LOS ANGELES – A three-property multifamily portfolio in Los Angeles has sold to an unnamed buyer for a total of $13.4 million. The communities included in the acquisition are the 34-unit Strohm Apartments in North Hollywood; the 30-unit Ratner Apartments in Sun Valley; and the 21-unit Hollywood Way Apartments in Burbank. Warren Berzack, Stephen Geiger, Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed sellers in this transaction.
PITTSBURGH — Village Green has broken ground for the development of Southside Works City Apartments, a residential property located in Pittsburgh’s Southside Works corridor. The project will feature 264 luxury apartments, 12,000 square feet of retail space and a 562-space parking garage. Slated to open in early 2016, property will offer nano, studio, convertible, and one- and two-bedroom units, as well as penthouse apartments. On-site amenities include a restaurant/café/specialty market, concierge services, indoor/outdoor pool, 24-hour fitness center, business center and conference room, Zen garden and courtyard park, and a club room with a bar, televisions, fireplace and gourmet kitchen. Pittsburgh-based Rycon Construction is building the project.
ROCKY HILL, CONN. — Continental Properties has broken ground for the development of Montage I Rocky Hill, a residential community in Hartford County. Comprising five three-story buildings, the 144-unit property will offer a mix of 54 one-bedroom units and 90 two-bedroom units. Additionally, the community will feature a 2,600-square-foot clubhouse, putting green, Bark Park, organic garden, nature walk with fitness trails and detached garages. Continental Properties acquired the development site in 2014 and construction is slated for completion in fall 2016.
LYNDHURST, N.J. — J.G. Petrucci Company Inc. has opened The Station at Lyndhurst, a newly constructed residential community located at 240 Chubb Ave. in Lyndhurst. Managed by Alliance Residential Co., the property features 192 one-, two- and three-bedroom apartments with open-concept living areas, nine-foot ceilings, wood-style flooring and full-size or stackable washers and dryers. Additionally, many units offer personal balconies or courtyards. Community amenities include a fitness center, residential lounge with flat-screen televisions and billiards table, an outdoor lounge with fireplace, and covered and outdoor parking. Rental rates range from $1,725 to $2,800 and units are available for immediate occupancy.
BELLEVILLE, N.J. — Gebroe-Hammer Associates has arranged three multifamily property sales, totaling $9.2 million and 108 units, in Belleville. In the first transaction, Joseph Brecher and Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $4.38 million sale of a 43-unit building located at 574-582 Washington Ave. Additionally, Nicolaou and Stephen Tragash, also of Gebroe-Hammer, represented the seller in the $3.8 million sale of a 51-unit property located at 242 Washington Ave. In the final deal, Nicolaou negotiated the $1.1 million sale of a 14-unit property located at 475 Washington Ave. Additional terms and details were not released for the transactions.
ARLINGTON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7 million loan for the purchase of a 252-unit apartment complex in Arlington. Sharone Sabar of MMCC’s Encino, Calif. office arranged the debt placement. John Barker, Mark Allen and Alexander Skotarek of Marcus & Millichap’s Fort Worth office represented the undisclosed seller in the transaction. Joshua Ross of the firm’s Encino office represented the undisclosed buyer. The 10-year loan included a fixed interest rate of 4.4 percent and a 78 percent loan-to-value ratio.
WACO, TEXAS — R3 Funding has arranged a $6.25 million refinancing loan for The Highlands apartment complex, a 224-unit property in Waco. Located at 1600 Lake Shore Drive, The Highlands was purchased by its current owner in 2012, with occupancy around 70 percent at the time. Occupancy is now at 92 percent. The 10-year, fixed-rate Freddie Mac loan includes a 30-year amortization schedule and two years of interest-only payments.
HAMDEN, CONN. — Press/Cuozzo Commercial Services has arranged the sale of a four-building apartment portfolio located at 63-69 and 75 Fairview Ave. and 154-164 Warner St. in Hamden. The portfolio, which features a total of 18 units, sold for $1.1 million. Stephen Press of Press/Cuozzo represented the owner, Tomer Real Estate Associates, and procured the buyer, Warner-Fairview LLC, in the transaction.
ST. AUGUSTINE, FLA. — Capital Health Group LLC and Fortress Ventures LLC have formed a joint venture to develop a 64-bed memory care community on nine acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December 2014, and the new facility is scheduled to open in the second quarter of 2016. Symphony Manor at St. Augustine will be a single-story facility with a secure memory care courtyard, large activity space, surround sound theater with an 80-inch screen and a dining room. Resident apartments will have cable TV, Wi-Fi, 24-hour emergency call systems, walk/roll-in showers and individual thermostats. Symphony Manor will also offer residents 24-hour staffing, dining services, concierge assistance, linen services, housekeeping, daily entertainment, fitness programming, educational services, social events and a private town car for resident appointments. Compass Pointe Healthcare System will manage Symphony Manor at St. Augustine.
DALLAS — Dougherty Mortgage LLC has arranged a $3.6 million Fannie Mae loan for the refinancing of Oak Hollow Apartments, a 160-unit multifamily affordable housing property located in Dallas. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower Dallas Oak Hollow Apartments Ltd.
