NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of 477 3rd Street, a five-story multifamily building located in the Park Slope section of Brooklyn, for $7.7 million, or $387,500 per unit. Built in 1931, the apartment building includes 20 units totaling approximately 14,672 square feet. Roni Abudi of GFI Realty Services represented the seller, a local investor, in the transaction. Erik Yankelovich of GFI Realty Services represented the buyer, a foreign investor.
LONGVIEW, TEXAS AND NASHVILLE — Greystone has originated $30 million of FHA insured loans for two multifamily properties located in Texas and Tennessee. Donny Rosenberg of Greystone closed the loans on behalf of the borrower, Amesbury Cos. Hickory Point at Brentwood, located in Nashville, received $22.5 million of loan proceeds pursuant to Section 223(a)(7) of the National Housing Act. The property consists of 298 units. Hunters Crossing, located in Longview, received $7.9 million of loan proceeds through HUD’s Section 223(f) program. The complex contains 192 units.
GILBERT, ARIZ. – The 196-unit Painted Trails Apartment Homes in Gilbert has sold to RK Properties for $25.7 million. The Class A community is located at 4255 E. Pecos Road within the master-planned community of Power Ranch. RK Properties was represented in-house by Robert Alexander. The seller, Wasatch Premier Communities, was represented by Alon Shnitzer and Eddie Chang of Orion Multifamily Group, which is part of Orion Investment Real Estate.
BOSTON — Fantini & Gorga has arranged $4 million in financing for Rutland Housing, a 44-unit midrise multifamily property in Boston’s South End neighborhood. Constructed in 1972, Rutland Housing includes two adjacent buildings, each four stories plus a basement. The buildings feature a mix of one-, two-, three- and four-bedroom units, as well as 18 off-street parking spaces and four retail/office units. The current ownership purchased the property in 1988 and has extensively renovated the apartments.
LEWISVILLE, TEXAS — Beech Street Capital LLC has closed a Fannie Mae conventional loan for the acquisition of The Place at Park Timbers, a 230-unit multifamily property in Lewisville, a suburb of Dallas. Chuck Christensen of Beech Street originated the transaction. The borrower is a partnership organized by Allmark Properties. The Place at Park Timbers offers 11 floor plans, a clubhouse, two pools, a spa and fitness center. Units feature all-electric kitchens, central air, private balconies and patios and walk-in closets.
PLANO, TEXAS — ARA has arranged the sale of Heritage at Lakeside, a 181-unit multifamily property in Plano, to Los Angeles-based JRK Property Holdings for an undisclosed price. Brian O'Boyle Jr., Brian O'Boyle Sr. and Brian Murphy of ARA represented the seller in the transaction. The average unit is sized at 1,582 square feet.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 78 Irving Place, a 15-unit, 16,609-square-foot multifamily property located in New York City for $17.9 million. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and David Lloyd, investment associate, all from Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors. The seven-story residential building is located on the southeast corner of East 19th Street and Irving Place.
NORTH KINGSTOWN, R.I. — Fantini & Gorga has arranged a $12 million loan for the refinancing of Millcreek Townhouses, a 140-unit multifamily property in North Kingstown, a southern suburb of Providence. A Massachusetts-based financial institution provided the loan. Casimir Groblewski, managing director of Fantini & Gorga, arranged the financing on behalf of Millcreek LLC, an affiliate of The Grossman Cos. Inc. Located on 46 acres in the Quonset Point neighborhood of North Kingstown, Millcreek Townhouses features a clubhouse, extensive landscaping, a children’s playground, tenant picnic areas and five private fully paved roads. Millcreek includes two-, three- and four-bedroom units averaging more than 1,125 square feet.
DALLAS — Prescott Realty Group has kicked off the development of an unnamed $45 million multifamily development in Dallas. Prescott has begun the abatement process of the existing White Rock Trail and Toscana apartment communities, which will be followed by demolition. The new Class A, 362-unit apartment community will incorporate a proposed public hike and bike trail connection to the upcoming Lake Highlands Trail and the existing White Rock Creek Trail. The new community is slated to open in late summer 2014.
PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.
