Apartment Look

WYOMING, MI - Ramblewood Apartments, the state's third largest suburban apartment community , has been sold for $100.4 million, it was announced on Monday, June 29. The new owners, an investment group based in Georgia, have plans to upgrade the 1,710- unit community , according to a news release. Berkadia, a Detroit- based commercial real estate broker , said the sale occurred on June 12. "The Grand Rapids rental market is registering historically low vacancy and healthy rent growth ," said David Walstrom, a senior director with Berkadia. "The market's appeal, coupled with the potential to add value through strategic unit upgrades , made Ramblewood an extremely attractive investment ," said Walstrom, adding that the upgrades are expected to result in greater revenue for the partners. Built in phases between 1971 and 1983, Ramblewood Apartments is located at 4277 Stonebridge Drive SW in Wyoming north of 44th Street SW , one mile east of Rivertown Crossing...

NEW YORK, NY -  Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $15. 5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, New Hampshire. Forest Ridge Apartments , located at 1B Hampshire Drive in Nashua, is a garden style multifamily facility built in tin two phases in 1969 and 1972.  The facility comprises 21 , two- and three-story buildings.  The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units , and 16 three bedroom-two bath townhouse units . The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan will be used to refinance the existing balance on the property.  Centerli...

Breckenridge Apartment Homes , Portland, Ore." width="300" height="133" /> Breckenridge Apartment Homes , Portland, Ore. Portland, Ore .— Resource Real Estate Opportunity REIT II , a non- traded real estate investment trust sponsored by Resource Real Estate , announced it has acquired the Breckenridge Apartment Homes . Details about the transaction remain undisclosed . Breckenridge is a garden style multifamily community with 357 units built in 1985 in the West Hills submarket at 8150 SW Barnes Road . The property sits within five minutes of both Providence St. Vincent Medical center and the Sunset Corridor. “We are very pleased to be able to execute the purchase of Breckenridge on behalf of Opportunity REIT II and its investors. Portland is among the best cities in the U.S. for attracting young, creative and educated people. Due to its talented labor pool , Portland has seen the breadth of its job opportunities grow as key employers have followed the ...

LONG BEACH, CA--(Marketwired - Aug 17, 2017) - RK Properties (www.RKProp.com) announced that it has acquired Edwards Mill , a 220- unit multifamily property in Raleigh, North Carolina. "We are excited to add our third and final property to RK Opportunity Fund IV with the purchase of Edwards Mill ," said Steve King, Vice President of Long Beach, California- based RK Properties . "We believe this asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income , appreciation, and tax benefits." Mr. King noted that RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value- add opportunity . Edwards Mill is the company's first Delaware Statutory Trust (DST) structure, offering investment opportunities for 1031 exchange buyers and direct capital investors . Built in 1984, Edwards Mill is a 220-unit class ...

RALEIGH, NC - RK Properties announced that it has acquired Edwards Mill , a 220- unit multifamily property in Raleigh, North Carolina ."We are excited to add our third and final property to RK Opportunity Fund IV with the purchase of Edwards Mill," said Steve King, Vice President of Long Beach, California- based RK Properties . "We believe this asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income , appreciation, and tax benefits." Mr. King noted that RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value- add opportunity . Edwards Mill is the company's first Delaware Statutory Trust (DST) structure, offering investment opportunities for 1031 exchange buyers and direct capital investors . Built in 1984, Edwards Mill is a 220-unit class 'A' community situated on 36.5 acr...

HFF has been named to market the disposition of Brandywine Hundred Apartments , a 301-unit community in the historic Brandywine Hundred neighborhood of northern Wilmington, Del. HFF’s Senior Managing Directors Mark Thomson and Jose Cruz, along with Associate Director Carl Fiebig are representing the seller, a joint venture between CenterSquare Investment Management and Korman Residential . Located at 400 Foulk Road, the property encompassing two buildings is located on a 10.7-acre parcel. The community’s unit mix consists of one-, two-, three- bedroom floor plans and studios ranging in size from 660 to 2,600 square feet. Property amenities include a fitness center, community room, swimming pool, tennis court, business center and 470 parking spaces. The asset is undergoing a renovation program, with 49 apartments refurbished so far. The upgrades have generated an average monthly premium of $155 per unit. Brandywine Hundred Apartments is located less than one mile from key employ...

CLOSE North Korea threat; Fatal Rehoboth Beach house fire ; Bruce Springsteen on Broadway 8/10/17 1303 Delaware Avenue was purchased by Capano Management . (Photo: Courtesy of Capano Management ) Capano Management continues to bolster its residential portfolio with the acquisition of 1303 Delaware Apartment Homes in Wilmington's fashionable Trolley Square neighborhood . A sales price was not disclosed. Capano financed the purchase with a fixed-rate loan from Fannie Mae.  The privately-held Wilmington-based developer's multifamily division, Capano Residential , purchased the 231- unit high rise from Merion Realty Partners , a Wynnewood, Pennsylvania, real estate investment firm . Jeffrey Shumaker, vice president responsible for Merion's multifamily division, declined to comment on the transaction. "That's not public information," Shumaker said of the sale.  Upon acquisition, Capano Residential , which is headed by Louis J. Capano, renamed the property Par...

unit Lake Tivoli Apartments is located at 851 Lake Tivoli Blvd. in Kissimmee, Fla., roughly 22 miles south of Orlando." /> The 384- unit Lake Tivoli Apartments is located at 851 Lake Tivoli Blvd . in Kissimmee, Fla., roughly 22 miles south of Orlando. KISSIMMEE, FLA. — CBRE has brokered the $49.5 million sale of Lake Tivoli Apartments , a 384- unit multifamily property located at 851 Lake Tivoli Blvd . in Kissimmee, roughly 22 miles south of Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Lake Tivoli Apartments LLC . Newport News, Va.- based Chandler Residential acquired the asset. The property comprises 36 two- and three-story buildings. Community amenities include a lakeside sundeck, pool, tennis, racquetball and basketball courts, clubhouse, fitness center and a spa. Lake Tivoli Apartments was 97 percent occupied at the time of sale. Tagged sales_and_leases

Grand Rapids, Mich.—One of Michigan’s largest apartment communities has changed hands for $100.4 million. Atlanta-based full- service multifamily investor Cocke Finkelstein made its first acquisition in Grand Rapids with the purchase of Ramblewood Apartments. At 1,710-units, the new owners will certainly be busy with upgrades, as Cocke Finkelstein plans to make significant capital investments into the property. CFLane, the management subsidiary of Cocke Finkelstein , will handle daily operations at the community, which was 98 percent occupied at the time of sale. Why Grand Rapids? Well the city sees significant job growth , low unemployment, and average apartment occupancy of 98 percent and limited new construction, according to the new owner. Ramblewood was built in phases from 1972 and 1985. There are two campuses that stretch across 188 acres. Amenities include an indoor pool, business center, 55,000-square-foot tennis and health club facility , a 24- hour fitness center , ba...

CLOSE Perched on the south end of Irondequoit Bay, Waters Edge at Southpoint Cove, 1100 Anchor Line Dr . off Empire Boulevard, is in Penfield. (June 29, 2016) Video by Mary Chao. Video by Mary Chao. Buy Photo Waters Edge at Southpoint Cove is in Penfield off Empire Boulevard. (Photo: TINA MACINTYRE-YEE/@tyee23/staff photographer) Buy Photo The developer of the region's latest waterfront housing development is altering its plans. Instead of a combination of apartments and condominium units for sale, Waters Edge at Southpoint Cove at 1100 Anchor Line Dr . off Empire Boulevard in Penfield will be built only as apartments, said David Spoleta, who works for Morgan Community. Buy Photo   (Photo: TINA MACINTYRE-YEE /@tyee23/staff photographer) Apartment rentals has exceeded expectations, with 137 of the 157 units already leased since they became available last summer, said Spoleta, manager at Waters Edge. A decision was made to change plans for the building of 26 condominium units into ...

Six years ago, Mike Brown and Casey Lynch stood on Downtown Boise ’s 8th Street and wondered: Why don’t more people live here? Downtown seemed to have everything that a growing percentage of Americans wanted in a place to live. “I mean, there’s all kinds of jobs. There’s a million coffee shops and hair salons and restaurants, and there’s an active street life ,” says Brown, who founded the Los Angeles- based development company LocalConstruct with Lynch in 2008. Casey Lynch, left, and Mike Brown have made their mark in Boise. Provided by LocalConstruct But in 2011, fewer than 4,000 people lived in Downtown’s scattered apartment and condominium buildings and houses. On a typical weekday afternoon , most Downtown workers got in their cars and put the city in the rearview mirror. Brown and Lynch saw an opportunity. They thought Boiseans would trade ample floor space and vaulted ceilings in the suburbs for smaller, high- end Downtown apartments that offered amenities like gyms, a do...

Crest Ridge Apartments is located at 200 Mt. Pleasant Ave. WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments , a 178-unit garden- style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe- Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction. Tagged sales_and_leases

SixForty, a striking new apartment tower in River North, recently welcomed its first residents. [embedded content] Studios rent from $2,188 a month, junior 1-bedrooms from $2,152, 1-bedrooms from $2,597, 2-bedroom, 2-baths from $3,800 and 3-bedroom, 2-baths from $5,538. Move-in specials are available on select apartments. [embedded content] Floor plans and near real-time rent and availability info are online. Special rent concessions are available for a limited time. You can tour the furnished models at SixForty in the above videos. SixForty has an extensive and imaginative suite of amenities that includes a rooftop pool. The pool deck has a hot tub, private cabanas with flat-screen TVs, and skyline views. The 23rd floor “social club” has a restaurant- grade demonstration kitchen , a fireside library and dining suite, and a gaming lounge. SixForty’s fifth- floor amenities include a fitness center, and a landscaped terrace with grilling stations, outdoor dining, fire pits and TVs. The...

Boomer travelers love to travel in Italy . The culture, history and food—oh, that food—combine for an unforgettable trip . And following our recommendations for places to stay in Italy turns it up a notch. Alan and I enjoy Italian accommodations ranging from boutique hotel s to upscale bed and breakfasts. When choosing a place to stay in Italy, we opt for unique and local, rather than name brand luxury chains . Take a look at our favorite places to stay in Italy before planning your next trip. Our Favorite Places to Stay in Italy:  Northern Version La Tavola Rotonda for a romantic stay in an Italian castle. Click through to read about our favorite places to stay in Italy. Perfect for your next boomer vacation." width="800" height="600" /> Staying at La Tavola Rotonda makes for a romantic getaway in Italy. La Tavola Rotonda, Chiavenna Landi La Tavola Rotonda , near Cortemaggiore and close to Parma, Bologna and Milan, makes a convenient headquarters for exp...

A Savannah-based company has bought its third apartment complex in Macon. Kole Management Co., a family- owned property management and investment firm, has acquired Riverstone , a 220- unit luxury apartment community at 3990 Riverside Park Blvd ., according to a release. Riverstone, built in 2012, consists of one-, two- and three-bedroom garden-style units. Amenities include a pool with grilling stations, a billiard and social room, fitness center, cyber cafe with Wi-Fi, a fire pit and a dog park. Kole purchased the Falls at Spring Creek at 1900 Wesleyan Drive in September 2015 and Legacy at River Crossing Apartments at 1800 Wesleyan Drive in December 2015. No major changes are expected at Riverstone, but the company plans to bring in new pool furniture, add shades to the playground and to enhance the existing irrigation system . Kole Management owns and operates more than 2, 300 total apartments in Georgia and South Carolina, including the three complexes in Macon.

TRENTON -- The year was 1917 and the Roebling complex's Clark Street Rope Shop in Trenton reopened after being gutted by a fire two years earlier. The new building was ultramodern for its day, with steel trusses, fire-resistant materials and massive windows that flooded the space with natural daylight. It's here where the wire used in Charles Lindbergh's Spirit of St. Louis plane was believed to be manufactured. Now, a century later, the building has been reinvented as the Roebling Lofts with 16-to-24-foot ceilings, 10-foot windows and environmentally friendly features . The latest project by Trenton- based HHG Development , it aims to combine the old with the new. "It was always obvious to us that this was the best development site in Trenton," Michael Goldstein, one of the principals, said during a recent building tour . "We've always had our eyes on it." But it wasn't until January 2011 that the county approved a development agreement with HH...