TUKWILA, WASH. – Marcus & Millichap has sold the 39-unit Riverton Ridge Apartments for $3.2 million. The complex was built in 1987 and is composed of four three-story buildings. Marc Cunningham, an investment specialist in the firm’s Seattle office, marketed the property exclusively on behalf of the seller, a limited liability company.
NORTH HOLLYWOOD, CALIF. – Klump Gardens, a 32-unit apartment complex that resides in the North Hollywood (NoHo) arts district, has sold to 5051 Klump Ave LLC for $5.3 million. The 24,735-square-foot building was built in 1985. Both the buyer and the seller, FMS Holdings IV, were represented by Rod Delson of NAI Capital’s Westlake Village, Calif., office.
ORLANDO, FLA. — ARA has brokered the $20.75 million sale of the 356-unit Preserve at Econ River, located at 9201 Nelson Park Cir. in Orlando. Kevin Judd, Patrick Dufuor and Matt Wilcox of ARA's Orlando office represented the seller, Atlanta-based JLC Southeast, in the transaction. The buyer was a joint venture between Atlanta-based Pollack Partners and The Carlyle Group.
CINCINNATI — CB Richard Ellis has brokered the $1.2 million sale of the 56-unit Losantiville Terrace Apartments, located at 2896 Losantiville Ave. in Cincinnati. CBRE's Indianapolis-Cincinnati Multihousing Group represented the seller, the original developer, in the transaction. The buyer was Central Rentals II.
JACKSON TOWNSHIP, N.J. — Phoenix Realty Group (PRG) has teamed with Gaia Real Estate Holdings and Harel Insurance Investments and Financial Services of Israel to purchase the Regency Club Apartments, a 372-unit apartment complex spanning 31 buildings at 330 S. New Prospect Rd. in Jackson Township. Regency Club features a swimming pool, tot lot and tennis courts, and the complex is expected to receive interior and exterior renovations through a planned $2 million improvement program. PRG assumed a $32.2 million Fannie Mae loan with a 5.9 percent interest rate. The seller is an affiliate of Morgan Management. PRG handled the transaction in house.
NEW YORK CITY — Two adjacent buildings at 506 and 510 W. 150th St. in New York City have sold for $6.35 million. The walkup buildings have a combined 100 feet of frontage and contain a total of 61 units, 37 of which have been recently renovated. Massey Knakal's Robert Shapiro handled the transaction exclusively.
UNION CITY, N.J. — Fidelity & Guaranty Life Insurance Co. (FGL), through a $3.6 million commercial mortgage loan provided by Procida Funding, will acquire and finish construction on a partially built 28-unit condominium development in Union City. The loan allows FGL to convert the distressed property from a for-sale development to a rental property.
PORT ARTHUR — Walker & Dunlop has provided a $5.97 million loan under the U.S. Department of Housing and Urban Development (HUD) Section 223 (a)(7) program for Pebble Creek Apartments, a 208-unit garden style apartment complex in Port Arthur. The apartment complex features a swimming pool, playground and laundry center, and is currently 95 percent leased. Walker & Dunlop's Carolyn McMullen provided the loan for the borrower, The Itex Group, based on a 37-year term and a 37-year amortization schedule.
ORLANDO — ARA has negotiated the $31 million sale of the 366-unit Pine Harbour, located at 10600 Bloomfield Dr. in Orlando. Kevin Judd of ARA's Orlando office, Marc deBaptiste of ARA's Boca Raton, Fla., office and Patrick Dufour of ARA's Tampa, Fla., office represented the undisclosed institutional seller in the transaction. The buyer was Saint-Lambert, Canada-based L.S.R. Development.
RICHMOND, VA. — Gilbane Development Co. has completed the 540-bed 8 1/2 Canal Street, a student housing development at Virginia Commonwealth University in Richmond. The property is located across the street from VCU's recent $228 million Monroe Park Campus expansion. Amenities include a 24-hour fitness center, cyber cafe, gaming center and clubhouse.