BROOKLYN, N.Y. — In partnership with Brickman, a real estate private equity firm, HK Organization in affiliation with Jo-Ann Obergfell, has purchased 275 Park Avenue located in Clinton Hill, Brooklyn for $68 million. Stratus Capital Advisors represented both the buyer and seller in the transaction. The property, known as The Chocolate Factory, consists of seven contiguous buildings and features 123 loft apartments, ground-floor retail and parking. Amenities include a doorman and roof deck with views of Brooklyn and the Manhattan skyline. Converted in 2002, the building offers different floor plans of versatile lofts. Additionally, the property includes more than 25,000 square feet of retail along Park, Washington, and Waverly Avenues, including the neighborhood's only organic market, and a luxury spa. The Parfitt Brothers designed the original Romanesque Revival building in the late 19th century. It was built for the Von Glahn Brothers, a wholesale grocer that received produce from Wallabout Market. Rockwood & Co. Chocolate soon thereafter purchased the property, which for decades served as a candy factory. After World War II, Rockwood closed, and Sweets Corp. of America purchased the factory until closing permanently in 1967. HK Organization is a Brooklyn-based real estate development firm. Local HK Organization developments …
Multifamily
NEW YORK CITY — Rosewood Realty Group has arranged the sale of 4750 Bedford Avenue, an apartment building located in Brooklyn’s Sheepshead Bay neighborhood. 4750 LLC purchased the 105,440-square-foot building from A4750 LLC for $20 million or 11 times the rent roll. Build in 1964, the eight-story, elevator building features 112 apartments and 24 parking spaces. The new owner plans to invest in building upgrades and increase rent roll. Aaron Jungreis of Rosewood Realty Group represented both the seller and buyer in the transaction.
ST. LOUIS — Holland Construction Services recently completed construction on Cortona at Forest Park, a new 5-story, all wood apartment community in St. Louis. Cortona is located within Balke Brown Transwestern’s 26-acre, The Highlands at Forest Park mixed-use development just off I-64/40. The complex consists of one- and two-bedroom luxury apartment units ranging in size from 575 square feet to 1299 square feet. Apartment units feature gourmet kitchens with full-size appliances, large windows, walk-in closets and nine to 10-foot ceilings. Amenities include private, reserved parking and a gated entrance, an interior courtyard with a three-tiered swimming pool (lap pool, tanning ledge, hot tub), multiple lounging areas and cabanas, grills and an outdoor kitchen. Residents also have access to a community clubhouse, which includes a fitness room, coffee bar, business center and gaming area. This is the second project Holland has worked on with Balke Brown Transwestern.
MINNEAPOLIS — Marcus & Millichap has arranged the $620,000 sale of an 11-unit apartment building in Minneapolis. The property is located at 3105 Pleasant Ave. S. Built in the 1960s, the property has had only two owners since development. Josh Talberg of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
DENVER — Grandbridge Real Estate Capital has opened a new regional office in Denver. It will be managed by senior vice president John M. Stewart. Penny A. Newton has also joined the team as vice president. Grandbridge is a full-service commercial and multifamily finance provider. It is headquartered in Charlotte, N.C., where it finances all types of income-producing properties. Grandbridge is a subsidiary of Branch Banking and Trust Company (BB&T).
CARLSBAD, CALIF. – A seven-unit apartment complex in Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the city’s Downtown Village District. The site is approved for a mixed-use building with first-floor retail and nine townhouse-style condos. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
DALLAS — Marcus & Millichap has arranged the sale of Milano and Lemon Tree, a 32-unit apartment property in Dallas. Milano and Lemon Tree is located at 4710 Munger Ave., approximately one mile from U.S. Highway 75, Greenville Avenue and the Knox/Henderson area. Stephen Crittenden, William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor in the Dallas market. Crittenden represented the buyer, also a private investor.
ROSENBERG, TEXAS — Marcus & Millichap has arranged the sale of Victoria Garden, a 232-unit apartment property in Rosenberg. Located at 911 Lane Drive, approximately 36 miles southwest of Houston, Victoria Garden had a list price of $6.6 million. Juan Cuevas with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Cuevas also secured and represented the buyer, a limited liability company.
ST. PETERSBURG, FLA. — The Praedium Group and partner Greystar Real Estate have sold Lincoln Shores Apartments, a 631-unit multifamily community in St. Petersburg, for $53 million. The Praedium Group purchased the asset in January 2010 for $24.2 million. The property features three resort-style swimming pools, lighted tennis courts, four racquetball courts, a basketball court, sand volleyball area and a fitness center. The community fronts a 14-acre lake, which has direct access to Tampa Bay.
HUNTERSVILLE, N.C. — Apartment developer Northwood Ravin LLC has broken ground on the Apartments at Holly Crest, a $50 million, 400-unit apartment community in Huntersville, roughly 14.5 miles north of Charlotte. The project will be located along Sam Furr Road across from Northcross Shopping Center. The community will feature 35,000 square feet of community greenspace and 15,000 square feet of amenity space, including a 4,900-square-foot clubhouse, 4,600-square-foot spa, fitness center, business center and private dog parks for small and large breeds. Monthly rents are estimated to start at $900 per month for a 700-square-foot, one-bedroom apartment and up to $1,700 per month for a 1,600-square-foot, three-bedroom unit.