Multifamily

PORTLAND, MAINE — Pearl Place II, a 55,978-square-foot, 54-unit apartment complex at 184 Pearl St. in Portland, has achieved LEED-Platinum certification from the U.S. Green Building Council. Pearl II is the second of two phases of an affordable housing development in the Bayside neighborhood of Portland. Construction was completed earlier this year. Avesta Housing hired Thornton Tomasetti, an international engineering firm, as the LEED for Homes provider and sustainability consultant on the project. Wright-Ryan Construction was the contractor on the project; PDT Architects served as the architect; and Horizon Residential Energy Services provided EnergyStar services. Avesta Housing is a 501(c)(3) nonprofit organization that promotes and provides housing opportunities in southern Maine for residents in need.

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DENVER – An 85-unit apartment building in Denver has sold to Granite Peak Partners for $6.5 million. The community is located at 4803 E. Kentucky Ave. Granite plans to implement a major renovation program at the community in the upcoming weeks. The seller was Carol Wick-Eisler. The transaction was handled by Tim Shunta of Unique Properties, Inc- TCN Worldwide.

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NORTH HILLS, CALIF. – A 19-unit apartment building in North Hills has sold to a limited liability company for $2.4 million. The community is located at 15216 Nordhoff Street in the San Fernando Valley submarket. The LLC was represented by Dan Litman and Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, an individual/personal trust, was also represented by Narchi.

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NEW YORK CITY — Rosewood Realty Group has arranged the $246 million sale of a 33-building multifamily portfolio in New York City’s Upper West Side. New Jersey-based real estate investment company, The Orbach Group, was the buyer. A joint venture between Heritage Real Estate Partners and Dune Real Estate Partners sold the properties. The portfolio includes 1,031 apartments and two retail spaces. Aaron Jungreis of Rosewood Realty Group represented The Orbach Group in the off-market transaction.

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NEW YORK CITY — Cignature Realty Associates has arranged the $6.3 million sale of 547 W. 157th St., a six-story, 48-unit apartment building in Manhattan. The building sold for approximately 10.7 times the current rent roll. Built in 1912, the 52,896-square-foot building is located between Broadway and Amsterdam Avenue in the Hamilton Heights neighborhood. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyer, 547 West 157th Street Holdings LLC, a private investor from Florida, and the seller, 547 Associates Inc., a local real estate owner.

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CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Normandy Village, a 180-unit multifamily property in Corpus Christi. Located at 4848 South Alameda St., the complex offers apartments in efficiency, one-, two- and three-bedroom layouts, as well as amenities such as covered parking and three swimming pools. J. Patrick Burke, Kent Myers and Joe James of Marcus & Millichap’s Austin office represented the seller, a limited liability company, and secured the buyer, a California-based partnership.

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UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.

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CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.

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JACKSONVILLE, FLA. — NorthMarq Capital has secured $32.4 million in refinancing for Coventry Park at Southpoint, a Class A, 360-unit multifamily community located at 6650 Corporate Center Parkway in Jacksonville. Melissa Marcolini Quinn of NorthMarq's Orlando office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Epoch Properties Inc.

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ST. PETERSBURG, FLA. — Pollack Shores Real Estate Group has recently acquired The Coves of Brighton Bay, a 382-unit apartment community located in St. Petersburg. The company has purchased 1,090 multifamily units in Central Florida in the past eight months. Pollack Shores plans to make capital improvements to the property, including upgrading the siding from stucco to Hardie Plank, installing new windows and renovating the clubhouse and apartment interiors.

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