NEW YORK CITY — GFI Realty Services has arranged the sale of a six-story, 46-unit apartment building in the Bay Ridge neighborhood of Brooklyn for $12.5 million. The pre-war property, located at 218 74th St., consists of 16 studios, 28 one-bedroom units and a couple of two-bedroom units, all of which are rent-stabilized. Yosef Katz and Natan Safdieh of GFI Realty represented the seller in the transaction, Madeleine Behette, a local investor. Erik Yankelovich, also of GFI, procured the buyer, Meridian Properties. The property is located on a tree-lined block between Ridge Boulevard and 3rd Avenue.
ARLINGTON, TEXAS — NAPA Ventures has sold Parkside Townhomes, a multifamily community in Arlington that features 144 rentable townhome units. The property, which is located within three miles of AT&T Stadium and Globe Life Park, offers two- and three-bedroom units and a pool. Prior to the sale, NAPA invested in capital improvements to the property’s landscaping, parking lots and exterior lighting, as well as the cabinets, countertops and floors of the units. The buyer was not disclosed.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a 5,600-square-foot apartment building located at 20-35 Gates Ave in the Ridgewood neighborhood of Queens. The vacant six-unit building, which was built in 1930, sold for $2.2 million. The sales price equates to $379,000 per unit. Adam Traub and Isaac Shrem of Westbridge Realty represented both the buyer, an active investor in Queens, and the seller, a long-term holder who purchased the property in 1985.
GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.
DURHAM, N.C. — Audubon Communities has acquired Oak Creek Village, a 500-unit apartment community located at the intersection of Durham-Chapel Hill Boulevard and Garrett Road in Durham. The name of the seller and the sales price were not disclosed. Audubon will invest $4.6 million in capital improvements for the property — originally constructed in 1972 — and rename the community The Garrett. Planned improvements include replacement of the existing leasing office with a new facility that will include a new fitness center and residential lounge, roof replacement, landscape improvements and updates to the pool, playground and other outdoor amenities. Legacy Capital Partners is Audubon’s equity partner on the transaction. Audubon financed the deal with an acquisition and construction loan from PGIM Real Estate Finance. The deal marks Atlanta-based Audubon’s first investment in the North Carolina market and the company’s third deal with Legacy Capital Partners.
CAPE CORAL, FLA. — Studio+ will provide architecture and interior design services for Thrive at Four Mile Cove, a 140-unit seniors housing community in Cape Coral, located on the Gulf of Mexico near Fort Myers. Fortress Ventures is developing the community on 11 acres. Development costs are estimated at $31 million. The community will offer 60 independent living units, 48 assisted living units and 32 memory care units. The project is scheduled for completion in January 2019.
AUSTELL, GA. — Resource Apartment REIT III Inc., through a wholly owned subsidiary, has acquired Tramore Village, a 324-unit apartment community in Austell, roughly 17 miles northwest of Atlanta. Constructed in 1999, the community features two swimming pools, a fitness center and a lighted tennis court. The sales price and name of the seller were not disclosed.
ELK GROVE, CALIF. — Koelsch Communities has announced plans for Laguna Springs Senior Community, a 240,000-square-foot seniors housing property in the Sacramento suburb of Elk Grove. Groundbreaking is scheduled for June for a planned opening in December 2019. Development costs were estimated at $71 million. Located on 11 acres, the project will feature The Park at Laguna Springs Independent Living and The Gardens at Laguna Springs Memory Care. The independent living portion will be a three-story building housing 135 apartments plus 16 single-story homes. The memory care portion can house up to 70 residents in various stages of memory loss. Koelsch Communities will manage the property upon completion. The company is developing the project in partnership with RJ Development, with Koelsch Construction acting as general contractor. Judy Koelsch and David Goularte of JSK Design will design the interiors.
RICHLAND, WASH. — CBRE has brokered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Badger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an undisclosed price. Built in 2013, the property features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transaction.
DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.