WESTWOOD AND RIVER VALE, N.J. — HFF has brokered the sale of a four-property multifamily portfolio totaling 276 units in Westwood and River Vale. Kushner Companies purchased the portfolio from Hartz Mountain Industries for $56.5 million. The fully stabilized portfolio includes one- and two-bedroom units averaging 798 square feet. The portfolio consists of the 103-unit Coventry Square at 20-46 Charles St. in Westwood; the 71-unit Stanford Place at 500 Center Ave. in Westwood; the 56-unit The Madison at 99 Madison Ave. in Westwood; and the 46-unit Village on the Green at 229 Collignon Way in River Vale. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller in the transaction.
Multifamily
NEW YORK CITY — Marcus & Millichap has arranged the sale of 313 99th Street, a six-unit apartment building in Brooklyn. A private investor acquired the property for $1.2 million, a 4.33 percent cap rate. Mark Zarrella and John Brennan of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
PHOENIX – A 355-unit apartment complex in Phoenix has sold to SPL Real Estate & Management Co. for $12.5 million. The community is located at 2912 E. Indian School Road. It was built in 1979. The buyer was represented by Todd Braun and Will Barnard of Lee & Associates. The seller, Bella View Apartments LLC, was represented by Karl Abert of Newmark Grubb Knight Frank.
AUSTIN — Berkadia Commercial Mortgage’s Austin office has originated $20.3 million in financing for a multifamily property in Austin. Senior vice president Andy Hill worked with borrower Atlantic Pacific Cos. to arrange the seven-year, fixed-rate loan through Berkadia’s Freddie Mac program. The borrower will use the loan for the refinancing of Atlantic Grand Oaks, a 240-unit unit property 10 miles southwest of downtown Austin. Loan terms include an interest rate below 4 percent and a 30-year amortization schedule. Atlantic Grand Oaks is located at 9323 Manchaca Road in Austin. The complex consists of studio, one-, two- and three-bedroom units. Amenities include a pool, volleyball and basketball courts, playground and fitness center.
SEGUIN, TEXAS — Mason Joseph Co. Inc., a San Antonio-based FHA multifamily lender, has arranged the refinancing of Oak Hollow Apartments, a 152-unit apartment complex in Seguin, 36 miles northeast of San Antonio. Mason Joseph obtained a new insured mortgage of $11 million with a 40-year term and amortization schedule. The borrower is Wonder Properties LLC, a Seguin-based private investment firm. The complex was built in 2012 with amenities including a clubhouse, business and fitness centers, volleyball court pool and outdoor kitchen.
STAMFORD, CONN. — A joint venture between Clal Insurance and Chicago-based Waterton Associates has acquired 75 Tresser, a multifamily apartment community located in downtown Stamford, for $121 million. The property offers 344 units, ranging from studio to three-bedroom layouts; 5,500 square feet of retail space with a two-story parking lot; a 9,000-square-foot resident’s lounge; a 5,000-square-foot fitness center; pool; two courtyards; a private screening room; meeting/dining rooms; a catering kitchen; and business center. The residential units feature designer kitchens with stainless steel appliances, elevated nine-foot ceilings, wood-style floors, in-unit washer/dryer and panoramic windows. Waterton will retain a 51 percent stake in the property, while Clal will own the remaining 49 percent.
MANKATO, MINN. — Dougherty Funding LLC has secured a $6.4 million first mortgage acquisition/term loan for the Park Place Townhomes in Mankato. The existing 72-unit townhome property is fully leased. The property includes free on-site parking and an outdoor fire pit and grilling area. Unit amenities include fully equipped kitchens, washers and dryers, Wi-Fi Internet, ceiling fans, granite countertops and decks or patios. Dougherty Funding arranged the loan for the borrower, PPT Mankato LLC. Dougherty Funding served as lead lender and servicer for the loan.
CORPUS CHRISTI, TEXAS — UC Funds has provided a $7.4 million bridge loan for a 218-unit, Class C apartment complex in Corpus Christi. The property consists of 22 two-story buildings on a 10-acre site. Amenities include a swimming pool, clubhouse, laundry facilities and picnic areas. A portion of the loan will be used for renovations, including upgraded roofs and exterior siding.
MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of Live Oak Village, a 100-unit multifamily property in Midland. Kent Myers and Joe James with Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a private investor. Myers and James also secured the buyer, a partnership. Live Oak Village is located at 2700 N. Midland Drive. The complex was completed in 1977 with one- and two-bedroom floor plans ranging from 650 square feet to 1,250 square feet.
HAMPTON AND NEWPORT NEWS, VA. — Gingko Residential has acquired a three-property multifamily portfolio in the Hampton Roads region of southern Virginia. The three Class A, garden-style communities total 641 units. The properties include Bridgewater on the Lake in Hampton, Lake Ridge in Hampton and The Reserves at Arboretum in Newport News. Gingko Residential plans to combine operations at Bridgewater on the Lake and Lake Ridge to maximize efficiency.