Multifamily

CHOZICK COMPLETES TWO MULTIFAMILY SALES FOR $5.72 MILLION

by admin January 29, 2009

WATERBURY AND NEW BRITAIN, CONN. — The Hartford, Conn., office of Chozick Realty has arranged two Connecticut multifamily sales totaling $5.72 million. In Waterbury, Rick Chozick and Marty Levitz of Chozick Realty arranged the $3.55 million sale of Diamond Court Apartments. The community comprises 80 townhome apartments in a mix of 24 two-bedroom, 54 three-bedroom and two four-bedroom units. Apartment sizes range from 795 to 1,285 square feet. In addition, 40 percent of the apartments are reserved as affordable housing for those making less than 60 percent of the median area income. The seller was Diamond Court-CHFA, Inc. The buyer, Diamond Court Realty, Inc., acquired the property in a sealed bid. In New Britain, Rick Chozick and Ryan Perkoski, also of Chozick Realty, arranged the $2.17 million sale of Edgewood Apartments. The community consists of two brick buildings with a mix of 10 one-bedroom units and 30 two-bedroom units. Occupancy was 95 percent at the time of closing. The seller was Edgewood Properties LLC and the buyer was Marconi Enterprises.

January 29, 2009

ALLIANCE RESIDENTIAL OPENS 226-UNIT RESIDENTIAL PROPERTY

by admin January 29, 2009

DENVER — Alliance Residential Co. has opened TwentyOne 01 on Market, a Broadstone Community in downtown Denver. Located at the corner of 21st and Market streets in the Ballpark Neighborhood, the property features 226 residential units and 6,600 square feet of retail space. The rehabilitated 60,000-square-foot former Piggly Wiggly warehouse offers 52 loft units and the new eight-story building offers 174 loft units, below-grade parking and amenities, including a clubroom, a sports lounge, a 24-hour athletic center, a 24-hour business center, 24-hour resident-controlled video security access, heated covered parking and a swimming pool. Final delivery is slated for March.

January 29, 2009

Multifamily Western

KEYBANK REAL ESTATE CAPITAL CLOSES $8.9 MILLION IN LOANS

by admin January 29, 2009

FRESNO AND EL CAJON, CALIF. — KeyBank Real Estate Capital has closed two loans totaling $8.9 million for two multifamily properties in California. In the first transaction, KeyBank provided a $4.9 million Fannie Mae supplemental loan to Provence at the Dominion LLC for Le Provence, a 268-unit condominium complex in Fresno. Additionally, KeyBank provided a $4 million Fannie Mae assumption and supplemental loan to R&V Management Corp. for Coral Gardens Apartments, a 200-unit garden-style apartment complex in El Cajon.

January 29, 2009

Multifamily Southeast

26 DISTRESSED APARTMENT UNITS SOLD FOR $1.43 MILLION

by admin January 28, 2009

PEMBROKE PINES, FLA. — Israel-based Gamla-Cedron Group has purchased the 26 remaining units at the 250-unit La Via Condominium complex from an undisclosed seller for $1.43 million. The property is a distressed asset that has been sold, piece by piece, since 2005. The apartment complex, which is located in Pembroke Pines, was converted to condominium units to facilitate its sale. Avery Klann of Apartment Realty Advisors’ Boca Raton, Fla., office arranged the deal.

January 28, 2009

Midwest Multifamily

ESSEX REALTY GROUP BROKERS $1.8 MILLION SALE OF APARTMENT COMPLEX

by admin January 28, 2009

CHICAGO — Essex Realty Group has brokered the sale of a 33-unit multifamily community located at 6506 N. Ashland in the Rogers Park neighborhood of Chicago. The property houses 31 studios, one one-bedroom unit and one two-bedroom unit. Additionally, the building includes two street-level commercial storefronts. David Goss and Jon Morgan of Essex represented the seller, a local bank, and the buyer in the transaction. The property commanded a sales price of approximately $1.8 million.

January 28, 2009

Multifamily Texas

POTOMAC ARRANGES $7.3 MILLION MULTIFAMILY LOAN

by admin January 28, 2009

BELTON, TEXAS — Needham, Mass-based Potomac Realty Capital has arranged $7.3 million in permanent financing for a 202-unit apartment community located in Belton. The loan carries an interest rate of 6.41 percent and was provided by Fannie Mae. Proceeds were used to retire an existing bridge loan — also secured by Potomac — that was taken out 12 months ago by the Dallas-based owner to complete a capital improvements program to the property.

January 28, 2009

Multifamily Western

34-UNIT VERDUGO GARDENS SELLS FOR $7.26 MILLION

by admin January 28, 2009

BURBANK, CALIF. — Burbank-based Burbank Holdings Corp. has purchased Verdugo Gardens, a 34-unit multifamily property located at 275 W. Verdugo Ave. in Burbank. The property sold for $7.26 million or $213,603 per unit. Built in 1985, the complex features two- and three-bedroom units. The buyer plans to upgrade the property and provide affordable housing. Kevin Lutz and Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller, Los Angeles-based Jamco Holdings Corp., in the transaction.

January 28, 2009

Seniors Housing Western

$3.6 MILLION ASSISTED-LIVING PROJECT UNDERWAY

by admin January 28, 2009

HENDERSON, NEV. — Las Vegas-based Crisci Builders, serving as general contractor, has broken ground for the construction of Henderson Supportive Housing, which will be located at 600 N. Major Ave. in Henderson. Accessible Space Inc. contracted Crisci to build the two-story, 25-unit apartment complex. Designed by Creative Design Architecture Inc., the $3.6 million, 21,350-square-foot project is slated for completion in late November.

January 28, 2009

Multifamily Southeast

$16.87 MILLION LOAN ARRANGED FOR APARTMENT PURCHASE

by admin January 27, 2009

BIRMINGHAM, ALA. — Brokers at CB Richard Ellis Capital Markets have secured a $16.87 million loan for the acquisition of the 400-unit The Meadows at Brook Highland Apartments in Birmingham. Financing for the 7-year loan, which carries a 3.2 percent interest-only floating rate and a 30-year amortization, was provided by Freddie Mac. The borrower is planning $1.2 million in exterior upgrades and interior renovations totaling $6,000 per unit. The 22-year-old apartment is 96.3 percent occupied. Keith Braddish and Jason Gaccione of CB Richard Ellis’ New York City office and Robert LaChapelle, Richard Jordan and Matt Forgione of the firm’s Atlanta office closed the deal.

January 27, 2009

Multifamily Western

MULTIFAMILY PROPERTY SELLS FOR $4.5 MILLION

by admin January 27, 2009

CARLSBAD, CALIF. — Ray Adams of Grubb & Ellis|BRE Commercial represented Glenn Goldman Family Trust in the disposition of Pirineos Pointe Luxury Townhomes, which is located at 2610-22 Pirineos Way in Carlsbad. Newkirk Family Trust purchased the property, which was built in 2003, for $4.5 million. Surrounded by the La Costat golf course, the property comprises 14 1,640-square-foot units, featuring three bedrooms and 2.5 baths with two-car garages. Dale Lawrence of Lawrence & Associates represented the buyer in the transaction.

January 27, 2009

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