ELLENWOOD, GA. — PointOne Holdings has sold The Oaks at Ellenwood, a 240-unit apartment community in Ellenwood, 14 miles outside of Atlanta, for $9.8 million. The real estate investment company originally purchased the property in August 2012 out of receivership for $4.5 million. The company then invested approximately $1.2 million to upgrade and rebrand the project. From August 2012 to the time of sale, occupancy moved from 65 percent to 93 percent, according to PointOne Holdings.
SANDY SPRINGS, GA. — Spirit Bascom Ventures, in conjunction with funds managed by Oaktree Capital Management LP, has purchased The Laurels at Overlook Park. The 232-unit apartment community is located along the Chattahoochee River at 415 Morgan Falls Road in Sandy Springs, a northern suburb of Atlanta. The property’s amenity package includes a large clubhouse, resort-style pool with gardens, fitness center and a trailhead leading to a hiking path through nearby Overlook Park and the Chattahoochee River. Andrew Feinberg, David Harte and Marc Schulder of Ackman-Ziff arranged acquisition financing on behalf of the buyers through Synovus Bank. JLL represented the undisclosed seller in the transaction. The new ownership is planning to renovate the property’s interiors and amenity offerings.
NEWCASTLE, WASH. – Security Properties has sold Newport Crossing, a 192-unit apartment complex in the Bellevue submarket of Newcastle, for $38.8 million. The buyer was not named. The community is located at 7311 Coal Creek Parkway SE. Security Properties acquired the community in 2012 in a joint venture with an East Coast insurance company through its Security Properties Multifamily Fund. The company implemented a substantial value-add renovation program in conjunction with its affiliated property management firm, Madrona Ridge Residential, prior to the sale. The renovation included an investment of $1.5 million to re-paint and re-roof the buildings, redesign the community pool, improve landscaping and upgrade unit interiors. Newport Crossing was built in 1990. Security Properties Multifamily Fund currently has 15 remaining multifamily properties in its portfolio. The fund launched in June 2011.
TUCKER AND CHAMBLEE, GA. — CPA: 18-Global, W. P. Carey’s non-traded REIT, has acquired a 97 percent interest in two metro Atlanta apartment communities for approximately $46 million. The two properties include the 217-unit Dupont Place Apartments in Tucker and the 227-unit Gentry’s Walk in Chamblee. Co-investment partners Silverpeak Real Estate Partners and Carroll Organization own the remaining interest in the two multifamily assets.
MESA, ARIZ. – The 113-unit Southern Ridge apartment community in Mesa has sold to an unnamed buyer for $6.5 million. The community is located at 214 North Gilbert Road. It was built in 1985. The buyer was represented by John Kobierowski of ABI Multifamily. The sellers, which consisted of multiple individuals and entities, were represented by Pete Te Kampe of Marcus & Millichap’s Phoenix office.
BURBANK, CALIF. – A 30-unit apartment building in Burbank has sold to a private investor for $8.4 million. The community is located at 1735 Peyton Ave. It was built in 1988. Warren Berzack of Berzack Investment Property Advisors and Lee & Associates-LA North/Ventura represented the buyer. He also represented the seller, another private investor, along with fellow Lee principals George Yessaie and Stephen Geiger.
NORTH PROVIDENCE, R.I. — CBRE/New England’s Capital Markets team has brokered the sale of Windsor at Brentwood, a 240-unit garden-style apartment community located in North Providence. Bower Hill Associates, an affiliate of GID Investment Advisors LLC, sold the property to Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC, for $25.8 million. Built in 1988, Windsor at Brentwood consists of 12 two- and three-story buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments. The apartments range in size from 541 to 965 square feet. At the time of the sale, 166 units had received kitchen and bathroom renovations along with community amenity upgrades. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
RED BANK, N.J. — Woodmont Properties and Metrovation have opened West Side Lofts, a luxury apartment community in Red Bank. The 92-unit property offers a mix of one-bedroom and two-bedroom units finished lofts, two-story townhomes and three-story live/work maisonettes with private roof decks. Community amenities include a rooftop lounge and outdoor deck with hot tub, fire pit and barbecue grill; a strength and cardio center; a clubroom with resident lounge; game room; business center; four sky lounges; private courtyard with seating area; electric vehicle charging station; and package concierge service. Additionally, West Side Lofts will feature 25,000 square feet of restaurant and retail shops, featuring Triumph Brewing Co.
BLOOMFIELD, N.J. — Clarion Partners has acquired Parkway Lofts, a multifamily property in Bloomfield, for more than $100 million. The seller was a joint venture comprised of Prism Capital Partners and an institutional investor. Originally built in 1897, the property is an eight-story industrial building that was redeveloped into 136 loft-style apartment units. Units feature gourmet kitchens with stainless steel appliances and quartz countertops, walk-in closets, oversized windows and in-unit washer/dryers. Onsite amenities include a two-story fitness center, rooftop deck with fire pit and ample garage parking. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE Group’s Institutional Properties team represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of 720 West 172nd St., known as 121-123 Haven Avenue, in Washington Heights. Barberry Rose Management purchased the asset from David Tseng for $8.5 million. The six-story, 36,125-square-foot multifamily building features 32 apartments. The property is in close proximity to Columbia Presbyterian Hospital, Public School 173, J. Hood Wright Park and Henry Hudson Highway. Matthew Sparks and Abram Bernstein of Eastern Consolidated represented the seller; Sparks also procured the buyer in the transaction. Ari Goodman was the attorney for the seller, while Marc Landis, Brian Beller and Karen Schwimmer of Phillips Nizer LLP served as attorneys for the buyer.
