LOS ANGELES – The 32-unit Glen Garden Apartments in Los Angeles has sold to a private investor for $5 million. The community is located at 15225 Victory Blvd. It was built in 1964. The buyer, who also owns the neighboring property, plans to remodel the asset. The unnamed seller was represented by Warren Berzack of Berzack Investment Property Advisors.
SALT LAKE CITY – The Oakridge Apartments, a 40,000-square-foot apartment complex in South Ogden, has sold to BiSkan Oakridge LLC for an undisclosed sum. The community is located at 1280 East 5850 South. Patrick Bodnar of Mountain West represented both the buyer and seller, Craigland Properties LLC, in this transaction.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Sutton Square Apartments, a 154-unit apartment property located in Hurst. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also represented the buyer, another limited liability company. Sutton Square Apartments is located at 601 Bellaire Drive. The location provides access to State Highway 10 and State Highway 183.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of The Place at Commerce, a 184-unit apartment community located in east San Antonio. The buyer was a Texas-based private investor, and the seller was a California-based partnership.
OKLAHOMA CITY — The RADCO Cos. (RADCO) has acquired Warwick West, an apartment complex located in the Northwest submarket of Oklahoma City. The 424-unit property was purchased for $31.2 million. RADCO financed the acquisition with private capital, in addition to a bridge loan from NXT Capital. Since August 2011, the company has raised more than $226 million of private equity to fund its purchases. Warwick West was originally built in 1978 on 17.4 acres in the city’s Northwest submarket. It features 16 floor plans, including 195 one-bedroom apartments, 199 two-bedroom units, 29 three-bedroom units and one five-bedroom layout. In addition, 16 of its units are townhomes. Community amenities include three swimming pools, a fitness facility, rentable event space, tennis courts and a picnic area with barbeque grills. The property is situated along the Northwest Expressway, which connects Oklahoma City residents with downtown, and is next door to the 511-bed Integris Baptist Medical Center.
FOREST PARK, ILL. — Interra Realty has brokered the $2.4 milion sale of the Forest Hall Apartments, a 39-unit apartment building located at 500 Des Plaines Ave. in Forest Park. The unit mix includes studio and one-bedroom apartments. The property is located within walking distance to the Blue Line train station and the Madison Street entertainment district. Joe Smazal and James Clough of Interra Realty represented both the undisclosed seller and the buyer.
SCARSDALE, N.Y. — Developer Amba P. Sharma has opened The Ambassador of Scarsdale, an assisted living community located at 9 Saxon Wood Road in Scarsdale. The 115-unit property features studio, one-bedroom and two-bedroom residences, a secure on-site memory care program, a fitness center, fully equipped medical offices, a restaurant, fine arts studio, full-service beauty salon and spa, a living room and lounge with fireplaces, and a business center. The project team includes Stamford, Conn.-based Perkins Eastman Architects, Jasper Design and Solutions-Advisors.
HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of Colonial Court Apartments in Hammonton. The 72-unit apartment building sold for $5.1 million. Located at 748 Bellevue Ave., the property consists of 12 buildings with 24 one-bedroom and 48 two-bedroom apartments. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the undisclosed buyer in the transaction.
ROSWELL, GA. — Greystone has closed a $64.3 million Freddie Mac loan for Park 83, a 664-unit multifamily property in Roswell, a suburb of Atlanta. Greystone provided a $60.5 million bridge loan for the acquisition of the property in 2014. Park 83 features two swimming pools, a fitness center, nature trails, tennis courts, volleyball court, dog park and a playground. As of the end of 2014, the asset was 96 percent occupied. Keith Hires and Tim Wright of Greystone closed the seven-year Freddie Mac loan, which features three years of interest-only payments and a 30-year amortization schedule. Hires and Wright closed the loan on behalf of the borrower, Cortland Partners.
ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.