WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of two boutique apartment buildings in northwest Washington, D.C., totaling 44 units. Marty Zupancic of Marcus & Millichap's Washington, D.C., office and his team represented both the buyer and seller in the sale of a 21-unit building at 6921 Georgia Ave. N.W. The property, located across the street from the Walter Reed Army Medical Center, sold in a Chapter 7 Bankruptcy Trustee Sale for approximately $1.8 million. Zupancic also represented the seller in the sale of the Longfellow Street Apartments, located at 614 Longfellow St. N.W. The property sold for approximately $1.5 million.
SUITLAND, MD. — Washington, D.C.-based Greysteel has brokered the sale of Regency Court Apartments, a 115-unit walk up apartment community in Suitland. The multifamily property is located near the Suitland Federal Center, Andrew Air Force Base and is across the street from the Suitland Metro Station. Ari Firoozabadi, John Mullen, Kyle Tangney, Caleb Brown, Lance Ahmadian and Mike Bediones of Greeysteel represented the seller, Miles-Suitland LLC, in the transaction. Regency Court DNB LLC was the buyer.
GRIFFIN, GA. — Dominium, an affordable housing development and management firm, has acquired the 36-unit Poplar Grove apartments in Griffin. Dominium has managed the Section 42 complex since April 2012. Recent improvements to the facility include a renovated clubhouse and deferred maintenance projects.
CHICAGO — Essex Realty Group Inc. has arranged the $4.9 million sale of 3348 W. Wilson Ave., a fully renovated, 33-unit multifamily building in the Albany Park neighborhood of Chicago. Units in the brick building feature granite countertops, black appliances, new cabinets, central air and iron porches. The property is situated on the north side of Wilson Avenue in between Kimball and Kedzie avenues. Jim Darrow and Jordan Gottlieb of Essex Realty represented the seller and Doug Imber and Kate Varde of Essex Realty represented the buyer in the transaction.
THE WOODLANDS, TEXAS — MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has acquired Pine Creek Ranch, a 240-unit apartment community in The Woodlands. Located at 3600 College Park Drive, the property offers one-, two- and three-bedroom layouts plus a swimming pool, fitness center, barbecue area, billiards room and more. David Oelfke of ARA Real Estate Investment Services represented the seller, the name of which was not disclosed, in the transaction. Greystar will manage Pine Creek Ranch on behalf of MIG, which represented itself in the deal and has now acquired three Texas multifamily assets since mid-2012.
DENVER – A 31-unit apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 1540 Logan Street near the Capitol Building. The buyer was represented by JB Hochman, while the unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
EAST JACKSONVILLE, FLA. — ARA has arranged the $12.5 million sale of the 224-unit Huntington at Hidden Hills, an apartment community located in East Jacksonville. Jacksonville-based Michaelson Group purchased the multifamily community, which was 96 percent occupied at the time of sale. Matt Wilcox, Kevin Judd and Patrick Dufour of ARA's Jacksonville office represented the sellers, Los Angeles-based Ares Management LLC and San Francisco-based McDowell Properties, in the transaction.
ROLLING MEADOWS, ILL. — The Davis Cos. (TDC) and Marquette Cos. have sold The Apartments at Woodfield Crossing, a 662-unit apartment property in suburban Chicago, for $57 million, or $86,000 per unit. An institutional investor purchased the property, which is located in Rolling Meadows. TDC acquired the property in October 2010 and partnered with Marquette to stabilize the complex. The partnership embarked on a $9 million capital improvement program and brought new management to the complex. The property was 94 percent occupied at the time of sale.
GRAPEVINE, TEXAS — CBRE has closed the sale of the 392-unit Cross Creek at Grapevine Ranch, an apartment community approximately 21 miles outside downtown Dallas. The property, which was 95 percent leased at the time of sale, features amenities such as a private theater, indoor basketball court and dog park. Cross Creek offers one- and two-bedroom floor plans as well as close proximity to the Grapevine Mills Mall. Dirk Goris, Ryan Reid and Jeremy Faltys of CBRE represented the seller, an affiliate of Granite Investment Group, in the transaction. CAF Capital Partners purchased the property for an undisclosed amount.
LOS ANGELES – An eight-unit multifamily property in Los Angeles has sold to LA Glo, Inc. for $3.4 million. The community is located at 1451 Hi Point Street in the Faircrest Heights neighborhood near Fairfax and Pico Boulevards. LA Glo was represented by Coldwell Banker. The seller, a local private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.