Multifamily

$198M K2 APARTMENTS OPENS IN CHICAGO

by admin February 11, 2013

CHICAGO — Fifield Cos. and national developer Wood Partners have received a partial certificate of occupancy for the $198 million K2, a 496-unit luxury apartment building in Chicago’s River West neighborhood. The certificate of occupancy is valid for the basement through the seventh floor of the 34-story apartment tower, and the first move-ins will take place March 1. Residences at K2 include studio, one-, two- and three-bedroom apartments. Interiors feature nine-foot ceilings, stainless steel appliances, granite counter tops and plank flooring. Rents range from $1,650 for a studio to $6,500 for a three-bedroom, three-bath penthouse. Locally based Fifield partnered with Wood Partners to break ground on K2 in October 2011. Construction for the entire building is nearly complete and leasing has begun.

February 11, 2013

JOINT VENTURE SECURES $31.4M CONSTRUCTION LOAN FOR CHARLESTOWN APARTMENTS

by admin February 11, 2013

NORTH EAST, MD. — A joint venture between The Dolben Co. Inc and Klein Enterprises has secured $31.4 million in construction financing for The Apartments at Charlestown. The 332-unit multifamily property is set within the larger Charlestown Crossing Planned Unit Development, a community of townhomes, single-family homes and future retail stores. The total project cost is $42.2 million with the construction loan from Cleveland-based KeyBank and $10.8 million of equity. Construction is under way with the first units expected to be complete by the end of the first quarter.

February 11, 2013

Multifamily Texas

CBRE BROKERS SALE OF STONE PARK APTS.

by admin February 11, 2013

HOUSTON — CBRE has arranged the sale of the 480-unit Stone Park Apartments, a 414,564-square-foot multifamily community located along Sam Houston Parkway in northeast Houston. The community was completed in two phases in 2004 and 2007. Ryan Epstein of CBRE represented the seller in the transaction.

February 11, 2013

Multifamily Texas

IPA SECURES SALE OF SAN ANTONIO MULTIFAMILY COMMUNITY

by admin February 11, 2013

SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale The Manor at Castle Hills, a 306-unit apartment community located at 1835 Lockhill-Selma Road in the Castle Hills enclave of San Antonio. Will Balthrope, Scott Lamontagne and Drew Kile advised both the buyer and seller in the transaction.

February 11, 2013

Multifamily Texas

LMI CAPITAL ARRANGES $8M IN MULTIFAMILY DEBT

by admin February 11, 2013

IRVING AND ENNIS, TEXAS — Chris Pollard of LMI Capital has arranged $8 million in debt for borrowers on two multifamily properties in Texas. The loans include $5 million for the 188-unit Knollwood, an apartment community in Irving. Pollard arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae. The loan includes funds for capital upgrades on the property. The other transaction was a $3 million acquisition loan for the 112-unit Townhouse Apartments in Ennis. Pollard arranged the 10-year loan with a 30-year amortization schedule.

February 11, 2013

Multifamily Southeast

TURNAROUND SPECIALIST BUYS 144-UNIT GEORGIA APARTMENT PROPERTY

by admin February 8, 2013

DECATUR, GA. — The RADCO Cos. has acquired the Pavilion at Decatur, a 144-unit apartment property near Emory University and Dekalb Medical Center in Decatur. RADCO plans to spend $4.8 million to upgrade the units and build an amenity package of the property. Amenities will include a new clubhouse, fitness center, pool and playground. Pavilion is adjacent to a new park under construction by Dekalb County.

February 8, 2013

Multifamily Northeast

HFF ARRANGES $72 MILLION REFINANCING LOAN

by admin February 8, 2013

FLORHAM PARK, N.J. — HFF has arranged a $72 million loan for the refinancing of The Vanguard, a 196-unit luxury apartment complex in Florham Park, located about 30 miles west of New York City. The loan was arranged on behalf of Hoboken, N.J.-based Ironstate Development. HFF placed the 10-year, fixed-rate loan with a life insurance company.

February 8, 2013

Multifamily Northeast

196-UNIT APARTMENT PROPERTY SELLS FOR $9.7M IN PHILADELPHIA

by admin February 8, 2013

PHILADELPHIA — 7400 Apartments, a 196-unit apartment complex, has sold to a private investor for $9.7 million. The multifamily property is located at 7400 Roosevelt Blvd. in Philadelphia. Ken Wellar and Corey Lonberger of Marcus & Millichap represented the seller in this deal.

February 8, 2013

Multifamily Texas

CBRE NEGOTIATES SALE OF SKYVIEW AT PALM CENTER IN HOUSTON

by admin February 8, 2013

HOUSTON — CBRE has arranged the sale of Skyview at Palm Center, a 360-unit garden-style apartment community located in southeast Houston. Ryan Epstein of CBRE's Houston office represented the seller in the transaction. The 417,178-square-foot community is located near the Southeast Metro Light-Rail line that will open in October. Apartment units in the development average 1,162 square feet.

February 8, 2013

Seniors Housing Southeast

CORNERSTONE ACQUIRES 99-BED ASSISTED LIVING FACILITY

by admin February 8, 2013

WINSTON, SALEM, N.C. — As part of a joint venture, Cornerstone Core Properties REIT has acquired a 99-bed assisted living and memory care facility in Winston-Salem for $9.7 million. The Danby House facility has been leased to the current operator, which signed a 10-year lease. The operator currently manages more than 91 facilities in 12 states. Cornerstone Healthcare Partners LLC acquired a 95 percent interest in the facility, while Cornerstone Healthcare Real Estate Fund Inc. acquired the remaining 5 percent interest.

February 8, 2013

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