VALLEY VIEW, OHIO — A partnership has acquired a 17,500-square-foot mixed-use property located at 5345 Canal Road in Valley View, a suburb of Cleveland. A financial institution sold the asset for $610,000. At the time of closing, the property was more than 90 percent occupied. James McHale of Marcus & Millichap’s Cleveland office represented both parties in the transaction.
LOWELL, MASS. — Fantini & Gorga has arranged $2.7 million in permanent financing for Embassy House Apartments in Lowell. The three-building property features 36 one- and two-bedroom market-rate apartments. Originally built in the early 1960s, the property underwent an extensive exterior/interior and building systems upgrade in 2003. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.
GREAT NECK, N.Y. — Houlihan-Parnes Realtors has arranged a $1.5 million first mortgage loan for an apartment building located at 15 Beach Road in Great Neck. Built in 1950, the three-story building includes 54 apartments, on-site outdoor parking spots, 27 garages, gardens and a courtyard. The seven-year loan, which was placed with a savings bank, features a fixed interest rate of 3.5 percent and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes secured the financing for the undisclosed borrower.
LAFAYETTE, LA. — Stirling Properties has purchased the Retreat at Acadian Point, a 384-unit apartment community located in Lafayette. Formerly known as South Point Apartments, the 80s-era property will begin upgrades including washer and dryers in all units, new appliances and flooring, electronically activated vehicular access gates, new roofs, new landscaping and a new fitness center. With the acquisition, Stirling’s portfolio spans 1,512 multifamily units. Des Moines, Iowa-based BH Management Services is the primary management firm for Stirling’s multifamily portfolio.
WICHITA FALLS, TEXAS — NorthMarq Capital has arranged the $13 million refinance of a three property multifamily portfolio consisting of 588 units in Wichita Falls. The properties are located at 3611 and 4515 Maplewood Ave. and 4700 Taft Blvd. Rob Hervey and Mark Dodson of NorthMarq secured financing on behalf of the borrower through a CMBS lender. The loan is structured under a 10-year term with a 30-year amortization schedule.
LOS ANGELES — The ConAm Group has acquired the 137-unit TownCentre Commons apartments in the Los Angeles submarket of Brentwood for $26.4 million. The community is located at 1275 Central Blvd. TownCentre Commons is currently 98.5 percent leased. ConAm plans to implement a series of interior and exterior upgrades at the property, including the common area amenities. Seth Siegel and Jason Parr of Cushman & Wakefield represented both ConAm and the seller, Ridge Capital Investors, in this transaction.
PHOENIX — Liv Biltmore LLC has purchased Willowick Square, a 53,417-square-foot office building in Phoenix, for $5.9 million. The Class B complex was built in 1974. The seller was Presson Advisory LLC. Brad and Cindy Cooke of Colliers International executed the transaction.
Since 2011, Austin’s multifamily market has become one of the strongest in the state and nation. With stable job growth, demand is projected to remain strong. Marketwide occupancy hovered around 94 percent at the end of the second quarter of 2015, with rents increasing at a 6 percent year-over-year clip. Austin and Travis County continue to rack up the rankings, with Thumbtack naming the area a top environment for small businesses and WalletHub naming it the best large U.S. city to live in. Headlight Data ranked Travis County the second fastest-growing financial services sector in 2014 and Austin came in as the number one city for startup activity on the 2015 Kaufmann Index. Generally, the first question on everyone’s minds is how long this bullish cycle will last. With the development pipeline running at historically high levels, what is the impact on today’s market and how does the future look? Apartment construction dropped off dramatically in 2010 and remained compressed until 2014. However, population grew incredibly fast during the construction trough, resulting in heightened demand. Today, there are 16,000 units in some stage of development with just over 10,000 expected to deliver in 2015. The difference between today and the …
IRVINGTON, MONTCLAIR AND EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sales of four multifamily properties, totaling 176 units, across Essex County, N.J. The Livingston-based firm represented the sellers, private investors, in each transaction. In the first transaction, David Oropeza of Gebroe-Hammer arranged the $5.6 million sale of a two-property multifamily package in Irvington. Located at 336 and 505-515 Stuyvesant Ave., the six-building portfolio features 120 units, on-premise parking, garages, on-site laundry and balconies. Oropeza represented the seller and secured the buyer in the deal. Also in Irvington, David Jarvis of Gebroe-Hammer brokered the sale of a three-story walk-up at 649 Chancellor Ave. The property features 14 renovated studio apartments and two ground-floor retail units. Terms of the sale, including buyer, seller and price, were not released. In the third transaction, a two-building portfolio, located at 97 and 101 Pine St. in Montclair, sold for $4 million. The 28-unit portfolio features a mix of studio, one- and two-bedroom floor plans with modern kitchen and baths, as well as hardwood flooring. Ken Uranowitz and Nicholas Nicolaou of Gebroe-Hammer handled the transaction. The names of the seller and buyer were not disclosed. In the final transaction, Oropeza and Jarvis negotiated the …
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building located at 1260 Broadway in Brooklyn’s Bedford-Stuyvesant neighborhood. Situated between Green and Lexington avenues, the 7,000-square-foot property sold for $2.2 million, or $314 per square foot, in an all-cash transaction. The four-story walk-up building consists of three two-bedroom apartments, three one-bedroom apartments and one retail unit. Renovated in 2000, the property is fully free market with preferential rents. A preferential rent is a rent that an owner agrees to charge that is lower than the legal regulated rent that the owner could lawfully collect. Michael Amirkhanian of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
