COLORADO SPRINGS, COLO. – The 168-unit Hill Park apartment complex in Colorado Springs has sold to Shefflin Investments LLC for $5.9 million. The community is located at 360 N. Murray Blvd. It was 95 percent occupied at the time of closing. Hill Park was originally built in 1972. The seller, Hill Park Associates, was represented by ARA Colorado’s Kevin McKenna, Ken Greene and Saul Levy.
Multifamily
WASHINGTON, D.C. — HFF has arranged the sale of The Woodley, a 212-unit multifamily high-rise building recently constructed in Washington, D.C.’s Woodley Park neighborhood. TIAA-CREF purchased the asset from The JBG Cos. and CIM Group for an undisclosed amount free and clear of existing debt. The property, located at 2700 Woodley Road N.W., has studio through three-bedroom units averaging 1,119 square feet each. The property’s amenity package includes a courtyard with reflecting pool, infinity edge swimming pool, rooftop lounge and clubroom with catering kitchen, library and fitness center. Dave Nachison, Alan Davis, Brenden Flood and Bret Thompson of HFF represented the sellers in the transaction.
MINNEAPOLIS — NorthMarq Capital has arranged a $35 million loan to refinance Flux Apartments, a 216-unit multifamily property in Minneapolis. The Class A asset is located at 2838 Fremont Ave. South. NorthMarq arranged financing for the borrower, AFL-CIO Building Investment Trust through its correspondent relationship with Allianz Life Insurance Co. of North America.
FREEHOLD AND ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered two multifamily transactions totaling $8.95 million in New Jersey. In the first transaction, Steven Follman, Joseph Brecher and Elimelech Herskowitz of Gebroe-Hammer arranged the sale of Monmouth Pines, which is located at Eight Monmouth Ave. in Freehold. The four-building, 40-unit apartment property sold for $4.7 million. In the second transaction, Follman negotiated the $4.25 million sale of Grand Regency Condominiums in Asbury Park. Located at 315-410 Eighth Ave., the two-building property features nine studio, 31 one-bedroom and 10 two-bedroom units.
NEW YORK CITY — GFI Realty Services has brokered the sale of a package of residential condo units at 2781 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The condo package sold for $6.5 million or $155,000 per unit. The package includes 42 unsold residential condo units, three community facilities, a laundry room, an antenna and 11 parking spaces. The units consist of 20 free market and 22 rent-stabilized apartments. Constructed in 1957, the 69,586-square-foot building is located near the Neck Road and Sheepshead Bay subway stations. Erik Yankelovich of GFI represented both the seller and buyer, both of which are local investors, in the transaction.
SAN ANTONIO — Transwestern’s Austin-based Multifamily Capital Markets Group has brokered the sale of the Springwood Apartments in San Antonio. Springwood, developed in 1984, is a 176-unit residential community that went through foreclosure in March 2012. The property is located at 1400 Gardina St. in the Northeast submarket. Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Florida-based Ocwen. Calton Investments, a Texas-based multifamily investment firm, acquired the property for an undisclosed price. Approximately 80 percent of Springwood’s units recently received interior upgrades ranging between $3,000 and $5,000 per unit.
HOUSTON —Marcus & Millichap has arranged the sale of White Oak Apartments, a 77-unit apartment building located at 2222 White Oak Drive in Houston. Juan Cuevas, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a subsidiary of Brightside Properties. Greystar, the buyer, plans to demolish the existing building and build a new mid-rise apartment building.
LAKEWOOD, COLO. — The Radco Companies has acquired the 512-unit Parc Belmar apartment community in Lakewood for $95.3 million. The community is located at 7301 W. Ohio Ave. in the southwestern suburb of Denver. It sits adjacent to the Downtown Belmar district, a 22-block retail and entertainment destination. This is the largest multifamily transaction in Colorado so far this year, according to Radco. It is also the real estate opportunistic investment firm’s first acquisition in Colorado. Radco plans to reposition the property. The efforts would include renovating the 27,000-square-foot clubhouse and leasing center, as well as upgrading the unit interiors with high-end finishes. The company also plans to rebrand the property as Ashford Belmar. Radco’s portfolio now includes more than 6,500 multifamily units in five cities across the Southeast and the Midwest. This latest acquisition was financed through a mixture of Freddie Mac debt, preferred equity from the Related Companies and Radco’s own privately funded equity.
SALT LAKE CITY – A joint venture between Grey Oak LLC and Wasatch Advantage has acquired six parcels totaling 1.5 acres in Downtown Salt Lake City. The purchase price was not disclosed. The JV will use the land to develop Encore, a 189-unit apartment community. The new Class A community will be located on the north side of 400 South between Denver Street and 500 East. The transaction was executed by Mark Jensen and Greg Ratliff of Newmark Grubb ACRES. The seller was not named.
LOS ANGELES – The 25-unit G6 Apartments in Los Angeles has sold to a private investor for $3.9 million. The student housing facility is located at 1188 W. 36th Place, just one block from the University of Southern California’s (USC) main campus. It was built in 2009. The seller, G6 Apartments LLC, was represented by Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office.