Multifamily

IRONSHORE CAPITAL ACQUIRES CONDO PROJECT IN JACKSONVILLE, FLA.

by admin January 19, 2011

JACKSONVILLE, FLA. — An affiliate of Ironshore Capital has acquired Water's Edge in Jacksonville. Located at 123 First St. South, the seven-story condominium building has 12 residences, ranging in size from 2,000 to approximately 4,000 square feet, available. The units feature gourmet kitchens with Bosch Thermadore appliances, granite countertops, oversized porcelain tile flooring and designer cabinetry, 9- to 10-foot ceilings, hardwood floors and carpeting. Ironstone is having a grand opening for the property on January 22, 2011. Terms of the transaction were not released.

January 19, 2011

228-UNIT STUDENT HOUSING PROPERTY SELLS IN LEXINGTON, KY.

by admin January 19, 2011

LEXINGTON, KY. — Kayne Anderson Real Estate Advisors (KAREA) has acquired 5 Twenty Four Angliana, a student housing community in Lexington. Serving the University of Kentucky, the 228-unit property features 740 beds. The property was 99 percent occupied at the time of acquisition. Terms of the transaction were not released. kevin Larimer, Cole Whitaker and Todd Stofflet of Hendricks & Partners represented the seller/developer, Lexington Development LLC, in the transaction.

January 19, 2011

Multifamily Southeast

BAYWATER APARTMENTS FETCHES $8.75 MILLION IN TAMPA, FLA.

by admin January 19, 2011

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the sale of Baywater Apartments in Tampa. Built in 1985 and located at 6910 W. Waters Ave., the 176-unit, 140,800-square-foot property sold for $8.75 million or $49,716 per unit. The property consist of 17 two-story buildings offers a mix of one- and two-bedroom floor plans. At the time of closing, the property was 93 percent occupied. Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street represented the seller, Merecorp, in the transaction. The buyer was not disclosed.

January 19, 2011

Multifamily Southeast

$23.99 MILLION LOAN ARRANGED FOR MARYLAND APARTMENT PROPERTY

by admin January 19, 2011

ANNAPOLIS, MD. — NorthMarq Capital has arranged $23.99 million in financing for Annapolis Roads Apartments. Located at One Eaglewood Road, the property offers 282 multifamily units. Financing was based on an 8-year term and a 30-year amortization schedule. Michael James and Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq's affiliate AmeriSphere Multifamily Finance LLC.

January 19, 2011

Midwest Multifamily

34-UNIT MULTIFAMILY PROPERTY TRADES HANDS IN MICHIGAN

by admin January 19, 2011

WARREN, MICH. — Sterling Heights, Mich.-based Masonic Village LLC has acquired Masonic Arms, a multifamily property located at 31681 – 31745 Hoover Road in Warren. The 34-unit property sold for an undisclosed price. The buyer was able to secure a 70 percent loan-to-value acquisition mortgage with a local Michigan lender. Kevin Dillon and Cary Scott Belovicz of Hendricks & Partners' Michigan office represented the seller, Pound Ridge, N.Y.-based Parkstone Warren, in the transaction.

January 19, 2011

Multifamily Northeast

MOUNTAIN VERNON CO. TO BUILD 100-UNIT APARTMENT COMMUNITY IN BOSTON

by admin January 19, 2011

ALLSTON, MASS. — The Mount Vernon Company has purchased a 40,000-square-foot site on Griggs Street in the west Boston town of Allston for $4.8 million to develop a new multifamily community. The developer will construct a five-story building containing 100 studio and one-bedroom apartments. Units will be as large as 1,000 square feet and amenities will include a rooftop deck, a security desk, a fireplace-lit lobby and 101 on-site parking spaces. The $23 million project will be near the intersection of Griggs Street and Commonwealth Avenue, adjacent to a 150-unit property Mount Vernon already owns. The project architect is The Architectural Team. The seller in the land deal was Leggat McCall.

January 19, 2011

Multifamily Northeast

DUQUESNE U. TO CONSTRUCT NEW RESIDENCE HALL

by admin January 18, 2011

PITTSBURGH — Duquesne University will begin construction in March for a new residence hall. Des Places Residence Hall will be a 13-story building containing 400 beds in a suite configuration. The residence hall will cater to upperclassmen. Completion is expected by August 2012. Locally based WTW Architects is designing the project. Local firm PJ Dick will be the general contractor, and York, Pa.-based Kinsley Manufacturing will be providing the girder-slab system that will be the basis for the building's construction.

January 18, 2011

Multifamily Northeast

CHOZICK ARRANGES $1.17 MILLION APARTMENT SALE IN CONN.

by admin January 18, 2011

HARTFORD, CONN. — Chozick Realty has arranged the sale of 51 Imlay Street, a 30-unit, garden-style apartment community located in Hartford, for $1.17 million. The community was fully leased at the time of closing. Ryan Perkoski of Chozick represented the buyer, Imlay Hartford LLC. Paul Sciarra and Dick Buckley of Prudential Connecticut Realty represented the seller, Lord Commons Apartments LLC.

January 18, 2011

Multifamily Texas

THE PALAZZO ACQUIRED BY JOINT VENTURE

by admin January 18, 2011

SAN MARCOS — A joint venture between URDANG, the real estate investment manager of BNY Mellon Asset Management, and Falcon Southwest has acquired The Palazzo, a 300-unit, Class A multifamily community in San Marcos. Located at 1011 Wonder World Dr., the property is visible from Interstate 35. The joint venture will focus on improving property operations, addressing deferred maintenance and implementing a moderate renovation program. URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P., a closed-end private real estate fund managed by Urdang Capital Management. The property was purchased from a private seller.

January 18, 2011

Multifamily Western

PINNACLE R.E. ADVISORS PRESIDES OVER MILE HIGH CITY APTS. DEAL

by admin January 18, 2011

DENVER — Pinnacle Real Estate Advisors has orchestrated the $1.11 million sale of the Wolf Londoner Building, a 17-unit apartment property located at 2401-2415 Stout Street and 805-817 24th Street near the revitalized Curtis Park Neighborhood in Denver. Constructed in 1916 and fully renovated in 1984, the multifamily structure consists of an office/studio unit, a loft, 11 one-bedroom/one-bath units, two one-bedroom/one-bath large units and two two-bedroom/one-bath units. Pinnacle’s Jeff Johnson and Matt Ritter assisted the buyer in the transaction, and the brokerage firm’s Kyle Malnati assisted the seller.

January 18, 2011

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