NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 2197 Ocean Ave. in Brooklyn’s Madison neighborhood. Shirben Ocean 2197 LLC sold the building to 2197 Ocean LLC for $10 million. Built in 1928, the six-story, 30,000-square-foot building features 35 apartment units. Aaron Jungreis of Rosewood represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has negotiated the sale of a mixed-used building located at 1618 Benson St. in the Westchester Square neighborhood of the Bronx. SKYC Management acquired the property for $4.5 million. The five-story, 20,930-square-foot building features 23 apartment units and three commercial units. Guthrie Garvin and Karl Brumback of Cushman & Wakefield represented the undisclosed seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 433-439 Miller Ave. in Brooklyn. An undisclosed private investor purchased the 25-unit property for $3.8 million. Shaun Riney, Thomas Shihadeh, Daniel Greenblatt, William Grover and Jonathan Cypers of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.
CENTREVILLE, VA. — Denver-based Apartment Investment and Management Co. (Aimco) has acquired Bent Tree, a 748-unit apartment community in Centreville, roughly 25 miles southwest of Washington, D.C., for $160 million. The name of the seller was not disclosed. Bent Tree offers a mix of one- to three-bedroom units with average monthly rents of roughly $1,500. Community amenities include a swimming pool, fitness center, clubhouse, sports courts and a playground. Aimco plans to achieve rent growth through capital improvements, but did not specify what renovations would be implemented.
GADSDEN, ALA. — Berkadia has brokered the $6.4 million sale of two multifamily communities in Gadsden: Pine Ridge and Williamsburg. David Wilson and David Oakley of Berkadia arranged the transaction on behalf of the seller, an affiliate of Strategic Diversified Management Inc., which is based in California. Birmingham-based Abaco Partners LLC acquired the assets. Pine Ridge, a 112-unit community constructed in 1979, offers a mix of one- to three-bedroom units ranging in size from 680 to 1,160 square feet. Williamsburg, constructed in 1973, offers 60 two-bedroom townhomes averaging 1,200 square feet. Over 70 percent of the unit interiors at Williamsburg were renovated in the 18 months prior to the sale. Both properties feature swimming pools and on-site management.
TORRANCE, CALIF. — The Wolff Company has unveiled plans for Revel South Beach, a 185-unit independent living community in the coastal Los Angeles suburb of Torrance. Wolff, an Arizona-based private equity firm and developer, plans to break ground on the community before the end of the 2018 and open the community during 2019. The property is located near many of Southern California’s most notable beaches, including Manhattan, Redondo, Torrance and Palos Verdes. The four-story property will be the 10th seniors housing community Wolff has developed since 2016. The company plans to invest $300 million to $400 million annually in seniors housing developments, in addition to seeking acquisition opportunities.
LITCHFIELD PARK, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hacienda Del Rey, a 90-unit assisted living and memory care community in the Phoenix suburb of Litchfield Park. Hacienda Del Rey is arranged as nine 10-unit buildings surrounding a courtyard. A local developer built the Class A community in 2015. Recognizing the need for a more experienced operator, the developer sold the property to MBK Senior Living, a Southern California-based operator looking to expand its footprint in Arizona. Blueprint’s Jacob Gehl, Amy Sitzman and Giancarlo Riso led the transaction. The price was not disclosed.
GAINESVILLE, FLA. — A joint venture between Coastal Ridge Real Estate and H. Katz Capital has acquired Campus Lodge, a 1,115-bed student housing community located less than three miles from the University of Florida campus in Gainesville. EdR sold the property for an undisclosed price. The property, constructed in 2000, offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity and rents ranging from $1,206 to $2,052 per unit. Community amenities include a resort-style pool, fitness center, basketball court, tanning, a car wash area, picnic areas with barbecues, a computer lab and study rooms. The community is fully occupied for the 2017-2018 school year.
MABLETON, GA. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the development of Wisteria Place at Mableton, a 104-unit affordable housing community in Mableton, roughly 15 miles northwest of Atlanta. The loan is an 18-month Unfunded Forward Commitment that will include two six-month extension options. Following the construction phase, the loan will convert to a 16-year permanent loan with a 35-year amortization schedule. The loan was arranged on behalf of the borrower, BJS Floyd Wisteria LP. The Unfunded Forward Commitment loan provides construction-to-permanent financing for multifamily properties that are eligible for 9 percent low income housing tax credits (LIHTC). Wisteria Place of Mableton will be an age-restricted (55 and older) community with 21 of the units reserved for those earning 50 percent of the area median income (AMI), 62 reserved for those earning 61 percent of the AMI and 21 units at market rate. Missouri-based Sterling Bank is providing construction financing for the project. The community will feature a picnic area, koi pond, vegetable gardens, butterfly garden, gas grill area, covered gazebo, computer lab, theater, beauty salon and a classroom.
NEW YORK CITY — Madison Realty Capital has originated a $91 million first mortgage loan collateralized by The Fitzroy building, a nearly complete condominium project located at 514 W. 24th St. in the West Chelsea neighborhood of Manhattan. The borrower is a joint venture between JDS Development and Largo Investments. The financing will allow for the completion of the development. The 65,346-square-foot building will feature 14 units in a mix of two-bedroom units to four-bedroom units ranging from 2,300 square feet to 4,500 square feet. Completion is slated for this summer. The project team includes Roman and Williams, Severud Associates, BuroHappold and L’Observatoire International. Aaron Appel of JLL represented the borrower in the financing.
