Multifamily

RIVEROAK FORMS JV FOR DEVELOPMENT OF WATERVIEW EAST CONDOS

by admin June 12, 2008

NORWALK, CONN. — Stamford, Conn.-based RiverOak Investment Corp. has formed a joint venture with RMS Construction for the development of Waterview East, a $15.4 million residential condominium project located at 142-144 East Ave. in Norwalk. Construction will consist of two four-story buildings that will contain a total of 36 units and two 2,700-square-foot commercial spaces. The buildings will be situated on a 2.53-acre site, and will contain 72 parking spaces. Groundbreaking has occurred for the project. Waterview East marks the third investment for RiverOak Fund IV, the company’s $26 million value-added real estate fund.

June 12, 2008

ARCHSTONE WOODSONG SELLS FOR $44 MILLION

by admin June 12, 2008

RANCHO CUCAMONGA, CALIF. — Phoenix-based NNC Woodsong LLC has acquired Archstone Woodsong, a 262-unit apartment community in Rancho Cucamonga, for $44 million. Located at 8255 Vineyard Ave., the community consists of 46 percent one-bedroom units, 14 percent two-bedroom units and 40 percent three-bedroom units. Additionally, the property features two swimming pools, a spa, two lighted tennis courts, a children’s playground, barbeque grills, picnic areas and assigned covered parking. Paul Runkle and David Casper of Hendricks & Partners represented the seller, Englewood, Colo.-based Tishman Speyer Archstone-Smith Woodsong LP, in the transaction.

June 12, 2008

Multifamily Western

KLINGBEIL CAPITAL ACQUIRES MULTIFAMILY PORTFOLIO FOR $31.45M

by admin June 12, 2008

SAN DIEGO — Klingbeil Capital Management has acquired three San Diego multifamily properties from Mabie & Mintz Inc. for approximately $31.45 million. The portfolio includes the 90-unit Villa de Flores located at 7707 Mission George Rd.; the 56-unit Park East apartments located at 111 W. Pennsylvania Ave.; and San Carlos Townhouse Apartments, a 65-unit complex located at 6867 Golfcrest Dr. Jim Neil and Eric Comer of CB Richard Ellis’ San Diego central office represented the seller in the transaction; the buyer was self-represented.

June 12, 2008

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES $21.15 MILLION MULTIFAMILY SALE

by admin June 11, 2008

EAST HAVEN, CONN. — Marcus & Millichap has completed the sale of East Farm Village Apartments, a 240-unit multifamily property located at 55 and 65 Messina Dr. in East Haven, for $21.15 million. Situated on 7.67 acres, the property comprises a 10-story, 204-unit building, as well as a four-story, 36-unit building. Units range from 635-square-foot, one-bedroom units to 1,275-square-foot, three-bedroom units. Property amenities include community rooms, a fitness area, a dining/activity room with a full kitchen, a library and game room, basketball and bocce courts, a playground area, and an outdoor patio. Steve Witten and Victor Nolletti of the New Haven, Conn., office of Marcus & Millichap represented the buyer, 65 Messina Drive LLC, as well as the seller, East Haven Real Estate Associates. Financing for the purchase was provided by the New Haven office of NewAlliance Bank.

June 11, 2008

Multifamily Northeast

GEBROE-HAMMER CLOSES MULTIFAMIY PORTFOLIO

by admin June 11, 2008

NEWARK, N.J. — Gebroe-Hammer Associates has completed the $7.4 million sale of a three-property multifamily portfolio in the Weequahic neighborhood of Newark. The portfolio consists of 129 Chancellor Ave., a three-story, 50-unit facility; 603 Elizabeth Ave., a six-story, 55-unit property; and 595 Elizabeth Ave., a 25-unit garden apartment complex. The properties are fully occupied and feature units ranging from studios to two-bedroom, two-bathroom units. Elliot Schechter, David Oropeza and David Jarvis of Gebroe-Hammer brokered the transaction. The buyer and seller were undisclosed.

June 11, 2008

Multifamily Northeast

COMPLETION NEARING FOR 333 GREEN

by admin June 11, 2008

PHILADELPHIA — Narbrook Development, an affiliate of Philadelphia-based AMC Delaney Group, has broken ground for the construction of 333 Green, a seven-unit residential building located at 333 Green St. in the Northern Liberties neighborhood of Philadelphia. The property will feature seven four-bedroom townhomes, each with floor-to-ceiling windows, a back yard, a private garage, and a rooftop deck. Completion is scheduled for this summer; prices for the units start in the high $500,000’s. The units are being marketed exclusively by the Maria Quattrone team at the Philadelphia office of Coldwell Banker Preferred.

June 11, 2008

Multifamily Northeast

NORTHMARQ ARRANGES $5 MILLION MULTIFAMILY LOAN

by admin June 11, 2008

NEW YORK CITY — The greater Westchester regional office of NorthMarq Capital has arranged $5 million in second-mortgage financing for two multifamily properties located in New York City. The properties consist of 31-33 Carmine St., which contains 20 residential units and three commercial spaces, and 41-43 Carmine St., which contains 35 residential units and four commercial units. The loan carries a 5.4-year term with a 30-year amortization schedule. Robert Ranieri of NorthMarq originated the financing on behalf of the undisclosed borrower through Freddie Mac.

June 11, 2008

Multifamily Western

MARCUS & MILLICHAP CLOSES TWO MULTIFAMILY TRANSACTIONS

by admin June 11, 2008

SANTA MONICA AND LOS ANGELES, CALIF. — Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both parties in the sale and acquisition of a 10-unit multifamily property located in Santa Monica. Located at 827 Third St., the 8,404-square-foot property, which was built in 1958, sold for $3 million. Additionally, Richard Ringer of Marcus & Millichap’s West Los Angeles office represented the seller in the disposition of a 17-unit multifamily property located in Los Angeles. Built in 1987, the 23,376-square-foot property sold for $5.93 million. The property is located at 11513-11515 Rochester Ave. The seller and buyer were not disclosed.

June 11, 2008

Midwest Seniors Housing

ST. LOUIS ADULT DAY HEALTH CENTER FOR ELDERLY COMPLETED

by admin June 10, 2008

ST. LOUIS — Alexian Brothers Community Services, Blanton Construction and design firm Rosemann & Associates have completed an adult day health center located at 8449 Jennings Station Rd. in St. Louis. The 13,000-sqaure-foot Corpus Christi Church was redesigned for the elderly care program PACE to include a 3,000-square-foot building addition, medical clinic, social services offices, and an area designed to serve elderly participants with memory loss and Alzheimer’s. With construction totaling $3 million, the new facility will serve approximately 100 low-income seniors who require assistance to remain living independently.

June 10, 2008

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 120-UNIT APARTMENT COMPLEX

by admin June 10, 2008

BELLEVILLE, ILL. — Marcus & Millichap has arranged the $4.5 million sale of Freedom Drive Apartments, a 120-unit, six-parcel apartment complex located in Belleville. David Short and Matt Fairbairn of Marcus & Millichap’s St. Louis office represented the seller, MALJ Investments, and the buyer, a Japan-based entity, in the acquisition. Located less than 15 miles east of downtown St. Louis, the apartments were sold for $37,500 per unit.

June 10, 2008

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