SAINT CHARLES, ILL. — Marcus & Millichap has arranged the $5.6 million sale of Charleston Park Apartments, a 71-unit apartment property located in Saint Charles, a Chicago suburb. The sale price equates to $79,225 per unit. James Walsh in Marcus & Millichap’s Chicago office secured the buyer, a long-time client, in the transaction. Charleston Park Apartments is located at 1815 Howard St.
Multifamily
BOSTON — The Arlington, an iconic Boston building that has been repurposed into 128 luxury apartments, has begun leasing. One-bedroom units start at $3,200 a month, and two-bedroom apartments start at $6,200 a month. The Arlington is a joint venture between Related Cos. and the Congress Group. Built in 1927, the building formerly served as the Boston Renaissance Charter Public School. Initial occupancy is slated for mid-April. The property is located at 100 Arlington St. Elkus Manfredi Architects served as the architect for the project. Units at the tower include natural white oak hardwood flooring in the living areas, polished marble countertops and custom wood cabinetry in the kitchens and bathrooms and stainless steel appliances.
TEGA CAY, S.C. — Red Capital Partners LLC has provided a $26.2 million construction loan for The Wellmore of Tega Cay, a new Class A seniors housing facility in Tega Cay, a suburb of Charlotte, N.C. The 150,000-square-foot, 152-unit campus will offer assisted living, memory care and skilled nursing services. Upon completion, affiliates of Maxwell Group Inc. will operate the project. Red Capital provided the loan to an affiliate of CNL Healthcare Properties.
CONCORD, N.C. — KBS Legacy Partners Apartment REIT, a public non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC, has purchased Legacy at Concord for $28 million. The Class A, 240-unit apartment community is located in Concord, a suburb of Charlotte. The property was 91 percent occupied at the time of sale.
ANDERSON, S.C. — Multi Housing Advisors (MHA) has arranged the $18.5 million sale of Walden Oaks, a 240-unit apartment community in Anderson. Jordan McCarley and Marc Robinson of MHA represented the seller, Hathaway Development Partners, and were the only brokers in the transaction. Chartwell Holdings purchased the community, which was built in 2007.
ATLANTA — The RADCO Cos., an Atlanta-based investor of distressed multifamily assets, has acquired Defoors Ferry West, a 297-unit apartment community in Atlanta, for $16 million. The distressed apartment community is located at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The property contains 48 two-bedroom/two-bath units, and the remaining apartments are all two- and three-bedroom townhomes. The community was 99 percent occupied at the time of sale, excluding 10 down units that are being restored as part of the contract. RADCO financed the acquisition through both bridge debt and private equity. To date, RADCO has raised $93 million of private equity to fund its acquisitions. The firm’s current multifamily portfolio consists of 5,700 units in Georgia, Illinois, Indiana and Oklahoma.
CHICAGO — Marcus & Millichap has arranged the $9.8 million sale of 2157 North Damen Avenue, a 34,875-square-foot mixed-use property in Chicago. The property is located in Chicago’s Bucktown neighborhood and features two-bedroom, two-bath units. Apartments include ample closet space, fireplaces, hardwood floors throughout and balconies. Tenants have access to a climate-controlled indoor garage that houses 31 parking spaces with two additional handicap accessible spaces and 17 outdoor parking spaces. Steve Livaditis and Kyle Stengle in Marcus & Millichap’s Chicago offices, marketed the property on behalf of the seller, a limited liability company, and represented the buyer.
CHICAGO — Deutsche Asset & Wealth has acquired 2555 North Clark in Chicago on behalf of an institutional client. The 19-story apartment tower includes 162 units, which are 96 percent occupied, and 6,884 square feet of retail space. The property, four miles north of downtown Chicago, is located in the Lincoln Park neighborhood on Clark Street and is within close proximity to Lake Michigan. The building has undergone extensive exterior renovations since it was built in 1987. The purchase price was not disclosed.
JERSEY CITY, N.J. – Greystone has arranged $64.5 million in Fannie Mae Multifamily Affordable Housing (MAH) financing for Salem Lafayette Apartments, an affordable housing complex in Jersey City. The deal was structured utilizing a mix of public and private funding, including tax- exempt, short-term bond financing and 4 percent Low Income Housing Tax Credits to be used towards the acquisition and rehabilitation of the property. Salem Lafayette Apartments is a 412-unit, affordable-housing community built in 1977. The 15-story, 182-unit age-restricted tower targets tenants 62 years and older, while the 230-unit townhouse and garden-style property targets families.
NEW YORK CITY – Simon Baron Development (SBD) has signed a contract to purchase a Long Island City site that will be turned into a 44-story, 400-unit residential rental apartment building. A formal closing is expected in April so a price has not been disclosed yet. SBD is acquiring the 400,000-square-foot site at 29-26 Northern Blvd. near Queens Boulevard from the Rabsky Group, which had started to develop the site. Plans for the property include bike storage, parking, commercial space on the first floor, an exercise room, pool and lounge on the 43rd floor.