INGLEWOOD, CALIF. — A group of private investors has purchased a 41-unit apartment complex in Inglewood for $4.7 million. The complex sold at a 6.75 percent cap rate. The two-building complex was built in the early 1960s and has undergone significant capital improvements. The new owners plan to make additional improvements to the complex’s façade and landscaping. Robert Leveen, a principal with Lee & Associates-Investment Services Group, represented the buyers.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged a $4,335,000 loan to refinance a 51-unit apartment community in Los Angeles. The loan contains a 4.63 percent adjustable interest rate for 30 years with a 30-year amortization period and a 75 percent loan-to-value. Sharone Sabar, a director in MMCC’s Encino office, arranged the loan.
MIAMI LAKES, FLA. — The Graham Cos. has broken ground on the 270-unit The Residences at Lakehouse, located on Commerce Way in Miami Lakes. BankUnited provided a $22 million commercial loan for the 21-building property, which is slated for completion in December 2012. CB Constructors of Current Builders is the general contractor for the project.
WASHINGTON, D.C. — Walker & Dunlop has arranged a $10 million low leverage loan for two apartment properties in Washington, D.C., the 119-unit Sedgwick Gardens and the 87-unit Parkway Apartments. The 10-year loan has a 30-year amortization schedule and was secured through a major life insurance company. Will Baker and Ted Hermes of Walker & Dunlop's Bethesda, Md., office originated the loan.
GREENVILLE, ALA. — Grandbridge Real Estate Capital has arranged a $3.13 million first mortgage loan for the 72-unit Cambrian Forest Apartments. The 40-year, HUD 223(a)(7) loan was originated by Steve Clikas of Grandbridge's Birmingham, Ala., office. Amenities include a fitness center, car wash station, storage units and pool and lounge area.
INDIANAPOLIS — CB Richard Ellis has negotiated the sale of the 424-unit Keeneland Crest Apartments, located at 5540 Ashview Dr. in Indianapolis, for an undisclosed price. CBRE's Indianapolis-Cincinnati Multi-Housing Group represented Norfolk, Va.-based Harbor Group International, the seller, in the transaction. The buyer was St. Louis, Mo.-based Thiemann Real Estate.
TAYLOR, MICH. — Ann Arbor-based McKinley has finished the $6.06 million renovation of the 511-unit The Ponds, an apartment community located in Taylor. The improvements were made under the Green Retrofit Project, offered through HUD's Office of Affordable Housing Preservation. The project included significant energy related improvement, including 95 percent efficient boilers and water heaters, programmable thermostats, insulation and caulking/weather stripping, and more.
GOLDEN VALLEY, MINN. — Grandbridge Real Estate Capital has arranged a $1.25 million, first mortgage loan for a 36-unit apartment property in Golden Valley, Minn. Tony Carlson of Grandbridge's Minneapolis office closed the 10-year loan with a 20-year amortization schedule through Ohio National.
NEW YORK CITY — SKI Realty, an affiliate of Memorial Sloan-Kettering Cancer Center, has purchased a 59-unit decontrolled apartment building at 425 E. 76th St. in New York City for $20.65 million. The 35,573-square-foot, 10-story property will house Memorial Sloan-Kettering Cancer Center staff and students. Eastern Consolidated, Inc.’s Deborah Gutoff, Brian Ezratty, George Moss and Lipa Lieberman represented the seller, Mann Realty, and Gutoff and Ezratty procured SKI Realty.
HATBORO AND AMBLER, PA. — Beech Street Capital has provided $12.58 million in financing for a package of apartment buildings including Wellington 2529, Livingstone Apartments and Oak Terrace Apartments, all in Hatboro, and Longford Apartments in Ambler. In all, the communities total 225 units, and Longford Apartments was financed through a separate loan. The fixed-rate Fannie Mae DUS loans have 10-year terms, and were originated by Meridian Capital Group.