Multifamily

UNT, BROOKDALE RECEIVE $7.3M FROM U.S. GOVERNMENT

by admin July 2, 2012

FORT WORTH — The UNT Health Science Center and Brookdale Senior Living have been awarded a $7.3 million Health Care Innovation award from the U.S. Department of Health and Human Services for a program to reduce hospital re-admissions of seniors housing residents. The Brookdale Senior Living Transitions of Care Program, a partnership between the UNT Health Science Center, Florida Atlantic University and Brookdale Senior Living, will begin in Brookdale's Texas and Florida facilities. The program could reduce hospital re-admissions by 11.2 percent and save Medicare $9.3 million.

July 2, 2012

UDR SELLS 15 MULTIFAMILY COMMUNITIES FOR $477M

by admin July 2, 2012

JACKSONVILLE, FLA., AND RICHMOND, VA. — Denver-based UDR has sold 15 unencumbered multifamily properties, located in Phoenix, Dallas, Jacksonville, Fla., and Richmond, Va., for $477 million. The properties total 4,931 units.

July 2, 2012

Midwest Multifamily

HARBOR POINTE CHANGES HANDS FOR $27M IN MILWAUKEE

by admin July 2, 2012

MILWAUKEE — Harbor Pointe, a 596-unit apartment property in Milwaukee, has sold to a Denver-based buyer for $27 million. The 531,186-square-foot property is located at 9200 North 75th St. Units range from 502 square feet to 1,359 square feet and amenities include a clubhouse, indoor pool and tennis courts. Scott Harris and Matthew Whiteside of Marcus & Millichap represented the seller, a private investment group. They also represented the buyer.

July 2, 2012

Multifamily Texas

REALTY CAPITAL ARRANGES LAND SALE TO DOLCE LIVING

by admin July 2, 2012

NORTH RICHLAND HILLS — Dallas-based Realty Capital Management has brokered the sale of 13 acres in HomeTown, a mixed-use Traditional Neighborhood Development in North Richland Hills, to Dolce Living Hometown. Dolce plans to build a 315-unit multifamily community on the site.

July 2, 2012

Multifamily Western

SAN FRANCISCO APARTMENT BUILDING SELLS FOR $1.5M

by admin July 2, 2012

SAN FRANCISCO — A four-unit apartment building in San Francisco has sold to a partnership for $1.55 million. The community was built in 1900 and is located at 1201 Guerrero Street. John Antonini of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, an individual/personal trust, in this transaction.

July 2, 2012

Multifamily Southeast

FLA. APT. COMPLEX SELLS FOR $3.73M

by admin June 29, 2012

JACKSONVILLE, FLA. — The 106-unit San Marco Village Apartments, located at 2165 Dunsford Terrace in Jacksonville, has sold for $3.73 million. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller, 2165 Dunsford Terrace Holdings, in the transaction. The buyer was Aspen Square Management.

June 29, 2012

Multifamily Southeast

WALKER & DUNLOP SECURES $32.2M LOAN

by admin June 29, 2012

BATON ROUGE, LA. — Walker & Dunlop has arranged $32.2 million in financing for the 330-unit Indigo Park Apartments, a Class A, garden-style apartment complex located in Baton Rouge. Steven Farnsworth of Walker & Dunlop arranged the seven-year loan with two years of interest-only payments followed by a 30-year amortization through Freddie Mac's CME program.

June 29, 2012

Multifamily Southeast

ARBOR ARRANGES $14.51M LOAN

by admin June 29, 2012

ALEXANDRIA, LA. — Arbor Commercial Mortgage has arranged a $14.51 million FHA-insured 221(d)(4) loan for the development of the 169-unit Mason Estates, an adaptive re-use and historic preservation project in Alexandria. The former Masonic Home orphanage will be converted into 25 loft units and an additional six buildings containing 144 apartment units will be constructed. Jay Porterfield of Arbor's Plano, Texas, office originated the loan on behalf of Roger Landry, the developer.

June 29, 2012

Midwest Multifamily

CONNER GROUP BUYS NINTH COLUMBUS APARTMENT COMMUNITY

by admin June 29, 2012

COLUMBUS, OHIO — The Connor Group has purchased River Oaks, a 288-acre apartment community in Columbus. The buyer acquired the 24-acre foreclosed property from Wells Fargo Bank. Terms of the deal were not disclosed. River Oaks was built in 1998 and is located between the Columbus suburbs of Hilliard and Upper Arlington. Following the acquisition, The Connor Group now owns and operates nine apartment communities in the market.

June 29, 2012

Multifamily Northeast

BEECH ARRANGES $13.5M IN FANNIE MAE LOANS FOR PHILLY PORTFOLIO

by admin June 29, 2012

PHILADELPHIA — Beech Street has arranged $13.5 million in Fannie Mae loans for the acquisition of a two-property apartment portfolio in Philadelphia. The properties include the 120-unit Red Lion Manor and the 111-unit Cheswick Square. Common amenities include on-site parking and laundry facilities. The borrower plans to spend more than $1.8 million in renovations for both properties. Israel Shubert of Meridian Capital Group originated the 10-year, fixed-rate loans.

June 29, 2012

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