VICTOR, N.Y. — Federal Capital Partners (FCP) and Horizon Land Co. has acquired an 11-community, 2,413-site manufactured housing portfolio in Western New York. The companies purchased the portfolio for $88 million from an undisclosed buyer. The portfolio includes Gypsum Mills, a 560-site community in Victor. M&T Bank provided senior debt financing for the acquisition. The acquisition brings FCP/Horizon’s total manufactured housing holdings to a 32 communities with approximately 5,600 sites.
PITTSBURGH — Tryko Partners LLC has acquired Duff Manor, an age-restricted affordable housing property in Pittsburgh from Crossgates Inc. Located at 50 Duff Road, the 10-story Duff Manor Apartments building features 100 one-bedroom residences with air conditioning and a patio or balcony. On-site amenities include intercom-controlled access, a community room and laundry facilities. Marcus & Millichap brokered the transaction. Tryko Partners secured financing for the acquisition through M&T Bank. The acquisition price was not released.
NEW YORK CITY — GFI Realty Services has arranged the sale of a corner mixed-use building in the Dyker Heights section of Brooklyn. Located at 910 81st St., the multifamily and retail property sold for $8.9 million, or $182,000 per residential unit. The four-story walk-up features 43 residential units and two retail spaces. Ben Katz of GFI Realty Investment Sales represented the undisclosed seller, while Erik Yankelovich, also of GFI, represented the buyer, a local investor, in the transaction.
TAMPA, FLA. — Marcus & Millichap has brokered the $7 million sale of 66 units at Town Park Villas, an 81-unit townhome community located at 6070 Gibson Ave. within Tampa’s Temple Terrace submarket. Nicholas Meoli and Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, a private investor from Longwood, Fla., in the transaction. The buyer was a limited liability company based in Miami.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has arranged a $17.3 million Fannie Mae loan for the refinance of Green Oaks Apartments, a 384-unit affordable housing property located in Palos Hills. Community amenities include laundry facilities, community room, playground and heated outdoor pool. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin, Texas office arranged the loan for the borrower Green Oaks at Palos Hills LP.
TULSA, OKLA. — Dougherty Mortgage has arranged a $2.6 million Fannie Mae loan for the acquisition of Country Club Villa Apartments, a 68-unit multifamily property located in Tulsa. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was originated by Dougherty’s Dallas office for the borrower, Stone Ranch Apartments LLC.
CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has acquired a newly constructed apartment community in Charlotte’s South End neighborhood known as the Park & Kingston Apartments. BRG purchased the 168-unit asset in a joint venture with Bluerock Special Opportunity + Income Fund III LLC for roughly $30.7 million. BRG funded the acquisition with $6.3 million in equity and a five-year, $15.3 million Fannie Mae loan that features a fixed interest rate of 3.21 percent and five years of interest-only payments. Park & Kingston’s amenity package includes a rooftop terrace with uptown skyline views, internet cafes, coffee bars, private courtyards, pool and sundeck, outdoor fireplaces, dining and grilling stations, controlled access covered parking and a fitness studio. The seller was Park Kingston Investors LLC.
AUGUSTA, GA. — Berkadia has brokered the $10.5 million sale of Georgian Place Apartments, a 324-unit multifamily community located at 1700 Valley Park Court in Augusta. The apartment property is located across the street from Georgia Regents University and roughly five miles from Augusta National Golf Course. The property features a swimming pool, playgrounds and a laundry facility. The buyer was a New York-based entity and the seller was a South Carolina-based entity. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered the transaction. Georgian Place Apartments was 96 percent occupied at the time of sale.
NEW YORK CITY — Kalbridge Associates, a joint venture of The Kalikow Group and Waterbridge Capital, has sold three adjoining multifamily buildings located at 113-117 Elizabeth St. in the Nolita section of Manhattan. A.D. Real Estate Investors purchased the 30-unit portfolio for $26 million. Each five-story building features 10 apartments in a mix of two- and three-bedroom layouts. Alex Heydt of TOWN Residential represented the seller, while Joe Messina and Stephen Ferrara, also of TOWN, represented the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of an apartment building, located at 71-13 60th Lane in the Ridgewood section of Queens. Viking Management purchased the property for $21 million from Bonjour Capital. The 45,800-square-foot building features a mix of one-, two- and three-bedroom units, game room, resident lounge, children’s playroom and a furnished roof deck. Eric Goldberg, Keith Pollock and Eliska Krausova of Olsham Law provided legal counsel for the seller, while Stephen O’Connell of Smith, Gambrell & Russell served as legal counsel for the buyer in the transaction.
