Multifamily

$18.7M APARTMENT COMMUNITY IN WAUKEE HOSTS GRAND OPENING

by admin April 11, 2013

WAUKEE, IOWA — A grand opening celebration was held Tuesday for The Winhall of Williams Pointe, a new $18.7 million, 206-unit apartment community located along University Avenue in Waukee. Hubbell Realty Co., along with its equity partner, Washington, DC.-based Persimmon Capital Partners, is developing the project. Construction of The Winhall began in May 2012. Currently, four of the eight buildings are completed as well as the community clubhouse. The remainder of the buildings will be delivered throughout 2013. Hubbell Construction Services is building the multifamily property. Hubbell Apartment Living will manage the community.

April 11, 2013

HOME PROPERTIES SELLS TWO APARTMENT PROPERTIES FOR $109.1M

by admin April 11, 2013

SAYVILLE, N.Y. — Rochester, N.Y.-based Home Properties has sold two multifamily communities in New York and Maryland for a combined total of $109.1 million. South Bay Manor, a 61-unit multifamily property in Sayville, traded for $11.1 million. Net proceeds to the seller, after closing costs and debt assumed by the buyer, were approximately $4.4 million. The second apartment property, Falkland Chase, a 450-unit apartment complex in Silver Spring, Md., sold for $98 million. Falkland Chase consists of three parcels and is approved for 70,000 square feet of retail space. Net proceeds to Home Properties, after closing costs and debt repayments, were $60.3 million.

April 11, 2013

Multifamily Texas

M&M BROKERS SALE OF KENWOOD APTS. IN CORSICANA

by admin April 11, 2013

CORSICANA, TEXAS — Marcus & Millichap has arranged the sale of the 243-unit Kenwood Apartments, located at 3242 Hillsdale St. in Corsicana. Michael Ware and William Jarnagin of Marcus & Millichap's Dallas office represented the seller, a private investor from California, in the transaction.

April 11, 2013

Multifamily Western

SANDPIPER APARTMENT HOMES CHANGES HANDS IN HOLLADAY

by admin April 11, 2013

HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.

April 11, 2013

Multifamily Western

THE FAIRWAYS IN CHANDLER SELLS FOR $35.2M

by admin April 10, 2013

CHANDLER, ARIZ. — The Fairways, a 352-unit apartment community in Chandler, has sold to the Bascom Group for $35.2 million. Bascom completed the acquisition in conjunction with its local affiliate, Bascom Arizona Ventures LLC. The community is located at 777 West Chandler Blvd. on the San Marcos Golf Resort. The seller, Situs Holdings LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.

April 10, 2013

Multifamily Southeast

FOREIGN INVESTOR ACQUIRES SUNNY ISLES BEACH PROPERTY FOR $5.7M

by admin April 10, 2013

SUNNY ISLES BEACH, FLA. — A private foreign investor has acquired the 17-unit Bella Apartments, located at 225 179th Drive in Sunny Isles Beach, for $5.7 million, or $251 per square foot. Completed in 2007, the gated seven-story property is fully occupied. Apartment amenities include private terraces, luxury appliances, 9-foot ceilings and storage facilities. The units average 1,337 square feet. CBRE represented the seller, Unimar Property Holdings of Miami, in the transaction.

April 10, 2013

Multifamily Southeast

UC FUNDING ARRANGES $4.7M BRIDGE LOAN FOR CLASS C APARTMENT COMPLEX

by admin April 10, 2013

COLUMBIA, S.C. — UC Funding LLC has arranged a $4.7 million bridge loan for the acquisition and renovation of a 180-unit, Class C apartment complex in Columbia. The borrower is a real estate professional with more than 15 years of experience in acquiring multifamily properties in Texas, South Carolina and Florida. The borrower currently owns and manages 5,300 units.

April 10, 2013

Midwest Multifamily

BERNARD FINANCIAL ARRANGES $11.3M LOAN FOR HILLSIDE FOREST APARTMENTS

by admin April 10, 2013

FARMINGTON HILLS, MICH. — Bernard Financial Group has arranged an $11.3 million HUD 223 (a)(7) loan for Hillside Forest Apartments in Farmington Hills. The multifamily property includes 252 units. The borrower was Hillside Forest LLC. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan. The lender was Prudential Huntoon Paige Associates LLC.

April 10, 2013

Midwest Multifamily

OPUS GROUP CONSTRUCTS LUXURY APARTMENT COMPLEX IN KANSAS CITY

by admin April 10, 2013

KANSAS CITY, MO. — Construction is underway on 51 Main, a 176-unit apartment complex in Kansas City. The six-story multifamily property will include 10,000 square feet of ground-level retail, onsite covered parking, a pool, grilling area and cabana. Construction began in January and the first residents are slated to take occupancy in early fall 2014. Opus Design Build LLC is the design-build contractor for the project. Opus AE Group LLC is the architect and engineer of record, and 360 Architecture is providing architectural schematic and landscape design services. VanTrust Real Estate and Land Development Strategies are co-developing the project for a VanTrust-related ownership.

April 10, 2013

Multifamily Northeast

HUDSON REALTY CAPITAL FUNDS $16M LOAN FOR BROOKLYN MULTIFAMILY PROPERTY

by admin April 10, 2013

NEW YORK CITY — Hudson Realty Capital LLC has funded a $16 million first mortgage loan for a newly constructed vacant multifamily property located on Meserole Street in Brooklyn. The five-story elevator building includes 49 one- and two-bedroom units with a terrace or balcony, fitness center, multipurpose room, roof deck, ground-level garden and a below-grade parking garage. Nearby public transportation links include the L, J, M and G subway lines. The repeat borrower has closed four recent transactions with Hudson.

April 10, 2013

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