Multifamily

BRIDGES ON THE PARK OPENS

by admin September 4, 2008

AUSTIN, TEXAS — The grand opening has been held for Bridges On The Park, a six-story residential condominium development located at the intersection of South Lamar Boulevard and Riverside Drive in Austin. The property features 104 condominium units, along with 9,065 square feet of ground floor retail space. The retail portion of the project is fully occupied, with a tenant roster that includes Viva Day Spa, Bows + Arrows, Lift, Hill Country Running Co. and W3LL. Michele Gary and Parker Estes of The Weitzman Group served as leasing agents for the retail portion of the project. Bridges On The Park was developed by CLB Partners.

September 4, 2008

LMI ARRANGES $29.62 MILLION IN MULTIFAMILY FINANCING

by admin September 4, 2008

HOUSTON — The Woodlands, Texas-based LMI Capital has secured two Houston multifamily loans totaling $29.62 million. The first is a $21.8 million loan secured by 7979 Westheimer Apartments, a 459-unit property. The loan carries a 7-year fixed rate, a 30-year amortization schedule and 3 years of interest-only payments, and will contribute to the refinancing of the property. Jamie Mullin of LMI arranged the funding on behalf of the borrower with the lender, Column Guaranteed. Additional, LMI arranged $7.82 million in acquisition financing for the 256-unit Waters at Kirkwood Apartments. Brandon Brown of LMI arranged the loan on behalf of Waters Partners LLC. The lender is Greystone Servicing Corp. Terms of the financing were not disclosed.

September 4, 2008

Multifamily Western

PROPERTY WEST ACQUIRES 300-UNIT APARTMENT COMPLEX FOR $71M

by admin September 4, 2008

CARDIFF BY THE SEA, CALIF. — Property West has purchased Cardiff by the Sea Apartment Homes, a 300-unit multifamily community located at 2170 Carol View Dr. in Cardiff by the Sea, for $71 million. Situated on a 21.86-acre site, the 284,360-square-foot property offers one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Additionally, the community features two swimming pools, three spas, two tennis courts and a fitness center. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented the buyer and the seller, Essex Property Trust, in the transaction.

September 4, 2008

Multifamily Northeast

CONSTRUCTION TOPS OUT FOR $45 MILLION RESIDENTIAL BUILDING

by admin September 3, 2008

NEW YORK CITY — Construction has topped out for 34 Leonard, a residential building located at the corner of Leonard Street and West Broadway in the Tribeca neighborhood of Manhattan, New York City. The building will feature 16 loft-style residences with industrial-scale windows, 10-foot ceilings and open layouts. Building amenities will include a hand-crafted, climate-controlled wine cellar; a landscaped roof deck with a grill and bar/prep area; a sunbathing area with an outdoor shower; a fitness center; a pet spa; and a 24-hour doorman. The $45 million project is being developed by R Squared Real Estate Partners.

September 3, 2008

Multifamily Texas

BUCHANAN STREET PARTNERS COMPLETES MF PURCHASE FINANCING

by admin September 3, 2008

IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.

September 3, 2008

Multifamily Western

WELLS FARGO PROVIDES $23 MILLION FINANCING FOR TOWNHOME COMPLEX

by admin September 3, 2008

PUYALLUP, WASH. — Wells Fargo has closed three separate Fannie Mae loans totaling $23 million for the acquisition of Phases I-V of Valley Townhomes in Puyallup. The loans feature a 7-year, interest-only term for the borrower, a Delaware Statutory Trust (DST), which was one of the first DST structures done by Fannie Mae. Valley Townhomes features 220 townhome units with attached garages, RV garages, playgrounds, ample parking and spacious grounds. Brian Manion of Wells Fargo Multifamily Capital’s Chicago office originated the financing.

September 3, 2008

Multifamily Northeast

KEYBANK ARRANGES $19 MILLION IN FANNIE, FREDDIE FINANCING

by admin September 2, 2008

LEXINGTON AND REVERE, MASS. — KeyBank Real Estate Capital has arranged two Boston-area multifamily loans totaling approximately $19 million. The first loan totals $10.6 million and is secured by Captain Parker Arms, a 94-unit, Class B property located in Lexington. The lender was Freddie Mac. The second loan totals $8.8 million and will provide for the refinancing of Point of Pines Apartments, a 72-unit, Class A property located in Revere. The lender is Fannie Mae; the borrower is 190 North Shore Road LLC.

September 2, 2008

Multifamily Texas

HENDRICKS & PARTNERS ARRANGES SALE OF LA MAURETA

by admin September 2, 2008

DENTON, TEXAS — Hendricks & Partners has arranged the sale of La Maureta, a 22-unit multifamily community located at 417 Withers in Denton. Ryan Warren of the company’s Dallas office represented the seller, locally based Avenue A Investment. The property was purchased by a California-based private investor for an undisclosed amount.

September 2, 2008

Multifamily Western

120-UNIT MULTIFAMILY COMPLEX SELLS FOR $11.3 MILLION

by admin September 2, 2008

FORT COLLINS, COLO. — Ohio-based Landmark Housing LLC has acquired Landmark Apartments in Fort Collins for $11.3 million or $94,167 per unit. Built in 1985, the 12-building property offers 120 apartment units. Marcus & Millichap represented the buyer; Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap represented the seller, Delaware-based Landmark Gables LLC, in the transaction. The property is located at 1050 Hobbit St.

September 2, 2008

Multifamily Northeast

MARCUS & MILLICHAP BROKERS 77-UNIT APARTMENT SALE

by admin August 29, 2008

PHILADELPHIA — Marcus & Millichap has brokered the sale of Oxford Terrace Apartments, a 77-unit multifamily community located in the Lawndale neighborhood of Philadelphia. The property contains five buildings of one-bedroom units. Fred Paisley of Marcus & Millichap’s Philadelphia office represented both undisclosed parties in the transaction. The acquisition price was not disclosed.

August 29, 2008

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