HOUMA, LA. — Marcus & Millichap has arranged the sale of Colonial Village, a 123-unit apartment community located at 400 Westside Blvd. in Houma. Billy Hoffpauir of Marcus & Millichap’s Lafayette office represented the seller, a limited liability company. The sale price was not disclosed, but the property listed for $4.2 million.
Multifamily
SOUTH BEND, IND. — Wharf Partners has begun construction on a $23 million luxury condominium project in South Bend. Planned for occupancy in 2014, The Cascade will include two eight-story buildings with two units on each floor spanning between 2,500 to 3,000 square feet. The complex will include enclosed parking, card-access entry, elevator service, private balconies and a ground-level courtyard. Panzica Building Corp. will construct the buildings to be LEED certified. Wharf Partners is the developer and owner of the project. The condominiums will be sold starting in the mid-$500,000 to $700,000 range.
MOUNT PROSPECT, ILL. — Shaker and Associates Inc. has arranged the $18 million sale of 10 residential buildings located at Colonial Greens, a condominium complex in Mt. Prospect, a northern suburb of Chicago. The buildings are situated on 21.5 acres and were constructed in 1969. Windy City R.E. was the buyer, and the seller was a privately held local investment group. The buildings include 251 one- and two-bedroom apartments and were fully leased at closing.
NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.
NEW YORK CITY — Silvershore Properties has purchased two multifamily buildings in Queens in separate transactions totaling $2.6 million. The 17,000-square-foot, four-story building is located in Elmhurst at 43-05 Forley St. and includes 20 apartments. The second transaction includes a 5,500-square-foot, three-story building at 32-38 48th St. in Astoria. Built in 1928, the multifamily building features six units.
LONGVIEW, TEXAS — ARA has arranged the sale of The Tree House Apartments, a 172-unit multifamily community in Longview. Bart Wickard and Brian O'Boyle Jr. represented the seller, Kansas City, Mo.-based Kelco/Maxus Properties, in the transaction. Las Vegas-based Koza Consulting LLC was the buyer. The property was 96 percent occupied.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Savannah Square, a 56-unit multifamily property located at 321 SW 5th St. in Grand Prairie. Doug Banerjee, Mason Green, John Barker and Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller and the buyer, both private investors, in the transaction. The property was 60 percent occupied at the time of sale.
OAKLAND, CALIF. – A 48-unit apartment building that is located at 200-220 East 15th Street in Oakland has sold to Cohen Rojas Capital Partners for $5.1 million. The four-building community was built in 1955. It recently underwent renovations to make the property more eco-friendly. Cohen was represented by David Wolfe and Eli Davidson of Marcus & Millichap’s Oakland office. The seller was not named.
LONG BEACH, CALIF. – The 200-unit Long Beach Senior Arts Colony, which was built for seniors aged 55 and older, has debuted. The $70-million, transit-oriented development is located at200 E. Anaheim Street. It is situated along Long Beach’s light rail line. The project was developed by Meta Housing Corporationand Century Housing Corporation.
PHOENIX – The 275-unit Vista Ventana in Phoenix has sold to BH Properties LLC for $10.2 million. The community is located at 3221 W. El Camino Drive. The property recently underwent a series of improvements. Its occupancy is currently at 90 percent. Karl Abert and Brad Pickering of Newmark Grubb Knight Frank represented both the buyer and the seller, El Camino Vista, LLC, in this transaction.