CHICAGO — Essex Realty Group Inc. has brokered the $3.6 million sale of a 46-unit apartment complex in Chicago. The property is located at 1331 W. Loyola Ave., one block west of Loyola University. The property includes studio and one-bedroom apartments with updated bathrooms, kitchens and hardwood floors. The building also underwent capital improvements, including the addition of windows, electrical service and exterior porches. The apartment complex is within walking distance of the Loyola CTA train station at the intersection of Sheridan Road and Loyola Avenue. Doug Fisher and Jason Fishleder represented the undisclosed seller. Fisher also represented the undisclosed buyer in the transaction.
Multifamily
CHICAGO — Marcus & Millichap has brokered the $2.9 million sale of a seven-unit apartment property in Chicago. The property is located at 1525 W. Addison St. Kyle Stengle of Marcus & Millichap represented the seller, a limited liability company. Bill Bailey and John Bailey of Marcus & Millichap represented the buyer, an offshore investor.
WEST BRIDGEWATER, MASS. — Fantini & Gorga has arranged $5.5 million in financing for the development of The Turn at River Bend, a multifamily community in West Bridgewater. Located on SR 106 between South Main and East streets, the development will consist of four three-story buildings, each offering 12 one- and two-bedroom apartments, with one quarter of the units designated for affordable housing. Casimir Groblewski of Fantini & Gorga arranged the financing with a Massachusetts-based cooperative bank for the borrower, 322 East Center Street LLC, an affiliate of The Battaglino Family LP.
HOUSTON — Q10|Kinghorn, Driver, Hough & Co. has secured $3 million in permanent financing with a 20-year term for a group of 20 commercial condominium buildings made up of one- and two-story structures. The 93,000-square-foot complex, which is located just off of Highway 290 in northwest Houston, is 100 percent leased. Rudolph Ernst Krueger owns WWT International Inc. and was the borrower.
NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of 150 West 84th Street for $12.28 million. The five-story, 13,260-square-foot building consists of 20 residential units. MRC originally purchased the property in 2012 for $7.13 million and spent the last two years renovating and repositioning the building. The buyer was not disclosed.
NEW YORK CITY — GFI Realty Services has brokered the sale of 205 St. James Place, a four-story, walk-up apartment building in Brooklyn’s Clinton Hill neighborhood. The eight-unit property sold for $3.95 million or $494,000 per unit, which translates to 17.5 times the rent roll. Constructed in 1930, the 9,316-square-foot building is located within walking distance to the Clinton-Washington Avenues and Franklin Avenue subway stations, which service the C, G and S lines. Shlomo Antebi of GFI represented the seller and Joseph Landau of GFI represented the buyer. Both the seller and buyer are local investors.
CHANDLER, ARIZ. — PrivatePortfolio Group LLC has purchased the 383-unit Parcland Crossing apartment complex in Chandler for $65 million. The community is located at 800 W. Willis Road, just south of the 202 Freeway. Parcland is situated within a five-mile radius of two Intel campuses, in addition to the offices of Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC and Avnet. The community was built in 2013. It was 93 percent leased at the time of sale. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Alma School Apartments LLC, in this transaction. The LLC is a joint venture between Mark-Taylor Inc. and Kitchell Development Co.
CAMPBELL, CALIF. – The 40-unit Sun Dial Garden Apartments in Campbell has sold to a limited liability company for $7.7 million. The community is located at 300 and 350 Dunster Drive. Mitchell Zurich and Brad Lehman represented both the buyer, who was coming out of a 1031 exchange, and the seller, , a private investor, in this transaction.
PIKESVILLE, MD. — An affiliate of Harbor Group International LLC (HGI) has purchased Annen Woods, a 131-unit, Class B apartment community in Pikesville, a suburb of Baltimore. The property is currently 94 percent leased. HGI plans to invest roughly $1.1 million to complete upgrades to the property. HGI currently owns more than 4,800 multifamily units in the Baltimore/Suburban Maryland metro area.
NEW YORK CITY — Meridian Capital Group has arranged a $22.5 million loan to refinance a multifamily property located at 680 West End Ave. in Manhattan’s Upper West Side. Provided by a regional balance sheet lender, the five-year loan features a 3.33 percent fixed rate. Carol Shelby of Meridian’s New York City office negotiated the transaction. The 13-story building features 58 apartments and seven professional units.