Multifamily

HISTORIC ELECTRIC BUILDING SELLS

by admin September 24, 2009

FORT WORTH, TEXAS — A partnership led by Fort Worth-based Atlas Properties has acquired Fort Worth's Historic Electric Building. The 18-story, 173,000-square-foot tower is located within the city's central business district. Constructed in 1929 as the home of the Texas Electric Service Co. as well as the Hollywood Theater, the property was converted into a multifamily property in 1996. It contains 106 apartment units and three retail spaces, and it is currently on the National Register of Historic Places. Occupancy was 88 percent at the time of closing. Atlas purchased the property as a principal in a partnership that also includes Dallas-based Silverado Investments and local investors. Atlas will manage the property and is planning a multi-phase renovation.

September 24, 2009

HENDRICKS & PARTNERS BROKERS 85-UNIT APARTMENT SALE

by admin September 24, 2009

SLATON, TEXAS — Hendricks & Partners has brokered the sale of Century Heights Apartments, an 85-unit multifamily community located at 1305 W. Woodrow Rd. in Slaton. Greg Austin, Chip Nash and Jim Hearn of the Houston office of Hendricks & Partners, along with Tom Warren, Tom Burns and Jay Gunn of the firm's Dallas office, represented the seller, locally-based Century Heights/Windmill I, II, & III LLC. Additional assistance was provided by Meredith Wideman of Hendricks' Multi Family Brokerage Group. The buyer was Boca Raton, Fla-based Slaton Properties LP. The acquisition price was not disclosed.

September 24, 2009

Multifamily Western

TWO L.A. APARTMENT PROPERTIES SOLD FOR $37.25 MILLION

by admin September 24, 2009

SAN PEDRO, CALIF. — Equity Residential, represented by Marcus & Millichap Real Estate Investment Services, has sold the 160-unit Harbor View and 60-unit Bay Ridge apartment communities to an undisclosed buyer for $37.25 million or $169,318 per unit. Located at 1286 and 1099 W. Capital Drive, respectively, in San Pedro and exempt from Los Angeles rent control laws, Harbor View and Bay Ridge feature amenities such as swimming pools, spa, state-of-the-art fitness center, dry heat sauna and an oversized sundeck. Greg Harris and Ron Harris, both directors of Marcus & Millichap’s National Multi Housing Group, represented the seller.

September 24, 2009

Multifamily Southeast

SEVEN-PROPERTY APARTMENT PORTFOLIO SOLD

by admin September 23, 2009

LAFAYETTE AND LAKE CHARLES, LA. — A private institution based in Pennsylvania has sold a seven-property Louisiana apartment portfolio to a Tennessee party for an undisclosed amount. The buyer purchased the ownership entity with bond financing. The Lafayette properties are the 240-unit Pinhook South Apartments, located at 200 Merchants Blvd., and the 80-unit Mon Chateau Apartments, located at 2820 Louisiana Ave. In Lake Charles, the 220-unit Suffolk Manor Apartment Homes, located at 2960 Lake St.; the 200-unit Le Chateau Apartments, located at 4404 Canal St.; the 180-unit Shadowood Apartment Homes, located at 1045 Walters St.; and the 80-unit Trace Apartments, located at 211 Louie St., were included in the sale. Apartment Realty Advisors’ Matt Heininger brokered the sale.

September 23, 2009

Multifamily Southeast

STUDENT HOUSING COMPLEX PURCHASED

by admin September 23, 2009

LOUISVILLE, KY. — Massachusetts-based Gross Cohen Louisville has acquired the 95-unit Station House Square apartment complex from an undisclosed seller for an undisclosed price. The off-campus student housing complex is located at 1509 S. 6th St. in Louisville and features a pool, a workout room and a clubhouse. The seller assumed an HUD loan and made an equity down payment to secure the property.

September 23, 2009

Midwest Multifamily

NINE NORTH OPENS IN ST. LOUIS

by admin September 23, 2009

ST. LOUIS — Opus NW has completed the development of Nine North, a condominium complex located at 9 N. Euclid in the Central West End of St. Louis. The mid-rise building offers units with hardwood floors, 10-foot ceilings, floor-to-ceiling windows, Bosch kitchen appliances, European-style bath features and private balconies. Community amenities include an urban garden area, a pool, a hot tub, a fitness center, a grilling area and perennial gardens.

September 23, 2009

Multifamily Northeast

BEHRINGER HARVARD ACQUIRES 308-UNIT MULTIFAMILY COMMUNITY

by admin September 23, 2009

CHERRY HILL, N.J. — Behringer Harvard has acquired Burrough's Mill Apartment Homes, a 308-unit multifamily community located in Cherry Hill. Situated on 25.7 acres, the property contains 32 two-story buildings. The units comprise a mix of one, two and three bedrooms. They range in size from 835 to 1,450 square feet and more than half contain private garages. Community amenities include a clubhouse with a fitness center, a sauna and a business center. Other amenities include a resort-style swimming pool, a tennis court, a scenic pond, a walking trail and gated access. Behringer Harvard acquired the property through a joint venture between its Behringer Harvard Multifamily REIT I affiliate and PGGM Private Real Estate Fund, which assists large Dutch pension funds with real estate investments. The acquisition price was not disclosed.

September 23, 2009

Multifamily Northeast

MERIDIAN ARRANGES $2.53 MILLION MULTIFAMILY LOAN

by admin September 23, 2009

PHILADELPHIA — Meridian Capital Group has arranged $2.53 million in non-recourse financing for the refinancing of three Philadelphia multifamily properties. The President, The Bel Air and Chelten Arms Apartments are located at 425, 427 and 500 W. Chelten Ave., and contain a total of 93 units. Josh Gorsky of Meridian's New Jersey office arranged the financing, which carries a 10-year term with a 30-year amortization schedule and fixed interest rates of 5.72 and 5.75 percent. The borrower and lender were undisclosed.

September 23, 2009

Multifamily Texas

NORTHMARQ ARRANGES $6 MILLION FOR TWO MULTIFAMILY COMMUNITIES

by admin September 23, 2009

CANYON, TEXAS, AND WEATHERFORD, OKLA. — NorthMarq Capital has arranged a total of $6 million for the refinancing of two Collegiate Station student housing properties. Collegiate Station at Canyon contains 108 units and is located near West Texas A&M University in Canyon. Collegiate Station at Weatherford contains 120 units and is located near Southwestern Oklahoma State University in Weatherford. Robert Hernandez of NorthMarq's Tampa, Fla., office arranged the financing on behalf of the undisclosed borrower. The lender was First United Bank.

September 23, 2009

Multifamily Southeast

103 CONDOMINIUM UNITS SOLD FOR $6.15 MILLION

by admin September 22, 2009

WEST PALM BEACH, FLA. — The Grand Isles @WPB has purchased the 103 units at the Grand Isle condominium complex from Grand Isle FL-PFG for $6.15 million. The property is located at 4145 N. Haverhill Rd. in West Palm Beach. The seller had unloaded 217 units of the 320-unit property, but was unable to sell the remaining spaces, which faced foreclosure. Keith Kidwell of Fort Lauderdale, Fla.-based Moecker Realty and Les Byron of Sperry Van Ness represented the buyer.

September 22, 2009

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