LOUISVILLE, KY. — Nashville-based Elmington Capital Group has acquired Post Oak, a 126-unit apartment community located at 8000 Post Oak Place in Louisville, for $8 million. Elmington purchased the asset from Trade Street Residential. Don Murphy and Kurt Shoemaker of Cassidy Turley’s Cincinnati office represented Elmington in the transaction.
Multifamily
FAIRLESS HILLS, PA. — CBRE has brokered the sale of Hidden Forest Apartments, a 238-unit multifamily community located in Fairless Hills. TGM Associates sold the property for a New York private investor for $21.3 million or $89,496 per unit. Built in 1967, the property was fully renovated and 98 percent occupied at the time of sale. Robert Miller, John McFadden and Matt Stefanski of CBRE’s Multifamily Division in Wayne, Pa., represented the seller in the transaction.
LOS ANGELES – A 12-unit apartment building in Valley Village has sold to Venture One LLC for $6.8 million. The community is located at 5056 Laurel Canyon Blvd. in the San Fernando Valley submarket. It was built in 2011. The 1031 exchange buyer was represented by Roger Beck and Gelena Skya-Wasserman of Charles Dunn Company. The seller, Laurel Heights LLC, was represented by Peter Miller of KW Commercial.
DALLAS — Dougherty Mortgage LLC has arranged a $4.1 million Fannie Mae loan for the refinancing of Prince Hall Apartments, a 192-unit multifamily housing property in Dallas. Dougherty’s Dallas, Texas office arranged the 10-year term, 30-year amortization loan for Prince Hall LTD. Dougherty Mortgage is based in Minneapolis with offices in California, Colorado, Maryland and Texas.
MIAMI — La Belle Properties Inc. and King Ship Corp. have sold the 128-unit Miami Gardens Apartments for $8.1 million. The multifamily complex is located at 660 and 674 N.W. 117th St. in Miami. Steve Sussman of NAI Rauch Weaver Norfleet Kurtz & Co. represented the sellers in the transaction. Kris Wagnes of Keyes Commercial represented the buyer, Miami Gardens Realty LLC.
NEW YORK CITY — Besen & Associates has brokered the sale of two buildings at 110 West 111th Street and 247 West 113th Street located in Manhattan’s Central Harlem section. The pair sold for $12.6 million or $262,800 per unit, $291 per square foot. The properties total 43,344 square feet and offer 22 one-bedroom, 18 two-bedroom and eight three-bedroom apartment units. Ronnie Shaban and Amit Doshi of Besen & Associates represented the seller and the buyer, a local private investor, in the transaction. Michael Coritsidis of Coritsidis & Lambros PLLC provided legal counsel to the seller, while Anthony Bottitta of Anthony S. Bottitta PC advised the buyer.
SOUTH ORANGE, N.J. — Marcus & Millichap has brokered the sale of Village Court, a 30-unit multifamily property located in South Orange. Village Court Apartments LLC purchased the property for $3.8 million from Village Court Inc. The property is located near the city’s downtown and within walking distance to Seton Hall University and the South Orange NJ Transit Station, which serves Manhattan. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s National Multifamily Housing Group represented both parties in the transaction.
CINCINNATI — Cohen Financial has secured $12.4 million in acquisition financing for two multifamily properties located in Cincinnati. The properties include the 352-unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316-unit Towerview Apartments located at 5313 East Knoll Court. Dan Rosenberg originated the two 10-year, fixed-rate loans with a CMBS lender for the borrower, an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.
COLUMBIA, MO. — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has acquired a 656-bed off-campus student housing community near the University of Missouri, for an undisclosed sales price. Campus View Apartments features two- and four-bedroom units. The fully furnished apartment community also includes a clubhouse, swimming pool surrounded by a large sundeck, fitness center, business center and numerous sports courts. The University of Missouri master leases a specified number of beds at Campus View. Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan.
MIDLOTHIAN, TEXAS — Encore Land LLC has completed land development for its first single-family residential project, Jordan Run Estates Phase II, in Midlothian. The company also has developments underway in Coppell, Las Colinas, Fort Worth, Mansfield and Waxahachie. J. Houston Homes is the builder for the Jordan Run Estates community, with new homes available this fall. Completion of the Coppell, Mansfield and Waxahachie developments is slated for early 2015. New projects totaling 3,100 lots across the Dallas-Forth Worth Metroplex are in Encore Land’s pipeline.