HOUSTON — Marcus & Millichap has brokered the sale of Shepherd Lofts Apartments, a 12-unit, 12,290-square-foot multifamily property located at 5017 Cornish Dr. in Houston. Constructed in 2005, the community is 100 percent occupied. Brian Janak of Marcus & Millichap listed the property on behalf of the seller, a Houston-based partnership. A private, San Francisco-based investor purchased the property. The acquisition price was not disclosed, but the property listed for $1.61 million.
BEAVERTON, ORE. — Guardian Management LLC, a Pacific Northwest real estate investment and management firm, has acquired Waterhouse Place Apartments for $30 million. Located in Beaverton, the 279-unit property features updated landscaping, a resurfaced spa, new patio doors, and parking and clubhouse upgrades. Guardian plans to invest an additional $3 million, $7,000 per unit, to rehabilitate the property, which was built in 1989. UBS Realty Investors LLC will serve as the equity partner.
ARLINGTON HEIGHTS, ILL. — Brian Properties has completed the sale of approximately 26,000 square feet of commercial condominiums within the Metropolis Theater Building in downtown Arlington Heights. Oakwood Properties LLC has acquired the facility from Banbury Properties LLC for more than $6 million. Tenants at the building include USA Beer Academy, Carlos & Carlos Italian-French Restaurant, and Resource Mortgage Group. Thomas Hellgeth of Brian Properties represented both parties in the transaction.
JERSEY CITY, N.J. — Fisher Development Associates will hold the grand opening next month for Crystal Point, a 42-story residential tower located in Jersey City. Designed by Gruzen Samton LLP, the project will comprise 269 residences in a mix of one- two- and three-bedroom units. Residences will range from 800 to 1,817 square feet, and will feature floor-to-ceiling windows, balconies in most units and views of the Hudson River waterfront from all units. Community amenities will include a spa, a fitness center, a game room, a lounge, a screening room, a concierge, valet parking and a lobby-level restaurant. The building will also include an outdoor deck that contains a lap pool, a hot tub, a barbecue and dining area, fire pits and a children’s play area. Crystal Point will also feature access to the new marina that the city of Jersey City is currently planning. The Marketing Directors is serving as marketing and sales agent for the property.
SOMERSET, N.J. — Chicago-based Wrightwood Capital has provided $6.75 million in acquisition financing for the Somerset Estates apartment community in Somerset. Located at 271 Franklin Blvd., the property contains 395 one-, two- and three-bedroom units in 57 two-story buildings. The borrower, Fieldstone Properties, plans to implement a capital improvements plan, including upgrades to the kitchens and bathrooms, and the conversion of some two-bedroom units into three-bedroom units, in an effort to raise rents to market levels. The loan carries a 5-year term, and was sourced through Emmet Delany of Capital & Venture Resources.
SAN ANTONIO — Needham, Mass.-based Potomac Realty Capital has structured and funded $38.2 million in financing for a 942-unit multifamily portfolio located in San Antonio. The loan was structured as a $33.5 million first mortgage loan and a $4.7 million mezzanine loan. Proceeds will be used to acquire the portfolio, complete a minor renovation program and fund an interest reserve. The borrower is an entity comprised of a full-service real estate firm and a joint venture between six individual investors. Jeffrey Weingart of Potomac originated the loan.
COLUMBUS, OHIO — Wrightwood Capital has provided $15 million to finance the acquisition of a seven-property Storage Inns portfolio located in Columbus. With more than 407,000 square feet of storage space, the self-storage properties contain a total of 3,406 units. The Sterling Group has acquired the portfolio, and plans to re-brand the properties. Additional plans include the improvement of on-site management, increased merchandise sales and enhanced marketing efforts. The loan was sourced through Devin Huber of Beacon Realty Capital. Wrightwood Capital structured a 36-month loan.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two adjacent multifamily buildings, located at 303-305 E. 53rd St. in New York City, for $8 million. The two four-story structures were jointly built on the same lot and total 33,440 square feet. The ground floor is occupied by Top Tune Entertainment, a restaurant and lounge, while the second floor is occupied by Japanese Karaoke, a bar and lounge. Residential tenants occupy the third and fourth floors of the buildings. Charlotte Fu of Eastern Consolidated, represented the buyer, locally based Edro Realty, and procured the seller, 303-305 Building LLC. The property traded at a 6 percent cap rate. The air rights to the properties are currently leased to the neighboring Connaught Tower cooperative.
HACKENSACK, N.J. — New York City-based Meridian Capital Group has secured $16 million in acquisition financing for The Carlyle, a 13-story residential building located at 380 Prospect Avenue in Hackensack. The Class A multifamily property contains 128 units; property amenities include a 24-hour doorman, an outdoor swimming pool and underground parking. Terms of the loan include a 5.5 percent fixed rate for a 7-year term, with 3 years interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York office arranged the financing on behalf of the borrower, AKS Management. The lender was undisclosed.
INDIANAPOLIS — Tikijian Associates has brokered the $80 million sale of a five-property multifamily portfolio totaling 1,885 units located throughout Indianapolis. Indianapolis-based Ardizzone Enterprises has acquired the properties from AIMCO. The portfolio includes the 616-unit Bent Tree apartments; the 404-unit Brookwood apartments, which also includes two commercial facilities; the 187-unit Cheswick Village; the 582-unit Reflections apartments; and the 96-unit Winchester Village apartments. Dallas-based Lincoln Property Cos. has been retained by Ardizzone to manage the portfolio.