Multifamily

Cobblegate Apartments in Sandy Sells for $93.8M

by Nellie Day January 11, 2017

SANDY, UTAH — Col Rich has acquired the 416-unit Cobblegate Apartments in Sandy for $93.8 million. The community is located at 910 E. 9000 South. Cobblegate Apartments is situated near Dimple Dell Regional Park, the Jordan Commons Megaplex Theatres and South Towne Center, a 1,300,000-square-foot shopping mall. Community amenities include underground parking, attached and detached garages and carports, a swimming pool, hot tub, large fitness center, playground, and clubhouse. Daniel Shin and Brock Zylstra of Marcus & Millichap represented the seller, a local developer, in this trasnsaction.

January 11, 2017

California Multifamily Western

Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion

by Nellie Day January 11, 2017

SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket. The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community. Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning. HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.

January 11, 2017

Multifamily Texas

Greysteel Arranges Sale of 30-Unit Multifamily Property in Irving

by Amy Works January 11, 2017

IRVING, TEXAS — Greysteel has brokered the sale of Radford Place Townhomes, a multifamily property located at 3922 Evergreen St. in Irving. Texas 05 Partners LLC sold the property to Radford PT LLC for an undisclosed sum. Built in 1986, the property features 30 two- and three-bedroom units — 24 of which have been renovated — covered parking, a swimming pool and a hot tub. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the seller and procured the buyer in the deal.

January 11, 2017

Multifamily Seniors Housing Texas

SLIB Negotiates $3.7M Sale of Skilled Nursing Facility in Snyder, Texas

by Amy Works January 11, 2017

SNYDER, TEXAS — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $3.7 million sale of a skilled nursing facility in Snyder, located approximately 110 miles northeast of Odessa, Texas. The facility was built in 1977 and features 97 licensed and 72 operational beds. A Texas-based operator purchased the property. Neither the seller nor the name of the facility were disclosed. Matthew Alley led the SLIB team in negotiating the transaction.

January 11, 2017

Alabama Multifamily Southeast

Berkadia Arranges $9.9M Sale of Two Apartment Communities in Huntsville

by John Nelson January 11, 2017

HUNTSVILLE, ALA. — Berkadia Real Estate Advisors has brokered the $9.9 million sale of two apartment communities in Huntsville totaling 375 units. The properties include the 223-unit Hillside Village at 4515 Bonnell Drive and the 152-unit Twickenham Village at 5001 Galaxy Way. David Oakley, David Etchison and David Wilson of Berkadia’s Birmingham office represented the sellers, Huntsville-based Hillside Village LLC and Twickenham Village LLC, in the transaction. The buyer, Huntsville-based VCP Twickenham LLC, plans to upgrade the interior and exterior of the communities, which were both built in 1985.

January 11, 2017

Connecticut Multifamily Northeast

Chozick Realty Facilitates $6.7M Sale of 97 Condo Units in Connecticut

by Amy Works January 11, 2017

EAST HARTFORD, CONN. — Chozick Realty has brokered the sale of 97 condominium units, along with controlling and managing interest, in the 156-unit Gateway Estate Condominiums complex in East Hartford. Up Realty LLC acquired the units for $6.7 million, or $69,072 per unit for the 97 units. Following the acquisition, Chozick Realty sourced and facilitated the acquisition of an additional 39 units from individual unit owners within the property, bringing the buyer’s total common ownership to 136 units in the complex. The initial 97-unit acquisition includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom units. The additional condos purchased include a variety of layouts at a range of prices. The three-building complex was constructed in two phases between 1969 and 1976. Rick Chozick and Steve Pappas of Chozick Realty represented seller, 231 Ellington LLC, and the procured the buyer in the deal.

January 11, 2017

Multifamily Texas

Greysteel Arranges Sale of Multifamily Property in Dallas

by Amy Works January 10, 2017

DALLAS — Greysteel has brokered the sale of Herschel Manor, a multifamily property located at 4107 Herschel Ave. in Dallas. 4107 Herschel LLC sold the property to WHA Yugen Sekinin Jigyou Kumiai LLP for an undisclosed price. Built in 1930, the property total 12 apartments and underwent a renovation and upgrade in 2015 and 2016. Renovations included upgrades to bathrooms and kitchens, installation of granite countertops and designer backsplashes in kitchens, stainless steel appliance packages throughout, upgraded hardware, fixtures and ceiling fans, refinished original hardwood flooring and new interior paint. Exterior renovations included painting the entire façade, new HVAC units and drought-resistant landscaping. The property also features a cookout area, covered parking and an on-site laundry facility.

January 10, 2017

Multifamily Texas

Innovative Multi-Family Investments Buys 232-Unit Apartment Community in Bay City for $10M

by Amy Works January 10, 2017

BAY CITY, TEXAS — San Antonio-based Innovative Multi-Family Investments LLC has acquired Shadow Bay Apartments, located at 1700 Baywood Drive in Bay City, for $10 million. Built in 1978 and renovated in 2015, the 167,773-square-foot property features 232 apartments, a clubhouse, swimming pool, grilling courtyard and picnic areas. The buyer will also manage the property. Jim Hurd of Houston Income Properties brokered the transaction. The name of the seller was not released.

January 10, 2017

Loans Multifamily Texas

BMC Capital Closes $4.4M Refinancing of Multifamily Property in San Antonio

by Amy Works January 10, 2017

SAN ANTONIO — BMC Capital has closed the $4.4 million cash-out refinancing of a multifamily property located in San Antonio. The 10-year loan features a 5.17 percent fixed interest rate, 75 percent loan-to-cost ratio and a 30-year amortization schedule. The undisclosed borrower will use the loan proceeds for a Class C multifamily property that it has owned for approximately one year.

January 10, 2017

Loans Multifamily New York Northeast

G.S Wilcox & Co. Secures $31.2M Loan for Apartment Community in Newburgh, New York

by Amy Works January 10, 2017

NEWBURGH, N.Y. — G.S. Wilcox & Co. has arranged a $31.2 million loan secured by a garden-style apartment community located in Newburgh. The property features 12 two-story residential buildings and a clubhouse. AIG provided the financing for the borrower, a partnership between The Fidelco Group and Diversified Realty Advisors. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrower.

January 10, 2017

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