Multifamily

WOOD PARTNERS TO BREAK GROUND ON ALTA WEST DAVIS APTS.

by admin January 5, 2012

DALLAS — Wood Partners has plans to commence construction of the 207-unit Alta West Davis, a low-rise apartment community located at 1836 W. Davis St. in the North Oak Cliff neighborhood of Dallas. Wood Partners is pursuing LEED-Silver certification on the project. The property will feature a fitness center, resort pool and bike shop with storage space, and selected units will feature faux wood and iPod docking stations with in-wall speakers. Wood Construction is the general contractor for the development and Good, Fulton & Farrell is the architectural firm. Construction is slated for completion in the first quarter of 2013.

January 5, 2012

M&M BROKERS SALE OF BRITAIN WAY IN IRVING FOR $4.27 MILLION

by admin January 5, 2012

IRVING — Marcus & Millichap has arranged the $4.27 million sale of the 168-unit Britain Way, a multifamily property located at 1954 Shoaf Dr. in Irving. The buyer, a local developer, was awarded tax credits through the Texas Department of Housing and Community Affairs, which allows the buyer to invest approximately $70,000 per unit in improvements. The renovation is slated for a December 2012 completion, and the financing for project was arranged by the Department of Housing and Urban Development (HUD). Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Texas-based partnership, and procured the buyer in the transaction.

January 5, 2012

Multifamily Western

CITY’S EDGE CONDOMINIUM SELLS FOR $3.8M

by admin January 5, 2012

BURIEN, WASH. – The 40-unit City's Edge Condominium apartment community in Burien has sold to a limited liability company for $3,850,000. The purchase consisted of a fractional interest in a gated residential condominium complex. The fractional interest includes 40 of the complex’s 45 units that span throughout seven detached buildings. Brandon R. Grisham and Marc Cunningham of Marcus & Millichap’s Seattle office represented the buyer. Grisham and Cunningham also represented the seller, a bank/financial institution, along with Scott Morasch, also of the firm’s Seattle office.

January 5, 2012

Multifamily Southeast

TWO ROCK HILL APT. COMPLEXES SELL FOR $6.11M

by admin January 4, 2012

ROCK HILL, S.C. — The 80-unit Quail Ridge, located at 2091 Dutchman Dr., and the 80-unit Country Club Arms, located at 1775 Cedar Post Ln., both in Rock Hill, have been sold to the same undisclosed buyer for $6.11 million. Juniper Investment Group sold Quail Ridge and B&B Holdings sold Country Club Arms. John Bergin, Brian Ford and Beau McIntosh of Charlotte, N.C.-based Capstone Apartment Partners represented both parties in the transaction.

January 4, 2012

Multifamily Northeast

FORMER AIG HEADQUARTERS SELLS FOR $200 MILLION

by admin January 4, 2012

NEW YORK CITY — A joint venture between developer Metro Loft and Eastbridge Sarl has closed on the acquisition of 70 Pine St. in Manhattan for about $200 million. Metro Loft plans to convert the 66-story Art Deco building into more than 700 luxury apartments, with a high-end hotel occupying the remaining area of the building. When completed in 2013, the tower will be one of the tallest residential buildings in New York City. Originally built for Cities Services Co., the building most recently served as the headquarters for American International Group.

January 4, 2012

Multifamily Northeast

MERIDIAN CAPITAL ARRANGES $16.5 MILLION FINANCE DEAL FOR NEW YORK CONDO PRO

by admin January 4, 2012

LONG ISLAND CITY, N.Y. —Meridian Capital Group has negotiated a $16.5 million financing package to recapitalize a challenged condominium development project in Long Island City. An undisclosed local bank provided the 15-year, $14 million mortgage loan. In addition, a New York City-based hedge fund provided a $2.5 million mezzanine loan. Elliott Birnbaum of Meridian's New York City office negotiated the transactions. The six-story building, located on Vernon Boulevard, includes 64 apartments and 10,000 square feet of retail space.

January 4, 2012

Multifamily Northeast

BERKADIA CLOSES $50 MILLION LOAN TO REFINANCE 10-PROPERTY MULTIFAMILY PORTF

by admin January 4, 2012

NEW YORK CITY — Berkadia Commercial Mortgage closed on a $50 million mortgage loan for the refinancing of a 10-property multifamily portfolio in Manhattan. Stewart Campbell and Thomas Toland of Berkadia's New York office arranged the loan for the borrower, EGA 99 LLC, through Fannie Mae. The 10-year loan has a 30-year amortization schedule.

January 4, 2012

Multifamily Western

EL CHAPARRAL APTS IN RENO SELLS FOR $3M

by admin December 29, 2011

RENO, NEV. – The 80-unit El Chaparral Apartments has sold for $3,250,000, or $40,625 per unit. The bank-owned community is located near Downtown Reno and the University of Nevada, Reno. It contains 54,800 square feet of rentable space. Scott MacDonald and Ric Russell with Cassidy Turley’s Multi-Family Group represented the seller.

December 29, 2011

Multifamily Southeast

JV ACQUIRES D.C. MULTIFAMILY PROPERTY FOR $154M

by admin December 23, 2011

WASHINGTON, D.C. — A joint venture between UDR and Kuwait Finance House (KFH) has acquired the 292-unit 1301 Thomas Circle, a 10-story multifamily property in Washington, D.C., for $154 million. The property is currently 94 percent leased. Amenities include a rooftop pool, outdoor kitchen, fitness center, clubhouse, private courtyard, business center and 24-hour concierge. Fannie Mae provided a $90 million interest-only loan for the acquisition, KFH provided $44.8 million and UDR provided $19.2 million.

December 23, 2011

Multifamily Southeast

PARTNERSHIP STARTS CONSTRUCTION ON $60M APT. HIGH-RISE

by admin December 23, 2011

ATLANTA — A partnership between Novare Group and Baston-Cook Development Co. has commenced construction on the $60 million, 320-unit SkyHouse Midtown, an apartment high-rise located at 12th and West Peachtree streets in Atlanta. An investor account advised by UBS Global Asset Management is providing construction and permanent financing for the project. Jonathan Rice and Paul Berry of CBRE's Atlanta office arranged the financing. Smallwood, Reynolds, Stewart, Stewart is the architect for the development, which is slated for completion in December of 2012.

December 23, 2011

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