NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily property located at 15-21 Crooke Ave. in Brooklyn’s Prospect Park South district. A local investor acquired the property for $14.2 million, or $264,000 per unit, in an off-market transaction from an undisclosed buyer. The six-story elevator building features 54 residential units. Erik Yankelovich of GFI Realty represented the buyer in the transaction.
LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.
COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.
SEATTLE — The 92-unit Sunset Electric apartment community in Seattle has sold to ASB Real Estate for $41.7 million. The community is located at 1111 E. Pine Street. It features an open-air interior courtyard and a rooftop deck. Sunset Electric is one of the few LEED-Platinum apartment communities in the Pacific Northwest. The seller, the Wolff Companies, was represented by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
SEATTLE — ASB Real Estate has acquired the 108-unit REO Flats in Seattle for $47.1 million. The community is located at 1525 14th Ave. It features high-end finishes, a rooftop deck, skyline views and a preserved, historic brick façade. The sellers were Madrona Real Estate and Glenmont Capital Management. The sale was executed by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
WEST CHESTER, PA. — Rittenhouse Capital Advisors has provided $8.2 million in long-term, fixed-rate financing for The Chestnut Street Lofts in West Chester. The loan features an 80 percent loan-to-value, a 10-year 3.95 percent fixed rate and a 30-year amortization schedule. The borrower is StanAb LP, the project’s developer. Constructed in 2014, the 60-unit property features open floor plans, modern kitchens and bathrooms, and outdoor balconies. On-site community amenities include a community room, fitness center and on-site parking.
CHICAGO — Oak Grove Capital has arranged $27.9 million in construction financing for a 120-unit, mid-rise luxury apartment building in Chicago. The site for the market-rate apartments is located at 2211 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Principal Real Estate Investors provided the financing for the borrower, New York City-based Property Markets Group (PMG). Ryan Cahalan of Oak Grove Capital arranged the loan for the borrower.
CONROE, TEXAS — Allied Orion Group has broken ground on Harper’s Retreat, a new 216-unit apartment home community located in Conroe. Targeted to open in late 2015, Harper’s Retreat is the first multifamily luxury property being built in the Harper’s Preserve master-planned community. Allied Orion Group is the developer. Meeks + Partners designed the project. Harper’s Retreat is located at 17011 Harpers Way. With access to I-45 and Highway 242, the apartment community is near The Woodlands, area parks, Lake Conroe and downtown Houston. The property will include one- and two-bedroom units that will feature granite countertops, stainless steel appliances, wood flooring and ceramic tile. Amenities will include a swimming pool, cabanas, grilling stations, state-of-the-art wellness/fitness center, dog park, clubhouse and cyber café with Wi-Fi access.
ATLANTA — Atlanta-based developers Novare Group and Batson-Cook Development Co. have opened SkyHouse Buckhead, a 26-story luxury high-rise apartment community in Atlanta’s Buckhead submarket. The 362-unit property on Stratford Road features a rooftop amenity deck with two pools, outdoor kitchens and lounges, club room and a fitness center. The floor plans range from studio units to three-bedroom residences. The property is located two blocks from Lenox Square Mall and Phipps Plaza and is connected to the Buckhead MARTA station by a new $32 million pedestrian bridge spanning Georgia 400. The community is also adjacent to the PATH400 Greenway, a 5.2-mile multi-use trail that will connect to the Atlanta Beltline. SkyHouse Buckhead’s project team includes general contractor Batson-Cook Construction and architect Smallwood, Reynolds, Stewart, Stewart. Ackerman & Co. was the land seller and equity partner in the project, along with NGI Investments LLC and Batson-Cook Development Co. An investor account advised by the U.S. real estate business of UBS Global Asset Management provided construction and permanent financing for the project. The property is one of 14 SkyHouse-branded apartment communities in the United States.
ORLANDO, FLA. — Cushman & Wakefield has brokered the $49.6 million sale of Tortuga Bay Apartment Homes in Orlando. The Class A, 314-unit apartment property is located at 12932 Mallory Circle in Orlando’s East Orange/UCF submarket. Constructed in 2014, the property features a large clubhouse, fitness center and zero-entry pool. The interiors of Tortuga Bay’s units feature granite island countertops, built-in computer workstations, black-on-black appliances, microwave, nine-foot ceilings, crown molding, screened porches and washers and dryers in every unit. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the seller, an unnamed REIT, in the transaction. The apartment community is the first Florida property for the buyer, Tortuga Multifamily Orlando LP.
