OKLAHOMA CITY, OKLA. — Altus Equity Group has acquired Rockwell Plaza Apartments in Oklahoma City. The complex is located along the Northwest Expressway, a major corridor in northwest Oklahoma City. The 304-unit property includes 152 one-bedroom/one bath, 76 two-bedroom/one bath and 76 efficiency units. The vacancy rate is 84 percent, and several units have already begun interior rehab. Altus Equity has completed more than $100 million in real estate transactions with average annual returns to investors in excess of 17 percent.
APOPKA, FLA. — CBRE has arranged the $74.7 million sale of Barrington at Mirror Lake in Apopka, a city near Orlando in Orange County. The 740-unit gated community is located at 700 Post Lake Place. Cortland Partners purchased the property from TIAA CREF. Completed in 1988, the apartment community features a resident activity center, business center, clubhouse, two pools, a lakeside boardwalk, fitness center, playground, sports courts and sand volleyball. The property was 94 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented TIAA CREF in the transaction.
RALEIGH, N.C. — Pollack Shores Real Estate Group plans to build two upscale multifamily developments in Raleigh. The projects include the 330-unit Dakota on Nowell Road and a 314-unit property located on the corner of Davis Drive and Hopson Road in Research Triangle Park. Community amenities at The Dakota will include a resort-style pool, courtyard with a bocce ball court, fitness center and a dog park. Community amenities at the Davis Drive property will feature a second-floor fitness center with yoga and spinning rooms, a clubroom with a kitchen and café, resort-style pool, courtyard and a community gaming and TV lounge. Pollack Shores is set to open the two properties in early 2017. Matrix Residential, the residential management division of Pollack Shores, will manage the two projects.
LOUISVILLE, KY. — Doster Construction has completed the $45.8 million construction of the 758-bed Clubhouse Student Apartments in Louisville adjacent to the University of Louisville campus. The project consists of three five-story wood frame buildings. The new complex has more than 400,000 square feet of living space. Amenities include two courtyards, a swimming pool, club room, fitness area, theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that accommodates more than 625 parking spaces. Buck Development Louisville LLC is the project’s developer.
RICHMOND, VA. — Capital Square 1031 has purchased Perry Place Apartments, a 70-unit historic loft-style apartment community located in Richmond. Perry Place is a two-story property located at 815 Perry St. within Richmond’s Manchester Arts District. Units at Perry Place range from studios to three-bedroom apartments with views of the James River and downtown skyline. Community amenities include 24-hour controlled access, an outdoor swimming pool, community roof deck area, fitness center and on-site parking. Originally constructed in 1912 and recently renovated, Perry Place was fully occupied at the time of sale.
PLEASANT VIEW, UTAH — Wasatch Capital Group and Dougherty Mortgage LLC have arranged an $11.8 million refinancing for The Cove at Pleasant View, an 88-unit multifamily community in Pleasant View, approximately 40 miles north of Salt Lake City. The community is located at 255 E. 2700 N. in Pleasant View. The Fannie Mae loan features a 12-year term and a 30-year amortization schedule. The borrower is Westates Investments LLC.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use property located at 507 Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Klosed Properties acquired the property from 507 Myrtle LLC for $3.2 million. The three-story, 3,762-square-foot property consists of two retail stores and four apartments. Additionally, the property offers 10,000 square feet of buildable square feet for future development. Akil Rossi of Eastern Consolidated represented the seller and buyer in the off-market deal.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use property located at 109-111 Franklin St. in the Greenpoint neighborhood of Brooklyn. An international investor acquired the 10,394-square-foot property from a longtime owner for $7.1 million, or $683 per square foot. The four-story walk-up features 12 two-bedroom, rent-stabilized apartments and four fully leased retail units. Jonathan Schwartz of Eastern Consolidated represented the seller and buyer in the off-market transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-story walk-up building at 759 Saint Nicholas Ave. in Manhattan’s Sugar Hill neighborhood. The asset sold for $2.5 million, or $384 per square foot, in an all-cash transaction. The 6,540-square-foot property features nine residential units divided into one studio and eight one-bedroom apartments. Additionally, the building features a renovated ground-floor lobby and upgraded roofing, gas boilers and meters. Josh Lipton of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
FAIRVIEW, N.J. — Stonegate, a private investment group, has acquired an apartment building located at 452 Harding Place in Fairview. Harding Fairview Inc. sold the 21-unit property for $2.9 million and a cap rate of 5.5 percent. Steven Matovski, Michael Scrima, Kevin McCrann and Thomas McConnell of Redwood Realty Advisors handled the transaction.