FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $3.8 million sale of an 11-acre multifamily site in Fredericksburg. The parcel is located off Noble Way close to the Wegmans at Celebrate Virginia and the 2.2 million-square-foot Central Park Power Center. The buyer, Hampton at Noble LP, a division of S.L. Nusbaum Realty Co., plans to develop a 128-unit luxury apartment community at the site. The property, known as Valor, will feature one-, two- and three-bedroom units with granite countertops and other high-end finishes. Community amenities will include a clubhouse, resort-style swimming pool, fitness center and outdoor grilling area. Hampton at Noble plans to deliver the clubhouse in the fourth quarter and deliver Valor’s first units in the first quarter of 2017. Brian Cunningham of Coldwell Banker Commercial Elite brokered the transaction.
LITTLETON, COLO. — A 54-unit apartment building in Littleton has sold to an out-of-state buyer for $8.3 million. The community, called Broadridge Apartments, is located at 6900 S. Bannock St. It was built in 1965. Jeff Johnson and Matt Ritter, with the Johnson Ritter Team of Pinnacle Real Estate Advisors represented the buyer. Josh Newell of the same firm represented the seller.
KANSAS CITY, MO. — An affiliate of GFI Capital Resources Group has acquired a luxury 137-unit apartment complex in Kansas City for an undisclosed price. RMwest, which is located less than two blocks from the Kansas City Streetcar line, consists of one- and two-bedroom units. Each residence features granite countertops, stainless steel appliances, vinyl plank flooring, a washer and dryer and a patio or deck. Monthly rents at RMwest, range from $1,300 to $1,900. Community amenities include a covered parking garage, saltwater pool and sundeck, indoor lounge, game room and workspace areas. The entire building, which is located at 228 W. 4th St., is also wired for Google Fiber. CBRE represented the buyer in the transaction. The seller is undisclosed.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 415 Lincoln Ave. in Brooklyn’s Cypress Hill neighborhood. A local private investor acquired the property for $4 million, which is a gross rent multiple of 11.4x and a cap rate of 4.5 percent. The 22,400-square-foot asset features 31 apartment units. Lev Mavashev of Alpha Realty represented the buyer and seller, a local private investor, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment property located at 2041 Palmetto St. in Queens. A limited liability company acquired the six-unit property for $1.8 million. Shaun Riney, Thomas Shihadeh and George Koncilja of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.
OKLAHOMA CITY, OKLA. — Altus Equity Group has acquired Rockwell Plaza Apartments in Oklahoma City. The complex is located along the Northwest Expressway, a major corridor in northwest Oklahoma City. The 304-unit property includes 152 one-bedroom/one bath, 76 two-bedroom/one bath and 76 efficiency units. The vacancy rate is 84 percent, and several units have already begun interior rehab. Altus Equity has completed more than $100 million in real estate transactions with average annual returns to investors in excess of 17 percent.
APOPKA, FLA. — CBRE has arranged the $74.7 million sale of Barrington at Mirror Lake in Apopka, a city near Orlando in Orange County. The 740-unit gated community is located at 700 Post Lake Place. Cortland Partners purchased the property from TIAA CREF. Completed in 1988, the apartment community features a resident activity center, business center, clubhouse, two pools, a lakeside boardwalk, fitness center, playground, sports courts and sand volleyball. The property was 94 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented TIAA CREF in the transaction.
RALEIGH, N.C. — Pollack Shores Real Estate Group plans to build two upscale multifamily developments in Raleigh. The projects include the 330-unit Dakota on Nowell Road and a 314-unit property located on the corner of Davis Drive and Hopson Road in Research Triangle Park. Community amenities at The Dakota will include a resort-style pool, courtyard with a bocce ball court, fitness center and a dog park. Community amenities at the Davis Drive property will feature a second-floor fitness center with yoga and spinning rooms, a clubroom with a kitchen and café, resort-style pool, courtyard and a community gaming and TV lounge. Pollack Shores is set to open the two properties in early 2017. Matrix Residential, the residential management division of Pollack Shores, will manage the two projects.
LOUISVILLE, KY. — Doster Construction has completed the $45.8 million construction of the 758-bed Clubhouse Student Apartments in Louisville adjacent to the University of Louisville campus. The project consists of three five-story wood frame buildings. The new complex has more than 400,000 square feet of living space. Amenities include two courtyards, a swimming pool, club room, fitness area, theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that accommodates more than 625 parking spaces. Buck Development Louisville LLC is the project’s developer.
RICHMOND, VA. — Capital Square 1031 has purchased Perry Place Apartments, a 70-unit historic loft-style apartment community located in Richmond. Perry Place is a two-story property located at 815 Perry St. within Richmond’s Manchester Arts District. Units at Perry Place range from studios to three-bedroom apartments with views of the James River and downtown skyline. Community amenities include 24-hour controlled access, an outdoor swimming pool, community roof deck area, fitness center and on-site parking. Originally constructed in 1912 and recently renovated, Perry Place was fully occupied at the time of sale.