BELLEVUE, NEB. — NorthMarq Capital has arranged a $13.8 million loan for the refinancing of Summit Apartments, a 294-unit multifamily property in Bellevue. John Brendon of NorthMarq arranged the 10-year loan through Freddie Mac. The loan carries a 30-year amortization schedule.
NEW YORK CITY — The Orbach Group has acquired two portfolios across New York City and Pennsylvania totaling 635 apartment units for $70 million. In the first acquisition, The Orbach Group purchased a six-building, 105-unit Manhattan portfolio for $30 million. Five buildings are located on Amsterdam Avenue with the sixth building at Cathedral Parkway. The portfolio also included six retail stores, with tenants such as Dunkin' Donuts and Domino's Pizza. In the second transaction, the company purchased a 572-unit portfolio in Pennsylvania for $40 million. The assets include a 352-unit apartment complex in Bensalem and a 175-unit complex in Norristown. The sellers were not disclosed.
CHICAGO RIDGE, ILL. — Marcus & Millichap has arranged the $1.2 million sale of two apartment buildings at 9945 and 9955 Nottingham Ave. in Chicago Ridge. The 12-unit buildings feature ample off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a financial institution. They also represented the buyer.
MONTCLAIR, N.J. — Clarion Partners has purchased Montclair Residences at Bay Street Station, a 163-unit apartment community in Montclair. The property is fully leased and each unit features 9-foot ceiling heights, granite counter tops and washer and dryer units. Community amenities include a clubroom, fitness center and Internet cafe. The property is located 15 minutes from Manhattan. Jose Cruz of HFF represented the seller in the transaction.
WYLIE — Marcus & Millichap has secured the sale of the 76-unit Lakeside Village, an apartment community located at 301 W. Kirby St. in Wylie. Bard Hoover, Nick Fluellen and Robert Denninger of Marcus & Millichap's Dallas office represented the seller, an individual trust, in the transaction. The property is fully occupied.
LOS ANGELES — California Landmark Group (CLG) has announced its plan to develop the “LC,” an 85-unit apartment building with 3,000 square feet of ground-floor retail, in Los Angeles. CLG recently purchased the development’s 55,000-square-foot lot at the corner of Larchmont Boulevard and Melrose Avenue. Construction will begin in March 2013, and is scheduled for completion in January 2015. The LC is being designed by PK Architecture.
BOSTON — Hamilton Co. has acquired a 91-unit apartment portfolio in the Allston and West Roxbury neighborhoods of Boston for $18.5 million. Kiaran Co. is the seller. The portfolio is located near Boston College, Boston University and Packard's Corner. The properties are also near the MBTA Green Line trains, which provide transportation to Boston, Back Bay and Cambridge. The buildings include 26 Allston St., 10-20 Armington St., 1799 Centre St. and 34 Gardner St. Boston Realty Advisors represented both parties in the transaction.
DALLAS — Charlotte, N.C.-based Bell Partners has sold the 180-unit Bell Carlyle, an apartment community located in Dallas near Southern Methodist University. Lincoln Property Co. purchased the community, which includes a pool pavilion with a sundeck, private cabanas, a 24/7 fitness center and a clubhouse.
LOS ANGELES — California Landmark Group (CLG) has announced its plan to develop the “LC,” an 85-unit apartment building with 3,000 square feet of ground-floor retail, in Los Angeles. CLG recently purchased the development’s 55,000-square-foot lot at the corner of Larchmont Boulevard and Melrose Avenue. Construction will begin in March 2013, and is scheduled for completion in January 2015. The LC is being designed by PK Architecture.
GLENDALE, ARIZ. – Construction has been completed on Sarah’s Place, a 24-unit seniors housing residence in Glendale. The 15,000-square-foot facility is located at 6670 W. Butler Drive. It resides within the Glencroft senior living campus. Glencroft, which operates under the leadership of The Friendship Retirement Corporation, a not-for-profit corporation sponsored by Mennonite Health Services,also owns Sarah’s Place. The new facility will provide specialized care for individuals suffering from memory loss. It was constructed by McShane Construction Company and designed by Orcutt | Winslow Partnership.
