Multifamily

GEBROE-HAMMER ARRANGES N.J. MULTIFAMILY SALES FOR $11.63M

by admin September 22, 2011

ESSEX COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a combined 207 apartment units in Newark, Orange, Nutley and Irvington, N.J., totaling $11.63 million. David Oropeza and David Jarvis of Gebroe-Hammer brokered the $6.44 million sale of a 118-unit garden style complex in Newark; Oropeza brokered the $3.8 million sale of a 74-unit complex in Orange; Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $1.28 million sale of the two-story 10 Berton Place, a garden-style complex in Nutley; and Jarvis represented both the seller and buyer in the $115,000 sale of six units at 446-448 Nye Ave. in Irvington.

September 22, 2011

MAA ACQUIRES LEGENDS AT LOWE'S FARM IN MANSFIELD

by admin September 22, 2011

MANSFIELD — Memphis-based MAA has acquired the 456-unit Legends at Lowe's Farm, an apartment community located at 1400 N. State Hwy. 360 in Mansfield, which falls into the Dallas/Fort Worth MSA. The property was developed in 2008 and features a pool, a fitness center, a business center, garages and upscale interior amenities. The acquisition was funded by common stock issuances through MAA's at-the-market program and borrowings under current credit facilities. Roberto Casas and Bill Miller of Holliday Fenoglio Fowler's Dallas office represented the seller, Alliance Residential. The property was formerly known as Broadstone Lowe's Farm.

September 22, 2011

Multifamily Western

CHINATOWN METRO APTS PROJECT SELLS FOR $9M

by admin September 22, 2011

LOS ANGELES – The Chinatown Metro Apartments project in Los Angeles has been sold to Meta Housing for $9 million. This stalled affordable housing project consists of two buildings and 152,127 square feet. It is located at 808 S. Spring Street in Los Angeles’ Chinatown submarket. The former office property will be converted into affordable housing units under the City of Los Angeles’ Adaptive Reuse Ordinance. Meta Housing, an affordable housing developer, plans to complete the conversion and deliver 123 affordable housing units to the area in early 2013. Charles Dunn’s Albert Shilton represented Meta Housing. The property was sold by the KOR Group as a short sale through the lender, Bank of America.

September 22, 2011

Multifamily Western

THE 882-UNIT ARCHSTONE REDMOND HILL SELLS IN REDMOND

by admin September 22, 2011

REDMOND, WASH. – The 882-unit Archstone Redmond Hill apartment community was sold to Essex Property Trust for an undisclosed price. Kenny Dudunakis and Marty Leith of Hendricks & Partners’ Seattle office represented both the buyer and the seller, Archstone, in this transaction.

September 22, 2011

Multifamily Western

ALMOND TREE STORAGE SELLS FOR $3.4M

by admin September 22, 2011

FARFIELD, CALIF. – The 438-unit Almond Tree Storage facility has sold for $3,475,000. The self-storage facility is located at 725 Railroad Ave. in Fairfield. It was built in 1991. Christopher R. Secreto and Joel Deis from Marcus & Millichap’s Seattle office exclusively marketed the property on behalf of the seller, a private investor. Broker Stephen Stein also assisted in the closing of this transaction.

September 22, 2011

Multifamily Southeast

NORTHMARQ SECURES $33.85M IN CONSTRUCTION FINANCING

by admin September 21, 2011

BOYNTON BEACH, FLA. — David Schofield of NorthMarq Capital's Orlando, Fla., office has closed $33.85 million in construction financing for the 308-unit Gulfstream Gardens, a Class A development in Boynton Beach. NorthMarq arranged the financing on behalf of the developer through syndication between an international and regional bank.

September 21, 2011

Midwest Multifamily

WALSH BREAKS GROUND ON $13M, 77-UNIT WELLNESS CENTER

by admin September 21, 2011

CHICAGO — Walsh Construction Co. has broken ground on the $13 million, 77-unit Wellness Center of County Club Hills, an affordable housing community, located in the South suburbs of Chicago. In addition to the housing units, the Wellness Center will have a full range of support services including case management, employment, health and a teaching kitchen for potential service industry workers. South Suburban PADS (Public Action to Deliver Shelter) and Turnstone Development are the developers on the project.

September 21, 2011

Midwest Multifamily

TIKIJIAN ASSOCIATES ARRANGES SALE OF THOMPSON VILLAGE

by admin September 21, 2011

INDIANAPOLIS — Indianapolis-based Tikijian Associates has negotiated the sale of the 240-unit Thompson Village Apartments, located on Thompson Road in Indianapolis. Tikijian Associates represented New York-based The Embassy Group, the seller, in the transaction. The buyer was Indianapolis-based Gene B. Glick Family Housing Foundation. The asking price was $9.5 million.

September 21, 2011

Midwest Multifamily

BEECH STREET SECURES $8.4M ACQUISITION LOAN

by admin September 21, 2011

KALAMAZOO, MICH. — Beech Street Capital has arranged an $8.4 million conventional loan for the acquisition of the 320-site Country Village Acres, a manufactured housing community in Kalamazoo. Damon Reed of Beech Street's Birmingham, Ala., office secured the 7-year loan with a 30-year amortization schedule through Fannie Mae.

September 21, 2011

Multifamily Northeast

CBRE BROKERS $3.1M SALE OF PORT CHESTER CONDOMINIUMS

by admin September 21, 2011

PORT CHESTER, N.Y. — GHP Office Realty has purchased 24 condominium units in the 39-unit Brookchester Court, located at 342 Westchester Ave. in Port Chester, for $3.1 million. Gene Pride and Christopher Leonard of CB Richard Ellis' New York office represented the seller, HSBC, and also procured the buyer.

September 21, 2011

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