OMAHA, NEB. — Darland Construction has completed the five-story Jones 13 Apartments in downtown Omaha. Darland’s second project with America First Real Estate Group, the property includes 100 units. Apartments range from studios to two-bedroom units, which are built around a central courtyard. The property features a 57-stall parking garage. Additional amenities include a fitness center with a street view; a courtyard with outdoor kitchen, fire pit, and pergola, water feature and planters. Jones 13 is the second multifamily construction project that Darland has completed for America First Real Estate Group.
NEW YORK CITY — Greystone has acquired two adjacent properties — a landmarked building and a vacant lot — in Brooklyn’s Park Slope neighborhood for a combined total of $21.1 million. Located at 227 Fourth Ave., the first property, known as Brooklyn Lyceum, was originally constructed as a public bathhouse. The property was most recently used as a café and performance space. Greystone won a bid for the property at a Kings County foreclosure auction in October 2014 for $7.6 million. Greystone plans to restore the building’s façade and transform property into a townhouse-style condominium residence with ground-floor retails space. The second property, which sold for $13.5 million, is an adjoining vacant lot located at 225 Fourth Ave. Greystone plans to develop a mixed-use property on the site with approximately 68 rental units and 3,500 square feet of first-floor retail space. Additionally, the residential building will feature a fitness room, bike storage and roof deck.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of an apartment building located at 2215 Newkirk Ave. in Brooklyn’s Flatbush neighborhood. The 117,564-square-foot property sold for $14.8 million, or 13 times its current rent roll. Built in 1927, the six-story building features 79 apartments. Aaron Jungreis of Rosewood represented the seller, 2215 Properties LLC, and David Berger, also of Rosewood, represented the buyer, Newkirk 2215 LLC, in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily building located at 605 West 141st St. in the Hamilton Heights section of Manhattan. The 25-unit property sold for $12.3 million, or $492,000 per unit. The six-story elevator building is located within close proximity to the 1 train and the A, B, C and D lines. Yosef Katz of GFI Realty Services represented the seller, Madison Realty Capital, while Roni Abudi, also of GFI, represented the buyer, a local investor, in the transaction.
COLONIAL HEIGHTS, VA. — Oak Grove Capital has arranged the refinancing of two affordable housing properties in Colonial Heights totaling $19.5 million. The two assets, Colonial Ridge and Bermuda Run Apartments, total 292 units. Tim Leonhard of Oak Grove Capital arranged the fixed-rate, preservation loan through Freddie Mac on behalf of the unnamed borrower.
WINDERMERE, FLA. — NorthMarq Capital has arranged acquisition financing for Citra at Windermere, a 360-unit apartment community located at 11353 Citra Circle in Windermere. Greg Duvall of NorthMarq Capital has arranged the 10.5-year loan with five years of interest-only payments and a 30-year amortization schedule. Duvall arranged the Freddie Mac loan on behalf of the undisclosed borrower.
MINNEAPOLIS — Oak Grove Capital has originated a $27 million fixed-rate Fannie Mae loan for Oak Residential Partners LLC, for the acquisition of Stratford Woods Apartments, a 297-unit, market-rate multifamily property in Minneapolis. The fixed-rate loan has a 10-year term with four years of interest-only payments and seven years of yield maintenance. The garden-style Stratford Woods Apartments community is comprised of 10 buildings, each containing four floors.
COON RAPIDS, MINN. — Marcus & Millichap has arranged the $4.1 million sale of Crest Oak Apartments, a 60-unit apartment property located in Coon Rapids. The property is located at 9930 Bluebird St. Northwest. The 1970s Class C apartment property includes a mix of 26 one-bedroom apartments and 33 two-bedroom apartments. Dan Linnell and Mox Gunderson of Marcus & Millichap’s Minneapolis office represented both the undisclosed seller and the buyer in the transaction.
ERIE, PA. — UMH Properties has acquired Holly Acres, a manufactured home community in Erie, for $3.8 million. Situated on 40 acres, the community consists of 141 developed home sites. The average occupancy for the community is 96 percent. With this acquisition, UMH own 89 communities totaling approximately 15,200 developed home sites. Additional terms of the deal were not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 68 Maujer St. in Brooklyn. The eight-unit building sold for $2.6 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the 1031 exchange transaction.