Multifamily

HUDSON REALTY ARRANGES $5.4M IN FINANCING

by admin April 13, 2012

NEW YORK CITY — New York City-based Hudson Realty Capital has arranged a $5.4 million bridge and construction loan for an apartment building in Brooklyn. The borrower, a developer and multifamily operator, used the funds to purchase the property and complete construction of the building. The 24-unit complex is located in Prospect Heights, a Brooklyn submarket. The New York City's Department of Buildings halted construction on the building in 2006 when a work-stop order was placed against the original developer.

April 13, 2012

SHERMAN OAKS LAND LOT GOES FOR $4.2M

by admin April 13, 2012

SHERMAN OAKS, CALIF. – A 2.37-acre lot of land in Sherman Oaks has sold to IMT Capital for $4,275,000. The property, located on Magnolia Boulevard just west of Van Nuys Boulevard, is zoned for a combination of single-family homes and multifamily dwellings. Both the buyer and the seller, a private family trust, were represented by Clark and William Everitt of The Everitt Group.

April 13, 2012

Multifamily Southeast

JV BUYS TWO S.C. APT. COMPLEXES FOR $36.9M

by admin April 12, 2012

SPARTANBURG, S.C. — A joint venture between New York City-based The Praedium Group and Chartwell Holdings has acquired the 496-unit Haven at Oak Forest and the 204-unit Haven at North Town in Spartanburg, for $36.9 million. Haven at Oak Forest is located at 200 Health Ln., and Haven at North Town is located at 458 N. Church St. Amenities at both properties include a swimming pool, clubhouse with full Wi-Fi access, a fitness center, playground, nature walking trails, community car wash and grilling areas. Blake Oakland of ARA's Charlotte, N.C., office represented the seller in the transaction.

April 12, 2012

Multifamily Southeast

SIX-PROPERTY PORTFOLIO SELLS FOR $4.5M

by admin April 12, 2012

PENSACOLA, FLA. — A 356-unit multifamily portfolio, which contains six properties located in Pensacola, has sold for $4.5 million. The properties include the 40-unit Aspen Village, the 36-unit Crow Road, the 96-unit Dogwood Place, the 18-unit Guidy Lane, the 34-unit Myrtle Grove Villas and the 132-unit Wellington Arms. Clint Hale of Jacksonville, Fla.-based Just Multifamily represented Amvestar Capital, the buyer, in the all-cash transaction. Gerald Smith and Geoff Harlan of Orlando, Fla.-based Smith Equities Real Estate Investment Advisors represented the seller, Wellington Arms Properties, which had foreclosed on the properties in 2009.

April 12, 2012

Multifamily Northeast

REALTY TRUST BUYS $2.7M APARTMENT BUILDING IN HYDE PARK

by admin April 12, 2012

BOSTON — 491 Huntington Realty Trust has purchased a 24-unit apartment building in Boston's Hyde Park neighborhood for $2.7 million. The 22,320-square-foot property is fully occupied and located at 491-495 Huntington Ave. Robert Tito and Dan McGree of NAI Hunneman represented the seller, Kingsley Brightwood LLC, in the transaction. They also procured the buyer.

April 12, 2012

Multifamily Northeast

BOLIS AGREES TO SELL TWO PLANNED DEVELOPMENTS

by admin April 12, 2012

NEW CASTLE COUNTY, DEL. — King of Prussia, Pa.-based Bolis Properties has agreed to sell the 220-unit Colony at Glasgow project to an undisclosed builder. The Colony at Glasgow is a mixed-use residential development in New Castle County. The community will include a mix of single-family lots and townhomes. Bolis has also agreed to sell its Appleview Apartment project to an undisclosed buyer. The 200-unit project will include a clubhouse and walking trails in East Brandywine Township, Pa.

April 12, 2012

Multifamily Northeast

LOVE FUNDING ARRANGES $6.5M REFINANCING LOAN

by admin April 12, 2012

AMHERST, MASS. — Love Funding has arranged a 6.5 million loan for the refinancing of Brandywine at Amherst Apartments, a 180-unit complex in Amherst. Laura Saull-Smith of Love Funding's Washington office arranged the loan through the U.S. Department of Housing and Urban Development's 223(a)(7) loan program. The complex was built in 1973 and has been refinanced by Love Funding twice before to secure a lower interest rate.

April 12, 2012

Multifamily Texas

CORTLAND PARTNERS BUYS APT. COMPLEX IN PLANO

by admin April 12, 2012

PLANO — Atlanta-based Cortland Partners has acquired the 368-unit La Jolla on Park, a multifamily community located at 1201 E. Park Blvd. in Plano. The property consists of 23 buildings sitting on 21 acres and is 99 percent occupied. The buyer plans to upgrade the interiors and exteriors of the property.

April 12, 2012

Multifamily Texas

A/P REBRANDS AUSTIN APT. COMPLEX

by admin April 12, 2012

AUSTIN — Atlantic/Pacific Co.'s has rebranded the 256-unit Logan's Mill Apartments, located at 1912 E. William Cannon in Austin, to The Atlantic/Logan's Mill. The apartment community features a community clubhouse, carports, a business center, a 24-hour fitness center, a swimming pool and a waterscape two-tier pool with a fountain.

April 12, 2012

Multifamily Western

RAIN TREE APARTMENTS SELLS FOR $2.8M

by admin April 12, 2012

FOLSOM, CALIF. – The 28-unit Rain Tree Apartments in Folsom has sold to a private investor for $2.84 million. The property is located at 1000 Sibley Street. Peter R. Flis and Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another private investor, in this transaction.

April 12, 2012

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