NEW YORK CITY — Brax Realty has brokered the $4.7 million sale of a 15-unit apartment building in the Hell’s Kitchen neighborhood of Manhattan. Located at 340 W. 48th St., the property consists of 14 studio and a single one-bedroom apartment. Of the 15 units, six were vacant at the time of sale. Alan Stenson of Brax Realty represented the seller, 340 W. 48th Street LLC, in the transaction. The seller had owned the property for 44 years. The buyer was undisclosed.
PHILADELPHIA — Gebroe-Hammer has negotiated the $4.5 million sale of a 22-unit apartment building in the Francisville neighborhood of Philadelphia. Located at 909 Corinthian Ave., the five-story property consists of a mix of one- and two-bedroom apartments. Joseph Gehler and Eli Rosen of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was also undisclosed.
HOUSTON —New York City-based Meridian Capital Group has arranged a $51.6 million acquisition loan for Lakeview Apartments and Estates, two multifamily properties in Houston totaling 566 units. Both properties offer resort-style pools, fitness centers and nearby jogging trails. Zev Karpel of Meridian Capital Group arranged the loan, which featured a 12-year term, a 4.89 percent interest rate and a 30-year amortization schedule, through Capital One on behalf of the borrower, Marlin Spring Investments.
DAVIE, FLA. — Boardwalk Properties has bought a 394-unit apartment complex for $119 million in Davie, about eight miles west of Fort Lauderdale. Boardwalk will rename the complex to The Avenue from its current name, Elan Maison. Amenities include a three-story clubhouse, fitness center, yoga studio, billiards and a pool. Neil Rollnick of Hinshaw & Culbertson LLP represented the buyer in the transaction. Pacific Investment Management Co. LLC and Greystar were the sellers.
ORLANDO, FLA. — Avison Young has arranged a $70.5 million bridge loan for CitiTower, a 25-story, 233-unit multifamily complex in downtown Orlando. George Vail of Avison Young arranged the loan on behalf of the borrower, East SDG CitiTower LLC. Asia Capital Real Estate provided the three-year, floating-rate loan at an interest rate that was LIBOR plus 350 basis points. CitiTower was delivered in August 2017 and features studio, one-, two- and three-bedroom floor plans. Amenities include a rooftop pool, outdoor lounge and a 24-hour fitness center. CitiTower is located one block south of Lake Eola.
BIRMINGHAM, ALA. — Berkadia has arranged the $56 million sale of Wildwood Crossings Apartments, a 520-unit multifamily complex in Birmingham. The buyer, New York City-based White Eagle Property Group LLC, will renovate the interiors of the units as well as update amenities community-wide. David Oakley, David Wilson, Caleb Frizzell and Abe Maddox of Berkadia represented the undisclosed seller in the transaction.
PHOENIX — LaSalle Investment Management, on behalf of LaSalle Property Fund, has purchased San Melia, a multifamily property located at 14435 S. 48th St. in Phoenix’s Ahwatukee Foothills neighborhood. Situated on 28 acres, the Mark Taylor-built community features 488 units and is located adjacent to more than 2.4 million square feet of retail, dining and recreation options at Ahwatukee Foothills Towne Center. A pedestrian walkway connects the property to the retail center, which is anchored by AMC Theatres and Sprouts Farmers Market. The acquisition price and name of the seller were not released.
MESQUITE, TEXAS — Dallas-based SevenSeas Holdings VI LLC has acquired Oates Creek Apartments, a 280-unit multifamily community in Mesquite, an eastern suburb of Dallas. The property features one- and two-bedroom units and amenities such as a pool, business center, outdoor grilling area and a resident clubhouse. Minneapolis-based Dougherty Mortgage LLC arranged an undisclosed amount of Fannie Mae financing for the acquisition on behalf of SevenSeas Holdings. The loan carried a 12-year term and a 30-year amortization schedule.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Sandshell at Fossil Creek, a 252-unit multifamily property in Fort Worth. Units at the property, which was built in 1986, range in size from 575 square feet for a one-bedroom apartment to 1,235 square feet for a two-bedroom residence. Amenities include a pool, fitness center and onsite laundry facilities. The buyer was Houston-based Ilan Investments. The seller was not disclosed.
EL PASO, TEXAS — Hunt Capital Partners has provided $13.4 million in equity financing for the development of Medano Heights, a 141-unit affordable housing project in El Paso. Construction of the property is expected to be complete by December 2019. Hunt Capital Partners provided the equity in collaboration with the Housing Authority of the City of El Paso and Versa Development LLC, which is leading the development effort.
