Multifamily

CONSTRUCTION BEGINS FOR $41M STUDENT HOUSING PROJECT

by admin July 20, 2011

TUSCALOOSA, ALA. — The Edwards Cos. has started construction on a $41 million, 774-bed student housing apartment community adjacent to the University of Alabama in Tuscaloosa. The Edwards Cos. is providing development and design build services for the project and Education Realty Trust will manage the property upon completion. Amenities of the property include a movie theater, fitness center, study space, game lounge, computer lab, swimming pool and an outdoor patio with grills and a picnic area. The joint venture secured a conventional construction loan through Regions Bank to fund the project, which is scheduled for completion in 2012.

July 20, 2011

TDG TO COMPLETE $16 MILLION APT. RENOVATION IN MD.

by admin July 20, 2011

FORESTVILLE, MD. — Rockville, Md.-based The Donaldson Group (TDG) has started construction for a $16 million capital improvement program at the 599-unit Regency Pointe, located at 3253 Walters Ln. in Forestville. Renovations will include the restoration of 77 units destroyed by fire damage as well as the renovation of unit interiors, new kitchens, flooring, lighting, carpeting, doors, fixtures and upgraded bathrooms. A joint venture between TDG and New York-based Angelo, Gordon & Co. purchased the complex in May 2012 for $20 million and subsequently foreclosed on it. Wells Fargo Bank provided $27.66 million in renovation and acquisition financing. Maury Zanoff and Matthew Williams of CB Richard Ellis' Washington, D.C., office represented the joint venture in sourcing the debt.

July 20, 2011

Midwest Multifamily

M&M ARRANGES SALE OF 344-UNIT APT. COMPLEX

by admin July 20, 2011

MILWAUKEE — Marcus & Millichap has negotiated the sale of the 344-unit Briarwick Pool Apartments, located at 9050 W. Waterford Square South in Greenfield, a suburb of Milwaukee, for an undisclosed price. Amenities include underground parking, in-unit washer and dryer connections and a heated pool. Matthew Whiteside of the firm's Milwaukee office represented the seller, Jack Styza, and procured the buyer, Blake Capital Corp.

July 20, 2011

Midwest Multifamily

ESSEX BROKERS $1.95M SALE OF ILL. APT. BUILDING

by admin July 20, 2011

WILMETTE, ILL. — Chicago-based Essex Realty Group has arranged the $1.95 million sale of an 18-unit apartment building located at 1119 Greenleaf in Wilmette. Doug Imber of Essex represented the seller and Doug Fisher of the same firm represented the buyer.

July 20, 2011

Midwest Multifamily

188-UNIT APT. COMPLEX SELLS FOR $10.7M

by admin July 19, 2011

WICHITA, KAN. — Newport Beach, Calif.-based Huntington Park Holding has purchased the 188-unit Huntington Park Apartments, located at 1313 N. Maize Rd. in Wichita, from Wichita-based Huntington Park Apartments LLC, for $10.7 million. Aaron Hargrove of Hendricks & Partners' Tulsa, Okla., office represented the seller.

July 19, 2011

Midwest Multifamily

Q10 | TRIAD CLOSES THREE MULTIFAMILY LOANS IN OHIO AND IND.

by admin July 19, 2011

CINCINNATI AND INDIANAPOLIS — Cincinatti-based Q10 | Triad Capital Advisors has secured three multifamily loans totaling $48.8 million. PPM Finance provided $17.6 million for Union Station Apartments in Cincinnati. Triad closed two loans with Allstate including $19.2 million for Villages of Wildwood Apartments in Cincinnati and a $12 million loan on Deercross Apartments in Indianapolis.

July 19, 2011

Midwest Multifamily

OAK GROVE SECURES $11.4M MULTIFAMILY LOAN IN MINN.

by admin July 19, 2011

ST. PAUL, MINN. — Oak Grove Capital has arranged an $11.5 million HUD 223(f) loan for the acquisition of the 108-unit Montcalm Apartments in St. Paul. Amenities of the property include a rooftop clubhouse, heated garage, pool and exercise room. Scott Streiff of Oak Grove's St. Paul office secured the financing.

July 19, 2011

Midwest Multifamily

W&D PROVIDES $4.2M MULTIFAMILY ACQUISITION LOAN IN MINN.

by admin July 19, 2011

BURNSVILLE, MINN. — Walker & Dunlop has provided $4.2 million in acquisition financing for the 50-unit Wyngate Townhomes in Burnsville. The property was 92 percent leased at closing. Jason Rice with Grandbridge Real Estate Capital originated the loan, and Andrew Tapley led the Walker & Dunlop team.

July 19, 2011

Multifamily Northeast

NAI HUNNEMAN BROKERS $1.6M SALE OF APARTMENT BUILDINGS

by admin July 19, 2011

LYNN, MASS. — NAI Hunneman has brokered the $1.6 million sale of 653-61 Western Ave. in Lynn. The property consists of 28 apartment units and one commercial building. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Avalon Realty, and procured the buyer, Stanley Bailey.

July 19, 2011

Multifamily Northeast

CUSHMAN & WAKEFIELD CLOSES DEAL FOR WEST VILLAGE APARTMENTS

by admin July 19, 2011

MANSFIELD, MASS. — Cushman & Wakefield helped broker the sale of West Village, a 200-unit, Class A apartment community developed by Fairfield Residential. Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, all of C&W, represented the seller, Fairfield Green at Mansfield, and procured the buyer, Behringer Harvard West Village Project Owner. The property sits on 28.6 acres and consists of seven three-story, garden-style apartment buildings.

July 19, 2011

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