SEATTLE — GVA Kidder Mathews has brokered the sale of two multifamily properties in Seattle. In the first transaction, Trimark XVI LLC and Trimark University Housing LLC purchased a 15,740-square-foot multifamily property, which is located at 5219 Brooklyn Ave. N.E., from D&F Housing LLC for $4.63 million. In the second transaction, Royal Manor LLC completed the disposition of a 12,659-square-foot multifamily property, which is located at 1519 NE 50th St., to Trimark XVI LLC and Trimark University Housing LLC for $4.8 million. Mark McAlister and Marty Leith of GVA Kidder Mathews represented all parties in the two transactions.
Multifamily
RANCHO CUCAMONGA, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, a 236-unit multifamily community in Rancho Cucamonga. Located at 111201 5th St., the property features one-, two- and three-bedroom units, a swimming pool, a fitness center and a clubhouse. At the time of acquisition, the property was 94 percent leased. Whit Wilcox of HFF placed the 7-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp.
HOLLYWOOD, FLA. — Two Florida-based private investors have sold the 19-unit Hilton House Apartments to an undisclosed Fort Lauderdale, Fla.-based LLC for $920,975. The property, located at 1855 Adams St. in Hollywood, is composed of 10 one-bedroom units and 9 two-bedroom units. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the buyer and the seller.
DANVERS, MASS. — Construction is nearing completion on two new residence halls at Lesley University in Danvers. The two facilities, which are located at the corner of Massachusetts Avenue and Wendell Street, are slated to house a total of 98 residential students. One building is a five-story residence hall with retail space on the front of the first floor. The second building is a three-story wood frame residence hall. The residences are being constructed by William A. Berry & and Son, Inc. Construction is slated for completion in August.
RANCHO CUCAMONGA, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, a 236-unit multifamily community in Rancho Cucamonga. Located at 111201 5th St., the property features one-, two- and three-bedroom units, a swimming pool, a fitness center and a clubhouse. At the time of acquisition, the property was 94 percent leased. Whit Wilcox of HFF placed the 7-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp.
EL CAJON, CALIF. — San Diego-based Adnan Barbat and Khalida Barbat have purchased 1083 South Mollison Avenue in El Cajon. The 11-unit apartment community sold for $1.2 million. Built in 1978, the property consists of studio and one-bedroom/one-bath units. Chad Barmwell of Hendricks & Partners represented the seller, Escondido, Calif.-based Paul Bundy Jr. and Sigrid Bundy, in the transaction.
OAK FOREST, ILL. — Chicago-based Essex Realty Group has negotiated the sale of a multifamily property, located at 15928 and 15938 South LeClaire in Oak Forest, for $2.45 million. The residential community comprises 72 one-bedroom apartments. Doug Fisher and Jim Barcelona of Essex were the sole brokers in the transaction. Both parties were undisclosed.
PALISADES PARK, N.J. — New York City-based Phoenix Realty Group has acquired 71 residential condominium units located within The Trio, a high-rise residential project in Palisades Park, for $18 million. The units consist of one- and two-bedroom residences that range in size from 742 to 1,751 square feet. They represent the remaining unsold units in the project. Phoenix acquired the units, as well as the reserved parking spaces for them, on behalf of its Metropolitan Workforce Housing Fund and plans to offer them for lease. The Trio comprises two adjacent nine-story towers containing 140 condos, as well as a 200-space parking structure. Building amenities include doormen, fitness center, meeting rooms and a media center.
NEW YORK CITY — New York City-based Massey Knakal has completed two Manhattan, New York City, multifamily sales. In Chelsea, the firm was the sole broker in the $7.26 million sale of two, five-story, walk-up apartment buildings located at 217-219 W. 16th St. The buildings contain 39 one-bedroom units and one commercial unit. Four of the apartments are market rate and the rest are rent stabilized. Massey Knakal’s Brock Emmetsberger and Paul Massey handled the transaction. On the Upper East Side, Massey Knakal’s Tom Gammino represented the seller in the $2.75 million disposition of a three-story, vacant brownstone building located at 1624 York Ave. The building totals 3,060 square feet with an additional 9,435 square feet of air rights. Gammino was the sole broker in the transaction. Both parties in both transactions were undisclosed.
VISTA, CALIF. — Hillsborough, Calif.-based Mitchel S. Berger and Joan L. Berger recently completed the disposition of Sunglen Vista, a 34-unit apartment community located in at 1550 South Santa Fe Ave. in Vista. San Diego-based Sunglen Vista LLC/Harlan T. Stratton/Barbara Ann Stratton/Jeffrey Oesterle purchased the property for $3.53 million. Built in 1980, the property features three two-story buildings offering 24 one-bedroom/one-bath units and 10 two-bedroom/one-bath units. Allen Chitayat and Josh Browar of Hendricks & Partners’ San Diego office represented the seller in the transaction.