Multifamily

APARTMENT BUILDING IN FORT GREENE SELLS FOR $2.2M

by admin October 12, 2012

NEW YORK CITY — An apartment building at 40 Cumberland St., located between Flushing and Park avenues in Brooklyn's Fort Greene neighborhood, has sold to an investor through a 1031 tax-deferred exchange for $2.2 million. The 8,268-square-foot building contains nine two-bedroom units and two one-bedroom units. The property also includes a three-bedroom unit with rear yard access. In the past 12 months, 10 of the 12 units have been fully renovated. Stephen Palmese and Mike Amirkhanian of Massey Knakal Realty Services represented both parties in the transaction.

October 12, 2012

29-STORY HIGH-RISE COMING TO BLVD PLACE

by admin October 12, 2012

HOUSTON — The Hanover Company has purchased a 1.2-acre site on Post Oak Lane in BLVD Place, a new mixed-use development located in Houston's Galleria/Uptown district, that will house a 29-story high-rise apartment tower known as Hanover Post Oak. The upscale community will contain 355 apartment units designed by Chicago-based Solomon Cordwell Buenz. The community will feature a clubhouse on the eighth floor with WiFi, a movie theater, fitness center, catering kitchen and private function room. The community will also feature a swimming pool with sunning shelf, private cabanas, an outdoor fire pit, outdoor kitchens and outdoor living rooms. Hanover was self-represented in the land acquisition by John Garibaldi. The seller, Wulfe & Co., was self-represented by Bob Sellingsloh. Construction is slated to begin in the first quarter of 2013 and will open by the third quarter of 2014.

October 12, 2012

Multifamily Texas

FAIRFIELD VILLAGE APTS. IN AUSTIN SELLS

by admin October 12, 2012

AUSTIN — The 48-unit Fairfield Village Apartments, located in Austin, has sold. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a trust based in Santa Rosa, Calif., in the transaction. Renee Manes of Lifestyles Unlimited represented the buyer, a local investor. Financing was provided by Old Capital Lending and the property will be managed by Arbor Property Management.

October 12, 2012

Seniors Housing Western

THE PLAZA AT MILILANI RECEIVES $28.5M REFINANCE

by admin October 12, 2012

MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.

October 12, 2012

Northeast Seniors Housing

$19M SENIOR HOUSING DEVELOPMENT OPENS IN FITCHBURG

by admin October 12, 2012

FITCHBURG, MASS. — WinnDevelopment has opened Fitchburg Place, a new 42,528-square-foot affordable seniors housing development in Fitchburg, following a $19 million redevelopment project. The property is located on the site of the former Groop Townview Towers, a public housing complex owned by the Fitchburg Housing Authority. Originally planned to be converted into an assisted living facility, the redevelopment sat idle due to financial trouble. WinnDevelopment acquired the property through a joint venture partnership last October and restructured the stalled project into 96 units for seniors age 62 and older. Fitchburg Place features Energy Star appliances, an upgraded HVAC system and an on-site management and leasing office. Amenities include a resident lounge, laundry facilities, fitness center, library and computer learning space.

October 12, 2012

Seniors Housing Western

THE PLAZA AT MILILANI RECEIVES $28.5M REFINANCE

by admin October 12, 2012

October 12, 2012

Multifamily Western

CAPITAL FORESIGHT RECEIVES $23.8M FOR SANTA FE LOFTS ACQUISITION

by admin October 11, 2012

LOS ANGELES — Capital Foresight has received a $23.8-million acquisition loan to purchase the 132-unit Santa Fe Lofts in Downtown Los Angeles. The total purchase price for the apartment community was $35 million. The seller was The Kor Group. The loan features an interest rate of 2.5 percent with two years of interest-only. It was arranged by Brian Eisendrath with CBRE’s Debt and Equity Finance group through Fannie Mae.

October 11, 2012

Multifamily Southeast

TWO NORTH CAROLINA MULTIFAMILY PROPERTIES RECEIVE $20.25M IN REFINANCING

by admin October 11, 2012

FAYETTEVILLE, N.C. — The 232-unit Abbotts Park and the 124-unit Abbotts Landing, two multifamily apartment communities in Fayetteville, received $20.25 million in refinancing. Capital Advisors’ Cooper Willis arranged the 10-year loan with a 30-year amortization schedule on behalf of Abbotts Fayetteville LLC through Jefferies LoanCore LLC. The two communities include one-, two- and three-bedroom garden-style apartments built in 2006. Abbotts Park is located at 6320 Abbotts Park Rd. and Abbotts Landing at 581 Abbotts Landing Cir. in Fayetteville.

October 11, 2012

Midwest Multifamily

GLENWOOD APARTMENTS & TOWNHOMES SELLS FOR $1.7M

by admin October 11, 2012

JOLIET, ILL. — Marcus & Millichap has arranged the $1.7 million sale of Glenwood Apartments & Townhomes, a 30-unit property in Joliet. The property consists of five six-unit buildings adjacent to Provena St. Joseph Medical Center. James Clough of Marcus & Millichap represented the seller, a local apartment owner, in the transaction.

October 11, 2012

Multifamily Northeast

NEW HAVEN APARTMENT ASSET TRADES FOR $41.7M

by admin October 11, 2012

NEW HAVEN, CONN. — UOB Eagle Rock Multifamily Property Fund has acquired Wintergreen of Westville, a 294-unit apartment asset in New Haven. The newly developed community sold for $41.6 million, or approximately $141,000 per unit. The five-building community is located at 400 Blake St. and the average unit size is 1,100 square feet. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller, SA Wintergreen LLC, in the transaction. They also represented the buyer.

October 11, 2012

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