NORTHVILLE, MICH. — Commercial Property Advisors (CPA) has arranged the sale of Northridge Meadow Apartments, a 112-unit multifamily community in Northville, for $7.8 million to Northridge Ventures LLC. The property, located at 19439 Northridge Drive, totals 92,120 square feet. Cary Belovicz of CPA represented the seller, Northridge Apartments.
GOLD RIVER, CALIF. — Inspire Communities has named David L. Gold as its new CEO. The manufactured housing community owner is located in Gold River, just west of Sacramento. Gold has more than 30 years of institutional experience owning, financing and investing in domestic and international commercial real estate, with a focus on low- and middle-income housing. He co-founded Rockland Capital Partners in 2011, and was a managing director at Los Angeles-based real estate private equity firm Paladin Realty Partners for more than a decade. The firm’s former CEO, Matt Follett, will remain as a board member of Inspire Communities. His focus will be limited to acquiring manufactured housing communities in Washington, Oregon and California. Private investment firm American Infrastructure MLP Funds also recently announced it will invest in Inspire’s infrastructure-related operating businesses that are profitable and can expand quickly with additional capital.
ALPHARETTA, GA. — Pollack Shores Real Estate Group has purchased a development site at 10105 Westside Parkway in Alpharetta for the construction of ECHO at North Point Center. Located near Top Golf, the boutique-style multifamily property will feature 111 residential units and 5,600 square feet of retail space. Each unit will feature shaker-style cabinetry, quartz countertops and plank flooring. Community amenities will include a resort-style pool, bocce ball court and a dog park. ECHO at North Point Center is scheduled to have the first units available in summer 2016. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.
FORESTVILLE, MD. — Federal Capital Partners (FCP) has purchased the 200-unit Capital Courts Apartments on Walker Mill Road in Forestville for $19.5 million. Capital Courts comprises 25 four-story, garden-style apartment buildings with two-, three- and four-bedroom units and amenities including a pool and a playground. FCP plans to invest in capital improvements, including window replacements, renovation of the office/clubhouse and pool areas and additional new landscaping. Gates Hudson has been retained as property manager for Capital Courts. Christine Espenshade, Scott Melnick, Robert Garrish and Kylie Belcher of JLL represented the undisclosed seller in the transaction. Capital One provided acquisition financing.
SMYRNA, GA. — Walker & Dunlop Inc. has provided an $18.4 million loan for the refinancing of Jasmine at the Galleria Apartments, a 270-unit apartment community in Smyrna, a northwest suburb of Atlanta. The property offers one-, two- and three-bedroom apartment units in 19 apartment buildings. Jasmine at the Galleria’s community amenities include tennis courts, a swimming pool, gated access and a business center. Walker & Dunlop provided the 10-year loan that features five years of interest-only payments to the borrower, Lyon Communities. The loan, which Walker & Dunlop provided using Freddie Mac’s index-lock program, will refinance the Freddie Mac adjustable rate mortgage that was placed on the property 16 months ago.
NEW YORK CITY — Meridian Capital Group has arranged a $122.8 million acquisition loan for the purchase of a vacant residential property located at 416 W. 52nd St. in the Clinton neighborhood of New York City. The borrower is Gaia Real Estate. The 36-month loan provided by TPG Real Estate Finance features a competitive floating rate and two 12-month options. Constructed in 1940 and gut-renovated in 2015, the 141,350-square-foot property features 156 apartments. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows. Building amenities include a furnished rooftop deck, a fitness center and tenant lounge, plus an interior courtyard. The gut renovation included the updating and replacing all aspects of the property from plumbing and electrical wires to refinishing and reconstructing all visible surfaces (floors, walls, ceilings, kitchens and baths). Ronnie Levine and Jeff Berkes of Meridian’s New York City office originated the loan.
BINGHAMTON, N.Y. — Arbor Commercial Mortgage has provided a $12.2 million loan for a multifamily property in Binghamton. The 716-unit property received the financing through Arbor Realty Trust’s Bridge product line. Alex Kaushansky of Arbor’s New York City office originated the loan.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building apartment property located at 270-274 E. Second St. in Brooklyn. The 12-unit property sold for $3.6 million. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn’s office represented the seller, a private investor, and the buyer, a REIT, in the transaction.
NEW YORK CITY — An undisclosed buyer has acquired a mixed-use building located at 1902 Church Ave. in Brooklyn’s Flatbush neighborhood. The corner property sold for $3.3 million, or $357 per square foot, in an all-cash transaction. The three-story, 9,250-square-foot building features nine rent-stabilized apartments and three commercial units. Richard Velotta of Cushman & Wakefield handled the transaction. The name of the seller was not released.
GRAND PRAIRIE, TEXAS — ARA Newmark has arranged the sale of Towns of Riverside, a 436-unit, Class A apartment property located in Grand Prairie. Irvine, Calif.-based Bascom Group was the buyer, and the company plans capital improvements on the property. Towns of Riverside was 96.5 percent occupied at the time of sale. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy and Brian O’Boyle, Jr. led the sales effort on behalf of Irvine, Calif.-based Passco Cos. Jamie Leachman of NGKF Capital Markets arranged debt financing on the deal. Towns of Riverside was constructed in 1999 and its average unit size is 997 square feet. Community amenities include a swimming pool, jogging trail, recreational area with sand volleyball, tennis and basketball courts and a fishing pier.
