NEW YORK CITY — The Boulevard Heights Portfolio, which includes four multifamily buildings located in Manhattan’s West Harlem and Washington Heights neighborhoods, sold for $45 million. The properties are located at 3489 Broadway, 519 W. 143rd St., 610 W. 163rd St., and 548 W. 164th St. The four buildings total 205 units and span approximately 242,740 square feet. A private investor purchased the portfolio. Bob Knakal, Robert Shapiro and Josh Lipton of Massey Knakal arranged the transaction.
NEW YORK CITY — Rockrose Development Corp. has opened Linc LIC, its new luxury multifamily complex in the Long Island City neighborhood of Queens. Linc LIC features 709 apartments ranging from 450-square-foot studios to 1,400-square-foot, three-bedroom units. The tower’s centerpiece is a duplex lounge on the 31st floor, which opens onto a landscaped lawn with panoramic views of the Manhattan skyline. Linc LIC’s rooftop amenities include barbeque grills, misting sprays and a gazebo, in addition to a separate outdoor resident park. Units include oversized windows in the living areas, granite-clad kitchens and stainless steel appliances. Monthly rents begin at $2,215 for a studio to $4,755 for a three-bedroom unit. Avinash K. Malhorta Architects designed Linc LIC, while Moed de Armas & Shannon Architects designed the interiors. Mathews Nielson was the landscape architect.
MANSFIELD, TEXAS — Full-service real estate company Advenir has acquired Advenir@Walnut Creek, a 256-unit multifamily community in the Dallas/Fort Worth suburb of Mansfield. The property is located at 3251 Matlock Road. Completed in 2002 and formerly known as Spyglass, the complex offers one-, two- and three-bedroom floor plans plus communal amenities such as a swimming pool, fitness center, business center and media room. Fifty units have undergone interior improvements since May 2013, and the new ownership plans to upgrade the remainder of the units by 2015. Advenir represented itself in the transaction, while Drew Kile and Will Balthrope of Institutional Property Advisors represented the seller, Kaplan Management Co. Braden Harmon of Berkeley Point Capital arranged the acquisition financing.
EVERETT, WASH. – An 80-pad manufactured housing community in Everett has received $6.7 million in refinancing. The eight-year, fixed-rate loan amortizes over 30 years at 4.9 percent. It features a 65 percent loan-to-value. The property was 30 percent vacant at the time of closing. In addition to this, the borrower was holding an agency loan that was swelling. The owner plans to use the funds to free up equity to close on another manufactured housing facility. The loan was arranged by Glenn Gioseffi of Marcus & Millichap Capital Corp.’s Seattle office.
COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.
CHARLOTTE, N.C. — Charter Properties Inc. has sold three multifamily communities totaling more than 800 units to Centennial Holding Co. for $96 million. Atlanta-based Centennial acquired Long Creek Club ($35.8 million) and Longview ($32.2 million) in Charlotte's Northlake submarket, along with The Paddock at Springfield ($28 million) in Fort Mill. The company has renamed the Northlake properties as Century Northlake and rebranded The Paddock at Springfield as Century Springfield Meadows. Charter sold the complexes because the company is developing three new properties in Charlotte, Fort Mill and Mooresville. Phil Brosseau, vice president of investment properties of CBRE Group Inc.'s Carolinas multi-housing group, represented Charter in the transaction.
ATLANTA — The Shoptaw Group, along with its capital advisor Patterson Real Estate Advisory Group, has arranged two loans totaling $37.2 million for the refinancing of two multifamily properties in metro Atlanta. The apartment communities in the transaction are Cypress Point, a 306-unit, Class A multifamily property in Alpharetta, and Uptown Buckhead, a 216-unit, Class A community in Atlanta’s Buckhead submarket. Shoptaw arranged the loans through MetLife Real Estate Investors.
NEW YORK CITY — Marcus & Millichap has arranged the $5.5 million sale of 853 Saint Nicholas Ave., a 25-unit apartment property in New York City. Peter Von Der Ahe, Scott Edelstein, Joseph Koicim, Seth Glasser, David Lloyd and Jonathan Schwartz, investment specialists in Marcus & Millichap’s Manhattan office, represented the buyer, a limited liability company, and the seller, a private investor. The apartment property is located in the Harlem section of Manhattan between 152nd and 153rd streets. The selling price equates to $219,000 per unit.
AUSTIN, TEXAS — Real estate investment platform Arc Capital Partners, in partnership with Cardinal Group Investments (CGI), has acquired The Establishment, a 139-unit apartment complex in the South Congress submarket of Austin. Located at 3501 S. 1st St., the asset features one- and two-bedroom floor plans plus amenities such as a swimming pool, barbecue and picnic area and business center. CGI will rebrand and manage the property as Mint Urban | Establishment under its Mint Urban platform.
FORT WORTH, TEXAS — Architect BOKA Powell and general contractor Manhattan Construction Co. have completed a new 252-unit apartment development at Southwestern Baptist Theological Seminary in Fort Worth. Located in the J. Howard Williams Student Village, the garden-style complex offers one- and two-bedroom layouts as well as granite countertops, stainless steel appliances and laminate wood flooring. The residential area is connected to the main campus by a walkway.