Multifamily

OPUS NORTH BREAKS GROUND ON 391-UNIT APARTMENT COMMUNITY

by admin September 24, 2008

LISLE, ILL. — Rosemont, Ill.-based Opus North Corp. has broken ground on Arboretum Landmark, a 391-unit multifamily community located at 450 Warrenville Rd. in Lisle. The five-story community, which will include one-, two- and three-bedroom units, is slated for completion in late 2009. Amenities at the property will include a fitness center, club room with demonstration kitchen, internet café, and media screening room with stadium-style seating. Situated within the Corporetum Office Campus, Arboretum Landmark will be within walking distance of more than 3 million square feet of office space and will be surrounded by the Morton Arboretum, a 1,700-acre site dedicated to the planting and conservation of trees. In addition to the apartment community, Opus North may develop a 150,000-square-foot office complex on the site.

September 24, 2008

ESSEX REALTY GROUP BROKERS SALE OF 22-UNIT WALK-UP PROPERTY

by admin September 24, 2008

CHICAGO — Essex Realty Group has brokered the sale of a 22-unit walk-up property located at 5235 S. Drexel in Chicago. Situated within the Hyde Park neighborhood, the property consists of 13 one-bedroom and nine two-bedroom units. The sales price was approximately $1.18 million. David Gross and Jon Morgan of Essex represented both the buyer and seller; Doug Imber, also of Essex, represented the buyer in the transaction.

September 24, 2008

Multifamily Western

26-UNIT MULTIFAMILY COMPLEX SELLS FOR $3.43 MILLION

by admin September 24, 2008

LOS FELIZ, CALIF. — Los Angeles-based Monem Corp. has acquired an apartment complex located at 1847 Winona Ave. in Los Feliz. The 26-unit property sold for $3.43 million. Built in 1964, the property consists of one-bedroom/one-bath units with large dining rooms, private balconies and central air conditioning. At the time of acquisition, the property was 93 percent occupied. Brent Sprenkle of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.

September 24, 2008

Multifamily Southeast

REIT PURCHASES 350-UNIT TENNESSEE APARTMENT COMPLEX

by admin September 23, 2008

HERMITAGE, TENN. — Grubb & Ellis Apartment REIT has acquired the 350-unit Canyon Ridge Apartments, located at 3868 Central Pike in Hermitage, from an affiliate of Principal Real Estate Investors for an undisclosed amount. The complex, which was built in 2005, encompasses 13 three-story buildings on 22.5 acres. Amenities include a fitness center, cyber café, lap pool and two tanning salons. Scott Tyrone and Perry Gooch of Collier Turley Martin Tucker’s Brentwood, Tenn., office represented the seller.

September 23, 2008

Midwest Multifamily

ICAP REALTY ARRANGES $23 MILLION LOAN FOR MANUFACTURED HOME PORTFOLIO

by admin September 23, 2008

MINNESOTA AND MICHIGAN — Farmington Hills, Mich.-based iCap Realty Advisors has secured an approximately $23 million loan for a seven-property manufactured home community portfolio located throughout Florida, Michigan, Minnesota and Nevada. The undisclosed borrower is an experienced owner of manufactured home communities. The non-recourse financing was based on a 25-year term, with a 25-year amortization schedule. The loan was placed with one of iCap’s correspondent life insurance company lenders.

September 23, 2008

Multifamily Western

PARKSIDE APARTMENTS SELLS FOR $16 MILLION

by admin September 23, 2008

COLORADO SPRINGS, COLO. — A Washington-based apartment investor has acquired Parkside Apartments in Colorado Springs for $16 million or $59,701 per unit. Located at 2505 E. Pikes Peak Ave., the 211,336-square-foot apartment community consists of 19 two-story buildings offering 268 units. The community features a heated swimming pool, a spa, a weight and exercise room, a sport court, laundry facilities, a clubhouse and a children’s playground. Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap represented both the buyer and the seller, a Colorado-based private investor, in the transaction.

September 23, 2008

Multifamily Western

MARCUS & MILLICHAP ARRANGES $10.55M MULTIFAMILY SALE

by admin September 23, 2008

NEWPORT BEACH, CALIF. — Michael Lawrence and Joseph Berkson of Marcus & Millichap’s Newport Beach office represented the undisclosed seller in the disposition of Las Casitas Garden Apartments in Newport Beach. A Northern California-based private investor purchased the 52-unit property for $10.55 million or $202,885 per unit. Located at 20102 Southwest Birch St., the 45,938-square-foot property consists of five two-story buildings. Community amenities include a swimming pool with sundeck, ample parking, on-site laundry facilities and a well-equipped fitness center. Kevin Struve and Eric Chen of Marcus & Millichap’s Ontario, Calif., office represented the seller in the transaction.

September 23, 2008

Multifamily Northeast

CUSHMAN & WAKEFIELD BROKERS OFFICE CONDO SALE

by admin September 22, 2008

FREEHOLD, N.J. — The East Rutherford, N.J., office of Cushman & Wakefield has negotiated the sale of a 25,000-square-foot office condominium within Pond View Professional Park in Freehold. Situated on 12.2 acres at 1011 W. Main St., Pond View comprises two 25,000-square-foot, two-story office buildings and one 50,000-square-foot, two-story building. Condos within the project are designed for medical or professional office uses, and the project is located less than a quarter-mile from CentraState Hospital. Advanced Orthopedic Sports Medicine Institute was the buyer of the office condo, which is located on the entire first floor of the larger building. It marks the first sale within the project. Pond View Professional Park is owned by a joint venture between Pyramid Property Partners, Hampshire Real Estate Companies and Triad Development. Cushman & Wakefield is marketing the property, with individual units available for sale or lease.

September 22, 2008

Multifamily Northeast

CPC FUNDS $15.9 MILLION FOR AFFORDABLE HOUSING PROJECTS

by admin September 22, 2008

NEW YORK CITY — The Bronx/Manhattan, New York City, office of Community Preservation Corporation (CPC), in partnership with the New York City Department of Housing Preservation (HPD), has financed $15.9 million in construction loans for three Harlem affordable housing project. CPC and HPD are providing a $9.2 million loan for the rehabilitation of two seven-story buildings located at 3603-3605 Broadway in the borough’s Hamilton Heights neighborhood. The properties will be reconfigured to include 24 one-bedroom units and 13 two-bedroom units. A $4.5 million construction loan is being provided to Malcolm Shabazz Development Corp. for the renovation of a six-story building located at 2512 Adam Clayton Powell Blvd. After construction is complete, the buildings will comprise 15 limited equity co-ops — made up of two studios, six one-bedroom, four two-bedroom and three three-bedroom units — as well as two commercial spaces. Finally, a $2.2 million loan will provide for the rehabilitation of a five-story building located at 131 E. 101st St. The building currently contains 10 rental units, which will be converted into co-ops upon completion.

September 22, 2008

Seniors Housing Texas

LIVE OAK SECURES FUNDS FOR DEVELOPMENT OF SENIOR HOUSING PROJECT

by admin September 22, 2008

KATY, TEXAS — Houston-based Live Oak Capital has structured acquisition and development financing for The Providence at Grand Parkway Apartments, a 250-unit, independent living, senior community located at 22801 Franz Rd. in Katy. The age-restricted community will feature 36 bungalow-style units averaging 886 square feet, in addition to the other apartment units. Property amenities include a 10,000-square-foot amenities center that features a central dining room, a game room, a coffee bar, a fitness center, a theater, a business center, a library, a salon, a spiritual center and a sundries store. Other amenities include a swimming pool, a 2-acre lake and walking paths. Jim Kirkpatrick and Tip Strickland of Live Oak Capital secured a $16.2 million senior loan through Charlotte, N.C.-based Bank of America and $4.5 million in equity through Washington, D.C.-based Perseus Realty Partners. The financing includes 95 percent loan-to-value ratio. The borrower is Providence Grand Parkway, Ltd., an entity led by the project’s developer, Houston-based Blazer Building. The project is being designed by Houston-based Mucasey & Associates. Construction is slated to begin this month.

September 22, 2008

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