DALLAS — Jeff Frankel of NorthMarq Capital’s Chicago office has secured acquisition financing of $34.6 million for Aura Wycliff Apartments, a 334-unit class A multifamily property located at 4338 and 4343 Congress Ave. in Dallas. The transaction was structured with a full-term, interest-only loan. NorthMarq arranged financing for the borrower, an Illinois-based multifamily owner/manager, through its correspondent relationship with a life insurance company.
CHULA VISTA, CALIF. — RRE Bonita Glen Holdings has purchased The Villages at Bonita Glen, a 295-unit multifamily community in Chula Vista, for $49.1 million. The community is located at 240, 250, 254 and 260 Bonita Glen Drive and 72 Sandalwood Drive. The Villages was built in two phases in 1970 and 1988. It is fully occupied. Alex Mogharebi of Berkadia executed the transaction. The seller was Granite Investment Group.
TACOMA, WASH. — Hamilton Zanze & Co. has purchased the 450-unit Lakeside Landing in Tacoma for an undisclosed sum. The community is located at 1414 South Mildred St., near Washington State Route 16. Lakeside Landing was built in 1969. It features one- and two-bedroom units. The property was 95 percent occupied at the time of sale. Kenny Dudunakis and Jim Jensen of Berkadia executed the sale. The seller was not named.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 137 Frost St. in Brooklyn. The 7,500-square-foot parcel sold for $5.3 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.
NEW YORK CITY — A joint venture between Fisher Brothers, Witkoff and New Valley has broken ground on 111 Murray Street, an 800-foot residential tower in Tribeca. Designed by Kohn, Pederson Fox, the property will feature more than 300,000 square feet of condominiums, ranging from one-bedroom to five-bedroom units priced between $2 million and more than $17.5 million. The 157-residence tower will feature a 24/7 doorman and concierge, lobby, private dining room with fully equipped demonstration kitchen, landscaped private garden, 75-foot lap pool, children’s splash pool, fitness center, hair salon, teen arcade, children’s playroom and media room. Completion is slated for early 2018.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.
WILKES-BARRE, PA. — Landmark Commercial Realty/TCN Worldwide has arranged the sale of a multifamily property located in Wilkes-Barre. The 200-unit rental townhouse community, known as Marion Terrace, sold for $12.1 million. Chuck Heller and Drew Bobincheck of Landmark Commercial Realty negotiated the deal on behalf of the seller, Hanover Associates. Kingston, Pa.-based Mark Development Co. represented the undisclosed buyer in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 252 Union Ave. in Brooklyn. The four-unit property sold for $1.4 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a developer, in the transaction.
PEORIA, ILL. — Healthcare real estate firm Caddis has partnered with Pathway Senior Living LLC to develop a senior living community in Peoria. Heartis Peoria will be a 94-unit assisted living and memory care facility encompassing 97,000 square feet. Among the amenities at Heartis Peoria will be two interior courtyards, a large dining room and private dining room, an arts and crafts room and a media room. Construction is slated for completion in the fall of 2016. Caddis will own the property and Pathway Senior Living will manage the facility. The architect for the project is Austin, Texas-based KATUS, and the general contractor is McShane Construction Co. LLC, which is headquartered in Rosemont, Ill. Bank of Texas is providing construction financing.
WEST DES MOINES, IOWA — R&R Realty Group has completed the development of Sierra Pointe Apartments, a luxury community located at 7171 Woodland Ave. in West Des Moines. Sierra Pointe features an on-site saltwater pool, walk-in closets, underground heated parking, plus free Internet access. The 127-unit, three-story building is located in a convenient area near hospitals, churches, medical offices and Jordan Creek Town Center, a regional mall.
