Multifamily

THE MAYFLOWER BUILDING ON THE LOWER EAST SIDE SELLS FOR $11.3M

by admin January 31, 2013

NEW YORK CITY — Red Brick Properties has sold a mixed-use building known as The Mayflower at 221-223 East Broadway for $11.3 million. The 21,309-square-foot property was built in 1907 and consists of 26 apartment units, six stores and two cellphone antennas. Recent upgrades to the building include a lobby renovation, a new boiler, intercom system and security cameras. Michael DeCheser and Robert Burton of Massey Knakal represented the seller in the transaction. The buyer was a Long Island-based investor.

January 31, 2013

TWO BUILDINGS SELL FOR $12.3M ON CLINTON BLOCK

by admin January 31, 2013

NEW YORK CITY — Besen & Associates has arranged the sale of two apartment properties, 436-438 W. 52nd St. and 434 W. 52nd St., in the Clinton neighborhood of Manhattan. Buildings 436-438, which include 28 units, sold for $8 million. Building 434, a 14-unit property, sold for $4.3 million. Michael Besen and Matthew Slonim of Besen & Associates represented the seller in the 436-438 W. 52nd St. transaction. Glenn Raff, also of Besen, represented the buyer, a local private investor. Raff represented both parties in the 434 W. 52nd St. transaction.

January 31, 2013

Multifamily Texas

ARA SECURES SALE OF WESTOVER HILLS IN SAN ANTONIO

by admin January 31, 2013

SAN ANTONIO — ARA has arranged the sale of the 256-unit Westover Hills apartment community, located at 7727 Potranco Road in San Antonio. Resident amenities of the community include a resort-style swimming pool, fountain, outdoor fireplace, BBQ grilling, cabana, outdoor TV and landscaping. The community is 92 percent occupied. Patton Jones of ARA's Austin office, along with Casey Fry of the firm's San Antonio office, represented the seller, Austin-based Teeple Partners, in the transaction. Canada-based Venterra Realty was the buyer.

January 31, 2013

Multifamily Texas

NEW MASTER-PLANNED COMMUNITY COMING TO AUSTIN AREA

by admin January 31, 2013

CEDAR PARK, TEXAS — Ryland Homes Austin plans to build its newest community, The Reserve at Twin Creeks, in Cedar Park, near Austin. The 760-acre, master-planned community will consist of 76 homes and 50 condominiums in three neighborhoods — The Crossings, The Bluffs and Sunset Ridge Condominiums. The development is adjacent to the Balcones Canyonlands Conservation Preserve. Resident amenities will include a private clubhouse with upscale dining, tennis courts, a recreation center, water park and two swimming pools.

January 31, 2013

Multifamily Texas

M&M ARRANGES SALE OF LAS BRISAS COMPLEX

by admin January 31, 2013

FORT WORTH, TEXAS — Marcus & Millichap has secured the sale of the 33-unit Las Brisas, an apartment complex located at 6414 Brentwood Stair Road in Fort Worth. The property was built in 1969 and underwent significant renovations in 1993. William Jarnagin, Michael Ware and Stephen Crittenden of Marcus & Millichap's Dallas office represented the seller, a private investor, in the transaction.

January 31, 2013

Multifamily Western

ALPINE RIDGE APARTMENTS IN FLAGSTAFF SELLS FOR $13.5M

by admin January 31, 2013

FLAGSTAFF, ARIZ. – The 194-unit Alpine Ridge Apartments in Flagstaff has sold to Bascom Arizona Ventures, LLC for $13.5 million. The LLC worked on behalf of a fully discretionary fund. Alpine is the closest privately owned apartment community to Northern Arizona University. The seller was represented by Robert L. Chester of Quantum Realty Partners. Morrison, Ekre & Bart Management Services will manage the community.

January 31, 2013

Multifamily Western

KIPLING VILLAGE APARTMENTS IN WHEAT RIDGE RECEIVES $12.2M REFINANCE

by admin January 31, 2013

WHEAT RIDGE, COLO. – The 308-unit Kipling Village Apartments in Wheat Ridge has received a $12.2-million refinance. Wheat Ridge is a Western suburb of Denver. The non-recourse, cash-out refinance loan was provided by George Smith Partners (GSP) on behalf of Kipling Village, LLC. It features a 3.96 percent fixed interest rate for 10 years with a 30-year amortization schedule. The loan was executed by Fannie Mae.

January 31, 2013

Multifamily Western

COHEN ARRANGES $119M IN FINANCING FOR VEER TOWERS IN LAS VEGAS

by admin January 30, 2013

LAS VEGAS — Cohen Financial has secured $119 million in debt and equity financing for 427 condominium units at Veer Towers in Las Vegas. The 670-unit twin towers are located within CityCenter, a joint venture between MGM Resorts International and a subsidiary of Dubai World. The units were purchased last month from the developer. The structured financing was secured by Kevin O’Grady and Eric McGlynn of Cohen Financial’s Miami office. They worked on behalf of Pordes Residential and obtained financing from an affiliate of Ladder Capital Finance Holdings, LLLP.

January 30, 2013

Multifamily Western

SOCAL-BASED MULTIFAMILY PORTFOLIO RECEIVES $25.8M LOAN

by admin January 30, 2013

ENCINO, CALIF. – A three-property multifamily portfolio that is located within Los Angeles’ San Fernando Valley has received a $25.8-million loan. The portfolio includes a 100-unit multifamily mid-rise property in North Hollywood that received an $11.1-million refinance; a 74-unit multifamily property in Sherman Oaks that received a $9.1-million refinance; and two 18-unit multifamily properties in Sherman Oaks that each received a $2.8-million refinance. The loan features a 30-year term, a 3.5 percent interest rate and a 30-year amortization schedule with a 75 percent loan-to-value. It was arranged by Danny Abergel of Marcus & Millichap Capital Corporation’s Encino office.

January 30, 2013

Midwest Multifamily

MCSHANE COMPLETES 316-UNIT IOWA APARTMENT COMPLEX

by admin January 30, 2013

BETTENDORF, IOWA — McShane Construction has completed the new 316-unit Springs at Bettendorf apartment complex on the corner of 53rd Avenue and Devils Glen Road in Bettendorf. Continental Properties Inc. was the project developer. The 15-building, 357,000-square-foot complex includes units ranging in size from studios to three bedrooms. Amenities include a swimming pool, sun deck, clubhouse, Internet cafe and car wash. Charlan, Brock & Associates provided architectural services for the project.

January 30, 2013

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