Multifamily

KISLAK BROKERS SALE OF AFFORDABLE HOUSING INTEREST IN N.J.

by admin February 2, 2010

BERKELEY HEIGHTS, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of the 14-unit affordable housing component of Villas on the Park, a residential condominium community located at 25-51 Springholm Drive in Berkeley Heights. The units include 12 two-bedroom residences and two three-bedroom residences, each of which include two parking spaces. At the time of closing, all units were occupied. They will remain affordable housing until 2026. The purchase price was $1.35 million. Jeffrey Squires of Kislak represented the seller, the original condominium developer. Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.

February 2, 2010

SECOND BUILDING OPENS AT ALEXAN CITYVIEW

by admin February 1, 2010

BAYONNE, N.J. — Trammell Crow has opened the second building at Alexan CityView, a waterfront luxury residential community located in Bayonne. The building features one-, two- and three-bedroom residences with rents starting at $1,595 as well as townhome units starting at $3,265. Initial occupancy for the new units is slated for April. Amenities at Alexan CityView include a 9,000-square-foot clubhouse that features wireless Internet access, a fitness center with an indoor basketball court, a business center and a media lounge. Other amenities include an outdoor heated pool with a sundeck, 24-hour virtual concierge service, a dog park and an enclosed parking garage. The project is seeking LEED for Homes – Silver certification. More than 160 leases have been signed so far. The community is being managed and leased by Kettler Management.

February 1, 2010

Multifamily Texas

MCA ARRANGES TWO MULTIFAMILY LOANS TOTALING $22.63 MILLION

by admin February 1, 2010

TULSA, OKLA., AND NORTH RICHLAND HILLS, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged two loans totaling $22.63 million for two multifamily communities. The first property, Lakeside Place, is a 210-unit apartment complex located in Tulsa. The second property, The Venue at Hometown, is a multi-use property located in North Richland Hills that consists of 189 apartments and 46,000 square feet of ground-floor retail space. The Lakeside Place loan carries a 5.63 percent interest rate. The Venue at Hometown loan carries a 5.75 percent interest rate. Both loans feature fixed interest rates, 10-year terms and 30-year amortization schedules. The lender for both transactions was Alliant Capital, which utilized the Fannie Mae DUS program. MCA's Todd McNeill secured the Lakeside Place loan, and Hook Harmeling, also of MCA, secured the Hometown loan.

February 1, 2010

Multifamily Western

ARA BROKERS $19 MILLION APARTMENT COMMUNITY SALE

by admin February 1, 2010

COLORADO SPRINGS, COLO. — Atlanta-based Apartment Realty Advisors (ARA) has handled Corman Leigh’s $19 million sale of the 240-unit Bellaire Ranch apartment community, located near the front gate of Fort Carson in southeast Colorado Springs, to Denver-based Capital Real Estate. Built in 2003 and the only Class A apartment community in its submarket, Bellaire Ranch was 98.3 percent occupied at the time of the sale. ARA’s Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller in the transaction.

February 1, 2010

Multifamily Southeast

ORLANDO CONDO UNITS SOLD FOR $14.8 MILLION

by admin January 29, 2010

ORLANDO, FLA. — BRI 1827 Mosaic has purchased 248 units in the 451-unit Mosaic at Millenia condominium complex from an undisclosed seller for $14.8 million. The 7-year-old property, which is 97 percent leased, is located at 3705 Conroy Road in Orlando. When the complex was converted from apartments to condominiums in 2006, units were selling for $240,000 to $285,000; BRI's purchase price translates to $59,677 per unit. Bob Dockerty and Chris Caveglia of Dockerty Romer & Co. brokered the sale.

January 29, 2010

Multifamily Southeast

WELLS FARGO PROVIDES MONEY FOR D.C. APARTMENT UPGRADES

by admin January 29, 2010

WASHINGTON, D.C. — Wells Fargo & Co. has provided $15 million in financing for the greening of 98 affordable housing units in the three-property Jasper29T development in Washington. More than $8 million will be provided in the form of a Low Income Housing Tax Credit; the company is also providing a $4.8 million construction loan and $2.82 million in Freddie Mac Forward Commitment financing. The project includes new HVAC units, upgraded insulation and the installation of low-flow fixtures and EnergyStar appliances.

January 29, 2010

Midwest Multifamily

GRANDBRIDGE CLOSES $8.5 MILLION MULTIFAMILY LOANS

by admin January 29, 2010

MINNEAPOLIS — The Minneapolis office of Grandbridge Real Estate Capital has originated and closed two first mortgage loans for multifamily properties in Minnesota. Arranged for a publicly traded REIT, the 10-year, fixed-rate loans total $8.5 million. Additionally, the loans carry less than 6 percent interest rates and 30-year amortization schedules. Grandbridge’s Dave Rasmussen and Tony Carlson arranged the financing through Fannie Mae’s DUS loan product.

January 29, 2010

Multifamily Texas

PRESTON BEND SELLS IN DALLAS

by admin January 29, 2010

DALLAS — Preston Bend, a 255-unit multifamily community located in Dallas, has sold. The Class B property is situated on 9 acres at 18790 Lloyd Drive. It contains a mix of one- and two-bedroom units averaging 726 square feet each. Amenities include a tennis court, a sports court, a fitness center, a car care center, a playground and a swimming pool. Bill Miller and Roberto Casas of Holliday Fenoglio Fowler's Dallas office represented the seller, Equity Residential. Richard Hoffmann of Anterra Realty Corp. represented the buyer, a California-based private investor. The acquisition price was not disclosed.

January 29, 2010

Multifamily Southeast

JOINT VENTURE BUYS 631-UNIT FLORIDA APARTMENT COMPLEX

by admin January 28, 2010

ST. PETERSBURG, FLA. — Greystar Real Estate Partners and The Praedium Group have purchased the 631-unit Lincoln Shores apartment complex from a private party for an undisclosed amount. The transaction was made using the joint venture's Praedium Fund VII, a $900 million equity fund. The property is located on more than 52 acres on 4th Street North in St. Petersburg.

January 28, 2010

Midwest Multifamily

KESSLER GARDENS SELLS FOR $4.9 MILLION IN INDIANA

by admin January 28, 2010

INDIANAPOLIS — Glen Carbon, Ill.-based Fireside Kessler Gardens LLC has acquired Kessler Gardens, a 133-unit apartment community located at 5480 N. Michigan Road in Indianapolis. Kessler Garden Apartments LLC sold the property for $4.9 million or $36,842 per unit with a 9.5 percent cap rate. Built in 1967, the property offers 108 one- and two-bedroom, garden-style apartments and 25 two- and three-bedroom townhome units. Rick Vidrio, Rick Brace, David Walstrom and Todd Stofflet of Hendricks & Partners’ Michigan office brokered the transaction.

January 28, 2010

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