Construction Maison

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 execution of the loan was one the best the client had experienced.” “This transaction highlights how our proprietary preferred correspondent agreement with PGIM ...

Local investors beware: Central Pennsylvania is on the map for outside groups looking for higher returns. Last month, The Solomon Organization , a New Jersey-based operator of multifamily properties, closed on a $25.7 million purchase of the newly built Ivy Ridge Apartments in Swatara Township . That price — $117,913 per unit — is the highest in the Harrisburg market this year. It also marked the company's first foray into the Harrisburg area after landing in Lancaster County six years ago. It owns six communities in Lancaster County and more than 1,200 units. "Two years ago, you said 'Harrisburg' and people would just hang up the phone," said Zachary Pierce, director of the National Multi Housing Group in Philadelphia for Marcus & Millichap Real Estate Investment Services . Outside investors were interested only in primary markets such as New York City and Washington, D.C., and maybe Philadelphia, he said. But as prices have shot up in those prime areas, th...

GRAND PRAIRIE, TX - Marcus & Millichap Real Estate Investment Services , the nation’s largest real estate investment services firm , has arranged the sale of Windridge Apartments , a 720- unit apartment complex in Grand Prairie, Texas. The terms of the sale were not released. William Jarnagin and Michael Ware, both senior associates in Marcus & Millichap’s Dallas office, represented the buyer, Milwaukee- based MLG Capital . SIMC Management of Dallas will manage the asset.  Jarnagin and Ware also represented the seller, an out-of- state property owner . “Dallas/Fort Worth has been a hotbed of economic activity this year, creating favorable conditions in the apartment market for both buyers and sellers,” says Ware. “Despite some recent volatility, interest rates remain attractive and apartment vacancy in the Metroplex is near a five-year low.” Built in 1987 on approximately 40 acres, the property is located at 2301 East Avenue H in Grand Prair...

Marcus & Millichap Real Estate Investment Services has announced the sale of Toscana Apartments, a 24- unit apartment community located in Central Phoenix, Arizona. The asset commanded a sales price of $1,750,000 or $72,917 per unit. Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to market the property and negotiated the transaction on behalf of the seller, an investment partnership from Berkeley, California and the buyer, a local private 1031 exchange investor . “Toscana Apartments is a boutique apartment community nestled between the prestigious Biltmore neighborhood and the Central Avenue Corridor in Phoenix. Toscana is one of the most unique properties in Central Phoenix in that no two floor plans are alike; there are numerous poolside units along with apartment units that are located in a huge, picturesque garden area not typical for a Phoenix setting. Select floor ...

Call it the rise of the secondary markets. The Solomon Organization LLC , a New Jersey- based operator of multifamily assets, has closed on the purchase of the newly built Ivy Ridge Apartments in Swatara Township, according to a news release from California-based Marcus & Millichap Real Estate Investment Services , the firm that brokered the deal. The 218-unit complex, which is near the Harrisburg Mall and was developed by Lower Paxton Township - based Triple Crown Corp . Inc., sold for $25.7 million, or $117,913 per unit, the highest in the Harrisburg market this year, according to Marcus & Millichap. “The marketing process for this asset went very quickly due to the demand for quality assets and the increased returns that can be achieved in a secondary market,” said Zachary Pierce, one of the directors of the firm’s National Multi Housing Group in Philadelphia. The firm has sold about a dozen properties representing more than 1,000 units in Central Pennsylvania in recent ...