GREENSBORO, N.C. — Capstone Apartment Partners has negotiated the $1.45 million sale of the 98-unit Savannah Place Apartments, a townhome apartment complex located in Greensboro. Beau McIntosh, Brian Ford and Austin Green of Capstone's Charlotte, N.C., office represented the seller, Hendrick Investment Properties, in the transaction. The buyer, a Miami-based private investor, plans to make extensive capital improvements to the property.
NEW YORK CITY — Omni New York has acquired a portfolio of nine apartment buildings in the Bronx for $33.2 million. The properties contain 371 units and are located at 737 Southern Blvd.; 663 Fox St.; 665 Fox St.; 712 Fox St.; 751 Fox St.; 766 Fox St.; 772-774 Fox St.; 775 Fox St.; and 784 Fox St. All of the buildings are subsidized under the Section 8 program of HUD and will continue to be preserved as affordable housing. Shimon Shkury, Victor Sozio, Michael Tortorici and Scot Hirschfield of Ariel Property Advisors represented the seller, a Bronx-based multifamily operator. They also secured Omni New York, a development firm.
BROOKLINE, MASS. — E&S Realty Trust has paid $4.4 million to buy 385-389 Harvard St., a 19-unit apartment property in Brookline, a suburban town that borders Boston and Newton. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman represented the seller, Paul and Betty Burlin Revocable Trust. They also procured the buyer.
PHILADELPHIA — Beech Street Capital has arranged a $25 million Fannie Mae loan to refinance Greenbriar Club Apartments, a 346-unit property in Philadelphia. Greenbriar Club was constructed in 1971 and consists of nine inter-connected buildings. The property also contains 15,987 square feet of retail on the first floor of one of the buildings. The borrower is a multifamily owner and operator in New Jersey and Philadelphia. The fixed-rate loan has a 10-year term.
AUSTIN — Trammell Crow Co., through its subsidiary High Street Residential and in partnership with USAA Real Estate Co., has commenced construction on Phase II of Midtown Commons, a Class A multifamily community located at the intersection of Lamar and Airport boulevards in Austin. The 246-unit Phase II will feature a 189,419-square-foot, four-story building and a 98,156-square-foot, five-story parking structure. Phase II will also include a resort-style pool, lounge area, bar, yoga room, business center, fitness center, game room and a dog park. Amegy Bank of Texas provided construction financing for the property, which is slated to deliver its first units in early 2013.
CARROLLTON — The Praedium Group and San Antonio-based Internacional Realty have acquired The Residences at the Collection, a 312-unit multifamily property located in Carrollton. The community features a resort-style pool with a sundeck, a spa, fitness center, business center, clubhouse, billiards room, game room and covered parking. The newly constructed complex was developed by Embrey Partners.
HOUSTON — ARA has arranged the sale of the 190-unit Bay House, located in Houston. Cliff McDaniel, Russell Jones and Zach Springer represented the seller, New York-based Whitney Capital Co., in the transaction. Houston-based Midas Equity was the buyer.
DALLAS — Marcus & Millichap has brokered the sale of the 150-unit Andora Apartments, located at 3302 Linda Drive in Dallas. John Barker of Marcus & Millichap's Dallas office represented the seller and buyer, both local limited liability companies, in the transaction.
HOUSTON — Houston-based LMI Capital has arranged $3.9 million to refinance four multifamily properties, located in Stephensville, Breckenridge, Eastland and Sweetwater. Jamie Mullin of LMI Capital arranged the five- and 10-year loans through a regional bank.
NORTH HOLLYWOOD, CALIF. — Two North Hollywood apartment buildings have sold to MKJS Enterprises. The apartment buildings were part of an eight-property, 256-unit portfolio. They include the 26-unit Valley Laurel located at 7733-7739 Laurel Canyon Blvd. and the 24-unit Ellen Laurie located at 7725 Laurel Canyon Blvd. They sold for $2,550,000 and $2,397,000, respectively. Both transactions were executed by Chris Malcolm and David J. Harrington on behalf of both the buyer and seller, Ellen Laurie Limited / Valley Laurel, LTD.