Griffis Residential Enters Las Vegas Market with $41.1M Buy
- Jun 04, 2013
Henderson, Nev.—Griffis Residential, a Colorado-based privately held investor, has entered the Las Vegas market with its $41.1 million purchase of Quest, a 310-unit Class A luxury community located in the Henderson submarket of Las Vegas. ARA represented the seller, Fore Property Company, who also developed the 2009-built property.
“This will be a pivotal point in the market’s recovery and bolsters the argument that market fundamentals are improving as evidenced by job growth and improving unemployment figures,” says Jonathan Fore of Fore Property Company. “Investors are getting back into this market to capitalize on rising gaming and hotel revenues and the market’s current low interest rate environment.”
Quest was 95 percent occupied at the time of sale. Community amenities include a swimming pool, business center, covered parking, playground, conference room, clubhouse, fitness center, gated access, hot tub and garages.
Marcus & Millichap sells 696-unit portfolio
Columbus, Ohio—Marcus & Millichap Real Estate Investment Services has arranged the sale of Twin Creek, Northland Arms and Gaslight Village. The 696-unit, three-property portfolio is located throughout Columbus, and commanded a total sales price of $13.5 million. The properties were sold by a private family owner based in Boston. The buyer groups, two local and one from out-of-state, were all secured by Marcus & Millichap listing agents.
“Investor demand in Central Ohio remains high,” says JoshuaWintermute, a senior associate at Marcus & Millichap. “We procured nearly two dozen offers from local, regional and national buyers.”
“You can expect to see a lot more deal flow from our team over the next coming months,” says Andrew Burgess, an associate director with Marcus & Millichap who had an existing relationship with the seller.”
Centerline completes $7M refinance of Brooklyn community
Brooklyn, N.Y.— Centerline Capital Group announced it has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn, N.Y.
Myrtle Avenue Apartments is a Class B multifamily portfolio that consists of four, five-story walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the facility is comprised of 104 units, including four one-bedroom, one-bathroom units, 96 two-bedroom one-bathroom apartments and four three-bedroom one-bathroom units.
The borrower is 928 Myrtle Avenue LLC, a New York limited liability company. Proceeds from the loan will be used to replace two existing loans and the transaction is structured with a 10-year term and 30-year amortization schedule.
“The borrower is a seasoned local real estate executive with more 30 years of experience investing in commercial real estate,” Steven Cox, director and head of Centerline’s New York mortgage banking production team, says. “Upon securing the property, the owner invested in significant capital improvements, and the facility is currently in excellent condition.”
“The property is located in the Bedford Stuyvesant neighborhood of Brooklyn. This area, known as District 3, is an appealing location to homeowners and renters seeking affordable housing and moderate pricing,” continues Cox. “The local area is expected to continue to prosper and the property is currently more than 90 percent occupied. These factors, combined with the solid deal sponsorship, made this a good deal for Centerline.”
The loan was brokered by Anita Pins in the New York office of Marcus and Millichap Capital Corp.
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender and source for other forms of alternative capital.