MIAMI — Marcus & Millichap has brokered the sale of Virginia Gardens Apartments, a 66-unit apartment community located at 2890 Virginia St. in Miami's Coconut Grove neighborhood. The property sold for approximately $6.5 million. Paul Nudelman of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. Arthur Porosoff and Jorge Ruiz of Marcus & Millichap's Miami office represented the buyer, a developer based in Miami's Coral Gables submarket.
HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.
LONGVIEW, TEXAS — Portfolio Development has broken ground on Paladin Luxury Apartments, a $12 million, 220-unit multifamily community on Hawkins Parkway in Longview, approximately 43 miles west of the Texas state border with Louisiana. The eight-building, garden-style complex will be situated directly behind the Regal Stadium 14 movie theater and in close proximity to U.S. 259. Amenities will include a fitness center, pool and dog park, and some units will include attached garages, built-in bookshelves and wine racks. BBL Builders is overseeing construction of the project.
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.
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.
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.