TUCKER AND CHAMBLEE, GA. — CPA: 18-Global, W. P. Carey’s non-traded REIT, has acquired a 97 percent interest in two metro Atlanta apartment communities for approximately $46 million. The two properties include the 217-unit Dupont Place Apartments in Tucker and the 227-unit Gentry’s Walk in Chamblee. Co-investment partners Silverpeak Real Estate Partners and Carroll Organization own the remaining interest in the two multifamily assets.
MESA, ARIZ. – The 113-unit Southern Ridge apartment community in Mesa has sold to an unnamed buyer for $6.5 million. The community is located at 214 North Gilbert Road. It was built in 1985. The buyer was represented by John Kobierowski of ABI Multifamily. The sellers, which consisted of multiple individuals and entities, were represented by Pete Te Kampe of Marcus & Millichap’s Phoenix office.
BURBANK, CALIF. – A 30-unit apartment building in Burbank has sold to a private investor for $8.4 million. The community is located at 1735 Peyton Ave. It was built in 1988. Warren Berzack of Berzack Investment Property Advisors and Lee & Associates-LA North/Ventura represented the buyer. He also represented the seller, another private investor, along with fellow Lee principals George Yessaie and Stephen Geiger.
NORTH PROVIDENCE, R.I. — CBRE/New England’s Capital Markets team has brokered the sale of Windsor at Brentwood, a 240-unit garden-style apartment community located in North Providence. Bower Hill Associates, an affiliate of GID Investment Advisors LLC, sold the property to Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC, for $25.8 million. Built in 1988, Windsor at Brentwood consists of 12 two- and three-story buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments. The apartments range in size from 541 to 965 square feet. At the time of the sale, 166 units had received kitchen and bathroom renovations along with community amenity upgrades. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
RED BANK, N.J. — Woodmont Properties and Metrovation have opened West Side Lofts, a luxury apartment community in Red Bank. The 92-unit property offers a mix of one-bedroom and two-bedroom units finished lofts, two-story townhomes and three-story live/work maisonettes with private roof decks. Community amenities include a rooftop lounge and outdoor deck with hot tub, fire pit and barbecue grill; a strength and cardio center; a clubroom with resident lounge; game room; business center; four sky lounges; private courtyard with seating area; electric vehicle charging station; and package concierge service. Additionally, West Side Lofts will feature 25,000 square feet of restaurant and retail shops, featuring Triumph Brewing Co.
BLOOMFIELD, N.J. — Clarion Partners has acquired Parkway Lofts, a multifamily property in Bloomfield, for more than $100 million. The seller was a joint venture comprised of Prism Capital Partners and an institutional investor. Originally built in 1897, the property is an eight-story industrial building that was redeveloped into 136 loft-style apartment units. Units feature gourmet kitchens with stainless steel appliances and quartz countertops, walk-in closets, oversized windows and in-unit washer/dryers. Onsite amenities include a two-story fitness center, rooftop deck with fire pit and ample garage parking. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE Group’s Institutional Properties team represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 720 West 172nd St., known as 121-123 Haven Avenue, in Washington Heights. Barberry Rose Management purchased the asset from David Tseng for $8.5 million. The six-story, 36,125-square-foot multifamily building features 32 apartments. The property is in close proximity to Columbia Presbyterian Hospital, Public School 173, J. Hood Wright Park and Henry Hudson Highway. Matthew Sparks and Abram Bernstein of Eastern Consolidated represented the seller; Sparks also procured the buyer in the transaction. Ari Goodman was the attorney for the seller, while Marc Landis, Brian Beller and Karen Schwimmer of Phillips Nizer LLP served as attorneys for the buyer.
GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave. Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages. Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services. The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.
CAMBRIDGE, MINN. — Marcus & Millichap has brokered the $2.5 million sale of Calhoun Apartments, a 48-unit apartment property located in Cambridge. Calhoun Apartments is located at 414 Calhoun Place N. and 514 Calhoun Terrace. The 48-unit community consists of two 24-unit buildings that include one- and two-bedroom apartments. Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate. Mox Gunderson and Dan Linnell of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Evan Miller of Marcus & Millichap, along with Gunderson and Linnell, represented the buyer, a limited liability company.
COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.
