MANSFIELD, CONN. — Orchard Acres Apartments LLC has purchased Orchard Acres Apartments in Mansfield for $5.9 million. The 96-unit, student-oriented apartment community is located adjacent to the University of Connecticut. Constructed in 1962, the property offers one-bedroom units in 24 four-plex buildings — 88 units at Orchard Acres I and eight units at Orchard Acres II. Rick Chozick and Tom Boyle of Chozick Realty represented the buyer and the seller, 157-35 OAP Holding LLC, in the transaction.
Multifamily
OCEANSIDE, CALIF. – The 88-unit Forest Glen Condominiums in Oceanside has sold to an unnamed buyer for $14.2 million. The community is located at 612 Los Arbolitos Blvd. It was built in 1977. The buyer was represented by Stewart I. Weston of Marcus & Millichap. The unnamed seller was represented by Christopher Zorbas of the same firm.
BALTIMORE — Eastern Union has arranged a $21.5 million CMBS loan for the conversion of the Equitable Building, located at 10 N. Calvert St. in Baltimore, into a 180-unit apartment building. The borrower, JK Equities, is investing a total of $32 million in the repositioning of the nine-story asset. Ira Zlotowitz and Meir Kennser of Eastern Union arranged the three-year loan with a fixed 4.91 percent interest rate through Natixis Global Asset Management.
ST. PETERSBURG, FLA. — The Allen Morris Co. has purchased two acres of undeveloped land at 700 First Ave. South in downtown St. Petersburg for approximately $5.3 million. The site, which spans a full city block, will be the location of the developer’s new 348-unit multifamily community, The Hermitage Apartment Homes. The apartment community will feature a rooftop pool and spa, fitness center, outdoor grilling area, demonstration kitchen and a private dining/meeting room. The Allen Morris Co. will break ground on the property in July and open for occupancy in the fourth quarter of 2015.
CHICAGO — Essex Realty Group Inc. has brokered the $2.4 million sale of a 32-unit courtyard apartment building in the Rogers Park neighborhood of Chicago to an undisclosed buyer. The apartment building is located at 7381 N. Damen Ave. The recently renovated apartment building includes individual units, kitchens, bathrooms and common areas. Doug Imber and Kate Varde of Essex represented the undisclosed seller. Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.
CHICAGO — Marcus & Millichap has arranged the $720,000 sale of a seven-unit apartment property in Chicago. The property, located at 2559 W. Haddon Ave., features a mix of one-, two- and three bedroom apartment units. Joseph Bergman and Kyle Stengle of Marcus & Millichap represented the seller, a private investor. Bergman and Stengle also represented the buyer, a limited liability company.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a multifamily building located at 2835-2875 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The property sold for $31.5 million or approximately $197 per square foot. The six-story, 159,996-square-foot building offers 200 rent-stabilized units. Additionally, the elevator-serviced building features a laundry room and 38 indoor parking spaces. Alex Svetlakou and Bob Knakal of Massey Knakal represented the seller, while Rosewood Real Estate represented the buyer in the transaction.
TEMPE, ARIZ. – The 276-unit San Marbeya Apartments in Tempe has received a $29-million refinance. The Class A luxury community is located at 1720 E. Broadway Road near Arizona State University. San Marbeya is owned by The Premiere Residential Communities. The seven-year loan features a 3.85 percent interest rate. It was arranged by CBRE San Diego’s Debt & Structured Finance Group through Cornerstone RE Advisers.
MESA, ARIZ. – The 234-unit Sandstone Apartments in Mesa has received an $8.9-million refinance. The community is located at 1727 W. Emelita Ave. The 10-year loan was used to pay off two existing Fannie Mae loans. It features a 30-year amortization schedule and an adjustable interest rate that is fixed for the first five years. It starts in the low 4 percent range. The borrower is a local investor who acquired the property in April 2006. The loan was arranged by Neal Churney and Adam Finkel of Johnson Capital.
CHICAGO — Marcus & Millichap has arranged the $3.9 million sale of a 10-unit apartment property in Chicago. The property is located at 650 W. Wellington Ave. in Lakeview. The recently renovated units range from one to four bedrooms. Kyle Stengle of Marcus & Millichap represented the seller, Jab Real Estate. Stengle also represented the buyer, a limited liability company.