Berkshire Residential Investments Divests of 438-Unit Multifamily Asset in Los Angeles

LOS ANGELES — Berkshire Residential Investments has completed the sale of One Santa Fe, a mixed-use, core-plus apartment community situated in Los Angeles’ Arts District. A Canada-based institutional investor acquired the property for an undisclosed price. Completed in 2015, One Santa Fe features 438 units in a mix of studio, one- and two-bedroom layouts and The Yards at One Santa Fe, an 81,000-square-foot retail component. Community amenities include a zero-edge swimming pool, custom …

Muss Development Acquires Multifamily Building in Scarsdale, New York, for $29.2M

SCARSDALE, N.Y. — Muss Development has acquired The Glass House, a 51-unit multifamily building in Hartsdale, a northern suburb of New York City. Also known as GlassHouse 250, the property is located at 250 South Central Ave. and features one- and two-bedroom floor plans, a fitness center, two theater rooms and a 95-space parking facility. Itan Rahmani and Jacob Stavsky of Venture Capital Properties LLC represented Muss Development in the transaction. Elana Tsyganko, Max Kostikov and Richard …

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a …

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the District, a 284-unit multifamily community located in the East Riverside area of Austin. Built in 1987, the property features one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse with a lounge and coffee bar, outdoor grilling areas, a dog park and Amazon package lockers. Patton Jones of NKF represented the sellers, North Carolina-based Hawthorne Residential Partners and New …

Marcus & Millichap Arranges $1.8M Sale of Apartment Community in Springfield, Illinois

SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of Victoria Village Apartments in Springfield for $1.8 million. The 106-unit apartment community is located at 2473 Ladley Court. It is situated on 6.4 acres and consists of 24 buildings. An on-site leasing and maintenance office spans approximately 1,200 square feet. Bryan Kunze and Scott Harris of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the …

JLL Brokers $13.8M Sale of Two Multifamily Properties in Manhattan

NEW YORK CITY — JLL has brokered the $13.8 million sale of two multifamily buildings in the Lennox Hill neighborhood of Manhattan. The five-story building at 1364 York Ave. is a 9,180-square-foot property that features 18 residences and two ground-floor retail spaces totaling 608 square feet, which are occupied by Orlando News and Jamil Liquors. The five-story building at 1368 York Avenue is a 11,191-square-foot property that features 19 residences and two ground-floor retail spaces totaling …

ABS Arranges $13M Refinancing Loan for Apartment Building in Manhattan

NEW YORK CITY — ABS Altman Warwick, a division of ABS Partners Real Estate, has arranged a $13 million refinancing loan for an apartment building in Manhattan. An undisclosed life insurance company provided the nonrecourse loan, which features interest-only payments for 10 years. Located at 232 East 12th St., the 10-story building includes 68 apartment units and also houses two medical offices on the ground floor. Morris Dweck of ABS arranged the loan on behalf of the borrower, Capri …

Summit Contracting Breaks Ground on Multifamily Community in Upstate South Carolina

MAULDIN, S.C. — Summit Contracting Group has broken ground on Novo Mauldin, a planned 330-unit multifamily community in Mauldin. The property is situated on Main Street, 10 miles south of Greenville. Planned amenities include a clubhouse, fitness center and a pool. The complex will comprise 11 three-story buildings and nine private, five-bay garage buildings. Construction is scheduled to be complete in November 2021. Atlanta-based Shelton McNally Real Estate Partners is developing Novo …

PLC Enters Colorado Market with $21.9M Acquisition of The Centre Apartments

COLORADO SPRINGS, COLO. — Newport Beach, Calif.-based PLC Apartments has acquired The Centre Apartments, located at 1921 E. Van Buren St. in Colorado Springs. Locally based Skyline Real Estate Investments sold the community for $21.9 million. Built in 1952, The Centre Apartments features 168 units in a low-density, park-like setting. Community amenities include a clubhouse and fitness center. The buyer plans to continue ongoing interior unit renovations. Bill Morkes and Craig Stack of …

NKF Arranges $14.3M Sale of Royal Palms Apartment Asset in Glendale, Arizona

GLENDALE, ARIZ. — Newmark Knight Frank (NKF) Multifamily has brokered the sale of Royal Palms, a multifamily property in Glendale. An undisclosed buyer acquired the community from 5902 Royal Palms LP for $14.3 million. Brett Polacheck, Chris Canter and Brad Goff of NKF Multifamily represented the seller in the transaction. Located at 5902 W. Royal Palm Road, the 1970s-vintage property features 138

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