Multifamily

GEORGE SMITH ARRANGES $22.3 MILLION FOR STUDENT HOUSING PURCHASE

by admin August 8, 2008

TYLER, TEXAS — George Smith Partners has arranged $22.3 million in non-recourse, permanent financing for the acquisition of The Cambridge, a 204-unit student housing property located adjacent to the University of Texas at Tyler. Constructed in 2007, the community features amenities such as tanning beds, a fitness center, a pool with a deck area and a computer/study room. Steve Bram and Allison Higgins of George Smith Partners arranged the financing. The loan includes a 5-year term and an interest rate 2.9 percent above LIBOR. The lender and the borrower were not disclosed.

August 8, 2008

NAI TAMPA BAY BROKERS SALE OF MULTIFAMILY DEVELOPMENT

by admin August 7, 2008

TAMPA, FLA. — John Burpee, T. Sean Lance, Casey Babb and Bill Renje of NAI Tampa Bay’s Multifamily Team brokered the sale of South Florida-based P.I. Holdings No. 1’s 232-unit, Class B Altamonte Apartments to Asset Development & Management Group for $13.7 million. The apartment, located at 8730 N. Himes Ave. in Tampa, sits on 12.64 acres. The sale was coordinated through the developer’s lender, Compass Bank.

August 7, 2008

Multifamily Northeast

GEBROE-HAMMER ARRANGES $23.55 MILLION APARTMENT TOWER SALE

by admin August 7, 2008

HACKENSACK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of The Carlyle, a 13-story apartment tower located in Hackensack, for $23.55 million. Located at 380 Prospect Ave., the property features 128 residences in a mix of one- and two-bedroom units. Building amenities include laundry facilities, a 24-hour doorman, a swimming pool and on-site parking. Occupancy was more than 98 percent at the time of closing. Ken Uranowitz, Greg Pine and Steven Follman of Gebroe-Hammer represented the seller, Hekemian & Co., and procured the buyer, a New Jersey-based investment group.

August 7, 2008

Northeast Seniors Housing

ECKMAN CONSTRUCTION COMPLETES $4.3 MILLION SENIOR HOUSING PROJECT

by admin August 7, 2008

NASHUA, N.H. — Bedford, N.H.-based Eckman Construction has completed AHEPA 35 Manor, a $4.3 million senior housing project located in Nashua, on behalf of the American Hellenic Educational Progressive Association. Construction consisted of a 38-unit apartment building for low-income elderly and handicapped residents. The building features several units that are handicap accessible. The project was designed by Colchester, Conn.-based Peter W. Argiros Architecture. It was funded through the Section 202 program of the U.S. Department of Housing & Urban Development.

August 7, 2008

Multifamily Southeast

NEW YORK CITY COMPANY ACQUIRES SEVEN METRO ATLANTA APARTMENTS

by admin August 6, 2008

ATLANTA — New York City-based The Praedium Group has acquired a six-county, seven-property metro-Atlanta multifamily portfolio for $45 million. The 938 units in Fulton, Henry, DeKalb, Rockdale, Gwinnett and Hall counties comprise 156 buildings, with an average size of 1,041 square feet per unit. Praedium acquired the portfolio through a joint partnership with New York City-based Audubon Communities Management.

August 6, 2008

Midwest Seniors Housing

TIKIJIAN ASSOCIATES BROKERS SALE OF $5.9 MILLION SENIOR HOUSING COMMUNITY

by admin August 6, 2008

INDIANAPOLIS — Tikijian Associates has brokered the sale of Atrium Village Apartments, a 116-unit senior housing community located near 25th Street and Mitthoeffer in Indianapolis. Lakewood, New Jersey-based TLK Properties has acquired the facility from Indianapolis-based Barrett & Stokely Inc. The property, which consists of two-bedroom, ground-floor units, was listed for $5.9 million. TLK Properties will continue to run Atrium Village as a senior housing facility.

August 6, 2008

Multifamily Texas

LA JOYA APARTMENTS TRADES HANDS

by admin August 6, 2008

ARLINGTON, TEXAS — La Joya, a 185-unit apartment community in Arlington, has traded hands. Wells Fargo Bank, N.A., as Trustee for CSFB 2003-C3 c/o Centerline Servicing of Irving, Texas, sold the property to La Joya Arlington Apartments of Dallas. The property is located at 1707 New York Ave. Tom Burns and Jay Gunn of the Dallas office of Hendricks & Partners represented the seller in the transaction. The acquisition price was not disclosed.

August 6, 2008

Seniors Housing Western

SANTA FE VILLAS SENIOR APARTMENTS SELL FOR $6.5 MILLION

by admin August 6, 2008

SAN DIEGO — VK Smith Realty LP has acquired Santa Fe Villas, a senior-housing apartment complex in San Diego, from El Presidio Corporation Inc. for $6.5 million. Located at 3912 Albatross St., the 37-unit property offers a mix of 34 one-bedroom/one-bath units and three two-bedroom/two-bath units. Built in 1989, the property features 11 garages, secured underground parking, a community room with kitchen and a player piano. Eric Comer and Jim Neil of CB Richard Ellis represented the seller; Stephen Scola of The Scola Company represented the buyer in the transaction.

August 6, 2008

Multifamily Western

17-UNIT MULTIFAMILY COMPLEX SELLS

by admin August 6, 2008

LOS ANGELES — Los Angeles-based 1746 N. Kingsley LLC has purchased 1746 North Kingsley Avenue, an apartment community in Los Angeles. Located at 1746 N. Kingsley Dr., the community offers 17 units. Los Angeles-based 1746-1750 ½ North Kingsley Drive LLC sold the property for $2.74 million. Dean Zander of Hendricks & Partners’ Los Angeles office represented the buyer in the transaction.

August 6, 2008

Multifamily Southeast

SECOND PHASE OF MOORESVILLE APARTMENT CONSTRUCTION UNDERWAY

by admin August 5, 2008

MOORESVILLE, N.C. — Construction on the second phase of Charlotte, N.C.-based Faison Enterprises’ 312-unit Waterlynn Ridge apartment complex, located on I-77 at Exit 33 in Mooresville, will be complete by the end of this year. The property comprises one, two and three bedroom units, and amenities include a fitness center, a community pool and a NASCAR-inspired media room. Superior Construction’s Charlotte office completed the first buildings in April. Waterlynn Ridge is one of the first developments in Waterlynn Place, a mixed-use project that will include townhomes, offices and single-family residences.

August 5, 2008

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