TULSA, OKLA. — Steadfast Income REIT has acquired the 336-unit Sonoma Grande, an apartment community located in Tulsa, for $32.2 million. The property is 91 percent occupied and features a resort-style swimming pool with cabanas, an outdoor gourmet kitchen, fitness center, a tanning salon, playground and detached garages. Steadfast now has more than $200 million invested in 13 apartment communities in Illinois, Iowa, Kansas, Kentucky, Missouri and Oklahoma.
HOLLYWOOD, CALIF. — A vintage English Tudor 7 Unit apartment complex in Hollywood has sold to Nick Sasano for $1.8 million. The property is located at 2062 Argyle Ave. The seven-unit complex was built in 1929. The seller, Argyle Ave LLC, was represented by Tim Steuernol and Rob Zaharia of NAI Capital’s West LA office.
PEORIA, ILL. — The Philipsborn Co. has arranged $1.8 million in first mortgage financing for Fieldmoor Apartments, a 150-unit complex at 1601 W. Gift St. in Peoria. The property includes 75, two-story duplexes and two, one-story maintenance buildings. David Kubert of The Philipsborn Co. arranged the 15-year, fixed-rate loan through a correspondent insurance company. The borrower is a limited liability company.
NEW YORK CITY — A 100,716-square-foot residential development site in Midtown Manhattan has sold for $23.5 million. The site is located between Tenth and Eleventh avenues, two blocks from the Intrepid Sea, Air and Space Museum. The property consists of 545-551 W. 48th St. and 534-542 W. 49th St. The site currently includes a parking garage, a parking lot and a repair garage. The buyer was comprised of a partnership between The Listokin family, veteran builders and Fortis Property Group which developed The Hudson, a ground-up residential condominium about 12 blocks further north. Alan Miller and David Schechtman of Eastern Consolidated represented the seller and procured the buyer in the transaction.
MALIBU, CALIF. – The 256-unit Paradise Cove Mobile Home Park in Malibu has received a $30-million first mortgage that will be used to refinance the property. The 10-year loan is structured under Fannie Mae’s DUS Manufactured Housing Community Loan Program. It features a 3.85 percent fixed rate, 9.5 years yield maintenance and a 30-year amortization schedule. The loan was arranged for The Kissel Company by Berkeley Point Capital LLC.
HYATTSVILLE, MD. — Federal Capital Partners has purchased the 234-unit Ager Road Station, an apartment complex located at 5720 29th Ave. in Hyattsville, in an off-market transaction for $14.75 million. Amenities include a playground, horse shoe pit, volleyball and barbecue and sheltered picnic areas. The buyer plans to invest $2.5 million in renovations for common areas and interior apartment upgrades. The property will be rebranded as North Pointe.
CLERMONT, FLA. — McCann Realty Partners has acquired the 276-unit Vista at Lost Lake Apartments, a garden-style community located at 2550 Citrus Tower Blvd. in Clermont. Pegasus Residential will manage the property. The acquisition was funded in part by a 7-year, fixed-rate Fannie Mae loan, originated by Beech Street Capital. The company also purchased a 16.4-acre parcel adjacent to the property to build an additional 192 apartments as a second phase within the next year.
BETHESDA, MD. — KeyBank Real Estate Capital has arranged $95 million in Fannie Mae financing for the 549-unit The Grand Apartments, a luxury high-rise apartment community located at 5803 Nicholson Lane in Bethesda. KeyBank secured the 10-year loan with 5 years of interest-only payments on behalf of the borrower, ForestCity Enterprises.
NEW YORK CITY — The Pratt Institute has purchased a development site at 131-137 Emerson Place, located off Myrtle Avenue in Brooklyn's Clinton Hill neighborhood, for $13 million. The property contains 176,600 buildable square feet. Approximately 88,300 square feet can be applied toward residential use and 88,300 square feet can be used for a community facility. Stephen Palmese and Winfield Clifford of Massey Knakal represented the buyer and seller in the transaction.
AUSTIN — Forestar Group has formed a multifamily venture with Canyon-Johnson Urban Funds for the development of the 257-unit Eleven, a six-story multifamily development that will be located on the southeast corner of East 11th Street and Interstate 35 in downtown Austin. Amenities will include a resort-style pool, rooftop deck, courtyard, upscale clubhouse, business center and fitness facilities. BGO Architects designed the property to obtain certification by the Austin Energy Green Building program, and Leslie Foster Interiors handled the property's interior design. Eleven is scheduled to break ground in the next 30 days.
