Multifamily

BET PURCHASES LINCOLN WOODS APARTMENTS FOR $29.3M

by admin April 5, 2013

LAFAYETTE HILL, PA. — An affiliated company of BET Investments Inc. has acquired Lincoln Woods Apartments, located at 9801 Germantown Pike in Lafayette Hill, about 20 miles north of Philadelphia. TIAA-CREF sold the property for $29.3 million, according to the Philadelphia Inquirer. The multifamily property was 98 percent leased at the time of sale. The average unit size is 774 square feet. With the addition of Lincoln Woods, BET Investments and its affiliates now own more than 2,500 apartment units in the Philadelphia area.Berkadia Commercial Mortgage LLC originated a 10-year, $25.5 million loan through Fannie Mae’s DUS platform for the acquisition. Lizann McGowan and Robert Fahey of CBRE represented the seller in the transaction.

April 5, 2013

MARQUETTE COS. BUYS VERANDAS AT CITYVIEW IN FORT WORTH

by admin April 5, 2013

FORT WORTH, TEXAS — The Marquette Cos., based in Naperville, Ill., has purchased the 314-unit Verandas at Cityview, a multifamily community located at 7301 Oakmont Blvd. in Fort Worth. The gated community features a swimming pool, fitness center, business center and TV lounge. Marquette plans to add a dog park, update the main entry, add new equipment for the coffee bar and renovate the office and clubhouse. The property is Marquette's fourth Texas property and second in the Dallas/Fort Worth area.

April 5, 2013

Multifamily Texas

ROCKWOOD BROKERS SALE OF DALLAS APARTMENT COMMUNITY

by admin April 5, 2013

DALLAS — New York-based Rockwood Real Estate Advisors has arranged the sale of The Park on Whitehurst, a 232-unit apartment community located in Dallas. Jordan Cortez of Rockwood's Dallas office led the Rockwood team in representing the seller. The Commons at Cliff Creek Ltd. purchased the property.

April 5, 2013

Multifamily Western

PROSPECT 400 APARTMENTS IN LA JOLLA SELLS FOR $29M

by admin April 5, 2013

SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.

April 5, 2013

Multifamily Western

AVONDALE APARTMENTS IN LOS ANGELES SELLS FOR $6M

by admin April 5, 2013

LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.

April 5, 2013

Multifamily Western

THE CORTINA APARTMENTS IN PHOENIX CHANGES HANDS

by admin April 4, 2013

PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.

April 4, 2013

Multifamily Northeast

UOB EAGLE ROCK ACQUIRES CLEMENS PLACE APARTMENTS FOR $29.5M

by admin April 4, 2013

HARTFORD, CONN. — UOB Eagle Rock Multifamily Property Fund LP has acquired Clemens Place Apartments, a 597-unit multifamily complex in Hartford, for $29.5 million. The revitalized 1920s-style community includes 595 apartments and two commercial spaces in 42 renovated buildings, 31 of which are on the National Register of Historic Places. The property is located at 160 Owen St., about one block from I-84. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, Intown West Associates Limited Partnership and Westtown LLC, in the transaction.

April 4, 2013

Multifamily Texas

CARROLL ORGANIZATION BUYS TWO LUXURY MULTIFAMILY PROPERTIES

by admin April 4, 2013

HOUSTON — Atlanta-based Carroll Organization has acquired two luxury residential communities in Houston's Energy Corridor: the 330-unit Waterford on Westheimer and the 330-unit Villas at Westheimer. Waterford on Westheimer features a swimming pool, outdoor grill, billiard room, coffee bar and sundeck. Villas at Westheimer features a resort-style swimming pool, outdoor gas and charcoal grills, computer lounge, fitness center, auto detailing services and lush landscaping. Carroll Organization now owns seven multifamily communities in Houston totaling 2,476 units. The company has completed more than $400 million of multifamily acquisitions during the past 18 months.

April 4, 2013

Multifamily Western

THE CORTINA APARTMENTS IN PHOENIX CHANGES HANDS

by admin April 4, 2013

April 4, 2013

Seniors Housing Texas

WEIS BUILDERS COMPLETES $28M SENIORS HOUSING REDEVELOPMENT

by admin April 4, 2013

BRYAN, TEXAS — Dallas-based Weis Builders has completed the $28 million redevelopment project for Crestview, a 242,000-square-foot seniors housing property in Bryan. Crestview was originally an independent living community but is now considered a continuing care retirement community, which provides independent living, assisted living, memory care and skilled nursing services. The community includes several dining options, libraries, sitting rooms, beauty salons/spas, activity rooms, community kitchens, a chapel, outdoor pool and fitness center.

April 4, 2013

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