Multifamily

M&M ARRANGES SALE OF COPPER CREEK APTS. IN FORT WORTH

by admin April 10, 2013

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit multifamily property located in Fort Worth. Copper Creek is 92 percent occupied and was built in 1986. The apartment community's list price was $6.2 million. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, Dallas-based Price Realty Corp., in the transaction. Silva also secured and represented the buyer, Texas-based 6011 Oakland Hills LP, which plans to make interior improvements to the property.

April 10, 2013

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

Seniors Housing Texas

COTTAGES AT CLEAR LAKE OPENS NORTH COTTAGE UNIT

by admin April 10, 2013

LEAGUE CITY, TEXAS — The Cottages at Clear Lake, an assisted living residence in League City serving Alzheimer's patients and other memory care residents, has added the North Cottage luxury residence. North Cottage features 48 private apartments. Meals, activities and daily programs are developed around smaller family groups within each unit.

April 10, 2013

Multifamily Western

BANNING VILLA APARTMENTS IN WILMINGTON SELLS FOR $10.5M

by admin April 9, 2013

WILMINGTON, CALIF. – The 90-unit Banning Villa Apartments in Wilmington has sold to Preservation Partners and Clifford Beers Housing for $10.5 million. The affordable housing complex for seniors is located at 1100 N. Banning Blvd. near San Pedro and the Port of Los Angeles. The new owner plans to invest about $50,000 per unit in capital improvements. A $9.4-million loan that was originated by Enterprise Community Loan Fund will be used for the facility’s acquisition and rehabilitation. The buyers were represented by Tim Steuernolof NAI Capital’s West Los Angeles office. The seller, VPP Banning Villas Apartments VP, was represented by Kanna and Ramu Sunkara of Sunkara Investments.

April 9, 2013

Midwest Multifamily

OWNERS OF WOODRUFF BUILDING IN SPRINGFIELD PLAN $13M REDEVELOPMENT

by admin April 9, 2013

SPRINGFIELD, MO. — The owners of the Woodruff building in Springfield are moving forward with a $13 million renovation plan that would transform the vacant structure into a 96-unit apartment complex dubbed Sky Eleven. The multifamily property, which is located at 333 Park Central E., will feature studio, one-, two- and three-bedroom apartments. Plans for the 10-story property include a pool, doorman service, theater room, fitness area, restaurant and office space on the first floor. Woodruff Historic Building LLC has hired general contractor Build LLC and architectural firm Buxton Kubik Dodd Creative for the building remodel. The Vecino Group, which is developing the Landmark Building across the street, is also part of the redevelopment team.

April 9, 2013

Multifamily Northeast

ARIEL PROPERTY ADVISORS ARRANGES $8.6M SALE OF 56-UNIT NYC APT. BUILDING

by admin April 9, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the sale of 500 Fort Washington Ave., a 56-unit multifamily building located in the Washington Heights neighborhood, for $8.6 million. The six-story, 44,295-square-foot walk-up includes 11 one-bedrooms, 35 two-bedrooms, nine three-bedrooms and one office unit. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller, a private investor, and identified the buyer, also a private investor.

April 9, 2013

Multifamily Texas

VESTAR, UBS ACQUIRE DEERBROOK MARKETPLACE IN HUMBLE

by admin April 9, 2013

HUMBLE, TEXAS — A joint venture between Vestar and a fund advised by UBS Global Asset Management has purchased Deerbrook Marketplace, a 350,000-square-foot retail center located in Humble. The all-cash transaction was Vestar's first purchase in Texas. The retail center's tenant roster includes Sports Authority, Best Buy, Bed Bath & Beyond, Marshalls, OfficeMax, PetSmart and Old Navy. George Cushing and Wendy Vandeventer of Jones Lang LaSalle represented the seller, Investcorp, in the transaction. Vestar was self-represented.

April 9, 2013

Multifamily Texas

CBRE BROKERS MULTIFAMILY SALE IN FORT WORTH

by admin April 9, 2013

FORT WORTH, TEXAS — CBRE has arranged the sale of a 106-unit garden-style apartment complex, located at 6327 Woodway Drive in Fort Worth. Chris Deuillet of CBRE represented the seller, G8 Opportunity Fund LLC, in the transaction. JDL Ventures LLC was the buyer.

April 9, 2013

Multifamily Western

BANNING VILLA APARTMENTS IN WILMINGTON SELLS FOR $10.5M

by admin April 9, 2013

WILMINGTON, CALIF. – The 90-unit Banning Villa Apartments in Wilmington has sold to Preservation Partners and Clifford Beers Housing for $10.5 million. The affordable housing complex for seniors is located at 1100 N. Banning Blvd. near San Pedro and the Port of Los Angeles. The new owner plans to invest about $50,000 per unit in capital improvements. A $9.4-million loan that was originated by Enterprise Community Loan Fund will be used for the facility’s acquisition and rehabilitation. The buyers were represented by Tim Steuernol of NAI Capital’s West Los Angeles office. The seller, VPP Banning Villas Apartments VP, was represented by Kanna and Ramu Sunkara of Sunkara Investments.

April 9, 2013

Midwest Multifamily

JOINT VENTURE ACQUIRES CHICAGO STUDENT HOUSING TOWER FOR $58.5M

by admin April 8, 2013

CHICAGO — A joint venture between Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co. has acquired 2 E. 8th St., a 330-unit student housing property in Chicago, for $58.5 million. Located in Chicago's South Loop, the 28-story high-rise building is close to Columbia College, Roosevelt University and more than 20 other schools. The property includes 882 beds, 20,000 square feet of ground-floor retail and a four-story parking garage. At the time of sale, the property was 96 percent leased. Chris Bancroft and Chris Epp of ARA Student Housing Group and Susan Lawson and Todd Stofflet of ARA Chicago represented the seller, Philadelphia-based Equus Capital Partners Ltd., formerly BPG Properties Ltd., in the transaction.

April 8, 2013

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