Multifamily

CUSHMAN & WAKEFIELD BROKERS 164-UNIT APARTMENT SALE

by admin August 20, 2008

BEDFORD, MASS. — Cushman & Wakefield of Massachusetts (C&W) has brokered the sale of Heritage at Bedford Springs, a 164-unit, Class A apartment community located in Bedford. Situated on 13 acres on the Middlesex Turnpike, the property contains six three- and four-story apartment buildings, as well as a two-story clubhouse. The unit mix contains one-, two- and three-bedroom apartment units, as well as one- and two-bedroom loft units. The residences average 1,092 square feet. Community amenities include an outdoor swimming pool with a waterfall, sundeck and barbecue area; a fitness center; a clubroom with a fireside lounge; an indoor café; a basketball court; and a media and business center. Robert Griffin, Jr., Simon Butler and Biria St. John of C&W represented the seller, Heritage Middlesex Turnpike LLC, and procured the buyer, a client of INVESCO Real Estate. The acquisition price was not disclosed.

August 20, 2008

ORBACH GROUP ACQUIRES MIRY RUN FOR $11.5 MILLION

by admin August 20, 2008

HAMILTON, N.J. — New Jersey-based the Orbach Group has acquired Miry Run Apartments, a 144-unit multifamily community located in Hamilton, for $11.5 million. The property contains nine buildings with a mix of one- and two-bedroom units. Rents range from $875 to $1,100, and the community was fully occupied at the time of closing. The seller was not disclosed.

August 20, 2008

Multifamily Northeast

GEBROE-HAMMER NEGOTIATES $3.6 MILLION MULTIFAMILY SALE

by admin August 20, 2008

HAMILTON, N.J. — Gebroe-Hammer Associates has negotiated the sale of White Horse Gardens, a 48-unit, mid-rise apartment community located at 60-66 White Horse Pike in Hamilton, for $3.6 million. The property comprises three three-story buildings with 12 one-bedroom units and 36 two-bedroom units. It was 95 percent occupied at the time of closing. Steven Follman, Elliot Schechter and Joel Schwartz of Gebroe-Hammer represented the seller and procured the buyer. Both parties were undisclosed.

August 20, 2008

Multifamily Texas

JUNIPER BORROWS $17.5 MILLION FOR AFFORDABLE HOUSING ACQUISITION

by admin August 20, 2008

FORT WORTH AND PLANO, TEXAS — Juniper Investment Group has secured two loans totaling $17.5 million for the company’s acquisition of two Texas affordable housing communities. Garden Gate Fort Worth is located at 6901 N. Beach St. in Fort Worth, and Garden Gate Plano is located at 1201 Legacy Dr. in Plano. Both properties contain 240 units with an average unit size of 840 square feet. Marc Sixour and Sabrina Solomiany of Holliday Fenoglio Fowler originated the financing on behalf of Juniper. Financing for the Fort Worth property totaled $7.8 million, and financing for the Plano property totaled $9.7 million. The lender was Freddie Mac.

August 20, 2008

Multifamily Texas

BMC CAPITAL ARRANGES ACQUISITION LOAN FOR SHERWOOD GLEN

by admin August 20, 2008

HOUSTON — BMC Capital has arranged a $1.28 million acquisition loan for Sherwood Glen, a 56-unit multifamily community located at 3805 Sherwood Lane in Houston. Terms of the financing include a 5-year fixed interest rate and a 25-year amortization schedule. The loan was arranged on behalf of an Austin-based 1031 exchange buyer. It will fund the purchase of the property, as well as provide for the property’s rehabilitation. The borrower was not disclosed.

August 20, 2008

Multifamily Western

HENDRICKS & PARTNERS BROKERS $13.7 MILLION MULTIFAMILY SALE

by admin August 20, 2008

SAN DIEGO — Long Beach, Calif.-based LINC Housing Corp. has acquired Arbor Village, a 112-unit multifamily community located at 4900 Logan Ave. in San Diego, for $13.7 million. The two-story, garden-style community features units offering ceiling fans, wall heating, window coverings, standard appliances, walk-in closets and private balconies or patios. The community also offers a private interior courtyard, 164 open parking spaces, a children’s playground and two on-site laundry facilities. Dick Bassett and Steve Huffman of Hendricks & Partners’ San Diego office represented the seller, DLG Arbor Village LLC with Davlyn Investments, General Partner of San Diego, in the transaction.

August 20, 2008

Multifamily Western

64-UNIT MULTIFAMILY PROPERTY TRADES HANDS

by admin August 20, 2008

LAS VEGAS — Snug Harbor, a 64-unit multifamily community, has been sold to Snug Harbor Condominiums Las Vegas LP, with WLA Investments as managing partner, for an undisclosed price. Located at 2780 E. Flamingo Rd., the property offers 69,432 square feet of residential space and 10,433 square feet of retail space. The community features 12 one-bedroom/one-bath units, 36 two-bedroom/two-bath units and 16 three-bedroom/two-bath units offering full-size washer/dryers, fireplaces, large kitchens with fully appointed appliance packages, ceiling fans, oversized roman tubs with spa jets, double-sink vanities in master baths, walk-in closets in master suites, ample storage and private balconies/patios. Additionally, the community offers a swimming pool, a heated spa, a state-of-the-art fitness center, an expanded leasing office, select covered parking spots and landscaped grounds. Joseph Kupiec of Grubb & Ellis|Las Vegas partnered with Diane Miramontes and Darcy Miramontes of Grubb & Ellis|BRE Commercial to represented the seller, AIMCO/RALS LP, in the transaction.

August 20, 2008

Multifamily Southeast

MARCUS & MILLICHAP BROKERS SALE OF ST. PETERSBURG APARTMENTS

by admin August 19, 2008

ST. PETERSBURG, FLA. — Michael Regan of Marcus & Millichap’s Tampa, Fla., office has represented two private citizens in the transaction of the 144-unit Gateway Apartments for $8.57 million. The property, located at 2000 N. Gandy Blvd. in St. Petersburg, was 60 percent occupied at the time of purchase.

August 19, 2008

Multifamily Northeast

KISLAK BROKERS $1.27 MILLION APARTMENT SALE

by admin August 19, 2008

JEFFERSON, N.J. — Woodbridge, N.J.-based The Kislak Company has arranged the sale of 29 Brady Boulevard, a 12-unit, garden-style apartment community located in Jefferson, for $1.27 million. Recently renovated, the property was fully occupied at the time of closing. Joseph Keenan of Kislak represented the seller, JC Property Management, and Don Baxter, also of Kislak, represented the undisclosed buyer. The community traded at a price of more than $100,000 per unit.

August 19, 2008

Multifamily Texas

HENDRICKS & PARTNERS NEGOTIATES SALE OF BAY BLUFF

by admin August 19, 2008

CORPUS CHRISTI, TEXAS — Hendricks & Partners has negotiated the sale of Bay Bluff, a 57-unit multifamily community located at 10333 Compton Rd. in Corpus Christi. Chris Ross and Scott Weems of the company’s San Antonio office represented the seller, Tulsa, Okla.-based EIG Texas Bay Bluff LLC. The buyer, Boerne, Texas-based Texas Bay Bluff LLC, acquired the property for an undisclosed amount.

August 19, 2008

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