AUSTELL, GA. — Atlanta-based Bull Realty has arranged the sale of two apartment communities totaling 344 units in Austell, a suburb of Atlanta. The communities include the 200-unit Hunter’s Grove Apartments and the 144-unit Parkview Apartments. Ernie Eden and Mike Terry of Bull Realty were the sole brokers in the transactions. Wilbarcol Ventures purchased the two communities, as well as the 146-unit Kingsley Village Apartments in Austell, from QR Capital for $16 million. H.J. Russell & Co. will manage the new communities in conjunction with Lifehouse Partners.
BROWNSBURG, IND. — Eastern Union Funding has arranged a $20.7 million loan for the refinancing of the 250-unit Legacy Park Apartments in Brownsburg, located about 17 miles northwest of Indianapolis. Completed in 2011, the Class A apartment community is fully leased. Greystone Servicing Corp. provided the 35-year HUD loan, which features an interest rate of 4.05 percent and a loan-to-value ratio of 83.3 percent. The borrower plans to use part of the proceeds from the loan to pay off the construction loan. Shaya Ackerman, senior managing director, and Ira Zlotowitz, president of Eastern Union, arranged the loan.
NEW YORK CITY — Vornado Realty Trust has acquired the land and air rights above a development site at 220 Central Park South in Manhattan for $194 million. Extell Development Co., builder of the nearby One57 luxury-condo tower, was the seller, according to Bloomberg. Vornado says the deal will enable the company to begin work on a 920-foot luxury residential condominium tower at the site. Robert A.M. Stern Architects will design the 472,000-square-foot tower, which will have unobstructed views of Central Park.
NEW YORK CITY — HFF has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a residential condominium project in Manhattan’s Greenwich Village neighborhood. HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius. Apollo Commercial Real Estate Finance provided the non-recourse loan. Proceeds of the loan will be used to redevelop an eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street. The building is located south of Union Square between University Place and Fifth Avenue. The project is slated for completion by spring 2015. Michael Gigliotti, associate director, and Andrew Scandalios, senior managing director, led the HFF team representing the borrower.
McKINNEY, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of Ashton Oaks, a 168-unit multifamily community in McKinney, a northern Dallas suburb. Built in 1988, the property features amenities such as an indoor heated pool, fitness center and multiple barbecue grills. Apartment units include fully equipped kitchens with vinyl plank flooring, 9-foot ceilings and outside storage units. Will Balthrope of IPA represented the seller, an Austin-based limited partnership. The buyer is an Illinois-based limited liability company.
SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985.The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.
HOMEWOOD, ALA. — Marcus & Millichap has brokered the sale of The Hill Apartments, a 122-unit apartment community located at 1840 Oxmoor Road in Homewood, a suburb of Birmingham. The community sold for approximately $22.9 million, or about $187,500 per unit. The Hill Apartments are located near the new City Hall. Patrick Jordan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a local property owner, in the transaction. Jordan also represented the New Jersey-based buyer. The Hill Apartments were built in 2012 and feature a gated entry, saltwater swimming pool, gazebo, outdoor kitchen, 24-hour fitness center, and a coffee shop/business center.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has arranged the sales of two Birmingham apartment complexes for a total of $21.1 million. The communities include the 256-unit High Pointe and the 250-unit Brookstone. Jimmy Adams of MHA represented the seller, Ruffner Mountain, in both transactions. A limited liability company based in Michigan purchased the two communities.
NEW YORK CITY — DelShah Capital LLC has purchased 100-102 Christopher St. in the West Village neighborhood of Manhattan for $26.8 million. The 21,849-square-foot, five-story white brick building includes 37 apartments. Recently renovated units feature new hardwood floors, kitchens with stainless steel appliances, marble baths and washers and dryers. The property also includes three ground-floor retail spaces, occupied by high-end clothing company Rag & Bone. The sellers were Jeffrey Kaye and Robert Morgenstern of Stone Street Properties, who purchased the building in 2011. Recent work to the property included renovation of the lobby, boiler room and common hallways.