Multifamily

STEADFAST ACQUIRES VANTAGE AT FAIR OAKS FOR $34.56M

by admin February 6, 2013

FAIR OAKS RANCH, TEXAS — Steadfast Income REIT has purchased the 288-unit Vantage at Fair Oaks, a garden-style apartment community located in the Fair Oaks Ranch suburb of San Antonio, for $34.56 million. Vantage Communities built the multifamily property in 2012. The 93 percent occupied property will be rebranded as Fairmac Apartments. The resident amenity package includes a resort-style pool, 24-hour fitness center, dog park, clubhouse and a cafe that serves complimentary Starbucks coffee to residents. This purchase is Steadfast's fourth Texas acquisition.

February 6, 2013

NORTHMARQ ARRANGES REFINANCING FOR MULTIFAMILY DEVELOPMENT

by admin February 6, 2013

HOUSTON — NorthMarq Capital has arranged first mortgage refinancing for Wynhaven Town West, a 396-unit multifamily community located at 14906 Westpark Drive in Houston. Kerry French of NorthMarq's Houston office arranged the 10-year loan through Freddie Mac to amortize over 30 years on behalf of the borrower, a national apartment development and investment group.

February 6, 2013

Multifamily Western

ARCHSTONE TERRACINA IN ONTARIO SELLS FOR $95M

by admin February 6, 2013

ONTARIO, CALIF. – The 736-unit Archstone Terracina in Ontario has sold to MG Properties for $95 million. The community was built in 1988 at 3303 South Archibald Ave. The seller, Archstone, was represented by Cushman & Wakefield’s Multifamily Advisory Group, which was led by Ed Rosen and John Chu.

February 6, 2013

Multifamily Western

WESTBAY PORTFOLIO IN COSTA MESA SELLS FOR $59.3M

by admin February 6, 2013

COSTA MESA, CALIF. – The eight-property Westbay Portfolio in Costa Mesa has sold to multiple buyers for a total of $59.3 million. The portfolio contained a total of 295 units. It was sold by the Praedium Group and its local operating partner, Ocean West Capital Partners. The partners had acquired the portfolio in 2010. The final five assets were sold in December 2012.

February 6, 2013

Northeast Seniors Housing

NORTHMARQ ARRANGES $23.7M LOAN FOR COLONIAL GARDENS IN BEVERLY, MASS.

by admin February 6, 2013

BEVERLY, MASS. — NorthMarq Capital has arranged a $23.7 million loan for Colonial Gardens, a 173-unit independent living facility located at 105 Cherry Hill Drive in Beverly, about 25 miles north of Boston. The property was recently completed and is 98 percent occupied. It is owned and operated by Hawthorne Retirement Group.

February 6, 2013

Multifamily Western

IRONWOOD AND FAIRWAY PALMS IN RANCHO CUCAMONGA SELLS FOR $100M

by admin February 5, 2013

RANCHO CUCAMONGA, CALIF. — Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, has sold to Western National Realty Advisors for $100.8 million. The Class A property consists of two adjacent apartment communities that will now be operated and managed as one by Western National Property Management.This will be the final acquisition under the company’s Western National Realty Fund II, L.P., which was its second private equity fund. The seller, JP Morgan, was represented by Mike Murphy of Moran and Company.

February 5, 2013

Multifamily Southeast

WOOD PARTNERS BREAKS GROUND ON 200-UNIT LAKEFRONT APARTMENT COMMUNITY

by admin February 5, 2013

ORLANDO, FLA. — Wood Partners has started construction on a 200-unit apartment community on Spring Lake in Orlando. The site, located at the northwest corner of Sand Lake and Turkey Lake roads, is a quarter mile from I-4 and three miles from Walt Disney World. The urban-style community will include 17,000 square feet of retail space, to be owned by The Wilder Cos. The apartment units will average 1,056 square feet and community amenities will include a leasing center, clubhouse, pool and fitness center. Construction is slated for completion in 2014. Real Estate Capital Partners is Wood Partners' equity partner in the project and Synovus Bank is the lender.

February 5, 2013

Midwest Multifamily

41-UNIT APARTMENT BUILDING IN CHICAGO SELLS FOR $4M

by admin February 5, 2013

CHICAGO — A 41-unit multifamily property located at 6747-67 N. Sheridan Road in Chicago has sold for $4 million to an investment group. The apartment complex is three blocks away from Loyola University and is within close proximity to public transportation and Lake Michigan. The property also includes three leased commercial spaces and 28 garage parking spaces. The Kiser Group represented the buyer and the seller, a land trust, in this deal.

February 5, 2013

Midwest Multifamily

SPERRY VAN NESS ARRANGES SALE OF APARTMENT BUILDING FOR $2.4M

by admin February 5, 2013

CHICAGO — Sperry Van Ness has arranged the sale of 112. S. Sangamon St., a five-unit multifamily property located in Chicago’s Wrigleyville neighborhood, for $2.4 million. The property, which was renovated in 2009, was fully occupied at the time of sale. Jeff Baasch of Sperry Van Ness executed the sale.

February 5, 2013

Midwest Multifamily

MARCUS & MILLICHAP ARRANGES SALE OF 12-UNIT APARTMENT BUILDING FOR $1.03M

by admin February 5, 2013

DOWNERS GROVE, ILL. — Marcus & Millichap has arranged the sale of 5140 Fairview Ave., a 12-unit apartment property, for $1.03 million. The property includes 12 two-bedroom units and features onsite laundry and 20 parking spaces. The multifamily complex is located in Downers Grove, about 22 miles west of Chicago. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.

February 5, 2013

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