PHOENIX — Pacific Real Estate Partners has purchased the 360-unit Maya Linda apartment complex in Phoenix for $21 million. The community is located at 8222 N. 19th Ave. Maya Linda was built in 1981. It is situated near I-17, Loop 101 and SR-51. Jim Crews and Brett Polachek of Cushman & Wakefield Phoenix represented the owner, MG Properties, in this transaction.
MADISON, WIS. — Altus Commercial Real Estate Inc. has arranged the sale of Lake Edge Apartments, located at 4033 Monona Dr. in Madison. Altus represented the seller, Lou Reed, in the transaction. A private investor bought the property for $8.4 million. The newly constructed apartment building includes 42 units, 64 underground parking sites and a private pier on Lake Monona. Lake Edge Apartments features one-, two- and three-bedroom apartments.
MIAMI — Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Public officials, community members and guests gathered at the new $22.8 million development at 1699 N.W. 4th Ave. for an official ribbon-cutting ceremony. Courtside’s one-, two- and three-bedroom apartments are reserved for residents making an annual income of no more than 60 percent of area media income (AMI). Monthly rents range from $760 to $990. The property is fully occupied. HTG secured financing in 2014 through a variety of public-private sources including $9 million in Florida Housing Finance Corp. low-income housing tax credits; $3.3 million in construction debt from City Community Capital; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; $1.8 million from Miami-Dade County in the form of a surtax loan along with developer equity. Courtside Apartments broke ground in 2015, with 40 percent of the construction labor provided by residents of the surrounding neighborhood. Amenities include a basketball court, fitness center, business center with computers, laundry facilities, picnic area with outdoor grill, media center, …
SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.
NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a fully occupied multifamily building located at 40 Starr Street in Brooklyn’s Bushwick neighborhood. Matt Cosentino and Eric Satanovsky of TerraCRG exclusively handled the transaction. The property sold for $1.2 million, or approximately $290 per square foot and a 6 percent cap rate. The seller had owned the three-story, six-unit property for 35 years. It features an additional 1,375 square feet of available air rights. Three of the units are income-restricted.
BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.
REVERE, MASS. — CBRE/New England’s Debt & Structured Finance team has arranged $50 million in construction financing for Beach House, a 234-unit luxury apartment development located in Revere, for borrower Baystone Development. The project is located across from Revere Beach and will offer panoramic views of the Atlantic Ocean and Boston’s skyline. Units will feature open layout floor plans; amenities include a resort-style heated outdoor pool, roof deck with views of the Boston skyline, fitness center, resident club area with full kitchen and an entertainment package featuring a theater room. John Kelly, Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the loan with First Niagara Bank’s David Yesue and Doug MacLean.
NEW YORK CITY — Besen & Associates has arranged the $7.4 million sale of a four-building package in central Brooklyn. The price translates to just shy of $400 per square foot. The properties, which feature multifamily and retail space, include 907 Nostrand Avenue, 739 Church Avenue, 1080-1082 Utica Avenue and 196 Utica Avenue. Each was fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units. 907 Nostrand Avenue has approximately 4,547 square feet of retail space, leased to a fitness center; 739 Church Avenue has 3,300 square feet, leased to a bar; 196 Utica has a retail tenant which occupies the storefront and finished basement. The two-story building with 80 feet of frontage at 1080-1082 Utica Avenue was recently gut renovated and repositioned to contain seven retail stores. Greg Corbin, Miguel Jauregui and Saadya Notik of The Corbin Group represented the seller and also procured the purchaser, a local private investor.
MINNEAPOLIS — RJM Construction, a Minneapolis-based general contractor, will oversee construction of Legacy Lofts, a condominium project in downtown Minneapolis’ mill district. Led by Jim Stanton, the 1 million-square-foot project will include a 14-story and an 18-story tower with underground and aboveground parking along with 374 individually owned units. Plans call for a playground, pet exercise area, fitness room, pool and spa, bike racks, community room, game room and a green roof with lawn bowling. RJM Construction will manage the core and shell construction. Riverdale Ventures LLC, which Stanton owns, will complete the units. Site preparations are underway, with the building scheduled for completion in summer 2018. In addition to RJM, project partners include Oertel Architects and BKBM Engineers.
