Fresno Low-Rise Trades to Private Buyer in All-Cash Deal
Northmarq’s Fresno Investment Sales team of Robin Kane and Brendan Kane arranged the $4-million sale of Las Flores Apartments, a 46-unit low-rise multifamily community at 3420 N. First St. in Fresno. Northmarq represented the seller, a Bay Area investment trust. A private investor purchased the property.
“The extensive fire damage at Las Flores created a unique challenge, requiring us to find an all-cash buyer positioned to take on the necessary repairs,” said Robin Kane.
Built in 1971, Las Flores Apartments is located along North First Street, one of Fresno’s most prominent residential corridors, offering high visibility and convenient access to major thoroughfares. Robin Kane added, “Fresno’s multifamily market is supported by sustained population growth and increasing household formation, which contribute to renter demand. Even properties requiring substantial rehabilitation can attract investor interest when the opportunity is matched with a buyer prepared to undertake the necessary work.”
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Los Angeles city officials joined Thursday with the buyers of Oceanwide Plaza to celebrate the nearly complete removal of graffiti that extended to the upper floors of the unfinished mixed-use project, the Los Angeles Times reported. Removal of the graffiti was a top priority of the city, which imposed the job on expected buyers KPC...
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$39M Construction Takeout Financing Secured for Suburban Milwaukee MF
JLL has arranged $39.1 million in construction takeout financing for Tennessen Flats, a 173-unit multifamily community in Menomonee Falls, Wisconsin, a Milwaukee suburb. JLL worked on behalf of the sponsor, Weas Development and Klein Development, to secure the floating-rate loan from Argentic. The financing refinanced the property’s existing construction loan. JLL’s Capital Markets Debt Advisory...
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Northmarq Arranges $19M Refinance of Historic Apartments in St. Paul
Northmarq’s Minneapolis Debt + Equity team, led by Michael Padilla, arranged the $19.1 million refinance of Holden House Apartments, a 143-unit low-rise apartment community located at 1554 Midway Parkway in St. Paul, Minnesota. Northmarq arranged the permanent, fixed-rate financing on behalf of the borrower, Midway Investor Group, through its relationship with a local community bank....
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout