NEW YORK CITY — Marcus & Millichap has arranged the $4.7 million sale of 1231 Lincoln Place and 1382 St. John’s Place, totaling 47 apartment units located in the Crown Heights section in Brooklyn. The sale price equates to approximately $113 per square foot. Derek Bestreich and Lucien Sproviero from Marcus & Millichap’s Brooklyn office marketed the property on behalf of the seller and represented the buyer, both private investors.
Multifamily
SAN DIEGO — Latitude 33 Apartments, a 198-unit, Class A complex in the San Diego submarket of Escondido, has received $37.5 in refinancing. The community is located at 515 Meander Glen. It is in close proximity to three local shopping centers, including Civic Center Plaza Shopping Center, Escondido Square Shopping Center and Country Corner Shopping Center. The transaction was structured to include two loans, which separately covered the financing for the property's mid-rise apartments and townhomes, in order to accommodate the unnamed borrower's short-term and long-term investment plans. The borrower also received takeout financing, which paid off the existing construction loan and provided some extra capital. Financing was structured by Bryan Frazier of Walker & Dunlop under Freddie Mac's Capital Markets Execution (CME) Program.
LOS ANGELES — Metro @ Compton Senior Apartments, a 75-unit seniors housing community, has broken ground in the Los Angeles submarket of Compton. The $19.5 million, transit-oriented community will be located at 302 N. Tamarind Ave. across from the city's newly completed senior center. Metro @ Compton is also within walking distance of the Martin Luther King Transit Center, several Los Angeles Metro bus stops, the light rail Metro Blue Line, and other local services, including a grocery store, bank, library, park and the Compton Town Hall. Meta Housing Corp. which is developing the community, is working in conjunction with Los Angeles County and the Compton City Council.
CHARLESTON, S.C. — CBRE’s national student housing team has arranged the $18.5 million sale of 400 Meeting Street, a 41-unit student housing community in Charleston. CMB Properties LLC purchased the community from Davis Property Group. The 160-bed property was fully leased at the time of sale. The property was built in 2013 and features fully furnished units with hardwood-style flooring, black appliances and washer/dryers. Ryan Lang, Ryan Reid, Jaclyn Fitts and Phil Brosseau of CBRE brokered the sale. Greystar Student Living manages the community, which is within walking distance of The College of Charleston.
MONTGOMERY, ALA. — Multi Housing Advisors (MHA) has arranged the sale of the 224-unit Bell Station and the 28-unit Watchman Court, two contiguous apartment communities located at 3201 and 3301 Watchman Drive in Montgomery. The communities had an average 93 percent occupancy at the time of sale. The sales price was undisclosed. Jimmy Adams of MHA’s Birmingham, Ala., office represented the sellers, Tritex Real Estate Advisors and Watchman Court Ltd., in the transaction. EBSCO Watchman Dr. LLC was the buyer. Chad Hagwood of Beech Street Capital arranged a Freddie Mac acquisition loan.
ST. LOUIS — KBS Legacy Partners Apartment REIT, a Newport Beach, Calif.-based public non-traded REIT, has purchased the 200-unit Lofts at the Highlands apartment community in St. Louis for $41.8 million. The Class A property, which totals 246,612 square feet, was 80 percent occupied at the time of sale. Built in 2006, the complex consists of two five-story buildings and is located between downtown St. Louis and the Clayton business district. Mills Properties Inc. will manage the property.
VANCOUVER, WASH. — CNL Healthcare Properties has acquired four seniors housing and healthcare facilities in Washington for $88.3 million. The transaction included Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver; Rosemont Retirement & Assisted Living Community in Yelm; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn; and Monticello Park Retirement & Assisted Living Community in Longview. The four communities contain a total of 457 residential units, including 136 independent living units, 297 assisted living units and 24 memory care units. They are managed by Prestige Senior Living, LLC under long-term management services agreements. CNL is also scheduled to close on West Hills Retirement and Assisted Living Community in Corvallis, Ore., next month. Prestige will also operate this property.
ATLANTA — CBRE Global Investors has acquired Alexander on Ponce, which is located at 144 Ponce De Leon Ave. N.E. in Atlanta. The 330-unit apartment community features panoramic city views, two courtyard and garden areas, a fully-equipped fitness center and a business center. Equity Residential sold the property for an undisclosed price. Derrick Bloom and David Gutting of Jones Lang LaSalle's Capital Markets team represented the seller in the transaction.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $21 million investment from a private equity fund for the acquisition and development of 1600 Pennsylvania Avenue SE, an existing used car lot in Washington, D.C.’s Capitol Hill neighborhood. MAC also arranged a senior construction loan through a regional bank on behalf of the borrower, NOVO Development Corp. NOVO plans to build a five-story, 77-unit residential project with a one-level parking garage. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC led the placement effort on the transactions.
INDIANAPOLIS — Hamilton Point Investments has sold Woodbrook Apartments, a 196-unit community located directly on Georgetown Road in Indianapolis, to CAPREIT for $6.7 million. Hamilton Point purchased Woodbrook as a distressed asset in March 2011 from a lender. The property was repositioned, stabilized and brought to market in early 2013.The Philadelphia-based owner and management company plans to further reposition the property by updating the clubhouse, adding new landscape and renovating the interiors of select units. Tikijian Associates represented the seller, Hamilton Point Investments, a Connecticut-based owner and management company, in the transaction. Oak Grove Capital arranged the acquisition financing through Freddie Mac.