TACOMA, WASH. – The 41-unit Emerson Apartments in Tacoma has sold to an unnamed buyer for $2 million. The community is located at 902 South Fawcett Ave. It was built in 1917. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented both the buyer and seller in this transaction.
Multifamily
SAN ANTONIO — Dougherty Mortgage has brokered a $4.2 million Fannie Mae loan for the acquisition of Windsor Village Apartments, a 124-unit multifamily housing property located at 5341 Gawain Drive in San Antonio. The complex features one- and two-bedroom units with a community pool and clubhouse. The 10-year term, 30-year amortization loan includes one year of interest-only payments. Dougherty’s Dallas office arranged the loan for the borrower, 5341 Gawain LLC.
HOUSTON — Morgan has completed construction on Pearl Midtown, a midrise apartment project in Houston. The property sits on 1.2 acres at 3101 Smith St. in the city’s Midtown district. Wallace Garcia Wilson is the project’s architect. Pearl Midtown contains 154 apartments ranging from 499 to 1,439 square feet with a mix of studio, one- and two-bedroom units. Amenities include a business center, gym and swimming pool.
PORT JEFFERSON, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has approved benefits to a proposed 74-unit rental apartment complex in Port Jefferson. Port Jefferson-based Rail Realty LLC is planning to construct a two-building, 74-unit rental apartment at the northeast and southeast corners of Texaco Avenue and Linden Place. The complex will feature studio, one- and two-bedroom apartments with rents ranging from $1,400 to $1,975 per month. The IDA has approved economic incentives for the development. The project will create 69 construction jobs and five permanent positions.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Suncrest Apartments, a 140-unit community located in west Indianapolis. The property was built in 1986 and is located just inside I-465 about fifteen minutes west of the downtown central business district. The community is also near the Indianapolis International Airport. Tikijian Associates represented the seller, JVM Realty Corp., a privately held real estate investment and management firm based in Oak Brook, Ill. JVM’s portfolio consists of more than 7,000 units in four Midwestern states. ?A Geneva, Ill.-based investment group purchased the property for an undisclosed price. The buyer plans to upgrade the kitchens and bathrooms in the units to include granite counter and vanity tops, upscale flooring and appliances.
CHANDLER, ARIZ. – MIG Real Estate has acquired the 234-unit Symphony Apartments in Chandler for $35.5 million. The community is located at 2225 W. Frye Road. Symphony was built in 1999. Amenities include two resort-style pools with a spa, wood-burning fireplace, veranda with bar seating and televisions, and barbeque grills; clubhouse with wet bar, coffee station, and conference room; and a fitness center with a private yoga room.
AUSTIN — Muskin Commercial LLS has arranged the sale of the 124-unit Summer Grove Apartments located at 7905 San Felipe Blvd. in northwest Austin. Summer Grove sits on 5.4 acres and was acquired by a private investment group from Chicago. Ellen Muskin and Daniel Elam with Muskin Commercial represented the seller, California-based CREVI II Summer Grove LLC. The apartments consist of 68 one-bedroom units and 56 two-bedroom units. There are eleven buildings on-site with amenities including a pool and clubhouse. Roscoe Properties, of Austin, will manage the property.
JACKSONVILLE, FLA. — CBRE has secured a $27.4 million acquisition loan for The Waterford at Mandarin Apartments, a 232-unit apartment property at 11247 San Jose Blvd. in Jacksonville’s Mandarin submarket. The property, built in 1990, features one- to three-bedroom units averaging 1,065 square feet. The community’s amenity package includes two swimming pools, racquetball and tennis courts, a laundry center, playground, fitness center, dog park and sand volleyball court. Christian Lee, Christopher Apone and Charles Foschini of CBRE’s Debt & Structured Finance group arranged the seven-year Freddie Mac loan on behalf of Norfolk, Va.-based Harbor Group International with two years of interest-only payments.
WEST MONROE, LA. — Lexerd Capital Management LLC has purchased Glenwood Townhomes, a 120-unit apartment complex in West Monroe, for an undisclosed amount. Lexerd will rebrand the property as Shadow Glen. First Choice Management Group will manage the property, which Lexerd purchased through its Lexerd Capital Partners High Yield Fund.
WESTWOOD AND RIVER VALE, N.J. — HFF has brokered the sale of a four-property multifamily portfolio totaling 276 units in Westwood and River Vale. Kushner Companies purchased the portfolio from Hartz Mountain Industries for $56.5 million. The fully stabilized portfolio includes one- and two-bedroom units averaging 798 square feet. The portfolio consists of the 103-unit Coventry Square at 20-46 Charles St. in Westwood; the 71-unit Stanford Place at 500 Center Ave. in Westwood; the 56-unit The Madison at 99 Madison Ave. in Westwood; and the 46-unit Village on the Green at 229 Collignon Way in River Vale. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Michael Oliver of HFF represented the seller in the transaction.