NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building portfolio in Brooklyn. A long-term investor purchased the assets for $24.1 million from a local seller. The portfolio includes 256 E. 37th St., 2902 Cortelyou Road, 3613 Avenue D and 414 East 34th St. The portfolio features 164 apartment units and six commercial units. David Berger of Rosewood Realty represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 533 W. 142nd St. in New York City’s West Harlem neighborhood. The seven-unit building sold for $2 million. The property has been completely renovated to turnkey condition and is now 100 percent free market. Peter Von Der Ahe, Scott Edelstein, Matthew Fotis and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
SAN FRANCISCO — Oyster Development Corp. and Tricon Capital have broken ground on Rockwell, a 260-unit condominium development in the Pacific Heights neighborhood of San Francisco. The twin, 13-story towers will be located at 1634-1690 Pine Street. The development will include a 4,000-square-foot, ground-floor retail component and one level of below-grade parking for 201 cars. The first tower is scheduled for completion in July 2016. Sales will commence next April. JLL’s John Manning and Alex Witt secured $143.5 million in construction financing for the project. It was provided by National Real Estate Advisors.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has brokered the $33.1 million sale of Springs at Trussville, a 328-unit apartment community located at 3539 Mary Taylor Road in Birmingham. Jimmy Adams of MHA’s Birmingham office represented the seller, Continental 166 Fund LLC, in the transaction. The buyer was Somerset Partners LLC. Built in 2007, the gated apartment community features a clubhouse, car care center, 24-hour fitness center, resort-style pool and a business center with free WiFi and computer access.
WEST COVINA, CALIF. — StarPoint Properties has purchased the 259-unit Lafayette Parc Apartments in West Covina for $51.7 million. The community is located at 624 South Glendora Ave. Lafayette Parc was built in 1964. It is currently 97 percent occupied. Community amenities include seven pools, a fitness center, tennis and basketball courts, on-site laundry, barbecues and a picnic area. The renovation will focus on many common-area upgrades. The community will receive a new leasing office, an upgrade and expansion of the main pool, including cabanas and a new barbecue/lounge area, a new spa, a new fitness center to overlook the pool, a sand volleyball court, resurfacing of the existing basketball and tennis courts, and the installation of a soccer field, dog park and theatre. Lafayette Parc’s seller was not named.
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Kent Apartments, a 59-unit apartment complex located in Garland. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Denninger also procured the buyer, an individual/personal trust. Kent Apartments is located at 3810 W. Walnut St., less than three miles north of I-635. The complex features 18 one-bedroom units and 31 two-bedroom units. Floor plans range in size from 625 to 825 square feet. The complex is pet friendly and includes a gated playground for children.
LANSING, MICH. — Princeton Enterprises has purchased Lansing Tower Apartments in Lansing for $3.6 million. The apartment community, located at 610 W. Ottawa St., includes 140 studio, one-, two- and three-bedroom units. Cary Belovicz of Commercial Property Advisors brokered the deal on behalf of the private seller. The new owner plans to renovate the exterior of the building, make plumbing improvements and add a new swimming pool deck, fitness center, resident lounge and lobby with a new WiFi beverage café. The property was built in 1968.
NASHVILLE, TENN. — Embrey Partners has begun construction on The Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. The project will be located adjacent to First Tennessee Park, the new home of the Nashville Sounds, as well as a future library and archive campus. The four-story property will feature one- and two-bedroom units ranging from 599 to 1,704 square feet with rental rates ranging from $1,378 to $3,300 per month. The property will feature a 7,500-square-foot clubhouse with a fitness center, yoga studio, gaming center, presentation kitchen, private dining area, resort-style pool, grilling station, outdoor fireplace and a concierge system. The design team includes general contractor Embrey Builders, property manager Embrey Management Services, architect BGO Architects and engineer Littlejohn Engineering. Embrey Partners plans to deliver The Carillon in spring 2016.
JACKSONVILLE, FLA. — CBRE has brokered the sale of two multifamily communities in Jacksonville spanning 552 units. Olympus Property Management purchased the two adjoining properties from Atlanta-based Cortland Partners for $62 million. The communities include Mirador at River City located at 13100 Broxton Bay Drive and Stovall at River City located at 13000 Broxton Bay Drive. Brian Moulder and Dhaval Patel of CBRE represented Cortland Partners in the transaction.
LOS ANGELES – A 33-unit apartment building in Los Angeles has sold to Unison Investment Company for $8.1 million. The community is located at 1154 Bellevue Ave. in the Echo Park neighborhood. It was built in 2008. Unison Investment was represented by John Chu of New Life Properties. The seller, Bellevue Development Ventures, was represented by Michel Hibbert of Charles Dunn Company.
