HOLLYWOOD, CALIF. — Lion Real Estate Group (LREG) has completed the $7.25 million sale of a 26-unit apartment property located at 920 Wilcox in Hollywood. Madison Partners’ Darin Beebower represented LREG in the transaction; the buyer was a private investor. LREG took title to the property in February 2009 and commenced an extensive renovation of the building, which is now 100 percent occupied.
OXFORD, MISS. — Marcus & Millichap has brokered the sale of the Sterling University Terrace student housing property between two private parties for an undisclosed price. The 156-unit property can house 492 students; it is located at 900 Whirlpool Drive near the University of Mississippi campus in Oxford. The firm's Travis Prince and Dorothy Jackman represented both parties in the transaction. Michael Harris, Brent Yurtkuran and Matt Fitzgerald of Marcus & Millichap also helped broker the deal.
AURORA, ILL. — Doug Imber, Matt Welke and Jim Barcelona of Essex Realty Group represented the undisclosed seller in the disposition of an apartment building in Aurora. Located at 1301 E. Indian Trail, the single-story property offers 21 one-bedroom apartment units and 32 parking spaces. The selling price was approximately $950,000. The buyer was not released.
LANCASTER, PA. — Marcus & Millichap has brokered a $1.19 million multifamily sale in Lancaster. Pennwick Village Townhomes is a 14-unit rental community located at 2010-2014 Pennwick Road. All but one of the townhomes were occupied at the time of closing. Zachary Pierce and Kenn Wellar of Marcus & Millichap's Philadelphia office and Steve Laurenson of the firm's Reston, Va., office represented the seller, a private investor. Pierce and Wellar secured the buyer, a limited liability company. The property traded at a 6.89 percent capitalization rate.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $3.2 million loan for the refinancing of a Bronx apartment building. The six-story, pre-war building contains 48 units, all of which are leased. The loan carries a 5-year term with 1 year interest only, followed by a 30-year amortization schedule. It carries a 5.87 percent interest rate. CBRE’s Max Herzog and Michael Diaz secured the loan. The borrower and lender were undisclosed.
LUBBOCK, TEXAS — CJ Development has obtained an $18.4 million construction loan for the 208-unit Windsor Creek Apartments in Lubbock. The Federal Housing Administration funded the loan for the project, which will be designed by Humphreys and Partners. KeyBank Real Estate Capital secured the financing.
BATON ROUGE, LA. — Walker & Dunlop has secured a $16 million construction to permanent loan for the 216-unit Canterbury House Apartments – Sherwood. The mixed-income Baton Rouge apartment complex, which is 91 percent occupied, features a tanning room, a pool, a business center and a dog park. The 30-year loan carries a 35-year amortization schedule. The loan utilizes Gulf Opportunity Zone Bonds.
FORT WAYNE, IND. — BRT Realty Trust has completed the disposition of Fort Wayne Hotel and Conference Center. Located at 300 E. Washington Blvd. in Fort Wayne, the 14-story, 208-room property will be converted into a senior living facility. Additional details about the conversion were not released. Walker Geyer and Brent Clemens of Paramount Lodging Advisors represented the seller in the transaction. The buyer and acquisition price were not disclosed.
NEW YORK CITY — GFI Realty Services has brokered the sale of a Harlem apartment building for $1.15 million. The property comprises nine residential units, all of which are rent stabilized, and one retail unit. It is located at 2528 Seventh Ave. Michael Kerwin and Roni Abudi of GFI represented the seller, a Manhattan-based investor. Abudi also represented the buyer, a local owner that plans to hold the property for the long term.
LUBBOCK, TEXAS — Asset Plus Cos. has broken ground on the 562-bed 25Twenty student housing complex on a 3.6-acre site on the campus of Texas Tech University. The four-story property will sit adjacent to Jones AT&T Stadium. The property includes two courtyards that will feature a pool, an outdoor BBQ kitchen, a hammock area and a competition horseshoe pit. Additional amenities will include an Internet café, a business center, a theater with stadium seating, an exercise facility and tanning room, and a 9,600-square-foot clubhouse. Units will range from 571 square feet to 1,704 square feet.