NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 80 New York Ave. in Brooklyn. The eight-unit property sold for $2.3 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
DENVER — The Radco Cos. has acquired the 322-unit Summit at Thornton apartment community for $28.2 million. The community is located at 101 E. 88th Ave. in Thornton, just north of Denver. Summit at Thornton was built in 1973. It is the second asset Radco has acquired in the Greater Denver area over the past four months. The company plans to upgrade and rebrand the property. The institutional seller invested significant capital to improve Summit at Thornton in 2011. It was represented by ARA’s Terrance Hunt, Shane Ozment, Doug Andrews, Jeff Hawks and Anna Stevens.
ATLANTA — An affiliate of Boston-based Berkshire Group has purchased Crescent Terminus Community, a luxury apartment community in Atlanta’s Buckhead neighborhood, from Crescent Communities for an undisclosed price. The 355-unit is a three-building complex that features two rooftop terraces with an outdoor fireplace and TV, saltwater resort-style swimming pool, outdoor kitchen, tech lounge with Mac stations, wireless printing and a coffee bar. Crescent Terminus is part of a nine-property portfolio totaling 2,667 units that sold for a gross purchase price approaching $700 million. The portfolio’s purchasers were UBS and an affiliate of the Berkshire Group.
MACON, GA. — Multi Housing Advisors (MHA) has brokered the $21.2 million sale of Adrian on Riverside, a 224-unit apartment community located at 5243 Riverside Drive in Macon. Robert Stickel of MHA’s Atlanta office represented the seller, Adrian Park LLC, the developer of the community. PEM Real Estate Group was the buyer. The apartment community was 95 percent occupied at the time of sale. The property’s amenity package includes a putting green, theater, playground, covered car wash center, fitness center, billiard room and a pool with a sundeck and picnic pavilion.
HOUSTON — MIG Real Estate has acquired Alta Heights, a 256-unit apartment complex in Houston. Alta Heights is located at 145 Heights Blvd., three miles from downtown Houston, and has direct access to I-10 and I-45. The property consists of a four-story building that includes studio, one- and two-bedroom floor plans and a five-story parking structure. Amenities include a pool, courtyard with gas grills, a dog park, two-story clubhouse, gym and business center.
WESLACO, TEXAS — NorthMarq Capital’s San Antonio office has arranged an $11 million construction loan for Weslaco Ranch Apartments, a 156-unit apartment complex located in the Weslaco. The 15-year loan includes two years of interest-only payments and a 25-year amortization schedule. Zapata Apartment Homes is the developer for the project. Construction will begin in January 2015.
NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.
NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.
SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.
SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.