Multifamily

JOINT VENTURE BUYS NEW YORK CITY PORTFOLIO

by admin February 14, 2012

NEW YORK CITY — TreeTop Development and Latus Partners have jointly acquired four properties in New York City, consisting of more than 80 apartment homes and eleven retail spaces totaling 10,000 square feet. The properties are located at 1917 7th Ave.; 110 St. Nicholas Ave.; 110 W. 116th St.; and 120 W. 116th St. Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the buyer and undisclosed seller in the transaction. TreeTop plans to renovate the properties, including upgrading the building systems and renovating apartment interiors.

February 14, 2012

M&M SECURES SALE OF APT. PORTFOLIO

by admin February 14, 2012

AUSTIN — Marcus & Millichap has arranged the sale of three properties totaling 422 units, including Quail Run, Gateways and Woodmark, all located in north Austin. Joe James and Kent Myers of Marcus & Millichap's Austin office represented the undisclosed seller in the transaction and secured the buyer, a Texas-based partnership. The 132-unit Quail Run is located at 1200 Mearns Meadow Blvd.; the 130-unit Gateways is located at 1804 W. Rundberg Ln.; and the 160-unit Woodmark is located at 1735 Rutland Dr.

February 14, 2012

Multifamily Texas

ARA BROKERS SALE OF DELWOOD STATION

by admin February 14, 2012

AUSTIN — Apartment Realty Advisors (ARA) has arranged the sale of the 74-unit Delwood Station, a multifamily community located at 1230 E. 38th 1/2 St. in Austin. Andrew Shih of ARA's Austin office represented the seller, a group of private individuals based in the State of Washington, in the transaction. Additionally, the seller partnered with Austin-based Roscoe Properties. The buyer was a syndicate, also based in Washington state. Fannie Mae provided acquisition financing for the property, which features a pool, courtyard, barbecue area and laundry facilities, as well as nearby retail and restaurants.

February 14, 2012

Multifamily Southeast

BEECH STREET PROVIDES $11.3M LOAN

by admin February 13, 2012

BALTIMORE —Beech Street Capital has provided an $11.3 million Fannie Mae conventional loan for the acquisition of the 120-unit Henderson House, a multifamily property located at 101 E. Mount Royal Ave. in Baltimore. Jacob Katz of Meridian Capital Group originated the 10-year loan with 2-years interest only and a 30-year amortization schedule.

February 13, 2012

Midwest Multifamily

MARQUETTE COS. BUYS CONDO PROPERTY IN ILLINOIS

by admin February 13, 2012

ITASCA, ILL. — The Marquette Cos. has purchased Two Itasca Place, a 70-unit condominium property in Itasca originally developed by the seller, Bloomingale, Ill.-based Donald E. Morris Enterprises. The five-story property includes an underground, structured parking garage. Marquette plans to convert the property to apartments with financing provided by West Suburban Bank. The first rental units will be available this spring. Two Itasca Place is located at the corner of Rohlwing and Nordic roads.

February 13, 2012

Northeast Seniors Housing

$24M ASSISTED LIVING CENTER OPENS IN YONKERS

by admin February 13, 2012

YONKERS, N.Y. — The $24 million Westchester Center for Independent and Assisted Living has opened to Medicaid recipients this month. The facility is located at 78 Stratton St. South. in Yonkers and includes luxury apartments, an in-house movie theater, beauty salon and billiard room. Center Management Group financed the project with tax incentives from the Yonkers Industrial Development Agency.

February 13, 2012

Multifamily Texas

H&P BROKERS SALE OF SILVERVALE CROSSING

by admin February 13, 2012

AUSTIN — Hendricks & Partners has arranged the sale of the 840-unit Silvervale Crossing – Brookstone, an apartment community located at 8800-8900 N. Interstate 35 in Austin. The complex is the second largest apartment community in Austin. George Deuillet of Hendricks & Partners' Austin office and Ellen Muskin of Muskin Commercial represented the seller, Addison-based GE Capital Realty Inc., in the transaction. The buyer was San Francisco-based FPA Multifamily LLC.

February 13, 2012

Seniors Housing Western

CONCORDE ASSISTED LIVING FACILITY SELLS FOR $5M

by admin February 13, 2012

LAS VEGAS – The Concorde Assisted Living Center in Las Vegas has sold to Forterus for $5 million. The 101-unit facility is located at 4625 East Twain Ave. It was built in 1997. Forterus was represented by its company chairman, Michael Cartright The seller, IMH Financial Corporation, was represented by Trisha A. Talbot, Julie A. Johnson and Kathleen M. Morgan of GPE Commercial Advisors, along with Neil Sorkin of Cushman & Wakefield.

February 13, 2012

Multifamily Western

BEL AIR APT COMPLEX SELLS FOR $4.3M

by admin February 13, 2012

BEL AIR, CALIF. – A 24-unit apartment complex located at 11720 Bellagio Road in Bel Air has sold to an unnamed buyer for $4.37 million. The 15,676-square-foot complex was built in 1955. The property was listed and marketed by Richard J. Ringer of Marcus & Millichap’s West Los Angeles office on behalf of the seller, a limited liability company.

February 13, 2012

Multifamily Western

VISTA RIDGE GOES FOR $2.6M

by admin February 13, 2012

FOUNTAIN, COLO. – The 103-unit Vista Ridge apartment complex in Fountain has sold to Vista Ridge Apartments, LLC for $2,615,000. The deal also includes five additional acres of commercially zoned RC land. The seller, SW Apartments, LLC, was represented by John Laratta of Hendricks & Partners’ Denver office.

February 13, 2012

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