NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 168 Driggs Ave. in Brooklyn. The asset, which features six rental units, sold for $3 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a developer, and secured the buyer, a limited liability company, in the transaction.
SCOTTSDALE, ARIZ. — A joint venture between Security Properties and Intercontinental Real Estate has acquired the 539-unit Pillar at Scottsdale apartment community for $95.8M. The property is located at 17212 North Scottsdale Road in Scottsdale. The community was built in 1999. It is situated across from TPC Scottsdale, home of the PGA’s Waste Management Phoenix Open, as well as from the Fairmount Princess Resort. Pillar at Scottsdale was 96 percent occupied at the time of sale. The seller was Private Portfolio Group. The transaction was executed by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
WESTMINSTER, COLO. — The 444-unit Cascade Village apartment complex in Westminster has sold to a joint venture between Phoenix Realty Group and Real Estate Corporation for an undisclosed sum. The community is located at 6880 W. 91st Court. Cascade Village is situated just half a mile from the 105-acre Westminster Mall master-plan redevelopment that will add 1 million square feet of commercial office space to the area, along with 1.1 million square feet of retail and entertainment venues, and high-density multifamily and residential properties. The unnamed seller was represented by Shane Ozment, Terrance Hunt, Doug Andrews and Jeff Hawks of ARA Newmark.
TAMPA & CLEARWATER, FLA. — Berkadia’s Orlando and Tampa offices have arranged the sale of two Florida properties totaling nearly $53 million. Berkadia negotiated the sale and financing of Mainsail South Residences, a multifamily property located at 4711 S. Himes Ave. in Tampa. Jason Stanton of the Tampa office, along with Cole Whitaker and Hal Warren of the Orlando office, completed the sale on Sept. 10. Justin Ownby of the Tampa office negotiated the $25 million acquisition loan through Berkadia’s Fannie Mae Program. The sellers were Mainsail Villas II LLC and Mainsail Villas Holdings LLC of Tampa. Avesta Acquisition LLC, of Tampa, was the buyer and plans to renovate the property’s interior, exterior and common areas. The 10-year loan features a 2.6 percent floating interest rate and a 30-year amortization schedule. Mainsail South Residences is a 319-unit property built in 1984. Unit amenities include fully equipped kitchens, ceiling fans, cable and Internet access, washer and dryer units, vaulted ceilings and patios or balconies. Select units have fireplaces. Community amenities include a swimming pool, Jacuzzi, sun deck, laundry facility, business center, clubhouse, recreation room, extra storage space and secured access gating. The property is 95 percent occupied and is located on a …
NEW YORK CITY & ATLANTA — Colliers International Group has acquired Colliers International Atlanta. The current shareholders of Colliers Atlanta will continue to retain equity in the business under Colliers’ unique partnership model. Terms of the transaction were not disclosed. Founded in 1967, Colliers International Atlanta offers a full range of services for commercial real estate owners and occupiers. Comprising more than 250 professionals, Colliers International Atlanta provides investment sales, lease brokerage, capital markets, property management and project management to local, regional, national and international clients.
FORT WORTH, TEXAS — Olympus Property has acquired Alexan Arts, a Class A mid-rise apartment community situated on over 3.5 acres and including 368 units. Built in 2015, Alexan Arts offers amenities including a clubhouse with social lounge, swimming pool with outdoor grills and TVs, poolside cabanas, three fireside lounges and a fitness center. Situated in the Dallas Arts District, the property is positioned near the Dallas central business district. Floor plans include quartz countertops, stainless steel appliances, 10-foot ceilings, tile backsplash, private balconies and optional Sonos audio system and private yard upgrades. Alexan Arts is the third property to be added to Olympus Property’s fifth fund, WW Olympus Property V LLC.
GARLAND, TEXAS — Greysteel has arranged the sale of Orchard Hills, a 50-unit multifamily community in Garland. Greysteel’s Texas multifamily investment sales team of Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss represented Meadows Denison Investments LLC in the sale of Orchard Hills to Oyster Rock LLC. Located along West Kingsley Road, Orchard Hills is a garden-style community featuring 24 one-bedroom units and 26 two-bedroom, two-bathroom units. The property offers residents a blend of urban amenities and outdoor activities with a playground, 1.6 miles of trails, a disc golf course, baseball and soccer fields, as well as swimming and recreation at Audubon Park.
ANN ARBOR, MICH. , COLUMBIA, MO., AND AMES, IOWA — The Opus Group has completed the development of three luxury, off-campus student housing projects. The projects are ArborBLU near the University of Michigan in Ann Arbor; District Flats near the University of Missouri in Columbia; and The Foundry near Iowa State University in Ames. Opus Development Co. was the developer, Opus Design Build was the design builder, and Opus AE Group was the architect and structural engineer of record for all three projects. Minneapolis-based Elness Swenson Graham Architects Inc. was the design architect for The Foundry and District Flats, and J. Bradley Moore & Associates was the design architect for ArborBLU. All three of the luxury apartments feature a variety of amenities including fitness centers, study lounges, clubrooms, garage parking, tanning and other shared community spaces. Residents of the new buildings will also have access to in-unit washers and dryers, granite countertops, stainless steel appliances and flat-screen televisions in the fully furnished apartments. ArborBLU was built on top of an existing Pizza House restaurant, which stayed open throughout construction. The 13-story student housing complex features 242 beds. In addition to the amenities described, the building also has a rooftop terrace …
INDIANAPOLIS — Trinitas has broken ground on The Collegiate, a 193-unit, 669-bed student housing project that will reside on 2.8 acres of land in downtown Indianapolis and serve students of Indiana University–Purdue University Indianapolis. The project will feature a mix of one-, two-, three- and four-bedroom apartments. Each fully furnished unit will include bedrooms with private bathroom suites, walk-in closets, a washer and dryer unit and high-speed Internet with wireless capabilities. The complex, designed by Ratio Architects, includes two buildings ranging from five to 11 stories and is anticipated to open in August 2017. It will include 3,100 square feet of retail space and 370,000 square feet of amenities, including a five-level parking garage, outdoor courtyard with a basketball court, and resort-style pool and sundeck with water volleyball and grilling stations. Student residents will have access to a 5,196 square foot, all-inclusive clubhouse featuring a fitness center, free tanning, a computer café, private study lounges, gaming stations and large-screen TVs.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a package of 13 multifamily buildings located in the Bronx for $90 million, or $160 per square foot. In total the portfolio features 612 units and a gross area of approximately 553,304 square feet. The properties are 1685 Morris Ave., 1704 Morris Ave., 1711 Morris Ave., 1715-1717 Walton Ave., 1727-1729 Walton Ave., 1165 Gerard Ave., 1170 Gerard Ave., 1236 Grand Concourse, 2226 Loring Place, 2322 Loring Place, 2333 Loring Place, 2442 Morris Ave. and 4138 Barnes Ave. Victor Sozio, Shimon Shkury, Michael Tortorici, Scot Hirschfield, Jason Gold and Marko Agbaba of Ariel Properties represented the sellers, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, and procured the buyer, a private investor, in the transaction.