LOS ANGELES – A 16-unit apartment complex in the Los Angeles submarket of Glendale has sold to a private family trust for $4.1 million. The community is located at 1323 N. Columbus Ave. It was built in 1927. The trust was represented by Salleh Beitollahi and Rick Raymundo of Marcus & Millichap Real Estate Investment Services.
COLUMBUS — KeyBank Real Estate Capital has secured a $22.1 million Freddie Mac loan for Polaris Place, a multifamily apartment community in Columbus. The community was built in 2014 and includes 11, three-story, garden-style apartment buildings, totaling 224 units. The property also includes 10 detached garage buildings, a leasing office and a clubhouse. Timothy Migchelbrink of Key’s Commercial Mortgage Group arranged the financing, which was used to pay off an existing KeyBank construction loan.
SAN MARCOS AND LUBBOCK, TEXAS — Vesper Holdings has purchased two student housing properties in Texas. The properties include Wildwood San Marcos in San Marcos and University Fountains in Lubbock. Wildwood San Marcos is a 132-unit, 528-bed student housing community located near Texas State University. Wildwood includes 11 three-story residential buildings and a clubhouse. Built in 2013, Wildwood currently maintains a 99 percent occupancy rate. Vesper is allocating $250,000 toward property improvements at Wildwood. These funds will be used to improve curb appeal, renovate the clubhouse and pool, and upgrade the amenities.
WACO, TEXAS — Waco City Council has unanimously approved the zoning and design of a 702-bed student housing project in the former Speight Avenue H-E-B grocery location near Baylor University in Waco. The five-story, $40 million project, which American Campus Communities is developing, would join two other nearby complexes of the same size, the View on 10th and a proposed complex, Park7, according to the Waco Tribune. The City Plan Commission recommended and approved the project, which ACC will own, by a 7-3 vote.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Pioneer House and Executive Apartments, a 146-unit apartment portfolio located in Irving. William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Ware and Jarnagin also procured the buyer, a local private investor. The seller plans to utilize the sale of the portfolio to acquire a larger asset with additional cash flow. The buyer intends to make minor improvements to the stabilized asset and improve upon the existing cash flow. Old Capital arranged financing with a Fannie Mae loan from Arbor Commercial Mortgage. Pioneer House is located at 2851 W. Pioneer Drive. Executive Apartments is located at 2700 W. Grauwyler Road. The Class C multifamily communities include 15 buildings with nine efficiency, 66 one-bedroom/one-bath, 36 two-bedroom/one-bath, 34 two-bedroom/two-bath, and one three-bedroom/two-bath floor plans. At the time of listing, both properties reported 99 percent occupancy rates.
CHICAGO — Waterton Associates LLC has acquired Pensacola Place, a 264-unit mixed-use property in Chicago’s Uptown neighborhood. The seller was undisclosed. Built in 1981, the Stanley Tigerman-designed building includes a mix of studio, one- and two-bedroom apartments, as well as 12 two-bedroom townhomes overlooking the property’s fourth-level sundeck. The property includes more than 81,000 square feet of retail space anchored by a recently renovated Jewel-Osco grocery store on the lower level of the building. Waterton will make upgrades to individual residences and also plans to update the community’s common areas. Waterton will serve as the manager for the property.
ELDORADO, ILL. — BARBERMurphy Group has arranged the sale of a 40,000-square-foot, 24-unit apartment complex in Eldorado. The asset is located at 1901 Organ St. BONLUKE Apartments purchased the property for an undisclosed sales price. Jerry Hunt of BARBERMurphy Group represented the buyer and the undisclosed seller.
BOSTON — Related Beal has unveiled its plans to develop a 239-unit affordable and workforce residential development in Boston’s Bulfinch Triangle neighborhood. The 14-story, 484,000-square-foot residential property will be part of a mixed-use development that will include a 220-key hotel, street-level retail space and on-site parking. The residential units will be restricted to and available for individuals, couples and families with qualified incomes ranging from 30 percent to 165 percent area median income. CBT Architects is providing architectural services for the project. Construction is expected to begin by December with completion slated for 2017.
HUNTINGDON VALLEY, PA. — NAI Mertz has brokered the sale of a 4.45-acre development site located on Lieberman Drive in Huntingdon Valley. First Baptist Church of Huntingdon Valley sold the parcel to Artis Senior Living for $850,000. The buyer plans to develop a 72-bed memory-care, assisted living residence on the site. Groundbreaking for the assisted living facility is slated for early summer. This facility will be the company’s fourth Artis community under construction or in operation. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the deal.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 208 Starr St. in Brooklyn’s Bushwick neighborhood. The asset sold for $1.5 million. The two-story building features four free-market residential apartments, which were delivered vacant. Matthew Cosentino and Eric Satanovsky of TerraCRG represented the undisclosed seller in the transaction. The name of the buyer was not released.