Multifamily

ANDRES COMPLETES LEGACY AT WILLOW BEND

by admin December 8, 2008

PLANO, TEXAS — Dallas-based Andres Construction Services has completed construction for The Legacy at Willow Bend, a retirement community owned by The Legacy Senior Communities. The property features 103 independent-living apartment homes, 12 independent-living villas, 40 assisted-living apartment homes, 18 memory-support suites and 60 private-skilled healthcare suites. Amenities include a fitness center, an art studio, a salon and spa. The property is situated on 28 acres at Spring Creek Parkway between Preston Road and Ohio Drive.

December 8, 2008

NORTHMARQ CAPITAL ARRANGES $250 MILLION CREDIT FACILITY FOR MF PORTFOLIO

by admin December 8, 2008

LOS ANGELES — NorthMarq Capital Inc. arranges $250 million credit facility for an eight-property multifamily portfolio. The properties, which total 1,731 units, are located in California and Washington. Freddie Mac provided the financing. The undisclosed borrower utilized $150 million at closing and has the option to expand the facility to $250 million. The facility is priced over the Freddie Mac Reference Bill and can accommodate multiple tranches in 30-, 90-, 180- and 360-day increments. Michael Elmore of NorthMarq’s Los Angeles regional office arranged the financing.

December 8, 2008

Multifamily Western

SKYLINE GATEWAY FETCHES $18.4 MILLION

by admin December 8, 2008

TUCSON, ARIZ. — Tucson-based HSL Properties has acquired Skyline Gateway, a 246-unit multifamily community located at 4601 E. Skyline Dr. in Tucson. Chicago-based Equity Residential sold the property for $18.4 million. Built in 1985, the community comprises 14 three-story, garden-style buildings offering one- and two-bedroom units in six floorplans. The units feature air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators and a private balcony or patio. Community amenities include a clubhouse with kitchen, billiards, a heated swimming pool and spa, a tennis court, a fitness center, a putting green and barbeque areas. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.

December 8, 2008

Multifamily Western

$49.7 MILLION MORTGAGE SECURED FOR 390-UNIT APARTMENT COMMUNITY

by admin December 8, 2008

SUNNYVALE, CALIF. — Michael Elmore of NorthMarq Capital Inc.’s Los Angeles regional office has arranged a $49.7 million first mortgage for Montclaire Apartments in Sunnyvale. The property offers 390 residential units. The financing, which was provided by Freddie Mac, was based on a 10-year term plus a 1-year extension with a 30-year amortization schedule.

December 8, 2008

Multifamily Western

121-UNIT MULTIFAMILY COMMUNITY TRADES HANDS FOR $7 MILLION

by admin December 8, 2008

GRASS VALLEY, CALIF. — Located at 224 Dorsey Dr. in Grass Valley, Springhill Garden I & II has sold for $7 million. The multifamily property offers 121 units. Al Inouye and Steven Nelson of Hendricks & Partners’ Sacramento, Calif., office negotiated the transaction.

December 8, 2008

Multifamily Southeast

COMPANY TO BUILD FOUR FRATERNITY HOUSES AT UNIVERSITY OF GEORGIA

by admin December 5, 2008

ATHENS, GA. — Choate Construction Co. has begun the initial construction stages of the first phase of Greek Park, located on the University of Georgia campus in Athens. The park consists of three 20-bed fraternity houses and one 16-bed fraternity house. Construction includes building a new infrastructure, including storm drains, utilities, exterior walkways and parking lots. The houses will feature large common areas and an all-brick facade. Delivery is slated for June 2009.

December 5, 2008

Multifamily Texas

CBRE COMPLETES 300-UNIT MULTIFAMILY SALE

by admin December 5, 2008

GRAND PRAIRIE, TEXAS — CB Richard Ellis (CBRE) has completed the sale of Indigo Pointe Apartments, a 300-unit, luxury multifamily community located at 3033 W. Bardin Rd. in Grand Prairie. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office, along with Mark Stymiest, Bill Baxter and Dirk Goris of the firm’s Dallas office, represented the seller, Indigo Pointe Grand Prairie LP. The buyer, Deerfield, Ill.-based Sherman Residential, provided in-house representation. The acquisition price was not disclosed.

December 5, 2008

Multifamily Western

70-UNIT MULTIFAMILY PROPERTY TRADES HANDS FOR $7.25 MILLION

by admin December 5, 2008

VAN NUYS, CALIF. — Greg Harris of The Harris Group of Marcus & Millichap represented the seller, Sherman Way 70 LP, in the disposition of Windsor Village, a 70-unit multifamily community located at 14211 Sherman Way in Van Nuys. An undisclosed private investor acquired the property for $7.25 million or $103,571 per unit. The 58,239-square-foot property features six singles, 42 one-bedroom/one-bath units, 20 two-bedroom/two-bath units, a two-bedroom/two-bath townhome and a three-bedroom/two-bath townhome. The units feature dishwashers, gas stoves, wall air conditioning and ceiling fans. The community also features two swimming pools, a laundry facility, covered parking and controlled access.

December 5, 2008

Multifamily Northeast

KEYBANK ARRANGES $51.8 MILLION IN FANNIE, FREDDIE LOANS

by admin December 4, 2008

MASSACHUSETTS AND NEW YORK — KeyBank Real Estate Capital has arranged a total of $51.8 million in Fannie Mae and Freddie Mac loans for four projects located in Massachusetts and New York. In Cambridge, Mass., Forest City 91 Sidney Street LLC borrowed $25 million in Fannie Mae DMBS funds to refinance a 10-story, 135-unit property located within the 27-acre University Park at MIT master-planned development. In Great Neck, N.Y., Oxford Developers LLC borrowed $17.4 million in Freddie Mac immediate funding for Oxford Court, a 65-unit, Class A apartment complex. In Penfield, N.Y., Willow Pond Apartments LLC borrowed $6.5 million in Freddie Mac funds to refinance the 182-unit, Class B Willow Pond Apartments. Finally, in Danvers, Mass., Spring Meadows Associates LLC borrowed $2.9 million in Fannie Mae funding for the acquisition of a 22-unit multifamily property. Terms of the four loans were not disclosed.

December 4, 2008

Multifamily Texas

HENDRICKS & PARTNERS BROKERS SALE OF PECAN SHADOWS

by admin December 4, 2008

HOUSTON — The Houston office of Hendricks & Partners (H&P) has brokered the sale of Pecan Shadows, a 137-unit apartment community located at 580 W. Parker Rd. in Houston. H&P’s Jeff Eisenhardt represented the seller, Santa Clarita, Calif.-based Pecan Shadows, Ltd. The buyer, The Woodlands, Texas-based West Park 137 LLC, plans to undertake moderate improvements to the property, including the replacement of the roofs and upgrades to unit kitchens. Pecan Shadows is the last in a three-property portfolio that was sold by the California-based parties. The acquisition price was not disclosed.

December 4, 2008

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