WEST HOLLYWOOD, CALIF. – A seven-unit apartment community in West Hollywood has sold to Waterproofing Experts for $1.2 million. It is located at 1010 N. Spaulding Ave. The property was built in the 1950s and has been completely renovated. It is fully occupied. Waterproofing Experts was represented by Shlomo Shabtaywith NAI Capital’s Encino office. The sellers, Julius Jansco & Susan Jansco, were represented by J. Richard Leyner, Michael Sharonand John Aquino, also with NAI Capital’s Encino office.
Multifamily
ELON, N.C. —Elon University has selected Choate Construction Co. to build the private college's 249,416-square-foot Global Village project in Elon. The development will include five residence halls with 600 beds and a 30,000-square-foot commons building, containing the Isabella Cannon International Centre, classrooms, faculty offices, study rooms and large gathering spaces. Spillman Farmer Architects is the architect for the project. Construction is scheduled to begin in late July with phased delivery dates in August 2013 and August 2014.
HOLLYWOOD AND LIBERTY CITY, FLA. — Link Construction Group has finished two affordable housing developments totaling $12.2 million, located in Florida. In Hollywood, the firm completed the $5.2 million, 33-unit City of Hollywood Wiley Street Redevelopment project. The City partnered with Libreria Economic and Social Development to develop the property, which Frank Costoya Architects designed. Also included in the construction was a community center. The company also finished the $7 million, 60-unit Parkview Gardens, located at 1475 NW 61st St. in Liberty City. Parkview Gardens LTD developed the project, which Siskind Carlton and Partner designed.
DURHAM, N.C. — Phillips Development & Realty has secured a $26.7 million construction loan to develop the 292-unit Phillips Research Park Apartments in Durham. The 40-year, fixed-rate loan was funded through CBRE HMF, using HUD's 221(d)(4) financing program. LandSouth Construction is the general contractor for the project. The first units are slated for completion in spring 2013 with full completion scheduled in September 2013.
CHARLOTTE, N.C. — Red Mortgage Capital has financed a $21.18 million FHA insured mortgage loan for the 164-unit 330 West Tremont Apartments in Charlotte. The four-story apartment building, which will be located above a two-level parking deck, is slated for completion in 2013. Boykin Management Co. has a majority interest in the project, and is working with The Boulevard Company to develop the project.
NEW YORK CITY — Steiner Studios has purchased 142 North 6th St., also known as the Jardin building, for $38 million. The 44-unit apartment building is fully occupied and rents average $53 per square foot. The Jardin was originally designed as a condominium property, however, during construction, developers decided that rentals would be a better move in the market. Amenities include a fitness center, landscaped courtyard and on-site parking. David Behin of MNS represented both the buyer and the seller, Read Property Group, in the transaction.
BROOKLINE, MASS. — Octagon Property Management has paid $6 million to buy 50-54 Kent St., a 15-unit apartment property in Brookline. The property is comprised of two apartment buildings on a 22,000-square-foot lot. Both buildings are fully occupied. Carl Christie, Dan McGee and Henry Lieber of NAI Hunneman represented the seller, 50-54 Kent Street LLC, in the transaction. They also procured the buyer.
TEANECK, N.J. — Gebroe-Hammer Associates arranged the sale of a distressed apartment building, located at 63 Washington Place in Teaneck, for $1.4 million. Constructed in 1940, the 16-unit building includes a mix of one-, two- and three-bedroom units. The buyer and seller are two, long-time Gebroe-Hammer clients. Greg Pine of Gebroe-Hammer represented both parties in the transaction. The new owner plans to renovate the property.
BROWNWOOD — LTC Properties has acquired a 90-bed skilled nursing facility, located in Brownwood, for $6.5 million. Concurrent with the purchase, LTC Properties added the property to an existing master lease with Senior Care Centers. The property was built in 2011.
OAKLAND, CALIF. – A 42-unit apartment building located at 350 Newton Ave. in Oakland has sold to a private investor for $4.9 million. The community was originally built in 1960 and contains 30,012 square feet of space. David Wolfe of Marcus & Millichap’s Oakland office represented both the buyer and the seller, another private investor, in this transaction.