NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.
EAGLEVILLE, PA. — Greystone has provided a $46 million bridge loan for the acquisition of Riverview Landing at Valley Forge in Eagleville. Nathan Schuss of Greystone originated the loan on behalf of Liss Property Group. Greystone presented the financing opportunity with an introduction to a joint venture equity partner, Azure Investments. This opportunity enabled Liss Property Group to acquire the 310-unit multifamily property, which features a resort-style pool and clubhouse, fitness center and business center.
CHESHIRE, CONN. — O,R&L Commercial LLC has brokered the sale of an office building located at 1154 Highland Ave. in Cheshire. Marshall Enterprises LLC sold the 25,777-square-foot Class A office building to RPG Holdings LLC for an undisclosed price. The new owners plan to convert the first floor of the building into a medical office space for a future urgent care facility. Richard Guralnick of O,R&L represented the seller, while Dan Garofalo and John Mullin of Reno Properties represented the buyer in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.
HATBORO, PA. — NAI Mertz has brokered the sale an industrial building located at 250-252 Wood St. in Hatboro. Read Moving Systems sold the 26,700-square-foot property to Mastrocco Moving & Storage for an undisclosed price. The moving and storage company is relocating from its current facility at 1060 Louis Dr. in Warminster, Pa. Situated on 1.4 acres, the building features 22- to 32-foot ceiling heights, wide column spacing, four tailgates, one drive-in and a 3,000-square-foot office area. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the transaction.
NEW YORK CITY — Avanath Capital Management, in joint partnership with Oak Tree Management, has acquired a four-property multifamily portfolio in Brooklyn. The rent-stabilized apartment buildings sold for $60 million in an off-market transaction. Totaling 149 units, the properties are 50 Greene Ave., 597 Grand Ave., 800 Bergen St. and 471 Vanderbilt Ave. The joint venture plans to implement various improvement and upgrade programs at the properties. The four assets were purchased through Avanath Affordable Housing II LLC, a fund with $200 million of equity commitments.
FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township. The 475,800-square-foot facility will feature 36 feet of clear height, 226 car parking spaces and 85 trailer parking spaces. The speculation building will be ready for occupancy by summer 2016. R.S Mowery & Sons Inc. is serving as general contractor and Randall Paulson is serving as architect for the project. Dermody Partners is the industrial developer and operating partner, while PCCP is the financial partner on the project.
QUINCY, MASS. — Related Beal has completed the interior renovation of Presidents Place, a mixed-use property located at 1250 Hancock St. in Quincy. The renovation program included the modernization of the elevators, common corridors and restrooms; a new lobby and signage; and improvements to the building’s façade and parking garage. In addition to the renovations, Related Beal signed six new tenants to the 350,000-square-foot building: Barnes & Noble Bookstore, Mass Bay Credit Union, The Townshend, Best of Care, Beacon Clinical Research and Jimmy John’s Gourmet Sandwiches. Additional tenants at the property include Quincy College, Harvard Vanguard and Best Doctors. The property is owned and managed by Related Beal in partnership with Boston Andes Capital.
NEW YORK CITY — Rosewood Realty Group has brokered three apartment building sales in New York totaling $20.7 million. In the first transaction, Aaron Jungreis of Rosewood represented the undisclosed buyer and the undisclosed seller in the $12.5 million sale of 41 sponsor co-op units at 360 Central Ave. in Lawrence, Long Island. The units are part of a 129-unit co-op building that was built in 1973. In the second transaction, Michael Guttman of Rosewood represented the seller, 90 Clermont Avenue LLC, and the undisclosed buyer in the $4.6 million sale of 90 Clermont Ave. in Brooklyn’s Fort Greene neighborhood. Built in 2008, the six-story, 7,648-square-foot elevator building features seven apartments. In the third deal, Jungreis represented the seller, 66 West 138th Street LLC, and the buyer, a local investor, in the sale of an apartment building located at 66 W. 138th St. in Harlem. Built in 1990, the five-story, 10,955-square-foot property features 20 apartments and sold for $3.6 million.
NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located at 336-338 Starr St. in Brooklyn. The two six-unit buildings sold for $3.5 million. Shaun Riley, Thomas Shihaden and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, a limited liability company, in the transaction.