Multifamily

CUSHMAN & WAKEFIELD ARRANGES TWO MULTIFAMILY SALES

by admin December 16, 2010

BOSTON AND SOUTH YARMOUTH, MASS. — Cushman & Wakefield has arranged two multifamily sales in Massachusetts. In the first deal, a joint venture between locally based The Fallon Company and Cornerstone Real Estate Advisors sold Park Lane Seaport to institutional investors advised by JP Morgan Asset Management. The high-rise, transit-oriented apartment community contains 465 units and is located in Boston's waterfront neighborhood. In the second transaction, Weston Associates acquired Swan Pond Village from Swan Pond Development Co. for $12.6 million. The community is located in South Yarmouth and contains 150 units of affordable housing. The team of Simon Butler and Biria St. John of Cushman & Wakefield's Capital Markets Group represented the seller and procured the buyer in both deals.

December 16, 2010

PARKOFF ACQUIRES BRONX APARTMENT BUILDING FOR $16.2 MILLION

by admin December 16, 2010

NEW YORK CITY — The Parkoff Organization has acquired a 66-unit apartment building in the Riverdale neighborhood of the Bronx for $16.2 million. The six-story building is located at 3300 Netherland Ave. In addition to the multifamily units, 20 of which were being renovated at the time of the sale, the building contains a 5,000-square-foot retail component. The sale also included an adjacent seven-unit retail taxpayer. Marcia Rose Yawitz and Benjamin Tapper of Eastern Consolidated represented Parkoff in the sale. Karl Brumback and Joshua Rubin of Massey Knakal Realty Services represented the undisclosed seller, the building's original owners.

December 16, 2010

Multifamily Texas

PUBLIC-PRIVATE PARTNERSHIP TO PRESERVE AFFORDABLE HOUSING

by admin December 16, 2010

OKLAHOMA CITY, OKLA. — The John D. and Catherine T. MacArthur Foundation is providing a $20 million guaranty in connection with a public-private partnership aimed at the preservation of federally subsidized rental housing in underserved markets nationwide. The partnership's goal is to attract $100 million for non-profit developers working to preserve and renovate approximately 20 rental properties nationwide serving more than 2,000 low-income families and seniors. As part of the public-private partnership, The National Affordable Housing Trust (NAHT) and Cornerstone Real Estate Advisors jointly closed an investment fund through the federal Low-Income Housing Tax Credit. Investors in the fund include JPMorgan Chase, Massachusetts Mutual Life Insurance Co., MetLife and UnitedBank. As part of the program, the 100-unit Southwoods Apartments in Oklahoma City will be renovated and managed by Volunteers of America. In addition to energy efficiency upgrades, a new wireless emergency call system will be installed to ensure the safety of the building's senior residents. Other residential properties receiving upgrades through the partnership include Nicollet Towers in Minneapolis, Millard Manor in Omaha, Neb., and Renaissance Senior Apartments in Toledo, Ohio.

December 16, 2010

Multifamily Texas

NORTHMARQ ARRANGES $10.1 MILLION MORTGAGE FOR CREEKVIEW APARTMENTS

by admin December 16, 2010

DALLAS — Greg Duvall of NorthMarq Capital's Kansas City office has arranged first mortgage financing of $10.1 million for Creekview Apartments, located at 14255 Preston Rd. in Dallas. The 240-unit apartment complex was serviced through NorthMarq's Seller-Servicer relationship with Freddie Mac. The deal was a refinancing of an existing Freddie Mac loan.

December 16, 2010

Multifamily Western

CHARLES DUNN CO. CLOSES $6.8 MILLION APTS. TRANSACTION IN L.A.

by admin December 16, 2010

LOS ANGELES — Charles Dunn Co. has brokered the $6.8 million sale of the Atrium, an 18-unit apartment complex located at 424 S. Holt Ave. in Los Angeles. The brokerage firm’s Hamid Soroudi represented both parties — a private investor buyer and the undisclosed seller — in the transaction involving the 27,713-square-foot multifamily property.

December 16, 2010

Multifamily Southeast

459-UNIT MULTIFAMILY PROPERTY SELLS FOR $38 MILLION IN MARYLAND

by admin December 15, 2010

TEMPLE HILLS, MD. — Rockville, Md.-based The Donaldson Group and its equity partner, New York-based Angelo, Gordon & Co., have acquired Heather Hill Apartment Homes, which is located at 5837 Fisher Road in Temple Hills. The 459-unit property sold for $38 million. Situated on 21 acres, the property is comprised of 18 low-rise buildings. The seller, New York-based Tarragon Corp., sold the property as part of a reorganization following Chapter 11 bankruptcy in 2009. The buyer plans to renovate the property, including community amenities and residential units. Stacey Milam and Victor Nolletii of Marcus & Millichap represented the seller.

December 15, 2010

Midwest Multifamily

420-UNIT APARTMENT COMMUNITY TRADES HANDS IN WISCONSIN

by admin December 15, 2010

MADISON, WIS. — Banner Essex Apartment Fund I, through an affiliate, has acquired a 420-unit apartment community in Madison. Built in phases, the community consists of Rivers Edge, Fordem Towers and Camelot Apartments. The property is comprised of 10 studios, 134 one-bedroom units, 244 two-bedroom units and 28 three-bedroom units. Additionally, the community features underground parking, laundry facilities, two swimming pools and a central clubhouse. Acquisition financing was arranged by Allan Edelson of CW Capital. The purchase price was not released.

December 15, 2010

Midwest Multifamily

$5.08 MILLION LOAN ARRANGED FOR MISSOURI MULTIFAMILY PROPERTY

by admin December 15, 2010

KANSAS CITY, MO. — NorthMarq Capital has arranged $5.08 million in first mortgage financing for Regency North Apartments. The 180-unit apartment complex is located at 6024 N. Jefferson St. in Kansas City. David Farrell of NorthMarq's Kansas City regional office secured the financing for the borrower, Regency North Acquisition. The 10-year loan, which carries a 30-year amortization schedule, was arranged by NorthMarq through its seller-servicer relationship with Freddie Mac.

December 15, 2010

Multifamily Southeast

ARA BROKERS SALES OF TWO STUDENT HOUSING PROPERTIES IN SOUTHEAST

by admin December 14, 2010

GREENSBORO, N.C., AND BATON ROUGE, LA. — Atlanta-based ARA has brokered the sales of two student housing communities in North Carolina and Louisiana. In the first transaction, an undisclosed buyer acquired River Walk Apartments in Greensboro for an undisclosed price. Built in 1949 and located near North Carolina A&T State University, the Class B asset offers 223 units and 682 beds. Community amenities include a shuttle bus to campus, a fitness center, a billiards room, a business center and a swimming pool. Chris Epp, Chris Bancroft, Sean Wood, Blake Oakland and Dean Smith of ARA represented the undisclosed seller in the transaction. In the second transaction, The Dinerstein Companies completed the disposition of Sterling Northgate, a 98-unit, 348-bed student housing community located in Baton Rouge. Built in 2006, the property is located within walking distance of Louisiana State University. Community amenities include a resort-style pool and plaza, a state-of-the-art fitness center, a business center, a tanning salon and a computer lab. Epp and Bancroft, along with Matt Heininger of ARA, represented the seller in the transaction. The buyer and acquisition price were not released.

December 14, 2010

Midwest Multifamily

348-UNIT MULTIFAMILY PROPERTY SELLS FOR $1.1 MILLION IN INDIANAPOLIS

by admin December 14, 2010

INDIANAPOLIS — Carmel, Ind.-based Oaktree Co. has acquired Oaktree, a multifamily property located at 4100 N. Post Road in Indianapolis. The 348-unit property sold for $1.1 million. Built in 1969, the property offers 156 one-bedroom units and 192 two-bedroom units. Additionally, the property has received more than $2.3 million in capital improvements since 2001. Rick Vidrio, Rick Brace and David Walstrom of Hendricks & Partners represented the seller, Oaktree Apartments LLC, in the transaction.

December 14, 2010

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