Multifamily

CONSTRUCTION CONTINUES AT 500 FOURTH AVENUE CONDOS

by admin June 25, 2009

NEW YORK CITY – Matri Holdings and Prudential Douglas Elliman are continuing construction for the new 500 Fourth Avenue condominiums, located in the Park Slope neighborhood of Brooklyn, New York City. Scheduled for completion in the late fall, the 12-story tower will feature 156 studio-, one-, two- and three-bedroom residences ranging in size from 539 to 1,456 square feet. The condos will be priced from $342,000 to approximately $1.07 million. The building will also feature an approximately 3,000-square-foot duplex townhouse priced at $1.42 million. The building will also feature 5,000 square feet of amenity space, a Club 500 lounge and a 2,500-square-foot terrace. Amenities include a fitness area, a solarium for yoga and a children’s playroom. Sales have commenced on the property.

June 25, 2009

BMC ORIGINATES MULTIFAMILY ACQUISITION LOAN

by admin June 25, 2009

DALLAS — Dallas-based BMC Capital has originated $375,000 in acquisition financing for the purchase of Cole 8 Unit Apartments, an eight-unit multifamily property located in Dallas. Terms of the loan were not disclosed. The seller of the apartment community was represented by Dan Rhodes of Dave Perry-Miller & Associates. The parties involved were not disclosed.

June 25, 2009

Multifamily Western

HENDRICKS & PARTNERS BROKERS $17.5 MILLION MULTIFAMILY SALE

by admin June 25, 2009

GILBERT, ARIZ. — Hendricks & Partners has brokered the sale of Sky View Ranch, which is located at 4632 East Germann Rd. in Gilbert, for $17.5 million. The 232-unit property is a Class A apartment complex consisting of 11 three-story buildings with one-, two-, and three-bedroom units. The seller was Fairfield Skyview Ranch L.P., and the buyer was Mid-America Apartments, L.P. Mark Forrester and Bob Bruno of Hendricks’ Phoenix office negotiated the transaction on behalf of the seller.

June 25, 2009

Multifamily Southeast

360-UNIT CIRCLE AT SOUTH END COMPLETED TO LEED SPECIFICATIONS

by admin June 24, 2009

CHARLOTTE, N.C. — Crescent Resources Multifamily Development Group has completed construction of the 360-unit Circle at South End. Located at 222 E. Bland St. in Charlotte, the property is aimed at health-conscious residents and is entirely smoke free. The complex was built to LEED specifications, and green features include water-saving landscaping and fixtures and energy-efficient appliances.

June 24, 2009

Midwest Multifamily

ESSEX REALTY GROUP BROKERS SALE OF TWO MULTIFAMILY PROPERTIES

by admin June 24, 2009

CHICAGO – Essex Realty Group has brokered the sale of two 25-unit courtyard apartment buildings for approximately $6.24 million in Chicago. Located at 622 West Stratford and 629 West Cornelia in the city’s Lakeview neighborhood, the properties contain a total of 38 one-bedroom units and 12 two-bedroom units. Doug Imber and Mike Tetrick of Essex represented the seller; Imber also represented the buyer in the transaction.

June 24, 2009

Multifamily Texas

MARCUS & MILLICHAP BROKERS SALE OF MULTIFAMILY COMPLEX

by admin June 24, 2009

GALVESTON, TEXAS — Marcus & Millichap has brokered the sale of The Reef Resort Apartments, a 36-unit, multifamily property located at 8502 Seawall Blvd. in Galveston. The property has seasonal rates by the day, weekend and month, and it includes a swimming pool and a tennis court. Norman Eastwood, William Jarnagin and Michael Ware from Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a receiver. The buyer was a private investor from Texas.

June 24, 2009

Multifamily Western

ALEXAN PARADISE LANE FETCHES $21.5 MILLION

by admin June 24, 2009

PEORIA, ARIZ. — Deerfield, Ill.-based Sherman Residential has acquired Alexan Paradise Lane, a 240-unit luxury apartment community in Peoria, for $21.5 million. Located at 8092 W. Paradise Lane, the 247,960-square-foot property features a state-of-the-art athletic center, a business center with Wi-Fi access, a clubhouse and a heated resort-style swimming pool with spa. Units feature spacious floorplans, 9-foot ceilings, contemporary kitchens with black appliances, faux granite countertops, tile entryways and full-size washers/dryers. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller, a joint venture between Phoenix-based Trammell Crow Residential and Opus West Corp.

June 24, 2009

Multifamily Western

MARCUS & MILLICHAP BROKERS $1.26 MILLION APARTMENT BUILDING SALE

by admin June 24, 2009

LOS ANGELES — Paul Darrow and Ronald Harris of Marcus & Millichap represented the undisclosed seller in the disposition of Melrose Apartments in Los Angeles. Located at 4266 Melrose Ave., the 20-unit property sold for $1.26 million. Built in 1921, the property features 19 studio units and one one-bedroom/one-bath unit. The buyer was not disclosed.

June 24, 2009

Multifamily Western

MULTIFAMILY PROPERTY SELLS FOR $1.06 MILLION

by admin June 24, 2009

DENVER — Kyle Malnati of Pinnacle Real Estate Advisors represented the seller, Metropia Park West LLC, in the disposition of Park West Condominiums in Denver. Located at 1536 Williams St., the property features 10 one-bedroom/one-bath units and two studio units. Serving as a qualified intermediary for Lesia Anders, The 1031 Exchange Experts purchased the property for $1.06 million.

June 24, 2009

Multifamily Southeast

164-UNIT LUXURY MULTIFAMILY PROPERTY IN DESIGN PHASE

by admin June 23, 2009

HOWARD COUNTY, MD. — Timonium, Md.-based Bavar Properties Group and Murn Development will break ground on the 164-unit Enclave at Emerson luxury multifamily complex early next year in General Growth Properties’ Emerson community. The master-planned project is located at the interchange of Route 216 and Interstate 95 in Howard County. The Enclave will encompass 129 apartments, 35 townhomes and a 5,000-square-foot clubhouse. The developers are currently in the design phase and expect to select a contractor this fall.

June 23, 2009

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