Multifamily

HENDRICKS & PARTNERS BROKERS $19 MILLION MULTIFAMILY SALE

by admin January 15, 2009

NORTH OLMSTED, OHIO — Phoenix-based Hendricks & Partners has brokered the sale of Madison at Butternut Ridge, a 261-unit apartment community located at 5800 Great Northern Blvd. in North Olmsted. Oak Brook, Ill.-based JVM Butternut Apartments purchased the community from Butternut Ridge Apartment Associates, c/o BPG Properties of Philadelphia, for $19 million. The community houses 102 one-bedroom/one-bath units; 119 two-bedroom/two-bath units; and 40 three-bedroom/two-bath units. Amenities at the property include a clubhouse with an on-site business center, an indoor fitness center, a swimming pool, a playground, garages and a car wash park. The purchaser, which assumed an existing Fannie Mae mortgage with a balance of $12.9 million at a 4.21 percent interest rate, plans to invest an additional $1 million in the property for exterior improvements. Rick Vidrio, Rick Brace and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.

January 15, 2009

TWO MULTIFAMILY PORTFOLIOS TRADE FOR $50.9 MILLION

by admin January 15, 2009

BOSTON, LAWRENCE AND CAMBRIDGE, MASS. — Two Massachusetts multifamily portfolios have been disposed of for a total of $50.9 million. The first portfolio, known as the Riverside Management Portfolio, traded for $44 million. It contains three properties, two of which are located in Boston and one that is located in Lawrence, totaling 414 units. Robert Griffin, Jr., Simon Butler and Biria St. John of the Capital Markets Group of Cushman & Wakefield of Massachusetts (C&W) represented the undisclosed seller and procured the buyer, OMNI America, which is an affiliate of OMNI New York. In the second transaction, the trio, along with C&W’s Chris Sower, completed the $6.9 million sale of the Charles River Portfolio, which comprises 38 units spread throughout 11 buildings in Cambridge. Of the units, 30 are located on seven contiguous parcels along Banks and Elmer Streets; five units are located in three separate buildings on Putnam Avenue and Andrew Street; and three units are located on Maple Avenue. C&W represented the undisclosed seller and procured the buyer, Longfellow Apartments LLC.

January 15, 2009

Multifamily Texas

LMI SECURES $10.46 MILLION MULTIFAMILY ACQUISITION LOAN

by admin January 15, 2009

HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $10.46 million in permanent financing for the acquisition of Arbors on Westheimer Apartments, a 360-unit multifamily community located in Houston. Jamie Mullin of LMI originated the fixed-rate financing with one of the company’s Fannie Mae DUS lenders. The borrower was undisclosed.

January 15, 2009

Multifamily Southeast

DEUTSCHE BANK SECURES $51 MILLION FOR VIRGINIA APARTMENT

by admin January 14, 2009

FALLS CHURCH, VA. — Deutsche Bank Berkshire Mortgage has arranged a $51 million loan for the 493-unit Fairfield Crossing apartment complex in Falls Church. Financing for the 7-year, interest-only loan, which was funded to 59 percent of value, was provided by Freddie Mac. The 43-year-old property was renovated in 1991 and includes a pool, a fitness center, a jogging trail and tennis courts.

January 14, 2009

Multifamily Southeast

ROCK CREEK TERRACE OWNER LANDS LOAN FOR $35.11 MILLION

by admin January 14, 2009

ROCKVILLE, MD. — Holly Bray of Washington, D.C.-based Love Funding has arranged a $35.11 million loan for the refinancing of the 526-unit Rock Creek Terrace Apartments. Located at 12630 Veirs Rd. in Rockville, the complex spans 774,061 square feet. Apartment amenities include a pool, two playgrounds, an adult education center and a youth center. The 35-year loan, which was financed using the HUD 223(f) program, comes with a 6.2 percent fixed interest rate.

January 14, 2009

Multifamily Southeast

MARCUS & MILLICHAP BROKERS 20-UNIT APARTMENT SALE

by admin January 14, 2009

MIAMI — Jason Goldfarb of Marcus & Millichap’s Miami office has brokered a Weston, Fla.-based company’s sale of a 20-unit apartment building to a Miami buyer for $1.11 million. The building is located at 500-510 S.W. 3rd St. in Miami. The three-building property spans 15,000 square feet of land.

January 14, 2009

Multifamily Southeast

228-UNIT ATLANTA AREA APARTMENT COMPLEX CHANGES HANDS

by admin January 14, 2009

DECATUR, GA. — Equity Residential has sold the 228-unit Woodland Hills apartment complex to Resource Real Estate for an undisclosed amount. Located at 3471 N. Druid Hills Rd. in Decatur, the property features a swimming pool and tennis courts. Woodland Hills is currently 95 percent leased. Jason Nettles and Megan Thompson of Holliday Fenoglio Fowler’s Atlanta office represented the seller.

January 14, 2009

Midwest Multifamily

MARCUS & MILLICHAP BROKERS TWO MULTIFAMILY SALES

by admin January 14, 2009

CARPENTERSVILLE, ILL., AND COLUMBUS, OHIO — Marcus & Millichap has arranged the $23.05 million sale of Fox View Apartments located at 3 Oxford Rd. in Carpentersville. The 373-unit affordable housing community has a 95 percent Housing Assistance Payments (HAP) contract in place, as well as an existing Section 236 mortgage. The 326,868-square-foot community houses 109 two-bedroom/one-bath units and 264 three-bedroom/one-bath townhouses. Scott Harris and Kyle Shoemaker in the Oak Brook, Ill., office of Marcus & Millichap, as well as Paul Davis and Andrew Daitch in the firm’s Detroit office, represented the undisclosed seller in the transaction. Marcus & Millichap also represented the undisclosed buyer in the transaction. Additionally, the Columbus office of Marcus & Millichap has brokered the sale of Creekbend, a 64-unit multifamily community located in Columbus. A private limited liability company has purchased the property from an undisclosed institutional owner for $1.2 million. The property, which was 87 percent occupied at the time of closing, houses 32 one-bedroom and 32 two-bedroom units. J Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented both the buyer and seller in the transaction.

January 14, 2009

Midwest Multifamily

NORTHMARQ ARRANGES TWO MULTIFAMILY LOANS TOTALING $6.5 MILLION

by admin January 14, 2009

DULUTH AND NORTHFIELD, MINN. — Brian Hennen in the Minneapolis office of NorthMarq Capital has arranged $6.5 million in first mortgage financing for two Minnesota multifamily properties. In Duluth, Hennen arranged a $5.4 million loan for the 180-unit Highland Village Apartments. Financing for the property was based on a 10-year term, with a 30-year amortization schedule. In Northfield, Hennen arranged $1.1 million in first mortgage for Riverview Manor Apartments. The loan for the 48-unit community was based on a 10-year term, with a 30-year amortization schedule. Both of the loans were arranged for undisclosed borrowers through NorthMarq’s seller/servicer relationship with Freddie Mac.

January 14, 2009

Multifamily Northeast

HIGHGROVE TOPS OUT

by admin January 14, 2009

STAMFORD, CONN. — Construction has topped out for Highgrove, an 18-story luxury condominium tower located at Forest and Grove streets in the central business district of Stamford. Upon completion, the building will contain 92 residences, three guest suites and 230 indoor, valet parking spaces. Units will be available with two, three or four bedrooms, and will average 2,558 square feet each. Amenities include private elevator access to each unit, a wine cellar, a 24-hour doorman, concierge services, an indoor swimming pool with a retractable roof, a spa and fitness center, a private screening room and valet parking service. Residences are priced from $1.2 million. Highgrove is a joint venture project between Ceebraid-Signal Corp. and the New York-based real estate investment arm of Investcorp International. The project was designed by A.M. Stern Architects. Completion is scheduled for fall 2009.

January 14, 2009

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