Multifamily

224-UNIT V APARTMENTS AT CITYVISTA COMPLETE

by admin October 21, 2008

WASHINGTON, D.C. — Lowe Enterprises recently completed The V Apartments at CityVista, a 244-unit complex located in the 843,000-square-foot Washington, D.C., development, CityVista. The complex features amenities such as a fitness center and a library. Retailers already complete in the mixed-use project include Safeway, Results The Gym, 5th Street Hardware, Chevy Chase Bank and the Busboys and Poets restaurant. CityVista also encompasses a 441-unit condominium property and a 1-acre private park. Michael Marshall Architecture designed The V Apartments, which marks the final phase of the $240 million mixed-use project.

October 21, 2008

HENDRICKS & PARTNERS ARRANGES MULTIFAMILY TRANSACTION

by admin October 21, 2008

ST. LOUIS — Phoenix-based Hendricks & Partners has represented both parties in the sale of Clara, a multifamily community located at 308-314 Clara Ave. in St. Louis. Chicago-based Clara Properties LLC has acquired the 36-unit property from Clayton, Mo.-based MIRP/DeBaliviere II Phase Two LLC. The buyer has plans to perform various unit and common area updates at the apartment community. Ken Aston, Paul Cunningham and Steve Pearl in the St. Louis office of Hendricks & Partners represented both parties in the transaction. The acquisition price was not disclosed.

October 21, 2008

Multifamily Southeast

352-UNIT FLORIDA APARTMENT COMPLEX SOLD FOR $16.7 MILLION

by admin October 20, 2008

FERN PARK, FLA. — Shelton Granade of CB Richard Ellis’ Orlando office has represented an undisclosed seller in its sale of the 352-unit Magnolia Grove apartment complex to an undisclosed buyer for $16.7 million. The property, which was built in 1972, is located at 2174 Sharp Court in Fern Park.

October 20, 2008

Multifamily Southeast

TAKOMA PARK PRESERVATION PROJECT NEARLY COMPLETE

by admin October 20, 2008

TAKOMA PARK, MD. — The Montgomery Housing Partnership is finishing construction on its $14.5 million Takoma Park Preservation project, consisting of 75 affordable housing units in three Takoma Park apartment complexes. In 2005, residents of these apartments were in danger of being priced out of their homes, so the housing partnership purchased the buildings and outfitted them with new plumbing and electrical systems, new kitchens and bathrooms and energy-efficient features. The newly-renovated Merrimac Gardens, The Crossroads at Flower and Sligo View Apartments opened to residents this month.

October 20, 2008

Midwest Multifamily

NORTHMARQ ARRANGES $9.94 MILLION MULTIFAMILY LOAN

by admin October 20, 2008

WEST LAFAYETTE, IND. — David Woida in the Milwaukee regional office of NorthMarq Capital has arranged $9.94 million in first mortgage financing for the acquisition of the Fairway Apartments located in West Lafayette. The 167-unit community, which is largely occupied by students, is situated within 1 mile of the University of Purdue campus. Financing was based on a 7-year term with 4 years interest only, and a 30-year amortization schedule. Through its seller-servicer relationship with Freddie Mac, NorthMarq arranged the loan for the borrower, Gross & Cohen Purdue LLC.

October 20, 2008

Multifamily Western

GROUND BREAKS FOR VILLAGGIO AT ROUTE 66

by admin October 20, 2008

RANCHO CUCAMONGA, CALIF. — Rancho Cucamonga-based Workforce Homebuilders LLC, in partnership with National Community Renaissance and Hope through Housing, has broken ground for the construction of Villaggio at Route 66, a master-planned 166-unit mixed-income apartment community in Rancho Cucamonga. The Tuscan-inspired project will consist of 100 two-bedroom units and 66 three-bedroom units ranging in size from 887 to 1,088 square feet and offering Energy Star appliances, wiring for high-speed Internet access, an outdoor patio/balcony and garage. Approximately 80 percent of the units are set aside for individuals earning 35 to 60 percent of the area’s median income. KTGY Group Inc. Architecture and Planning are providing architectural services for the project.

October 20, 2008

Seniors Housing Southeast

FLORIDA SENIOR HOUSING COMMUNITY SOLD

by admin October 20, 2008

PORT CHARLOTTE, FLA. —Marcus and Millichap has represented an undisclosed LLC in the sale of the 24,490-square-foot Courtyards of Horizon to a Port Charlotte-based doctor for $2.9 million. The senior housing facility, located at 2644 Rampart Blvd. in Port Charlotte, opened in 1989 and is licensed for 50 beds. The property was renovated in 2005 to fix damage brought on by Hurricane Charlie.

October 20, 2008

Midwest Seniors Housing

CAMBRIDGE REALTY CAPITAL PROVIDES $6.5 MILLION LOAN FOR NURSING HOME

by admin October 20, 2008

DEKALB, ILL. — Cambridge Realty Capital Cos. has provided a $6.5 million FHA-insured first mortgage loan for Pine Acres Care Center, a 119-bed skilled nursing home facility located at 1212 S. 2nd St. in Dekalb. The loan will be used to refinance the property and fund a 5,075-square-foot addition. The fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital of Illinois. The interest rate was not disclosed.

October 20, 2008

Multifamily Southeast

CONSTRUCTION COMMENCES ON 270-UNIT ARELIA JAMES ISLAND

by admin October 17, 2008

JACKSONVILLE, FLA. — Houston-based The Morgan Group has broken ground on the first phase of the 270-unit Arelia James Island, expected to deliver next April. The apartment complex is located at the intersection of Gate Parkway and Burnt Mill Road in Jacksonville. Amenities include a pool with a cabana kitchen, a fitness center equipped with plasma televisions, a business center, a coffee bar and a high-speed Internet café. This is the company’s second project on Jacksonville’s south side.

October 17, 2008

Multifamily Western

21-UNIT MULTIFAMILY PROPERTY SELLS FOR $1.11 MILLION

by admin October 17, 2008

SALT LAKE CITY — Jeff Davis of Salt Lake City-based Realty Pro represented the undisclosed buyer in the acquisition of Casa Grande Apartments in Salt Lake City. The 21-unit multifamily property sold for $1.11 million. Nathan Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The property is located at 1485 S. Roberta St.

October 17, 2008

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