Multifamily

JV ACQUIRES 426-UNIT APARTMENT PORTFOLIO

by admin July 17, 2008

ALBUQUERQUE, N.M. — PCCP LLC has formed a joint venture with Salt Lake City-based Bridge Investment Group LLC to purchase a three-property multifamily portfolio located in the northeast quadrant of Albuquerque. The 426-unit portfolio includes the 267-unit Suncreek Village Apartments, which is located at 9900 Spain Rd.; Sungate Village Apartments, a 94-unit multifamily complex located at 10800 Comanche Rd.; and Rancho Verde Apartments, a 65-unit community located at 5800 Truchas Dr. The portfolio consists of 229 one-bedroom units and 197 two-bedroom units. Joe Romero of Grubb & Ellis represented the buyer; Paul Cauwels and Barbara Haase of Cauwels & Stuve Realty & Development Advisors LLC represented the seller, partnerships formed by Cauwels and Davis Associates, in the transaction. The acquisition price was not disclosed.

July 17, 2008

GRAND OPENING HELD FOR PLATINUM

by admin July 16, 2008

NEW YORK CITY — SJP Residential Properties has held the grand opening for Platinum, a 43-story, 220-unit residential tower located at the corner of Eighth Avenue and 46th Street in the Midtown neighborhood of Manhattan, New York City. The building features a full-floor of amenities, including a spa and sauna; a lounge with a plasma-screen TV and a bar; a fitness center; and a landscaped terrace with a fireplace, a misting area and cabana lounge chairs. The lobby of Platinum is designed as an island surrounded by moving water with a 26-foot long fireplace and 15 feet of plasma-screen televisions. The community is currently more than 70 percent sold.

July 16, 2008

Multifamily Northeast

CORCORAN BREAKS GROUND FOR 200-UNIT APARTMENT COMMUNITY

by admin July 16, 2008

LYNNFIELD, MASS. — Braintree, Mass.-based John M. Corcoran & Co. has broken ground for the construction of Lynnfield Commons, a 200-unit luxury apartment community located in Lynnfield. The community comprises three buildings containing a mix of one- and two-bedroom units. Community amenities include a fitness center, an outdoor pool with a sundeck, wireless Internet access, and a furnished clubhouse. Residents will also have easy access to the 2,200-acre Lynn Woods Reservation conservation area. The community is being developed by Corcoran in partnership with Assurant Asset Management. Russell, Scott, Steedle & Capone is serving as project architect, with general contracting services being provided by Plumb House. Construction financing is being provided by Eastern Bank. Upon completion, property management services will be provided by Corcoran Management Co.

July 16, 2008

Multifamily Texas

ARA BROKERS THREE APARTMENT COMMUNITY SALES

by admin July 16, 2008

VICTORIA, BROWNWOOD AND COLLEGE STATION, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has completed the sales of three Texas multifamily communities. In Victoria, ARA brokered the sale of Towne Park Apartments, a 168-unit property located at 2107 N. Ben Jordan St. The community was 97 percent occupied at the time of closing. Property amenities include a swimming pool, a clubhouse, two tennis courts, laundry facilities and barbecue grills. Jeff Patterson and Jon Boone of ARA’s Austin, Texas, office represented the buyer, a private, Houston-based investor. The seller, a group of California-based investors, was represented by Ron Mazzola of San Diego-based Ron Mazzola Realty. In Brownwood, Patterson and Boone represented a locally based investor in the sale of Wayside Apartments, an 80-unit community located at 2001 Brady Ave. Fully occupied at the time of closing, the community includes a swimming pool, covered parking, 48 self-storage units, three laundry facilities and 24-hour maintenance. The property was acquired by a Mansfield, Texas-based investment group, which provided in-house representation in the transaction. Finally, in College Station, Patterson and Kelly Witherspoon of ARA’s Austin office represented a California-based seller in the disposition of Cedar Creek Condominiums, a 67-unit property located at 1000 University East near …

July 16, 2008

Multifamily Western

200-UNIT MULTIFAMILY COMMUNITY SELLS FOR $16.9 MILLION

by admin July 16, 2008

VANCOUVER, WASH. — Vancouver-based HIRE I – Arnada Pointe (220) LLC has acquired Polo Club, a 200-unit multifamily community in Vancouver, for $16.9 million. Located at 4820 NE Hazel Dell Ave., the 193,404-square-foot apartment community features a mix of one-, two- and three-bedroom units averaging 967 square feet. The community also features a pool, a fitness center, a basketball court, a playground and additional storage. The units feature washers/dryers, fireplaces, patios/balconies and vaulted ceilings. At the time of acquisition, the property was 95 percent occupied. Phil Oester of Hendricks & Partners’ Portland, Ore., office represented the seller, Portland-based The Polo Club LLC, in the transaction.

July 16, 2008

Midwest Multifamily

CB RICHARD ELLIS ARRANGES SALE OF 92-UNIT MULTIFAMILY COMMUNITY

by admin July 15, 2008

HARPER WOODS, MICH. — CB Richard Ellis Detroit Multi-Housing Group has completed the sale of Pointe Gardens Apartments, a 92-unit community located off Rockcastle Avenue in Harper Woods. Greater Development LLC has acquired the 3.36-acre property for an undisclosed amount. The community contains six two-story garden-style buildings, which house one- and two-bedroom floor plans ranging in size from 700 to 900 square feet. Rob Stone of CB Richard Ellis Detroit Multi-Housing Group represented the seller, Rockcastle LLP, in the transaction.

July 15, 2008

Multifamily Western

RIVERSTONE RESIDENTIAL GROUP ADDS 2,372 UNITS

by admin July 15, 2008

DALLAS — Riverstone Residential Group has added 14 new apartment communities to its portfolio. Located in eight states, the properties encompass 2,372 units, bringing the total number of units under management to 192,000. The additions are located in California, Connecticut, Idaho, North Carolina, Oregon, Tennessee, Texas and Washington. “We are very pleased to welcome these fine properties to the Riverstone family,” said Christy Freeland, CEO of Riverstone Residential Group. “We believe Riverstone is the property management company of choice because of the high caliber of our management professionals, our presence in states coast-to-coast and the competitive advantages we provide through our unique selection of integrated ancillary products and services.” In other company news, Riverstone has recently hired Craig Rooney as senior vice president for the Southern California region. Rooney’s responsibilities will include oversight of a portfolio of more than 12,000 apartment units located in communities throughout the region. He will also play a key role in the development of new business. “We are delighted to place Craig in this leadership role,” said Walt Smith, president of Riverstone HSC Residential’s Western Division. “His experience over the last 20 years has made him one of the true local experts of Southern California’s …

July 15, 2008

Multifamily Western

81-UNIT APARTMENT COMPLEX TRADES HANDS FOR $12.85 MILLION

by admin July 15, 2008

SYLMAR, CALIF. — Ko’s Foothill Glen Apartments Inc. has purchased Foothill Glen Apartments, an 81-unit apartment community in Sylmar. Located at 13490-13520 Foothill Blvd., the 68,380-square-foot property consists of four two-story buildings. Community amenities include picnic and barbeque areas, four separate laundry facility rooms, secured entry and gated carport parking with remote access. Foothill Glen Apartments LLC sold the property for $12.85 million or $158,642 per unit. Rick Raymundo of Marcus & Millichap represented the seller and procured the buyer in the transaction.

July 15, 2008

Multifamily Western

HENDRICKS & PARTNERS BROKERS $9.2 MILLION MULTIFAMILY SALE

by admin July 15, 2008

ROCKLIN, CALIF. — An undisclosed buyer has purchased Sunset Street in Rocklin. Located at 3655 Sunset Blvd., the 104-unit property sold for $9.2 million. Al Inouye and Steve Nelson of Hendricks & Partners represented both parties in the transaction. The seller was not disclosed.

July 15, 2008

Multifamily Southeast

SIMPSON HOUSING SELLS GREENVILLE MULTIFAMILY PROPERTY

by admin July 14, 2008

GREENVILLE, S.C. — Denver-based Simpson Housing has sold the 662,000-square-foot Plantations at Haywood, located 2 miles east of Greenville’s business district, to tenant-in-common investors for an undisclosed amount. The 38-acre, 40-building complex is 96 percent occupied and features multiple tennis courts and pools. Dean Smith of Apartment Realty Advisors’ Charlotte, N.C., office represented the sellers, and the buyers were represented by Grubb & Ellis Realty Investors.

July 14, 2008

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