PHOENIX – City 15, a 161-unit apartment complex in Phoenix, has sold to Retirement Concepts for $10.8 million. The 26-building complex is located at 4728 N. 15th Street. The community was built in 1969. It was 96 percent occupied at the time of sale. The seller, Mica Creek-Sagamore Capital Partners, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
Multifamily
PANORAMA CITY, CALIF. – The 16-unit Villa De Fano Apartments in Panorama City has sold to a buyer in a 1031 exchange for $2.8 million. The community is located at 9413 Van Nuys Blvd. It was built in 1987. The buyer was represented by Joshua Levy and Matthew Dobson of Newmark Grubb Knight Frank. The private seller was represented by Warren Berzack and Slavic Zlatkin of Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates.
ASHEVILLE, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of the historic Kenilworth Inn Apartments in the Biltmore Village in Asheville. The 93-unit multifamily community was fully occupied at the time of the sale. The apartment community, originally built in 1892 and renovated in 2003, is listed on the National Register of Historic Places. Austin Green and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented the seller, Kenilworth Apartments LLC, in the transaction. Saratoga Capital LLC was the buyer.
DES MOINES, IOWA — Hubbell Realty has opened 7th Street Brownstones, a $6.8 million multifamily community in downtown Des Moines. 7th Street Brownstones features 34 two-story, three-bedroom rental townhomes. The development is located at 325 SW 7th St. Features in the brownstones include walk-in closets, stainless steel appliances, washers/dryers, granite countertops, two-car garages and rooftop patios. Hubbell Realty hosted a grand opening for the new community on Tuesday, July 1. Twenty-two of the brownstone units are complete and leased. The remaining 12 are under construction. Hubbell Construction Services is the contractor, while Hubbell Apartment Living will manage the property.
NEW YORK CITY — GFI Realty Services has brokered the sale of 375 Edgecombe Avenue, a five-story walk-up apartment building in Manhattan’s Sugar Hill neighborhood. A local investor purchased the property for $2.34 million or $146,000 per unit, which translates to 10 times rent roll. Built in 1946, the 12,905-square-foot building features 16 units and is within walking distance to retail, restaurants and the 145th Street and 155th Street subway stations. Daniel Shragaei of GFI represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.
DALLAS AND SAN ANTONIO — Presidium Group LLC has purchased two multifamily properties in Texas, adding to its portfolio of more than 9,000 apartment units. The Dallas-based company has purchased Quarters, a 208-unit apartment complex located at 6415 Melody Lane in Dallas. Presidium will renovate Quarters with interior renovations that include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior improvements will consist of aesthetic improvements to amenity areas, the leasing center, property and building signage, and new siding and paint. Presidium has also purchased Sentinel Pointe, a 91-unit complex in San Antonio, located at 1235 E. Mulberry Ave. Its value-add renovations will include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior upgrades will improve the building exteriors, amenities and common areas, including the leasing center.
CORONA, CALIF. – A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired the Springs Apartments, a 320-unit apartment complex in Corona, for $43.2 million. The garden-style community is located at 650 Ebbcreek Drive. The Springs contains 20 buildings that were constructed in 1987. The joint venture is looking to acquire $250 million in value-added multifamily properties throughout the U.S. Debt for the Springs was arranged by CBRE’s Brian Eisendrath through OneWest Bank.
LAKEWOOD, N.J. — Gebroe-Hammer Associates has arranged the two multifamily property sales totaling $38.3 million in Lakewood. In the first transaction, The Crest at Washington Square, a 144-unit residential property located at 415 Cedar Bridge Road, sold for $26 million. Built in 2006, the building features a mix of one- and two-bedroom/one-bathroom units and two- and three-bedroom/two-bathroom layouts. Also included in the sale was a two-story, 17,516-square-foot retail and office building, which has a fully occupied ground-floor retail center. Joseph Brecher of Gebroe-Hammer represented the seller and procured the buyer in the transaction. In the second transaction, the 72-unit Shenandoah Village, located at 102 Susan Dr., sold for $12.3 million or more than $173,000 per unit. Built in 2000, the property features one- and two-bedroom floorplans with central air conditioning, washer/dryer, and a balcony, deck or patio. Community amenities include an outdoor barbecue area, playground and 160 parking spaces. Brecher represented the seller in the transaction, while Debbie Pomerantz of Gebroe-Hammer procured the buyer.
DOYLESTOWN, PA. — Doylestown-based Zencorr Properties has acquired Center Square Towers, a 35-unit apartment complex in Doylestown. AIMCO sold the property, which is located at 555 N. Broad St., for $31.5 million. The buyer has a capital campaign planned for the property to refresh the units and common areas. Adam Gillespie of SSH Real Estate represented Zencorr in the transaction. The company purchased the property with 1031 funds.
NEW YORK CITY — TerraCRG has arranged the sale of 55 St. Nicholas Street in Brooklyn’s Bushwick neighborhood. Located between Starr Street and Willoughby Avenue, the 5,832-square-foot, six-unit multifamily property sold for $1.6 million or $266,667 per unit. The property features three newly renovated units each comprising three bedrooms and two bathrooms. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller in the transaction.