-based Kiowa Arms LLC has acquired a 14-unit apartment complex, which is located at 14936-40 Magnolia Blvd. in Sherman Oaks, for approximately $2.8 million or $196,429 per unit. The two-building property offers two- and three-bedroom units. The buyer plans to renovate the complex and re-rent the vacant units. Vines Management represented the buyer; Dana Brody and Joshua May of Grubb & Ellis represented the undisclosed seller in the transaction.

February 18, 2009

Multifamily Southeast

236-UNIT APARTMENT COMPLEX SOLD FOR $20.5 MILLION

by admin February 17, 2009

LOUISVILLE, KY. — Blankenbaker Crossings Apartments has sold its 236-unit Class A apartment complex to an undisclosed buyer for $20.5 million. The complex is located in the Eastern suburbs of Louisville. Louisville-based Commercial Kentucky’s Craig Collins represented the seller.

February 17, 2009

Seniors Housing Texas

DEVELOPMENT UNDER WAY FOR MIRADOR

by admin February 17, 2009

CORPUS CHRISTI, TEXAS — Development is under way for Mirador, a 206-unit senior housing facility located at the corner of Staples Street and Yorktown Boulevard in Corpus Christi. The gated, resort-style community is located on 13 acres and features 110 independent living apartments, 40 assisted living suites, 40 skilled nursing care rooms and 16 memory support residences. Amenities at the community include a 25,000-square-foot common area that houses an on-site beauty salon/barber shop, comprehensive wellness programs, restaurant-style dining and a creative arts studio. Mirador is owned by Texas-based non-profit organization Senior Quality Lifestyles Corp. and is being developed by Greystone Communities. Architecture firm three is serving as project architect, with Gignac Landscape Architecture providing landscape architecture services and Bridget Bohacz + associates inc. serving as interior design firm. Andres Construction is serving as general contractor. The construction timetable was not released.

February 17, 2009

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