NEW YORK CITY — Silvershore Properties has purchased a six-story, 53-unit apartment building in the Crown Heights section of Brooklyn for $8.8 million. Hoydu Realty Corp. owned the 58,000-square-foot building, located at 283 Albany Ave., for almost 40 years. Silvershore Properties plans to continue to operate the fully occupied building as a rental property. The company is scheduled to close on five more properties in Brooklyn during the next 30 days.
Multifamily
HOPKINTON, MASS. — Wood Partners is nearing completion of Alta Legacy Farms, a $45 million, 240-unit apartment community in Hopkinton, a city about 35 miles west of Boston. The luxury multifamily community, which opened for prelease in July 2013, is currently 43 percent preleased. The development is part of the master-planned Legacy Farms project, a 730-acre, mixed-use community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Unit amenities at Alta Legacy Farms include wood cabinets, granite countertops, kitchen islands, wood-look vinyl plank flooring, energy-efficient appliances and full-size washers and dryers. Alta Legacy Farms was financed by a construction loan from Cambridge Savings Bank and equity investment by Bavin Inc. Wood Partners is the general contractor and Cube3 Studios designed the project. Allen & Major Associates Inc. provided structural engineering services.
SHIPPENSBURG, PA. — The U.S. Green Building Council – Central Pennsylvania Region has awarded Campus Apartments and Shippensburg University Student Services Inc. a 2014 ForeverGreen Award for Excellence in Green Building Design and Construction. The award, given within the “Sustainability in Higher Education” category, recognizes Phase I of the Shippensburg University student housing project. The project was selected for its use of local materials throughout construction and the developers’ efforts in salvaging nearly 98 percent of demolished materials to reduce waste. Other features include an energy-efficient heating and cooling system, water-bottle filling stations, low-flow fixtures to reduce water use and large windows in each unit to achieve the maximum amount of daylight. Completed December 2012, the $46 million first phase consists of three new housing residences, including two facilities on the north side of campus and one on the south side. The residences accommodate 924 students. Phase II is scheduled to be completed in fall 2014.
SAN ANTONIO — Presidium Group LLC has acquired and will rebrand Villages of Cinnamon Creek, a 348-unit multifamily property in northwest San Antonio. The community offers studio and one- to three-bedroom residences, as well as communal amenities such as a swimming pool, tennis court, basketball court, volleyball court, picnic area, fitness center and business center. Located at 8722 Cinnamon Creek Drive, the complex is in proximity to the University of Texas at San Antonio, the University of Texas Health Science Center and the headquarters of major employer USAA. Presidium Group, which has acquired four properties in San Antonio, is planning $3 million in capital improvements, including upgrades to the units’ plumbing, lighting fixtures and appliances.
HOUSTON — LMI Capital has arranged a $6.2 million loan for the acquisition of Chancellor Apartments, a 224-unit multifamily complex in Houston. Located at 311 Parramatta Lane, the Class B property is in proximity to the 385-acre site of the future ExxonMobil campus. The community offers one- and two-bedroom floor plans, as well as communal amenities including two swimming pools. Brandon Brown worked on behalf of the Florida-based borrower to arrange the non-recourse, 10-year CMBS loan, which includes three years of interest-only payments and a 30-year amortization schedule.
LAKEWOOD, COLO. – Jackson Square has acquired the 257-unit Mountain Vista apartments in Lakewood for $18.3 million. The community is located at 474 S. Wright Street, near the Market Square Shopping Center. It was fully leased at the time of sale. The seller, a local private real estate investment firm, was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
PHOENIX – The 180-unit Papago Crossing apartments in Phoenix has sold to BH Properties for $8.1 million. The community is located at 4530 E. McDowell Road. This is BH Properties’ ninth multifamily acquisition in Arizona in the past 24 months. The all-cash transaction was brokered by Tyler Andersen, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix.
LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $18.2 million sale of Whispering Palms, a 315-unit apartment complex located at 4540 N.W. 36th St. in Lauderdale Lakes. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, an investor with headquarters in Miami and New York, as well as the buyer, a New York-based investor. The community, built in 1973, features a playground, pool, on-site laundry facilities and elevators. The asset was 96 percent occupied at the time of sale.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 148-unit apartment building for approximately $19 million. The 21-story building is located at 860 N. DeWitt Pl. in Chicago’s Streeterville neighborhood. The property, built in 1966, consists of studio, one- and two-bedroom apartments. Building amenities include a fitness center, an on-site dry cleaner and an attached parking garage. Doug Imber and Doug Fisher of Essex Realty represented both the undisclosed buyer and seller in the transaction.
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund XXXVIII, a nationally diversified portfolio of 43 affordable apartment properties in 16 states with a fund size of $235 million in equity. The properties acquired by Corporate Fund XXXVIII add an additional 2,651 apartment units to Boston Capital's holdings. The fund includes 10 developments for senior citizens and 33 multifamily properties.