NEW YORK CITY — New York City-based GFI Realty Services has represented both parties in the sale of the 72-unit apartment complex 300 Linden Boulevard in Brooklyn for $7.7 million. Josh Orlander represented the seller, Bronstein Properties, and Erik Yankelovich represented the buyer.
FORT WORTH — Capmark Bank, represented by Lamont Rattler and David Ellis of Cushman & Wakefield of Texas, has sold Cumberland on Granbury, a 282-unit Class A apartment community in Fort Worth, to S&H Realty Management, LLP. The multifamily property is located at 6850 Granbury Rd. near Hulen Street in southwest Fort Worth. S&H Realty Management is an out-of-state private buyer that owns and manages several multifamily assets in Tarrant County, Texas.
SAN FRANCISCO — Northmarq Capital has arranged $180 million in first mortgage financing for two San Jose, CA-based apartment buildings. The Woods is located at 4300 The Woods Dr., while Cherrywood Apartments is located at 4951 Cherry Ave. The two complexes boast a combined total of 2,369 units. The borrowers are The Woods, L.P. and Cherry Avenue Development Company, L.P. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac. NorthMarq’s Mitch Thurston, senior vice president and managing director, and Andy Ahlers, vice president, arranged the financing. Thurston noted that this is a full-term, interest-only loan with an expansion option.
DELRAY BEACH, FLA. — The 144-unit Village at Delray, located between SW 10th Street and Atlantic Avenue in Delray Beach, has held its grand opening. Delray Beach-based Auburn Communities completed the affordable and workforce housing community and secured financing through funding by the American Recovery and Reinvestment Act with supplemental funds provided by the Florida Housing Finance Corp., Palm Beach County and PNC Bank. Amenities include a 7,500-square-foot clubhouse with six-station computer lab, pool, soccer field, basketball courts and the new Milagro Center, a non-profit organization providing after-school and summer arts education programs.
PHOENIX — The 100-unit Land Pointe Apartments complex has sold for $3.235 million to Scottsdale, AZ-based Mentor Properties. The two-storycomplex is located at 11600 N. 75th Ave. in Peoria,AZ. It comprises 11 buildings on 7.4 acres with 81,280 net rentable square feet. The seller was the Federal Home Loan Corporation (Freddie Mac). Bill Hahn, Jeff Sherman and Trevor Koskovich from Colliers International’s Phoenix office represented both the buyer and the seller.
LOS ANGELES — Charles Dunn Company has sold a 16-unit apartment community to Los Angeles-based Acorn II Partners, L.P., for $4.1 million. The West Los Angeles complex is located at 1946 Overland Ave. The nearly 20,000-square-foot property, which was built in 1963, was 95 percent occupied at the close of escrow. It sold at a 5.3 percent cap rate. Charles Dunn Company’s Hamid Soroudi represented the buyer. Ramin Gheitanchi, also of Charles Dunn, represented the seller, Heyat, LLC.
TALLAHASSEE, FLA. — San Antonio-based Lynd has purchased an $80 million portfolio of distressed student housing properties in Tallahassee from Florida-based LNR Property for an undisclosed price. The portfolio contains nine student apartment buildings, seven of which are distressed notes and two of which are bank-owned properties, totaling 1,785 units and 1.75 million square feet. The properties were listed and marketed by Holliday Fenoglio Fowler's New York office.
CHICAGO — Essex Realty Group has brokered the sale of a six-property Chicago apartment portfolio for $3.3 million. The buildings contain a total of 249 units. They are located at 6656-58 South Sacramento, 8054 South Ingleside, 8061 South Cottage Grove, 6600-34 South Stewart, 7121 South Harvard and 7922 South Muskegon. Doug Imber of Essex represented the seller, and Matt Welke and Doug Fisher, also of Essex, represented the buyer. Both parties were undisclosed.
PROVIDENCE, R.I. — Boston-based Winn Companies has sold the 231-unit 903 Residence, located at 903 Providence Place in Providence, for $26.4 million to Core Investments/SMC Corp. Amenities include garage parking, clubhouse, fitness center, business center, media room and resort-style swimming pool and sun deck. Michael Carucci of Boston-based Group Boston Real Estate represented both parties in the transaction.
HOUSTON — Deutsche Bank Berkshire Mortgage (DBBM) has provided a $31.4 million Fannie Mae loan for the acquisition of Domain at Kirby, a 293-unit Class A multifamily community in Houston. Located at 1333 Old Spanish Tr., Domain at Kirby was built in 2009 and achieved more than 90 percent occupancy within 18 months. Amenities include 10-foot ceilings, stainless appliances, tiled backsplash, granite countertops, walk-in closets and a gated community entry. Principal Real Estate Investors purchased the property through a presale obligation with the developer.