Multifamily

VILLAGE GREEN APARTMENTS FETCHES $11.5 MILLION

by admin May 26, 2009

SAN DIEGO — Wakeland Housing and Development Corp. has acquired Village Green Apartments, a 94-unit multifamily community located at 4140-4150 Bonillo Dr. in San Diego. Odom Family LP sold the property for $11.5 million. The property features 56 two-bedroom/two-bath units, 24 two-bedroom/one-and-a-half bath units and 15 three-bedroom/two-bath units. Additionally, the community features a swimming pool, a spa, a playground and laundry facilities. Tim Kerrigan, Eric Comer, Jim Neil and Merrick Matricardi of CB Richard Ellis represented both parties in the transaction.

May 26, 2009

MARCUS & MILLICHAP BROKERS MULTIFAMILY SALE

by admin May 22, 2009

NEW BRUNSWICK, N.J. — Marcus & Millichap has brokered the $1.5 million sale of a 20-unit apartment property located in New Brunswick. Located on Quentin Avenue, the facility features 14,000 rentable square feet with 13 one-bedroom apartments and seven studio apartments. The property also offers onsite parking. Maz Radwan of Marcus & Millichap’s New Jersey office, marketed the exclusive listing on behalf of the seller, a local investor, and he procured the buyer, also a local investor.

May 22, 2009

Multifamily Western

EIGHT-UNIT MULTIFAMILY PROPERTY TRADES HANDS

by admin May 22, 2009

MONROE, WASH. — Ryan Kidwell of Marcus & Millichap’s Seattle office represented the undisclosed seller in the disposition of Sandra Lynn Apartments in Monroe. The eight-unit apartment community sold for $560,000. Located at 316 S. Kelsey St., the garden-style property was built in 1965. Kidwell also represented the undisclosed buyer.

May 22, 2009

Seniors Housing Southeast

FLORIDA ASSISTED LIVING PROPERTY UNDER CONSTRUCTION

by admin May 22, 2009

SARASOTA, FLA. — CORE Construction Florida has broken ground on the 84-unit DeSoto Palms senior housing complex. The property is located on DeSoto Road in Sarasota. An investment group headed by Intracoastal Medical Group doctors is funding the $13 million project. Delivery is expected in February 2010.

May 22, 2009

Midwest Multifamily

TIKIJIAN COMPLETES SALE OF 132-UNIT APARTMENT COMMUNITY

by admin May 21, 2009

ANDERSON, IND. — Indianapolis-based Tikijian Associates has completed the sale of Hilltop Apartments, a 132-unit multifamily community located in Anderson. Tikijian represented the court-appointed receiver, Buckingham Cos., in the sale. The property had formerly been owned by Chicago-based Wextrust Capital LLC, but was placed into receivership in 2008 after the two principals of Wextrust were indicted on federal fraud charges and subsequently incarcerated. It was acquired by Bloomfield, Ind.-based Renewing Properties, which plans to complete major capital improvements to the property. The swimming pool will be renovated, new windows and doors will be installed, older units will be remodeled and the community will be renamed Stonebrook Townhomes & Apartments. The community will be managed by Renewing Management. The sale price was not released, but the property listed for $2.25 million.

May 21, 2009

Multifamily Northeast

ARBOR ARRANGES $1.96 MILLION FANNIE MAE LOAN

by admin May 21, 2009

BOSTON — Arbor Commercial Funding has arranged $1.96 million in financing for a 16-unit apartment community, located at 106 Wrentham St. in Boston. The loan carries a 10-year term with a 30-year amortization schedule and a 5.7 percent interest rate. It was originated by John Kelly of Arbor’s Boston office. The loan was obtained through the Fannie Mae DUS Small Loan product line. The borrower was undisclosed.

May 21, 2009

Multifamily Texas

19 CONDOS AT BRAZOS PLACE AUCTIONED OFF

by admin May 21, 2009

AUSTIN, TEXAS — Kennedy Wilson Auction Group has conducted the auction of the remaining 19 condominiums at Brazos Place, a 14-story residential tower located at 800 Brazos St. in Austin. The condos involved in the auction range in size from a 623-square-foot, one-bedroom units to the 2,745-square-foot, three bedroom penthouse. The units were sold from $168,000 for the one-bedroom unit to $970,000 for the penthouse. More than 500 people attended the auction. Brazos Place opened approximately 2 years ago. It consists of the residential redevelopment of the former Commodore Perry Hotel. It features 75 residential units, as well as ground-floor retail and office space. Amenities include a fitness center, a rooftop terrace, and valet and concierge services. The 19 units involved in the auction were the only unsold units left in the building.

May 21, 2009

Multifamily Southeast

LOUISVILLE APARTMENT COMPLEX SOLD FOR $5.8 MILLION

by admin May 20, 2009

LOUISVILLE, KY. — Iroquois Gardens New Cut LLC has sold the 156-unit Iroquois Gardens Apartments to two West Coast-based investors, Robt2 Limited and Assured Security Storage, for $5.8 million. The property is located at 518 Iroquois Gardens Dr. in Louisville. Louisville-based PRG Investments’ Fred Sutterlin brokered the sale.

May 20, 2009

Multifamily Northeast

NORTHMARQ CAPITAL ARRANGES LOAN FOR MULTIFAMILY PROPERTY

by admin May 20, 2009

GREENPOINT, N.Y. — Charles Cotsalas and Ernest DesRochers of NorthMarq Capital’s Long Island Regional office have arranged first mortgage construction/permanent financing in the amount of $2 million for 760-764 Manhattan Ave. in Greenpoint. The property is a mixed-use multifamily property containing six two-bedroom units and three one-bedroom units, as well as six ground floor retail rental units. Construction financing was for 18 months with an option to convert to a fixed-rate permanent for 5 years with a 25-year term amortization schedule upon stabilization. The loan was arranged by NorthMarq through its relationship with a local savings bank.

May 20, 2009

Multifamily Northeast

MASSEY KNAKAL SELLS MULTIPLE PROPERTIES IN NEW YORK CITY

by admin May 20, 2009

NEW YORK CITY — Massey Knakal has completed the $5.13 million sale of two adjacent, mixed-use buildings located at 329 and 331 Lexington Ave. on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood in New York City. 329 Lexington Ave. is a five-story building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately 5 years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights. 331 Lexington Ave. is a seven-story corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground floor. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights. The properties were purchased by United Prime LLC. The seller was the Estate of Titania Tarwid. In Flushing, Queens, Massey Knakal brokered the $1.83 million sale of 143-28 Cherry Ave., a corner …

May 20, 2009

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