PHOENIX — The P.B. Bell Companies has acquired a seven-property multifamily portfolio in Phoenix for $168.5 million. The portfolio contains 2,759 units. The transaction included Tela Verde in Glendale; Sienna Springs in Central Phoenix; Tuscany Palms and Whispering Meadows in Mesa; and Alante at the Islands, Crosswinds and Laguna Village in Chandler. The firm plans to cosmetically upgrade the properties in the coming months. P.B. Bell also notes it has an “aggressive acquisition strategy for 2014 and beyond.” The seller was Standard Fund. The transaction was executed by Cindy and Brad Cooke of Colliers International in Phoenix. Equity was provided by Stonecutter Capital Management. Prime Finance Partners and Seth Grossman and Ryan Gandel of Meridian Capital Group were also involved in this transaction.
Multifamily
SEATTLE — Kennedy Wilson has purchased a three-property multifamily portfolio in South Seattle for $127 million. The portfolio contains a total of 1,212 units. The transaction includes the 396-unit Montair at Somerset Hill in the Tumwater area of Olympia; the 576-unit Rock Creek Landing in Kent; and the 240-unit Stone Pointe in University Place. Notable employers in the area include Boeing, the Port of Tacoma, the State of Washington, Evergreen College and St. Peter’s Hospital. The firm invested $45 million of equity in the transaction and assumed $85 million of Freddie Mac financing, which has a fixed interest rate of 4.25 percent.
LOUISVILLE, KY. — Nashville-based Elmington Capital Group has acquired Post Oak, a 126-unit apartment community located at 8000 Post Oak Place in Louisville, for $8 million. Elmington purchased the asset from Trade Street Residential. Don Murphy and Kurt Shoemaker of Cassidy Turley’s Cincinnati office represented Elmington in the transaction.
FAIRLESS HILLS, PA. — CBRE has brokered the sale of Hidden Forest Apartments, a 238-unit multifamily community located in Fairless Hills. TGM Associates sold the property for a New York private investor for $21.3 million or $89,496 per unit. Built in 1967, the property was fully renovated and 98 percent occupied at the time of sale. Robert Miller, John McFadden and Matt Stefanski of CBRE’s Multifamily Division in Wayne, Pa., represented the seller in the transaction.
LOS ANGELES – A 12-unit apartment building in Valley Village has sold to Venture One LLC for $6.8 million. The community is located at 5056 Laurel Canyon Blvd. in the San Fernando Valley submarket. It was built in 2011. The 1031 exchange buyer was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The seller, Laurel Heights LLC, was represented by Peter Miller of KW Commercial.
DALLAS — Dougherty Mortgage LLC has arranged a $4.1 million Fannie Mae loan for the refinancing of Prince Hall Apartments, a 192-unit multifamily housing property in Dallas. Dougherty’s Dallas, Texas office arranged the 10-year term, 30-year amortization loan for Prince Hall LTD. Dougherty Mortgage is based in Minneapolis with offices in California, Colorado, Maryland and Texas.
MIAMI — La Belle Properties Inc. and King Ship Corp. have sold the 128-unit Miami Gardens Apartments for $8.1 million. The multifamily complex is located at 660 and 674 N.W. 117th St. in Miami. Steve Sussman of NAI Rauch Weaver Norfleet Kurtz & Co. represented the sellers in the transaction. Kris Wagnes of Keyes Commercial represented the buyer, Miami Gardens Realty LLC.
NEW YORK CITY — Besen & Associates has brokered the sale of two buildings at 110 West 111th Street and 247 West 113th Street located in Manhattan’s Central Harlem section. The pair sold for $12.6 million or $262,800 per unit, $291 per square foot. The properties total 43,344 square feet and offer 22 one-bedroom, 18 two-bedroom and eight three-bedroom apartment units. Ronnie Shaban and Amit Doshi of Besen & Associates represented the seller and the buyer, a local private investor, in the transaction. Michael Coritsidis of Coritsidis & Lambros PLLC provided legal counsel to the seller, while Anthony Bottitta of Anthony S. Bottitta PC advised the buyer.
SOUTH ORANGE, N.J. — Marcus & Millichap has brokered the sale of Village Court, a 30-unit multifamily property located in South Orange. Village Court Apartments LLC purchased the property for $3.8 million from Village Court Inc. The property is located near the city’s downtown and within walking distance to Seton Hall University and the South Orange NJ Transit Station, which serves Manhattan. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s National Multifamily Housing Group represented both parties in the transaction.
CINCINNATI — Cohen Financial has secured $12.4 million in acquisition financing for two multifamily properties located in Cincinnati. The properties include the 352-unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316-unit Towerview Apartments located at 5313 East Knoll Court. Dan Rosenberg originated the two 10-year, fixed-rate loans with a CMBS lender for the borrower, an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.