Construction Maison

PHOENIX, AZ - Colliers International in Greater Phoenix recently completed the sale of the 468-unit, Class C Willow Springs Apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot).Resort on 27th LLC of Los Angeles purchased the property, located at 4715 N. 27th Avenue, from MLCFC 2007- 7 North 27th Avenue LLC of Miami Beach, Florida. Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International ’s HSK Multifamily Southwest Team , represented both buyer and seller. Built in 1986, the apartment community consists of 14 three- story buildings constructed on a rectangular-shaped site, situated on 13 acres. The property is north of Indian School Road , south of Glenrosa Avenue and west of the I-17. Within 310,596 square feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments . Unit amenities inclu...

ABI Multifamily , a multifamily brokerage and advisory services firm , announced the sale of the Montebello Apartments located in north central Phoenix for $1,150,000, which reflects a price of just over $67,600 per unit. Constructed in 1964, the property is located just north of Phoenix’s Historic Districts along Central Avenue.  The low density, single story property consists of 17 block constructed, individually metered apartments with a mix of one, two and three bedroom units.  Common area amenities include a swimming pool, laundry facility and lush open areas with patio space for residences on just over an acre of land.  The Montebello was partially renovated with interior upgrades such as granite countertops, tiled floors, new cabinetry and washer/dryer hookups. The buyer was attracted to the property’s location, which is surrounded by custom homes and within walking distance of a popular dining destination , The Yard, by renowned restauranteur Sam Fox , and a new mixed us...

BRADENTON -- A Chicago company has paid $39.25 million for a set of 336 apartments that have only been off the market for four years. The Inland Real Estate Group 's purchase of the Sawgrass Cove Apartments on Jan. 28 is the fourth major multifamily transaction in the Bradenton area since mid December. Like several of those previous sales, the Sawgrass deal gave a short-term owner a quick gain on its investment. The seller in the transaction, Sawgrass Cove Apartments LLC of North Miami, bought the 24-year-old complex in 2011 for $23 million. Situated on about 28 acres at 4945 49th Avenue W., the complex is grouped in with several other apartment properties south of Cortez Road W. One neighboring property, the Palm Cove Apartments , sold for $31.6 million in early January. In that case, the buyer purchased 298 out of a total of 348 units in the complex, which was converted to condominiums several years ago. Other major recent apartment transactions include the $43 million sal...

Summer Cove Apartments in Southeast Houston." /> The Summer Cove Apartments in Southeast Houston. HOUSTON – Westmount Realty Capital of Dallas acquired the 376- unit Summer Cove Apartments , a Class B complex in southeast Houston near Ellington Field. Westmount has renamed the apartment community, built in 1983, Westmount at Summer Cove. A CBRE report recently noted that Houston’s Class B apartment market is very strong. At the Summer Cove Apartments , occupancy averaged 96 percent over the last 12 months. Holliday Fenoglio Fowler , L.P. (HFF) a closed the sale of and secured financing for Summer Cove. HFF marketed the property on behalf of the seller, Edgewood Properties. In addition, HFF secured a seven-year, 3.91 percent, fixed- rate acquisition loan on behalf of the buyer through Freddie Mac’s ( Federal Home Loan Mortgage Corporation ) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Situated on a...

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 ...