BENSALEM, PA. — HFF has brokered the sale of Crestwood Apartments, a 165-unit multifamily community in Bensalem. Situated on 5.14 acres at 3241 Hulmeville Road, the community features 15 three-story buildings offering a total of 65 one-, 95 two- and five three-bedroom units and 240 parking spaces for tenants and guests. Mark Thomson and Zac Pierce of HFF represented the seller, 3241 Associates LP, in the transaction.
LOS ANGELES — Essex Property Trust has acquired 8th+Hope, a 290-unit high-rise apartment complex in Downtown Los Angeles, for $200 million. The luxury community is located at 801 S. Hope Street, at the intersection of its namesake, 8th and Hope streets. The glass complex is one of the first high-rise apartment buildings to be built and listed for sale in Downtown Los Angeles since the recession, according to the seller, Wood Partners. The company also notes 8th+Hope sold for a higher price per square foot than any previous multifamily project in Downtown Los Angeles. 8th+Hope opened last summer. It is currently 55 percent occupied. The community is anticipated to reach stabilized occupancy by the third quarter of 2015. Common-area amenities include a 10,000-square-foot rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden. It also includes a private film theater, guest suites, in-unit salon and spa services, 24/7 concierge service, car sharing and covered parking. Housecleaning, pet care, grocery delivery and porter services are also available. Units feature floor-to-ceiling glass, expansive balconies, and high-end interior finishes like wood flooring, granite countertops and stainless steel appliances.
DENVER – A 21-unit apartment building in Denver has sold to an unnamed buyer for $3.6 million. The community is located at 1410 Poplar Street. It was renovated in 2012 and 2013, when it received condo-level finishes. The buyer and unnamed seller were represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors.
DALLAS — M&M has arranged the sale of Mandalay Palms, a 600-unit apartment property in Dallas. Al Silva of Marcus & Millichap’s National Multi Housing Group in Fort Worth marketed the property on behalf of the seller, an El Paso-based investment company. Silva also secured the buyer, a local partnership. Brian Adams of Institutional Property Advisors arranged financing. Mandalay Palms was built on more than 25 acres in 1985. The property is located at 7501 Chesterfield Drive in Dallas and has access to I-20 and U.S. Highway 67. Apartments feature vaulted ceilings, walk-in closets, patios or balconies and fully equipped kitchens with pantries. Most units also have washer and dryer connections. Community amenities include two swimming pools, onsite laundry facilities and a clubhouse.
AUSTIN, TEXAS — ARA has brokered the sale of Platinum Southside, a 195-unit apartment community located in Austin. Patton Jones of ARA represented the seller, New York-based Clarion Partners, in the transaction. FrontRange Capital Partners, a Denver-based private equity firm, was the buyer. Built in 2009, Platinum Southside is located in the South Central submarket. Units average 934 square feet and include nine-foot ceilings. Amenities include a clubhouse with leasing center, cyber cafe with WiFi, billiards, business center, beverage bar and a pool with grilling stations and picnic areas. Platinum Southside is located in south Austin. The property is located near U.S. Highway 290, U.S. Highway 71 and MoPac Expressway. The property was 95 percent occupied at the time of sale.
MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1314 Seneca Ave. in the Hunts Point section of the Bronx. The 60-unit apartment building sold for $7.6 million, or $126,000 per unit. Constructed in 1928, the 64,000-square-foot elevator building features residential units and two retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty represented the seller. Both the seller and buyer were local private investors.
NEWARK, N.J. — CBRE Group Inc. has brokered the sale of 1 and 2 Noll Place in Newark. The two-building apartment complex, which features 36 units, sold for $1.9 million. Charles Berger and Elli Klapper of CBRE represented the undisclosed seller in the transaction. The undisclosed out-of-state buyer plans to hold the property for investment purposes.
NEW BRAUNFELS, TEXAS — San Antonio Commercial Advisors, a member of the Cushman & Wakefield Alliance, has arranged the sale of Cotton Crossing, a 118-unit, Class A apartment complex located in New Braunfels. Brandon Lo Porto and Scott Weems or San Antonio Commercial represented the buyer, a California-based private investor, and the seller, a Kentucky based partnership.
MCKINNEY, TEXAS — Grandbridge Real Estate Capital has arranged a $33.2 million loan secured by Century Lake Forest Apartments, a 334-unit apartment complex located in McKinney. Fannie Mae provided funding for the seven-year, fixed-rate acquisition loan. The loan includes a 30-year amortization schedule with three years of interest-only payments. Taylor Williams and Purvesh Gosalia of Grandbridge originated the transaction. The property was built in 2013 and is situated on more than15 acres located approximately 30 miles north of downtown Dallas. Century Lake Forest is comprised of 12 three-story buildings with 20 one-, two- and three-bedroom floor plan options.
