WINCHESTER, VA. — Atlanta-based Cocke Finkelstein Inc. has acquired Peppertree Apartments, a 194-unit apartment community in Winchester, about 80 miles west of Washington, D.C. The garden-style property, which was 94 percent occupied at the time of sale, sold for $14.1 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community.
Multifamily
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged an acquisition loan for Cross Creek Apartments, a 292-unit multifamily community in Jacksonville. The financing totaled approximately $5.4 million. The property features a clubhouse, laundry facilities, pool and playground. Michael Balan of Grandbridge’s Miami office originated the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrower, a Mexico-based real estate investor.
CHICAGO — Marcus & Millichap has arranged the sale of a seven-unit apartment property in Chicago for $1.3 million. The property is located at 4101 N. Monticello Ave. and is approximately one block north of the Irving Park Road and Elston Avenue intersection. The recently renovated building consists of a mix of two- and three-bedroom apartments. The units feature granite countertops and stainless steel appliances. Kyle Stengle of Marcus & Millichap listed the property on behalf of the seller, a private investor. Stengle also represented the buyer, whose name was undisclosed.
UNION TOWNSHIP, N.J. — Cushman & Wakefield’s metropolitan area capital markets group has arranged the sale of a fully approved, 15-acre residential development parcel at 400 Clermont Terrace in Union Township. Diversified Realty Advisors, in a venture with the Fidelco Realty Group, purchased the site, which will be redeveloped as a residential community of 140 for-sale townhomes and 130 rental apartments. EnviroFinance Group sold the property. The site is located off Morris Avenue and is within walking distance from Kean University and an New Jersey transit rail station. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield arranged the transaction.
DORCHESTER, MASS. — Wallace Property Co. has completed the renovation of a recently purchased, 48-unit multifamily building in Dorchester, a southern suburb of Boston. Wallace Property acquired the property from the Mayo Group in June 2013 for $5.34 million and immediately began upgrading the property by renovating kitchens and bathrooms in many of the units. The three-story property is located at 5-15 Victory Road.
DALLAS — Stillwater Capital Investments LLC has broken ground on Stillwater Peak Townhomes & Flats, a 180-unit multifamily property in the Uptown neighborhood of Dallas. The community will feature one-bedroom apartments and two- and three-bedroom townhomes, as well as amenities including a clubhouse, fitness center, yoga studio, swimming pool and outdoor kitchen. The first units will be ready for lease in the spring of 2015. The development will be Dallas-based Stillwater Capital Investments’ third to begin construction since 2013. The first two projects were similar urban infill properties in Austin and San Antonio.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $18.5 million sale of the Beaufont Oaks Apartments, a 312-unit multifamily community in Richmond. The asset was 96.2 percent occupied at the time of sale. The apartment community was built in 1982 and features a fitness center, swimming pool, playground and tennis court. The buyer, Charlotte, N.C.-based Grubb Properties, plans to continue the property’s renovations. Beau McIntosh, Todd Conner, Brian Ford and Andrew Klenk of Capstone Apartment Partners represented the unnamed seller in the transaction, which is the largest deal thus far this year in Richmond’s apartment market.
NEW YORK CITY — On behalf of Nostra Realty, JLL’s capital markets group has sold 12 East 88th Street in New York City to Simon Baron Development Group for $105 million. The 13-story, 65-unit building, located between Fifth and Madison avenues near Central Park, will be converted to luxury condominiums. Richard Baxter, Jon Caplan, Yoron Cohen, Scott Latham, Glenn Tolchin, Jason Gold and Anthony Ledesma led the JLL team in the transaction.
BROOKFIELD, CONN. — HKS Capital Partners has arranged a $24.6 million construction loan for a three-story multifamily complex featuring 165 units in Brookfield. The 132,348-square-foot proposed development site is to be called Barnbeck Place Apartments. The 24-month loan rate includes an interest rate below 3 percent and the loan-to-cost was 80 percent.
WASHINGTON, D.C. — Valor Development and DBT Development Group have begun construction of The Maryland, an 84–unit condominium located at 1350 Maryland Ave. N.E. at the eastern edge of Capitol Hill and the H Street corridor. Developers started the project more than three years ago with the acquisition of the vacant Faith Bible Church and an adjacent lot occupied by a car repair shop. The one- and two- bedroom condos will be priced from the $300,000s to the $500,000s. Urban Pace, a sales and marketing firm, will begin pre-sales of the condos in May.