Multifamily

MORAN & CO. BROKERS $40.75 MILLION MULTIFAMILY SALE

by admin September 12, 2008

SEATTLE — Seattle-based Cielo Azule LLC has purchased The Sidney, a 128-unit multifamily community located in downtown Seattle, for $40.75 million or approximately $424 per square foot. The property features apartments with 9-foot ceilings, open floor plans, full-size, stackable washer/dryers, balconies, bay windows, walk-in closets, kitchen pantries and electric fireplaces in select units. The community also offers a clubroom with lounge and kitchen, an indoor spa, a 24-hour fitness center, 146 parking spaces, a car wash area, a recycling center, bicycle storage and 7,976 square feet of retail space. Jeffrey Williams of Moran & Co.’s Pacific Northwest office brokered the transaction. The seller was Wallfour Realty Company Inc.

September 12, 2008

WASHINGTON FIRM ACQUIRES MARYLAND APARTMENT COMPLEX

by admin September 11, 2008

HYATTSVILLE, MD. — Washington, D.C.-based Federal Capital Partners has acquired the 242-unit Toldeo Plaza from an undisclosed seller through a subsidiary of the firm’s private equity fund for $18 million. The property encompasses 22 three-story buildings on 10 acres near The Mall at Prince George’s in Hyattsville. Federal Capital plans to start an $8.5 million renovation project immediately.

September 11, 2008

Midwest Multifamily

MERIDIAN CAPITAL GROUP ARRANGES FINANCING FOR BEVERLY HILLS APARTMENTS

by admin September 11, 2008

MUSKEGON, MICH. — New York City-based Meridian Capital Group has arranged $2.7 million in financing for the Beverly Hills Apartments located at 415 Mitzi Dr. in Muskegon. The 138-unit apartment community houses 12 three-story buildings. Financing was based on a 10-year term mortgage at a rate of 5.88 percent. David Lesser in the New Jersey office of Meridian Capital Group negotiated on behalf of the borrower, Dodgson Southwell Properties.

September 11, 2008

Multifamily Northeast

PEMBROKE NORTH COMPLETE

by admin September 11, 2008

WAYNE, PA. — Philadelphia-based Razak Co. has completed Pembroke North, a three-building, 54-unit residential condominium project located in the Philadelphia suburb of Wayne. The community features one-, two- and three-bedroom residences ranging in size from 1,273 to 2,632 square feet. Prices range from $500,000 to more than $1 million. The project has also registered for LEED certification; sustainable features include windows designed to maximize natural light, energy-efficient appliances, sustainable building materials, and geothermal heating and cooling systems. Pembroke North was designed by Philadelphia architect Robert Venturi.

September 11, 2008

Multifamily Texas

DEVELOPMENT BEGINS FOR STONELEIGH ON KENSWICK

by admin September 11, 2008

HUMBLE, TEXAS — A joint venture between Dallas-based Seneca Investments and Irvine, Calif.-based Passco Development Cos. has begun development for Stoneleigh on Kenswick, a 318-unit, Class A multifamily community located at 19800 Kenswick Dr. in Humble. Residences will be contained within two- and three-story buildings; community amenities will include a fully equipped clubhouse, a fitness center, a recreation area and a resort-style pool. The community is also located adjacent to a 275-acre nature preserve, which provides hiking, biking, canoeing and other outdoor activities. The joint venture acquired the 15-acre land parcel the community is being built on from The Fred and Mabel R. Parks Foundation in an approximately $2.19 million transaction. McDade, Smith, Gould, Johnston, Mason & Co. represented the partnership in the transaction; the seller was represented by Betz Cos. The construction timetable for Stoneleigh on Kenswick was not released.

September 11, 2008

Multifamily Texas

MARCUS & MILLICHAP COMPLETES 88-UNIT APARTMENT SALE

by admin September 11, 2008

SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of Ye Olde Colony Apartments, an 88-unit multifamily community located at 1631 Aquarena Springs Dr. in San Marcos. The property contains 70,126 rentable square feet, and is located less than 1 mile from the campus of Texas State University. Todd Sherrer of Marcus & Millichap’s Austin, Texas, office listed the property on behalf of the undisclosed seller. An out-of-state investor acquired the property for an undisclosed amount; the buyer was represented by Marcus & Millichap’s Kansas City, Missouri, office.

September 11, 2008

Multifamily Western

224-UNIT MULTIFAMILY COMPLEX FETCHES $23 MILLION

by admin September 11, 2008

RENO, NEV. — Ryan DeMar, Kenneth Blomsterberg and Dylan Mattole of Marcus & Millichap represented the seller, a North Carolina-based private partnership, in the disposition of Bristle Point, a 224-unit multifamily community in Reno. Located at 2050 Longley Lane, the 213,256-square-foot property sold for $23 million or $102,679 per unit. The property features a mix of one-, two- and three-bedroom units, a swimming pool, a spa, a fitness center, 9-foot and cathedral ceilings, fireplaces and bay windows. Marcus & Millichap also represented the buyer, a private Reno-based owner/operator, in the transaction.

September 11, 2008

Multifamily Western

ICAP ARRANGES $3.9M ACQUISITION LOAN FOR MULTIFAMILY PROPERTY

by admin September 11, 2008

SAN FRANCISCO — Michael Stoneman and Tai Dunson of iCap’s San Francisco office has arranged $3.9 million in financing for the acquisition of a multifamily property, which is located at 240 Cumberland St. in San Francisco’s Liberty Heights neighborhood. The property offers 23 one-bedroom units and seven studio units. The acquisition price of the property was $5.8 million or $193,000 per unit. The loan was priced at a 5.25 percent variable rate on a 12 MTA index using a 1.15x DSC ratio. The borrower and financer were not disclosed.

September 11, 2008

Midwest Multifamily

NORTHMARQ ARRANGES TWO MULTIFAMILY LOANS TOTALING $30 MILLION

by admin September 10, 2008

OLATH AND OVERLAND PARK, KAN. — Greg Duvall in the Kansas City office of NorthMarq Capital has arranged approximately $30 million in first-mortgage financing for two multifamily properties in Kansas. Duvall has arranged $15.3 million in first-mortgage financing for Millcreek Woods Apartments, which are located at 1711 N Ridgeview Rd. in Olathe. Financing for the 312-unit property was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. In Overland Park, Duvall has arranged $14.5 million in first-mortgage financing for the Pebblebrook Apartments, which are located at 7700 W 95th St. The loan for the 267-unit multifamily community was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. Both loans were arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac, through its streamline refinance program. Additionally, both transactions are a 7-year adjustable rate mortgage with an embedded cap.

September 10, 2008

Multifamily Northeast

ST. AMBROSE MAGNOLIA APARTMENTS RENOVATION NEARING COMPLETION

by admin September 10, 2008

NEW YORK CITY — Completion is nearing for major capital improvements at St. Ambrose Magnolia Apartments, a Section 8 housing community located at 686 Lafayette St. and 210 Kosciusko St. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The community consists of two identical buildings that contain 51 three- and four-bedroom units each. Upgrades include new lighting and painting throughout common areas; the redesign and renovation of an 800-square-foot community room at the Kosciusko Street building; new boilers, upgrades to the buildings’ plumbing and electrical systems; the installation of GFI outlets; new roofs; the restoration of parapets; and new asphalt and striping for the parking area. The project also aims to fix 177 building code violations for the community. The project is being designed and managed by Lester Evan Tour Architect; Manda International is serving as general contractor. Completion is scheduled for early fall.

September 10, 2008

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