MESQUITE, TEXAS — ARA has brokered the sale of Trinity Place Apartments, a 267-unit, Class B multifamily community in Mesquite, a suburb approximately 12 miles east of downtown Dallas. The apartments, which average 987 square feet each, were 92 percent occupied at the time of the sale. Originally constructed in 1985, the property features elevators in each of its residential buildings. Richard Furr, Brian O’Boyle Sr. and Brian Murphy of ARA marketed the asset on behalf of the seller, the name of which was not disclosed.
Multifamily
DALLAS — SkyWalker Property Partners has acquired the historic Hughes Brothers Candy Factory property, located at 1401 S. Ervay St. in Dallas. Acting on behalf of the Hangover Opportunity Fund, SkyWalker plans to invest approximately $3.2 million into the conversion of the facility into apartments. The five-story building totals 7,000 square feet in The Cedars, one of the city’s oldest neighborhoods. Theron Bryant of SCM Real Estate Services brokered the transaction. Frieda Bosh, mother of Miami Heat forward and Dallas native Chris Bosh, was the seller.
LOS ANGELES – The eight-unit Brockton Regency in Los Angeles has sold to the Gleitman Family Trust for $3.3 million. The community is located at 1251 Brockton Ave. It was built in 1986. Paul Kenworthy of Charles Dunn represented both the trust and the seller, Dr. Patrick Shoon Shiong, in this all-cash transaction.
LAKEWOOD, COLO. – A trio of apartment buildings located on Allison Street in Lakewood have sold to an unnamed buyer for $1.7 million. The communities are located at 1160, 1180, & 1198 South Allison Street. They comprise a total of 19,656 square feet, and all three were built in 1962. The buyer was represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors. The unnamed seller was represented by Matt Ritter, also of Pinnacle.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street.The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month.The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.6 millionsale of 1405 N. Ave., a 32-unit apartment property in suburban Chicago. Alan Katamanin, an investment specialist in Marcus & Millichap’s Oak Brook office, represented the buyer and seller, both private investors, in the transaction. The property is located at 1405 N. Ave. in Waukegan and includes 12 one-bedroom and 20 two-bedroom units.
NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.
SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Meridian, a 146-unit apartment complex in San Antonio. The asset, located at 680 E. Basse Road, is in close proximity to Quarry Golf Club, Alamo Quarry Market and two of the city’s most prestigious office properties, The Concord and One International Center. Features of the community include private alarms, garden tubs, double ovens, a clubhouse and multiple fitness rooms. Will Balthrope and Scott Lamontagne of IPA represented the seller, a private investor based in San Antonio. The buyer is a national acquisitions and management firm also based in San Antonio.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster.The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored byResource Real Estate.