NEW YORK CITY — Marcus & Millichap has arranged the sale of 24-26 Covert St., a 16-unit apartment property in Brooklyn, for $2.4 million. The sales price equates to $154 per square foot or $150,000 per unit. Shaun Riney, Derek Bestreich and Lucien Sproviero, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller and represented the buyer, both private investors.
HOUSTON — Marcus & Millichap has brokered the sale of Savannah Apartments, a 306-unit multifamily property in Houston that commanded a list price of $10.5 million. Located at 8800 Broadway St., the complex is in close proximity to Hobby Airport, which is currently undergoing an extensive expansion. The buyer, a limited liability company, plans to operate the existing property until this expansion is complete, at which time it will review plans for a future mixed-use development on the site. Jeffrey Fript of Marcus & Millichap’s Houston office marketed the asset on behalf of the seller, also a limited liability company, and secured the buyer, as well.
GARDEN RIDGE, TEXAS — Love Funding has arranged an acquisition financing loan of $4.9 million for Graceland at Garden Ridge, a 46-bed assisted living and memory care center located approximately 25 miles northeast of downtown San Antonio. The facility, located at 19095 FM 2252, was originally constructed in 2007. Leonard Lucas of Love Funding’s Boston office secured the loan for the buyer, Cara Graceland LLC, through the HUD 232/223(f) LEAN program.
FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.
JACKSONVILLE, FLA. — The CBRE Jacksonville Multi-Housing Group has arranged the sale of The Strand, a waterfront high-rise apartment building in Jacksonville, for $53.3 million. Miami-based Crescent Heights purchased the 295-unit property, located at 1401 Riverplace Blvd. on the bend of the St. Johns River. Brian Moulder and Dhaval Patel of CBRE represented the seller in the transaction.
NAPLES, FLA. — ARA has brokered the sale of Aventine at Naples, a 350-unit, mid-rise apartment community located in Naples. Boca Raton, Fla.-based Continental Realty Corp. purchased the apartment community for approximately $43.3 million. Hampton Beebe, Avery Klann and Dick Donnellan of ARA’s Boca Raton office represented the seller, New York-based Praedium Group, in the transaction. The apartment community was built in 2002 and was 93 percent occupied at the time of sale.
WINONA LAKE, IND. — Holladay Properties, a South Bend, Ind.–based commercial real estate firm, has been selected to develop an 80-bed, townhouse-style dormitory for Grace College and Seminary. The new dormitory will be located at the entrance to Grace’s main campus in Winona Lake, about 40 miles west of Fort Wayne. Grace College will master lease the project from Holladay Properties to provide on-campus housing for primarily upper-classmen.
WOODBURY, MINN. — Marcus & Millichap has arranged the $2.8 million sale of Ashwood Ponds, a 36-unit apartment property located in Woodbury, an eastern suburb of Minneapolis. Dan Linnell and Mox Gunderson, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and the buyer, a limited liability company. Ashwood Ponds is located at 6725 Ashwood Road. Constructed in 1996, the multifamiliy community features six one-bedroom, 20 two-bedroom and 10 three-bedroom units.
TROY, N.Y. — United Group of Cos. has opened College Suites at City Station East, which offers 157 beds to graduate students at Rensselaer Polytechnic Institute (RPI). The opening of the East building — the West and South buildings opened in earlier phases — puts the project, College Suites at City Station, at full capacity with a total of 151 apartment suites to accommodate up to 396 students. The three residential buildings are within walking distance of campus. Like West, the new East building's ground floor includes multiple retail spaces. Plum Dandy frozen yogurt and Birkmayer Travel will move into two of the spaces later this fall. An enclosed underground parking garage with 88 spaces dedicated to retail customers opened in August. There are an additional 98 resident parking spaces now available in a parking lot at the rear of the East building. So far, $60 million has been invested in the approximately 247,000 square feet of the City Station neighborhood. BBL Campus Facilities was the general contractor, and QPK Design was the architect.
BAYTOWN, TEXAS — An affiliate of First Market Properties LLC has purchased Forest View Apartments, a 158-unit, Class B multifamily complex in Baytown, approximately 25 miles east of Houston. The property, which is located at 301 Tri City Beach Road, was 93 percent occupied at the time of the sale. First Market Properties, a fully integrated real estate investment firm with offices in Miami and New York, plans to upgrade the asset.
