ATLANTA, GAINESVILLE AND CARROLLTON, GA. — The Aspen Cos., an affordable housing acquisition and management firm based in Teaneck, N.J., has acquired three HUD multifamily communities in Georgia for approximately $9.2 million. The properties include the 176-unit Paradise East in Atlanta, the 100-unit Linwood Apartments in Gainesville and the 50-unit Paradise Carrollton in Carrollton. The Aspen Cos. purchased the properties from the original developer, a partnership with HJ Russell & Co. Andrew Daitch of Marcus & Millichap brokered the transaction.
Multifamily
COLUMBIA, S.C. — Marcus & Millichap has arranged the $3 million sale of Shandon Crossing, a 152-unit apartment community at 504 S. Beltline Blvd. in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap's Charleston, S.C., office represented the seller, a bank/financial institution, in the transaction.
NEW YORK CITY — Avant Capital Partners has originated a $3.1 million bridge loan secured by a 25- by 100-foot lot located at 308 E. 59th St. in the Sutton Place neighborhood of New York City. The interest-only, one-year loan carries an interest rate of 10 percent, refinances the first mortgage and provides predevelopment funding for the project sponsor. The borrower plans to begin a condo development on the property, which includes 27,500 square feet of air rights.
DESOTO, TEXAS — Colliers International has brokered the sale of Pecan Crossing, a 236-unit multifamily complex in the Dallas suburb of Desoto. Located at 1225 E. Pleasant Run Road and in close proximity to I-35, the property offers one- to three-bedroom apartments plus tennis courts and two swimming pools. Bob Helterbran, Mark Freeman, Teresa Lowery and Jeff Sherman of Colliers represented the seller, Pecan Crossing Apartments LLC, in the transaction. A Japanese private investor purchased the asset and is planning minor renovations in the coming year.
CASTLE ROCK, COLO. – The 186-unit Rolling Hills apartmentcomplex in Castle Rock has sold to Virtú Investmentsfor $16.6 million. The community is located just east of Interstate-25near the Southeast Business Corridor, Sky Ridge Medical Center, RidgeGate development and Park Meadows Mall. It was built in 1987 and updated in 2007. The seller, an unnamed national real estate investor, was represented by ARA’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews.
CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged the sale of Marina Point Apartments, a 104-unit apartment community located at 1301 Canal Drive in Chesapeake. An affiliate of Frontier Financial purchased the property from Property Capital Group. Dan Johnson and Hank Hankins of CBRE | Hampton Roads, along with Andrew Boyer and Jonathan Greenburg of CBRE’s Washington/Baltimore multi-housing team, represented the seller in the transaction.
NEW YORK CITY — Besen & Associates has arranged the $23.8 million sale of The Albert Goodman Plaza Apartments, an affordable housing complex in the Morrisania section of The Bronx. The sales price equates to $94,450 price per unit, $81 per square foot and a 6.5 percent capitalization rate. Preservation Development Partners purchased the multifamily property. The complex includes four elevator apartment buildings that include 250 apartments and two commercial units. Constructed in 1982, the apartment community spans 292,925 square feet. The buildings are operated under a Project Based Section 8 HUD contract, which requires the apartments to remain affordable for another 20 years. Amit Doshi, Lynda Blumberg and Shallini Mehra of Besen & Associates brokered the deal. The properties are located at 970 Boston Road and 665 E. 163rd St.
TORRANCE, CALIF. – A 248-unit apartment complex in Torrance has sold to M West Holdings LLC for an undisclosed sum. The community is located at 20900 Anza Ave. It was built in 1964 and renovated in 2008. The seller, 20900 Anza Avenue Apartments LLC, was represented by Fairfield Residential. Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors also provided representation.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has received $15 million in financing. The community is located at 14374 Borego Road. The seven-year acquisition loan features a 30-year amortization schedule. It was funded under the Fannie Mae DUS ARM 7/6 Loan product line. The loan was originated by lGreg Gillam of Arbor Commercial Funding’s Manhattan Beach office.
RENO, NEV. – The 250-unit Woodside Village Apartments in Reno has sold to a Bay Area limited liability company for $14.9 million. The community is located at 4800 Kietzke Lane. It was built in 1976. Kenneth N. Blomsterberg represented both the buyer and the seller, a Reno limited liability company, in this transaction.