NEW YORK CITY — Alpha Realty has arranged the sale of a multifamily property located at 2342 Atlantic Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Witnick Real Estate Partners acquired the 16,700-square-foot property from Up Realty for $5.4 million, or $327 per square foot. Lew Mavashev of Alpha Realty represented the seller, while Jacob Aronov, also of Alpha Realty, represented the buyer in the off-market transaction.
LOS ANGELES — Astani Enterprises has completed construction on the 218-unit Wilshire Valencia apartment community in Los Angeles. The community is located at 1515 Wilshire Blvd. The project contains a mix of studios, one- and two-bedroom units, including a few affordable units. It also features 4,000 square feet of retail spaces suitable for restaurants and shopping along Wilshire. KFA designed Wilshire Valencia.
HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged a $5 million Small Balance Freddie Mac loan on a multifamily complex in West Houston that encompasses 122 units across 10 buildings. With a fixed interest rate of 4.4 percent, the 10-year loan will finance continued improvements to both the interiors and exteriors of the units. Community amenities include a leasing office/clubhouse, gated entry, on-site laundry facilities, pool, playground and a community grilling area. Q10 KDH Vice President Ryan Watson arranged the loan.
NEW YORK CITY — CTA Architects, as architect, and Brend Renovation, as general contractor, have completed a $10 million exterior renovation of Morningside Gardens, a six-building, 980-unit apartment complex in Manhattan’s West Harlem section, for Morningside Heights Housing Corp. The project repaired 560,000 square feet of façades and 80,500 square feet of roofs. Renovations included repairs to and repointing of the brick façade; replacement and repairs of deteriorated and delaminated metal-clad blue stone window sills; renovations to selection flashings, lintels and concrete balconies and rails; gutter and scupper drain repairs; waterproofing of roofs; replacement of all roof rails; and repairs to rooftop elevator bulkheads. Morningside Heights Housing Corp. manages the apartment complex and support facilities.
LOS ANGELES — CityView has sold the 204-unit Solimar apartment community in Los Angeles to a private investor for $75 million. The community is located at 1500 W. Pacific Coast Highway. Solimar sits adjacent to the Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park, where a $90 million renovation is nearing completion. It is the final property from CityView Los Angeles Fund I, which built or renovated more than 2,500 housing units in 21 projects throughout the greater Los Angeles area.
DETROIT — The Griswold, a $24 million apartment community, has opened in Detroit. The apartments, which sit atop a 10-story parking garage and retail structure, occupy floors 11 through 15 and consist of 80 one-, two- and three-bedroom units. The apartment homes feature open floor plans with nine-foot ceilings, floor-to-ceiling windows, granite countertops, stainless steel appliances and concrete floors. Apartments range from 750 to 1,600 square feet with rental rates from $1,030 to $3,500. The community is located at 1117 Griswold St. The Griswold is Detroit’s first new residential downtown construction project in 25 years, according to Fourmidable, which is managing the property. Roxbury Group was the developer, Walbridge was the construction manager and Kraemer Design Group served as the architect.
DENVER — Camden Property Trust has opened Camden Lincoln Station, an upscale, transit-oriented apartment community in the Denver submarket of Lone Tree. Units include stainless steel appliances, electric cooktops, quartz countertops and islands. Camden Lincoln Station also features a fitness center, yoga studio and two large courtyards with fire pits, gas grills, seating, lawn games and outdoor table tennis. This is Camden’s eighth community in the Denver metro area.
NORMAL, ILL. — Triad Real Estate Partners has brokered the sale of an eight-property, 391-bed student housing portfolio at Illinois State University in Normal. The sale price was not disclosed. The properties were built in the 1980s and are located within two blocks of campus. The portfolio was 99 percent occupied for the 2016-2017 school year. Green Street Realty purchased the portfolio with plans to renovate the units. An investment group based in Evanston was the seller. Young America Realty manages the properties.
SMYRNA, GA. — Colliers International has arranged the $109 million sale of three multifamily properties totaling 680 units in Smyrna’s Vinings district, a submarket of Atlanta. The properties include The Peak at Vinings Mountain, The Views at Vinings Mountain and Lakeside at Vinings Mountain, collectively known as The Residences at Vinings Mountain. San Francisco-based Hamilton Zanze purchased all three properties. Will Mathews of Colliers International represented the seller, an institutional REIT, in the transaction.
DENVER — Advenir has purchased the 230-unit Rockledge Bear Valley apartments in Denver for $38 million. The community is located at 3550 S. Kendall St. Rockledge Bear Valley amenities include a fitness center, WiFi Café, dog park, business center, outdoor grilling area, outdoor sport court, bocce ball court, resort-style pool and outdoor lounge with a fireplace. It is situated approximately five miles from Denver’s financial center. HFF’s Jordan Robbins and Jeff Haag represented the seller, Jackson Square Properties. The firm also arranged a three-year, full-term, interest-only, floating-rate loan with two 12-month extension options through Freddie Mac’s Green Program and Value-Add Program. HFF will service the securitized loan.
