Multifamily

MHA Brokers $33.1M Sale of Birmingham Apartment Complex

by John Nelson November 19, 2014

BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the $33.1 million sale of Springs at Trussville, a 328-unit apartment community located at 3539 Mary Taylor Road in Birmingham. Jimmy Adams of MHA’s Birmingham office represented the seller, Continental 166 Fund LLC, in the transaction. The buyer was Somerset Partners LLC. Built in 2007, the gated apartment community features a clubhouse, car care center, 24-hour fitness center, resort-style pool and a business center with free WiFi and computer access.

November 19, 2014

California Multifamily Western

StarPoint Buys Lafayette Parc Apartments in West Covina for $51.7M

by Nellie Day November 19, 2014

WEST COVINA, CALIF. — StarPoint Properties has purchased the 259-unit Lafayette Parc Apartments in West Covina for $51.7 million. The community is located at 624 South Glendora Ave. Lafayette Parc was built in 1964. It is currently 97 percent occupied. Community amenities include seven pools, a fitness center, tennis and basketball courts, on-site laundry, barbecues and a picnic area. The renovation will focus on many common-area upgrades. The community will receive a new leasing office, an upgrade and expansion of the main pool, including cabanas and a new barbecue/lounge area, a new spa, a new fitness center to overlook the pool, a sand volleyball court, resurfacing of the existing basketball and tennis courts, and the installation of a soccer field, dog park and theatre. Lafayette Parc’s seller was not named.

November 19, 2014

Multifamily Texas

M&M Arranges Sale of 59-Unit Apartment Building in Metro Dallas

by Danielle Everson November 18, 2014

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Kent Apartments, a 59-unit apartment complex located in Garland. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Denninger also procured the buyer, an individual/personal trust. Kent Apartments is located at 3810 W. Walnut St., less than three miles north of I-635. The complex features 18 one-bedroom units and 31 two-bedroom units. Floor plans range in size from 625 to 825 square feet. The complex is pet friendly and includes a gated playground for children.

November 18, 2014

Michigan Midwest Multifamily

Princeton Enterprises Acquires Lansing Tower Apartments for $3.6M

by Danielle Everson November 18, 2014

LANSING, MICH. — Princeton Enterprises has purchased Lansing Tower Apartments in Lansing for $3.6 million. The apartment community, located at 610 W. Ottawa St., includes 140 studio, one-, two- and three-bedroom units. Cary Belovicz of Commercial Property Advisors brokered the deal on behalf of the private seller. The new owner plans to renovate the exterior of the building, make plumbing improvements and add a new swimming pool deck, fitness center, resident lounge and lobby with a new WiFi beverage café. The property was built in 1968.

November 18, 2014

Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on Apartment Community in Germantown Area

by John Nelson November 18, 2014

NASHVILLE, TENN. — Embrey Partners has begun construction on The Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. The project will be located adjacent to First Tennessee Park, the new home of the Nashville Sounds, as well as a future library and archive campus. The four-story property will feature one- and two-bedroom units ranging from 599 to 1,704 square feet with rental rates ranging from $1,378 to $3,300 per month. The property will feature a 7,500-square-foot clubhouse with a fitness center, yoga studio, gaming center, presentation kitchen, private dining area, resort-style pool, grilling station, outdoor fireplace and a concierge system. The design team includes general contractor Embrey Builders, property manager Embrey Management Services, architect BGO Architects and engineer Littlejohn Engineering. Embrey Partners plans to deliver The Carillon in spring 2016.

November 18, 2014

Florida Multifamily Southeast

CBRE Brokers $62M Sale of Multifamily Portfolio in Jacksonville

by John Nelson November 18, 2014

JACKSONVILLE, FLA. — CBRE has brokered the sale of two multifamily communities in Jacksonville spanning 552 units. Olympus Property Management purchased the two adjoining properties from Atlanta-based Cortland Partners for $62 million. The communities include Mirador at River City located at 13100 Broxton Bay Drive and Stovall at River City located at 13000 Broxton Bay Drive. Brian Moulder and Dhaval Patel of CBRE represented Cortland Partners in the transaction.

November 18, 2014

California Multifamily Western

Los Angeles Apartment Building Sells for $8.1M

by Nellie Day November 18, 2014

LOS ANGELES – A 33-unit apartment building in Los Angeles has sold to Unison Investment Company for $8.1 million. The community is located at 1154 Bellevue Ave. in the Echo Park neighborhood. It was built in 2008. Unison Investment was represented by John Chu of New Life Properties. The seller, Bellevue Development Ventures, was represented by Michel Hibbert of Charles Dunn Company.

November 18, 2014

California Multifamily Western

Vista Ridge Apartment Homes in Sylmar Sells for $14.2M

by Nellie Day November 18, 2014

SYLMAR, CALIF. – The 81-unit Vista Ridge Apartment Homes in Sylmar has sold to a private owner/operator for $14.2 million. The community is located at 13500 Foothill Blvd. in the San Fernando Valley submarket. It was built in 1987. The seller, Benedict Canyon Equities, was represented by Ronald Harris, Rick Raymundo, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.

November 18, 2014

Multifamily New York Northeast

GFI Realty Brokers $1.95M Sale of Apartment Building in Brooklyn

by Amy Works November 17, 2014

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 197 St. Marks Ave. in Brooklyn’s Prospect Heights. The asset sold for $1.95 million, or $325,000 per unit. Constructed in 1931, the three-story, walk-up building features six apartments. Shlomo Antebi of GFI Realty Services represented the buyer and seller, both of which are local investors, in the transaction.

November 17, 2014

California Multifamily Western

North Park Apartment Complex Sells for $3.2M

by Nellie Day November 17, 2014

SAN DIEGO – An 18-unit apartment complex in the North Park submarket of San Diego has sold to the Bill Shepard MD Trust for $3.2 million. The complex is located at 3946-52 Idaho Street. It was built in 1970. The trust was represented by CBRE’s Eric Comer. The seller, LenRae LLC, was represented by Terry Taylor of ACI Apartments.

November 17, 2014

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