Multifamily

WATERTON ACQUIRES 124 CONDO UNITS IN CHICAGO

by admin April 7, 2011

CHICAGO — Chicago-based Waterton Residential, on behalf of Waterton Residential Property Fund XI, has acquired a portion of Mondial River West, a 15-story, 141-unit residential property in Chicago. Waterton purchased 124 of the studio, one-, two-, three- and four-bedroom units, with plans to rent the units. Additionally, Waterton plans to furnish the rooftop deck to provide residents an outdoor entertainment area. The property features a community rooms, balconies on all units and indoor parking. Mondial River West was originally developed by Citta Development Group in 2009. Waterton Residential Property Fund XI is a $500 million discretionary multifamily investment fund. Terms of the transaction were not disclosed.

April 7, 2011

HILLCROFT AT DANBURY SELLS FOR $27.65 MILLION

by admin April 7, 2011

DANBURY, CONN. — Marcus & Millichap has completed the sale of Hillcroft at Danbury, a 192-unit apartment community located in Danbury, for $27.65 million. Situated on 10 acres at 10 Clapboard Ridge Road, the property consists of eight buildings. The unit mix includes four studios, 94 one-bedrooms, 82 two-bedrooms and 12 three-bedrooms. The average unit size is 988 square feet. The community has recently undergone interior and exterior renovations. Steve Witten and Victor Nolletti of Marcus & Millichap's Institutional Property Advisors group represented the seller, Fairfield Hillcroft LLC, as well as the buyer, Par Hillcroft LLC.

April 7, 2011

Multifamily Northeast

MANHATTAN TOWNHOME TRADES FOR $5.25M

by admin April 7, 2011

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story townhome located at 107 E. 37th St. in Manhattan's Murray Hill neighborhood for $5.25 million. The building totals 8,296 and contains six apartments, including two rent-stabilized units and an owner's duplex. Only the duplex was vacant at the time of closing, and the new owner plans to leave the unit vacant for personal use. John Ciraulo and Michael Azarian arranged the deal between two undisclosed parties.

April 7, 2011

Multifamily Western

ACI APARTMENTS ARRANGES $1.4 MILLION SALE OF 14-UNIT SAN DIEGO PROPERTY

by admin April 7, 2011

SAN DIEGO — ACI Apartments has negotiated the more than $1.4 million sale of a 14-unit apartment building, located at 2165 2nd Ave. in the Bankers Hill area of San Diego. ACI’s Terry Taylor represented the seller, Nanci Bolton, in the all-cash transaction, and Daniel Cote of San Diego Investment Brokers represented the buyer, Ivyments LLC.

April 7, 2011

Multifamily Southeast

THE CONNOR GROUP PURCHASES ATRIA AT CRABTREE VALLEY FOR $19.3 MILLION

by admin April 6, 2011

RALEIGH, N.C. — Ohio-based The Connor Group purchased the 268-unit Atria at Crabtree Valley from Fairfield Residential for $19.3 million. Since 2007, The Connor Group has purchased more than $140 million in luxury apartment communities in the area. Knoxville, Tenn.-based Dean Smith brokered the entire sale.

April 6, 2011

Multifamily Southeast

GROUND BREAKS ON 302-UNIT APARTMENT COMPLEX

by admin April 6, 2011

FREDERICKSBURG, VA. — Home Properties has broken ground on the 302-unit The Apartments at Cobblestone Square in Fredericksburg. The Class A community will feature eight, four-story buildings and a refurbished 100-year-old rail depot.The complex has been designed to achieve the National Association of Home Builders' Green Building Standard Silver certification. Amenities will include a fitness center, outdoor pool, spacious club room with gaming area, a business center and access to a 10-acre adjacent park. The first building, rail depot and amenities are slated for completion in late 2011, with the entire project complete in late 2012.

April 6, 2011

Multifamily Northeast

BEECH STREET SECURES $46.3 MILLION FANNIE MAE LOAN IN NYC

by admin April 6, 2011

NEW YORK CITY — Beech Street Capital has secured a total of $46.3 million in Fannie Mae financing for a New York City multifamily portfolio. The portfolio consists of 386 units located in six buildings in Brooklyn and the Bronx. The loan carries a 7-year term, a fixed interest rate, 7 years of interest-only payments and a 30-year amortization schedule. Meridian Capital Group originated the loan. The borrower was not disclosed.

April 6, 2011

Multifamily Texas

OHIO INVESTMENT FIRM ACQUIRES 308-UNIT COMMUNITY IN LAS COLINAS

by admin April 6, 2011

IRVING — The Connor Group, a Centerville, Ohio-based real estate investment firm, has acquired Knightsbridge Apartments, a 308-unit multifamily community, for $27.5 million in the Las Colinas and Irving area close to the Dallas-Fort Worth Airport and the Four Seasons Hotel and Resort. Knightsbridge Apartments is located at 5342 Bond St. in Irving.

April 6, 2011

Multifamily Southeast

301-UNIT APARTMENT COMPLEX SELLS FOR $42.75 MILLION IN ATLANTA

by admin April 5, 2011

ATLANTA — 660 Apartments, a 301-unit, Class AA multi-housing community in Atlanta's Old Fourth Ward, was purchased in an all-cash transaction for $42.75 million or $142,000 per unit. The Holliday Fenoglio Fowler Atlanta office represented the sellers, Southeast Capital Partners and The Integral Group. The buyer, AMLI Residential Properties Trust, did not use a broker.

April 5, 2011

Multifamily Northeast

HUDSON VALLEY APARTMENT PROPERTY SELLS

by admin April 5, 2011

WAPPINGERS FALLS, N.Y. — Prudential Serls Prime Properties Commercial Group has brokered the sale of Dutchess Falls Apartments, a 47-unit community located in Wappingers Falls. The buyer, a Westchester-based family business, was able to obtain an extension on the property's first mortgage. The buyer also has the ability to re-sell individual units as condos. The Prudential team of Steven Salomone and Tom LaPerch brokered the deal.

April 5, 2011

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