Apartment City

CHICAGO – The co- development team of Conor Commercial Real Estate , a national real estate development firm and a member of The McShane Companies , and Ravine Park Partners (RPP), a Jeff Annenberg and Greg Moyer company , is pleased to announce the groundbreaking for Woodview Apartments, a new 248- unit luxury apartment development in Deerfield, Illinois.  Prominently situated at Deerfield Road and Interstate 94 in the north suburban Chicago market , the multi- family development will provide luxury rental residences incorporating an upscale array of features together with well- appointed tenant amenities .  The co- development team will begin tenant occupancy in first quarter of 2015 while the remaining portions of the complex will be completed in summer 2015. The four-story, 432, 000 square foot apartment development will be constructed with thoughtful architectural and landscape design in order to seamlessly integrate into the surrounding neighborhoo...

Fort Worth Business obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm . Country Oaks apartments in Weatherford sold The 64- unit Country Oaks apartments in Weatherford has been sold to Mercury Metroplex Real Estate VI LLC . Marketing the property on behalf of Weatherford Country Oaks LLC were Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel Co. MANSFIELD RETAIL PROPERTY SOLD Cheney Center in Mansfield, a 11,375-square- foot retail property at 640 West Debbie Lane , has been sold to an undisclosed buyer. Philip Levy of Marcus & Millichap Real Estate Investment Services’ Fort Worth office marketed the property on behalf of the seller, a private investor. At closing, the center was 83 percent occupied. Tenants include Comet Cleaners , Habaneros, Lucy Donuts, Fuji Foot Spa, Allstate, Edward D. Jones and Uncle Bo’s Hamburgers. SALES The Fort Worth building originally constructed fo...

DEERFIELD, IL - The co- development team of Conor Commercial Real Estate , a national real estate development firm and a member of The McShane Companies , and Ravine Park Partners (RPP), a Jeff Annenberg and Greg Moyer company , is pleased to announce the highly- anticipated grand opening of Woodview Apartments.  The new 248- unit luxury residential development is situated at Deerfield Road and Interstate 94 in Deerfield, Illinois, and is accessed via Parkway North Boulevard by both Deerfield Road and Saunders Road.   The amenity-rich multi-family property is located within minutes of downtown Deerfield, the Metra Station and an array of nearby retail, restaurants and businesses.  Move-in opportunities began in May with over 100 leases signed within the first 100 days.The four- story complex offers a mix of studio, one-, two- and three-bedroom units.  Each residence incorporates upscale finishes and appliances including quartz countertops , stainless steel appliances , plank fl...

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Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite . Get your Free Trial here. CHARLOTTE, N.C.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director , MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s e...

Lake Village Apartments is one of two Ann Arbor complexes bought this month in a record- setting deal involving The Habitat Co. Chris Asadian | AnnArbor.com Two of Ann Arbor ’s largest commercial properties were bought for a combined $85.7 million this month by an entity of the Chicago-based company that had been managing them. The Habitat Co. LLC acquired Windemere Apartments and Lake Village of Ann Arbor from Northwestern Mutual Life Insurance Company . The deals set records in the Ann Arbor market for the price paid per unit, signaling local impact of the national multifamily market experiencing a rebound. Sources said the Windemere deal is a record $92,083 for the 1980s-era property on the city’s north side near Nixon Road. And the Lake Village deal , at $115,277 per unit in the complex on South Main Street , is the highest in the market, based on information available to Habitat, said Matt Fiascone , senior vice president of finance and investment. “We think it’s the high...

Government loves to create winners and losers.  The Chad Mayes led Assembly Republicans , the seven of them, voted to force some companies to buy “credits” to stay in business—this is a tax increase.  Then they also said they prefer government transportation by making it more expensive to drive a car—Mayes and friends voted to raise gas taxes by 63 cents a gallon.  In zoning matters, government really likes to create winners and losers. “Facing down a record number of vacancies on State Street and a citywide backlog of building permit applications , the Santa Barbara City Council voted unanimously this Tuesday to enact a six- month pilot program to improve and accelerate the review process for prospective commercial tenants along the downtown business corridor. Applicants for properties between Sola and Cabrillo streets, where more than 30 storefronts currently sit empty, will now be bumped to the front of the line at design review board hearings . Two members of the city’s ...

An apartment development valued at $48 million is coming to West Ashley. Charleston-based Middle Street Partners  said it has broken ground on the 316-unit Atlantic at Grand Oaks complex on Ashley Gardens Boulevard . It's near West Ashley Circle at Bees Ferry Road and Glenn McConnell Parkway . The rental complex will feature 16 two- and three-story buildings and a 7,000-square-foot clubhouse with a fitness center, cafe and community kitchen overlooking a pool. The 26-acre site also will feature large open spaces and several grand trees for which the property is named. Apartments will include kitchen islands with granite countertops, 9-foot ceilings and screened porches. Live Oak Contracting of Jacksonville, Fla., is the general contractor. Construction should be completed in October 2018. Now renting A new 240- unit apartment complex is now open in Goose Creek. The Passage at 100 Underwood Lane, owned by Woodfield Investments and managed by CF Real Estate Services , is ...

CLOSE Lisa Conley gives the scoop on what we are working on today. Aventine at Naples (Photo: All Commercial Photography ) The sale of Aventine at Naples points to the strength of the East Naples market — and the growing demand for apartments.  The 350- unit apartment community off Collier Boulevard, between Davis Boulevard and Rattlesnake Hammock Road , recently sold for $67 million.  The sellers, Continental Realty Corp ., based in Baltimore, purchased the complex for $44.25 million in 2013, when both employment and multifamily rental rates were on the rise in the Naples area. More: Downtown Naples office tower sells for $16 million More: Newly built Port Royal home fetched record price this year, eclipsing last year's most expensive sale More: Local investors purchase a second building on Fifth Avenue South More: Two commercial buildings sold for $7.2 million on Fifth Avenue in Naples Continental made various upgrades to the complex, which included installing an outdoor k...

SAN JOSE, Calif.--( BUSINESS WIRE )--Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) Capital Markets group has arranged $32.5 million in bridge financing for Terra Willow Glen , a 112-unit apartment property constructed in 1979 in San Jose, California. The loan-to-cost was 73 percent. “The borrower purchased the asset in cash, six months prior to exploring value- add financing options ,” said Jake Roberts, a senior managing director of IPA Capital Markets . “This is an incredibly unique property that offers a resort-like setting but has few comps, which can make it more difficult to secure value-add debt given the fact that lenders don’t like to stretch on proceeds if a property isn’t easily comparable to other assets in the market.” Roberts, along with Anita Paryani-Rice, a first vice president of IPA Capital Markets, arranged the loan on behalf of the borrower, who is a repeat client. “Initially the borrower planned to take a lower l...

A family trust has sold a Mission Hills apartment complex for nearly 58 percent more than what it paid for the building just three years ago. The entity, 9929 SEP, which represents the Kenworthy Family Trust , just sold a 23- unit apartment building at 9929 Sepulveda Blvd. for $4.1 million to individual investors Brian and Kristin Brahms, according to Paul Kenworthy, a commercial real estate broker . Kenworthy arranged the deal on behalf of his family’s trust, which paid $2.6 million for the building in 2013. Kenworthy said his mother and his six siblings decided to sell after seeing apartments sell for higher and higher prices in the hot market. The buyers were represented by Investment Real Estate Associates . “The buyers liked that it isn’t rent-controlled, has a nice mix of single, one- and two-bedroom apartments and is very well maintained,” Kenworthy said. Many other complexes they looked at had deferred maintenance and overpriced rents. Additionally, the buyers liked that th...

Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) Capital Markets group has arranged $32.5 million in bridge financing for Terra Willow Glen , a 112-unit apartment property constructed in 1979 in San Jose, California. The loan-to-cost was 73 percent. “The borrower purchased the asset in cash, six months prior to exploring value- add financing options ,” said Jake Roberts, a senior managing director of IPA Capital Markets . “This is an incredibly unique property that offers a resort-like setting but has few comps, which can make it more difficult to secure value-add debt given the fact that lenders don’t like to stretch on proceeds if a property isn’t easily comparable to other assets in the market.” Roberts, along with Anita Paryani-Rice, a first vice president of IPA Capital Markets, arranged the loan on behalf of the borrower, who is a repeat client. “Initially the borrower planned to take a lower leverage bridge loan option at lower pri...

7 Fuego Baja Style BBQ to bring life back to the historic Idaho State Bank building in Bellevue. Photo courtesy of Charlie Gerard." width="225" height="300" /> New owners brought in 7 Fuego Baja Style BBQ to bring life back to the historic Idaho State Bank building in Bellevue. Photo courtesy of Charlie Gerard . Passion has brought life back to the long- empty Idaho State Bank building , a two-story, brick structure that has stood on Bellevue’s main street since 1910. A barbecue restaurant called 7 Fuego Baja Style opened in the former bank building on May 5 (yes, Cinco de Mayo). The building had been empty for five years, said Paul Kenny, broker at Paul Kenny & Matt Bogue Commercial Real Estate in Ketchum. Jayne and Mike Flinn had been driving past the building for all those five years. The Flinns, who split their time between Bellevue and Newport Beach, Calif., bought the neglected building in September and scouted out restaurateur Charlie Ger...