Multifamily

SEVEN UNITS AT OCEANIA SOLD BY AUCTION FOR $4.5 MILLION

by admin May 18, 2009

HULL, MASS. — Flynn / Boston Realty Advisors has arranged the sale by auction of seven residential condominium units at Oceania, a newly constructed condo property located in Hull, for a combined $4.5 million. Oceania contains 16 units in a mix of two- and three-bedroom units. Many of the units include offices/dens, as well as large balconies overlooking Cape Cod Bay and the Boston skyline. Winning bids ranged from $530,000 for a 2,882-square-foot unit to $875,000 for a 2,798-square-foot penthouse unit that features its own roof deck. These units were originally priced at $1.22 million and $1.42 million, respectively. Oceania is owned by Weymouth, Mass.-based Seven Hills LLC.

May 18, 2009

CAPMARK ORIGINATES $8.5 MILLION FOR APARTMENT PURCHASE

by admin May 18, 2009

HOUSTON — Capmark Finance has arranged $8.5 million in acquisition financing for Ashford Court Apartments, a 442-unit multifamily property located in Houston. The property was originally built in 1983 and renovated in 2006 by the previous owner. Ashford Court contains apartment and townhome units, with the average unit size totaling 641 square feet. The property was 93 percent occupied at the time of closing, and the average monthly rent was $585. The borrower, Ashford Court LLC, plans to complete more than $1 million in renovations in an effort to increase energy efficiency and lower operating costs. Andy Hill with Capmark’s Houston office originated the transaction. The non-recourse loan carries a 5.44 percent fixed rate, a 10-year term and a 30-year amortization schedule.

May 18, 2009

Multifamily Western

HFF ARRANGES $23.28 MILLION REFINANCING LOAN

by admin May 18, 2009

RANCHO CUCAMONGA, CALIF. — The New York office of Holliday Fenoglio Fowler (HFF) has arranged a $23.28 million loan for the refinancing of Ironwood Apartments, a 260-unit apartment community located in Rancho Cucamonga. Located at 11100 4th St., the 94-percent occupied property features one-, two- and three-bedroom units averaging 920 square feet. Whit Wilcox of HFF secured the 7-year, adjustable-rate loan through Freddie Mac for the borrower.

May 18, 2009

Multifamily Western

CHARLES DUNN CO. BROKERS THREE MULTIFAMILY TRANSACTIONS

by admin May 18, 2009

SANTA MONICA AND HOLLYWOOD, CALIF. — Hamid Soroudi and Kimberly Roberts-Stepp of Charles Dunn Co. has negotiated three multifamily transactions totaling more than $7.42 million in Santa Monica and Hollywood. In a $1.41 million all-cash transaction, E6 LLC acquired a five-unit, 3,256-square-foot property, which is located at 844 14th St. in Santa Monica. Roberts-Stepp represented the buyer in the transaction. Also in Santa Monica, Xenon Investment Corp. sold 1901 Sixth Street, a 16-unit, 14,399-square-foot multifamily property to 1626 N. Fuller LLC for $2.97 million. Soroudi represented the seller; Roberts-Stepp represented the buyer in the transaction. In the final transaction, Jay Harek acquired 1626 N. Fuller Avenue, a 12,540-square-foot multifamily property in Hollywood, from 1626 N. Fuller LLC for $3.05 million. Roberts-Stepp represented the buyer; Soroudi and Roberts-Stepps represented the seller in the transaction.

May 18, 2009

Multifamily Western

66-UNIT MULTIFAMILY PROPERTY FETCHES $2.12 MILLION

by admin May 18, 2009

DENVER — 1620 Grant Street LLC has purchased Winbro, a 66-unit apartment complex in Denver, for $2.12 million. The buyer plans to make capital improvements to the property, which is located at 1620 Grant St. Frank Farrell of Hendricks & Partners’ Denver office represented the seller, Winbro Investors LLC, in the transaction.

May 18, 2009

Multifamily Southeast

$18.25 MILLION LOAN SECURED FOR APARTMENT COMPLEX

by admin May 15, 2009

CASSELBERRY, FLA. — LaSalle Investment Management has borrowed $18.25 million for its 408-unit Harbor at Lake Howell apartment complex. The property, which sits on 34 acres at 1280 Vinings Lane in Casselberry, is 90 percent leased. Apartment amenities include two swimming pools, a tennis court, a fitness center and a business center. Freddie Mac financed the 7-year, adjustable-rate loan. John Rose of Holliday Fenoglio Fowler’s Dallas office and Paul Stasaitis and Elliott Throne of the firm’s Coral Gables, Fla., office secured the loan.

May 15, 2009

Multifamily Northeast

119-UNIT APARTMENT BUILDING SELLS FOR $11.22 MILLION IN BROOKLYN

by admin May 15, 2009

NEW YORK CITY — Massey Knakal has brokered the $11.22 million sale of 333 Ovington, Ave., a six-story, 119 rental unit elevator apartment building located between Third and Fourth Avenues in Brooklyn’s Bay Ridge neighborhood in New York City. The price equates to 9x GRM, $121 per square foot, $94.3k per unit, and a 6 percent capitalization rate. Landon McGaw of Massey Knakal handled the listing along with colleague Stephen Palmese. The buyer and seller were undisclosed.

May 15, 2009

Multifamily Northeast

MARCUS & MILLICHAP BROKERS SALE OF MANORVIEW APARTMENTS

by admin May 15, 2009

LODI, N.J. — Marcus & Millichap has brokered the sale of Manorview Apartments in Lodi. The 21-unit property, which also contains one office space property, was sold for $2.2 million. Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. Manorview Apartments was built on Main Street in 1950. It features a lot size of .24 acres, and a rentable square footage of 17,850 square feet.

May 15, 2009

Multifamily Western

24-UNIT APARTMENT COMPLEX FETCHES $3.8 MILLION

by admin May 15, 2009

VENICE, CALIF. — Kevin Sabin and Lev Galitzin of Sperry Van Ness represented the seller in the disposition of The Venice Rose, an apartment complex located at 15 Rose Ave. in Venice. An undisclosed out-of-state buyer acquired the property for $3.8 million or $348 per square foot. Originally built in 1908 by Abbot Kinney, the property features 13 single units, nine one-bedroom/one-bath units and two two-bedroom/one-bath units. The building also features a rooftop deck with ocean views, huge balconies/patios and hardwood flooring.

May 15, 2009

Seniors Housing Western

MARINER HEALTH CARE ACQUIRES 74,000-SQUARE-FOOT FACILITY

by admin May 15, 2009

HAYWARD, CALIF. — Mariner Health Care (GranCare Inc.) has acquired Hayward Hills Health Care Center, a 74,000-square-foot, 72-bed skilled nursing facility in Hayward. Located at 1768 B St., the property sold for $3.5 million. David Stolte of NAI Capital represented the buyer; Jay Hagglund of NAI BT Commercial represented the undisclosed seller in the transaction.

May 15, 2009

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