LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.
GROVE CITY, OHIO — Hamilton Point Investments LLC has acquired Collier Park, an apartment property in Grove City, about 10 miles southwest of Columbus. The purchase price was $14.6 million. Built in 2001, Collier Park is a 232-unit apartment complex located directly off I-71 and I-270. Collier Park features one- and two- bedroom apartment homes with lake views and a variety of amenities including fully equipped kitchens, washer/dryer connections, air conditioning and spacious closets. Hamilton Point Investments, based in Old Lyme, Conn., has plans to make modest interior and exterior upgrades at the property over the coming year. George Skaff of ARA Newmark represented the seller, Champion Cos., in the transaction.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …
DENVER — A local multifamily investor has purchased a 20-unit apartment building in Denver for $2.8 million. The community is located at 833 Dexter St. The new investor also owns a few other properties within the same neighborhood. Matt Lewallan and Kevin Calame of Pinnacle Real Estate Advisors represented the buyer.
TROY, MICH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the sale of Somerset Park Apartments, a 2,226-unit, garden-style apartment community, for an undisclosed price. The apartment complex is located at 1911 Golfview Drive in Troy and is adjacent to Somerset Collection, a 1.4 million million-square-foot mall with more than 180 specialty stores. Major employers in the area include Bank of America, Delphi Corp., and ThyssenKrupp. All the apartments feature spacious kitchens with frost-free refrigerators and dishwashers, ceramic-tiled baths, large closets, window treatments, private patios/balconies, air-conditioning and individual alarm systems. Steve Witten and Victor Nolletti of IPA Northeast and Florida, along with Paul Davis and Andrew Daitch of Marcus & Millichap’s Detroit office, represented the seller and procured the buyer.
SEGUIN, TEXAS — Dougherty Mortgage LLC has secured a $4 million Fannie Mae loan for the refinancing of Early Bird Townhomes, a 104-unit multifamily affordable housing property located in Seguin. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin office arranged the financing on behalf of the borrower, Seguin Housing Partners Limited. Early Bird Townhomes offers two-, three- and four-bedroom units with full-size washer and dryer connections and energy-efficient design throughout the units. The property includes a clubroom and playground.
WINOOSKI, VT. — Nedde Real Estate, Redstone and Youkel Architecture + Development have completed the development of Riverrun Luxury Apartments in Winooski, with a ribbon cutting ceremony scheduled for Thursday, August 13. Located at 110 Winooski Falls Way, the property consists of 56 units in a mix of one- and two-bedroom layouts. The apartments feature nine-foot ceilings; river, city and nature preserve views; energy-efficient, triple-glazed windows; designer kitchens; washer/dryers; and air conditioning. On-site amenities include a fitness center, lobby with seating lounge, covered parking and heat/hot water included in the rent.
PALM BAY AND MELBOURNE, FLA. — Berkadia has brokered the $47 million sale of a three-property multifamily portfolio in Palm Bay and Melbourne. Agawam, Mass.-based Deancurt Melbourne LLC purchased the portfolio from Denver-based HC II LP for roughly $85,454 per unit. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia brokered the transaction. The three communities include the 112-unit Malabar Lakes in Palm Bay, the 300-unit Grand Oaks at the Lake in Melbourne and the 138-unit Park Village in Melbourne.
TAMPA, FLA. — Atlanta-based Pollack Shores Real Estate Group has begun construction on Havana Square, a new 274-unit luxury apartment community in south Tampa. Located in North Hyde Park on Rome Avenue, the property will feature a resort-style pool with fountains and cabanas, a fitness center, yoga room, courtyard with an open lawn, bocce ball court, sitting areas, fire pits and a parking garage. The one-, two- and three-bedroom units in Havana Square will include high-end finishes such as quartz and granite countertops, plank flooring, pendant lighting, stainless steel appliances and under mount sinks. Pollack Shores expects to have the first units available for rent in summer 2016 with final completion expected in early 2017. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.
