Multifamily

HAMILTON HEIGHTS PROPERTY SELLS FOR $2.5M

by admin November 19, 2012

NEW YORK CITY — A five-story mixed-use building at 1624 Amsterdam Ave. in Hamilton Heights has sold for $2.5 million. The 11,835-square-foot building features eight residential units and and two commercial spaces. The property is located one block from St. Nicholas Park and the newly renovated City College campus. The new owner plans to use the vacant property for rental housing. Victor Sozio and Jesse Deutch of Ariel Property Advisors represented both the buyer and seller, both of whom are private investors.

November 19, 2012

M&M BROKERS SALE OF TANGLEWOOD

by admin November 19, 2012

MANSFIELD — Marcus & Millichap has arranged the sale of the 64-unit Tanglewood, a garden-style apartment complex located at 1301 E. Dallas St. in Mansfield. Nick Fluellen and Bard Hoover of Marcus & Millichap's Dallas office represented the buyer and seller, both limited liability companies, in the transaction.

November 19, 2012

Multifamily Texas

HFF ARRANGES $32.08M LOAN FOR STONELEIGH AT BEAR CREEK

by admin November 19, 2012

EULESS — HFF has secured $32.08 million in acquisition financing for the 436-unit Stoneleigh at Bear Creek, a Class A multifamily community located at 1401 Highway 360 adjacent to the Dallas Fort Worth International Airport in Euless. The property was constructed in 2004 and is 97 percent occupied. The property features amenities such as two resort-style swimming pools, a business center, billiards room, fitness center, heated spa, poolside gazebo, picnic area, barbecue grills, open-air cabana, extensive concierge services, covered parking and a laundry facility. John Brownlee of HFF arranged the seven-year loan through Freddie Mac on behalf of the borrower, Pure Multi-Family REIT. Proceeds from the loan were used to acquire the property.

November 19, 2012

Multifamily Western

CREEKSIDE APARTMENTS IN SIMI VALLEY SELLS FOR $70M

by admin November 19, 2012

SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.

November 19, 2012

Multifamily Western

LAKES AT MONACO POINTE IN DENVER SELLS FOR $28M

by admin November 19, 2012

DENVER — The 426-unit Lakes at Monaco Pointe in Denver has sold to Coughlin and Company for $28 million. The company plans to invest an additional $3 million into the property. It was 95 percent occupied at the time of sale. ARA’s Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks represented the seller, Jackson Square Properties, in this transaction.

November 19, 2012

Multifamily Western

STUDIO CITY APARTMENT COMPLEX SELLS FOR $56.3M

by admin November 16, 2012

STUDIO CITY, CALIF. — Studio 40-41, a 149-unit apartment community in Studio City, has sold to an Archstone-sponsored partnership for $56.3 million. It is located on Radford Avenue across from the CBS Studio Center. The community will be renamedArchstone Studio 4121.

November 16, 2012

Multifamily Western

CIM GROUP SELLS 10-PROPERTY MULTIFAMILY PORTFOLIO IN SAN FRANCISCO

by admin November 16, 2012

SAN FRANCISCO — CIM Group has sold a 10-property multifamily portfolio that is based in San Francisco. The portfolio contains a total of 418 units spread among 22 buildings. The properties sold to multiple buyers. The group is also looking to divest an additional 12 properties that are part of the portfolio. CIM initially acquired the portfolio through a deed-in-lieu-of-foreclosure transaction.

November 16, 2012

Multifamily Western

RIVERPLACE SQUARE APARTMENTS IN PORTLAND RECEIVES $54M IN FINANCING

by admin November 16, 2012

PORTLAND, ORE. – The 290-unit RiverPlace Square Apartments in Portland has received $54 million in financing. The joint venture between Cardinal Group Investments LLC and Fundamental Advisors LP obtained a $44.5-million loan that was placed with a national bank, as well as a $9.5-million mezzanine loan with a mortgage REIT. The loan proceeds were used to acquire the property. The community is located at 2083 SW River Drive. The JV plans to renovate and rebrand the property as Mint Urban. Financing was arranged by HFF’s Pat Burger, Tim Wright and Tom Wilson.

November 16, 2012

Multifamily Southeast

TWO NORTH CAROLINA APARTMENT COMMUNITIES SELL

by admin November 16, 2012

GREENSBORO AND DURHAM, N.C. — Bell Partners Inc. has sold two North Carolina apartment communities, the 284-unit Lake Brandt and 288-unit Bell Southpoint, on behalf of its investors. Winthrop Realty Trust purchased Lake Brandt in Greensboro and Duck Pond Corp. purchased Bell Southpoint in Durham. Lake Brandt includes one-, two- and three-bedroom units and amenities such as a fitness center, outdoor pool plaza, lighted tennis courts, indoor lap pool, business center and playground. Bell Southpoint also includes one-, two- and three-bedroom units and similar amenities.

November 16, 2012

Multifamily Southeast

BALTIMORE’S LOCH RAVEN VILLAGE APARTMENTS RENOVATED

by admin November 16, 2012

BALTIMORE — Tryko Partners LLC, a private equity real estate firm based in Brick, N.J., has renovated Loch Raven Village Apartments, a 495-unit multifamily community at 8402 Greenway Rd. in Baltimore’s Towson neighborhood. Tryko Partners purchased the property last summer to modernize it and position it competitively among Towson’s Class A multifamily properties. Loch Raven Village includes 95 colonial brick, garden-style buildings on 20 acres and is 96 percent leased. Renovations included converting the property’s utilities so that each unit has central air conditioning and a dedicated gas furnace. Additionally, Tryko replaced entry doors and windows in all 95 buildings.

November 16, 2012

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