Multifamily

ARLINGTON GROVE RESIDENTIAL REDEVELOPMENT BREAKS GROUND

by admin October 21, 2010

ST. LOUIS — McCormack Baron Salazar has broken ground for the development of Arlington Grove, a residential redevelopment project located on the corner of Dr. Martin Luther King Drive and Burd Avenue in St. Louis. The $41 million project will include 112 mixed-finance, mixed-income rental units in a mix of garden apartments, townhomes, and semi-detached housing floorplans; a new mixed-use building; and rehabilitation of the historic Arlington Elementary School. The completed project will offer 162,000 square feet of residential space and 5,000 square feet of commercial and retail space. The renovated school will house 21 apartments with the surrounding area featuring 91 townhomes and garden-style apartments. The residential units are designed to meet mandatory Enterprise Green Communities criteria, which is committed to the Missouri Housing Development Commission and required by the Capital Fund Recovery Competition grant, a stimulus-related grant awarded by the Department of Housing and Urban Development. The project will offer market-rate units, Low Income Housing Tax Credit units at 60 percent of the area median income, HOME units and public-housing units. St. Louis-based KAI Design & Build is serving as architect, M/E/P engineer, general contractor and building information model coordinator for the project, which is scheduled for completion …

October 21, 2010

$4.8 MILLION RENOVATION UNDER WAY FOR TWO MULTIFAMILY BUILDINGS IN D.C.

by admin October 20, 2010

WASHINGTON, D.C. — Locally based Urban Investment Partners (UIP) has commenced a $4.8 million gut renovation of The Warrington and The Wilmington, two historic apartment buildings at 1801 and 1811 Wyoming Avenue N.W. in Washington, D.C. The majority of the 43 fully renovated units will be sold as WY18 condominiums in 2011. The revamped buildings will feature modern, upscale amenities including rooftop party decks and wet bars, GE Cafe-series appliances, energy-efficient windows and water-saving dual-flush commodes, iPod docking stations, expanded closets and storage areas, and new heating, cooling, wiring and plumbing. Additionally, the renovation will include the retail store fronts on 18th Street, which are on the ground level of 1801 Wyoming Avenue). UIP General Contracting, a subsidiary of UIP, will execute the renovation project. The property will be managed by UIP Property Management, also a subsidiary of UIP.

October 20, 2010

Multifamily Southeast

108-UNIT MULTIFAMILY PROPERTY SELLS IN GREENVILLE, N.C.

by admin October 20, 2010

GREENVILLE, N.C. — Grubb & Ellis|Thomas Linderman Graham has brokered the sale of Riverwood Apartments, a multifamily property located in Greenville. Clarence R. Lambe Jr. purchased the 108-unit property for $1.7 million. Constructed in 1974, the 87,156-square-foot community is situated on 8.44 acres of land at 200 Verdant Dr. The property was more than 80 percent occupied at the time of the transaction. Curteis Calhoun of Grubb & Ellis represented the seller, Atlas Inc., in the transaction.

October 20, 2010

Midwest Multifamily

192-UNIT MULTIFAMILY PROPERTY TRADES HANDS IN ST. LOUIS

by admin October 20, 2010

ST. LOUIS — Birmingham, Mich.-based BHI-SEI St. Louis LLC has acquired Le Coeur du Monde, an apartment community located at 2035 Clermont Crossing in St. Louis. Locally based Mills Le Coeur du Monde LLC sold the 192-unit property for an undisclosed price. Built in 1988, the garden-style property offers 81 one-bedroom, 94 two-bedroom and 17 three-bedroom units. Ken Aston and Andrea Kendrick of Hendricks & Partners' St. Louis office represented both parties in the transaction.

October 20, 2010

Multifamily Northeast

MASSEY KNAKAL BROKERS $5.7 MILLION APARTMENT SALE IN NYC

by admin October 20, 2010

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of five-story multifamily building located at 18 E. 23rd St. in Manhattan for $5.7 million. The walk-up building contains 16 free-market apartments and a retail store on the ground floor. The building was constructed in 1900 and renovated in 1988. Massey Knakal's John Ciraulo arranged the deal between the two undisclosed parties.

October 20, 2010

Multifamily Northeast

CMC ARRANGES $12 MILLION FOR CONSTRUCTION OF N.J. APARTMENTS

by admin October 20, 2010

MONMOUTH COUNTY, N.J. — Commercial Mortgage Capital (CMC) has arranged a $12 million construction loan for the development of Stamford Square, a 136-unit, luxury multifamily community located in Monmouth County. The loan carries 3 years of interest-only payments with a 7-year permanent conversion option. The lender was Provident Bank. Mark Scott of CMC arranged the financing.

October 20, 2010

Multifamily Texas

USAA SELLS BOARDWALK AT TOWN CENTER

by admin October 20, 2010

THE WOODLANDS — USAA Real Estate Co. has sold Boardwalk at Town Center to MEPT, a real estate equity fund that was advised by Kennedy Associates, for an undisclosed price. Located on Riva Row in The Woodlands, Boardwalk at Town Center was developed by USAA, in partnership with Houston-based Cambridge Development Group, from 2005 to 2008. The property consists of 450 premium apartments, and it will continue to be managed by Greystar Real Estate Partners. Will Balthrope and Ryan Epstein of Balthrope Group of Institutional Property Advisors, a Marcus & Millichap company, represented USAA in the transaction.

October 20, 2010

Multifamily Texas

NORTHMARQ ARRANGES $7.7 MILLION MORTGAGE FOR CENZIO APARTMENTS

by admin October 20, 2010

SAN ANTONIO — NorthMarq's Houston office has arranged first mortgage financing of $7.7 million for Cenzio Apartments, a 150-unit multifamily property located at 33 Lynn Batts in San Antonio. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.

October 20, 2010

Multifamily Texas

SOUTH PLAINS COLLEGE BREAKS GROUND ON RESIDENCE HALL

by admin October 20, 2010

LEVELLAND — South Plains College has broken ground on a new student residence hall on J.V. Morton Drive in Levelland. The $7 million project should be completed by fall 2011, with students moving in at the beginning of the spring 2012 semester. The two-story, 104-bed facility will feature a main common area with additional common areas on each of the four wings. This is the first new residence hall built on the South Plains College campus since 1981.

October 20, 2010

Multifamily Southeast

324-UNIT MULTIFAMILY PROPERTY TRADES HANDS IN MIAMI

by admin October 19, 2010

MIAMI — Wood Partners and AREA Property Partners have acquired Terrazas River Park Village, a 324-unit Class A multifamily property located in Miami. The property consists of two towers on a 2.15-acre site along the Miami River. Terrazas offers one-, two- and three-bedroom units, two-story penthouses and townhome units, as well as a fitness center with a yoga/aerobics studio and separate men's and women's shower/sauna areas, a meditation garden, a pool and spa, a sundeck and a private clubhouse. Robert Given of CB Richard Ellis' Multi-Housing Group brokered the off-market transaction. Terms of the sale were not released.

October 19, 2010

Newer Posts

Older Posts