GLENDALE, CALIF. — NAI Capital has brokered two multifamily property sales in Glendale for a combined $24.8 million. The Sirott family trust acquired both Villa Geneva Apartments, a 36-unit property located at 1304 E. California Ave.; and Villa Monaco Apartments, a 49-unit property located at 1234 E. California Ave. Glendale Villa Geneva sold Villa Geneva, which was constructed in 1987 for $9.3 million; while Villa Monaco Ltd. sold Villa Monaco, which was constructed in 1988, for $15.5 million. Jesus Henao of NAI Capital represented the Sirott family trust in the transactions.
Multifamily
KING OF PRUSSIA, PA. — A joint venture between Morgan Properties and The Olayan Group has acquired a 2,671-unit multifamily portfolio from Berkshire Property Advisors for $309 million. The portfolio consists of nine apartment communities in the Maryland-Washington, D.C., corridor and Newport News, Va. The largest community in the transaction is the 606-unit Harbor Place in Fort Washington, Md. CBRE represented the seller in the transaction. The buyers plan to implement a portfolio-wide renovation program and amenity upgrades. Morgan Properties also plans to hire a number of Berkshire employees in the near future. This is the second transaction this year between Morgan Properties and Berkshire.
WASHINGTON, D.C. — HFF has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit apartment community located at 4660 Martin Luther King Jr. Ave. S.W. in southwest Washington, D.C. The property consists of two components: the 385-unit Vista at Wingate, which is composed of three high-rise buildings, and the 329-unit Gardens at Wingate, a garden-style community. Brenden Flood, Cary Abod, Alan Davis, Dave Nachison and Bret Thompson of HFF arranged the debt and equity financing on behalf of the borrower, CIH Ventures Inc. HFF arranged a $27.6 million, 10-year Fannie Mae loan through M&T Bank, along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals and $1.5 million from a CIH private syndicate.
ALEXANDRIA, VA. — The Greysteel Co. has brokered the sale of Mount Vernon Apartments, a boutique apartment property in Alexandria’s Del Ray neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Latitude 38 Realty LLC, in the transaction. The buyer was 3310 Mt Vernon Ave LLC.
NEW YORK CITY — Bridgewater, N.J.-based Kushner Real Estate Group (KRE) and Hoboken, N.J.-based Ironstate Development Company have completed the disposition of a development site at 241 Fifth Avenue in Manhattan’s Madison Square neighborhood. Victor Homes acquired the 132,000-buildable-square-foot site for $99 million. KRE purchased three adjacent buildings and spent the last few years acquiring air rights to develop a luxury condo building. KRE and Ironstate engaged Hollwich Kushner (HWKN) to design the property, but ultimately decided to sell the site at the corner of Fifth Avenue and 30th Street. Yoav Oelsner and Glenn Tolchin of JLL brokered the transaction.
NEW YORK CITY — ABJ Properties has closed on the acquisition of Manhattan Avenue Portfolio, a 12-building multifamily portfolio totaling 101 units. ABJ Properties, run by Ben Soleimani and Joe Soleimani, purchased the portfolio for $14.5 million. The properties are located at 492, 496, 498, 500, 506, 508, 510 and 514 Manhattan Avenue; 317 West 120th Street; and 301, 309 and 312 West 121st Street. Ira Zlotowitz and Meir Kessner of Eastern Union Funding arranged $9.5 million in financing for the acquisition. The loan, which was provided by Customers Bank, covers 80 percent of the buildings’ value and features a 3.75 percent rate without recourse.
WANTAGE, N.J. — Gebroe-Hammer Associates has arranged the sale of The Regency at Sussex, a garden-style multifamily complex located at 10 Layton Road in Wantage. The seller, a limited partnership that included private investor Michael Halpern, sold the property to an undisclosed buyer for $6.75 million. Built in 1975, the 100-unit multifamily property features a mix of one- and two-bedroom residences ranging in size from 850 to 950 square feet. The residential units feature spacious closets, eat-in kitchens and separate living and dining areas. Community amenitites include a playground and laundry facilities. Stephen Tragash of Gebroe-Hammer represented both parties in the transaction.
LONG BEACH, CALIF. — Meta Housing Corp. has broken ground on Long Beach & 21st Apartments, a $16.4 million, 41-unit seniors housing property in Long Beach. To be located at 2114 Long Beach Blvd., the affordable housing complex will offer one- and two-bedrooms residences for adults ages 55 and older. Amenities will include a community activity room, community kitchen, library and rooftop deck. Meta Housing is partnering with PATH Ventures in the development of the project. PSL Architects has designed the facility to achieve LEED Silver certification. Bank of America provided construction financing and equity for the project. Completion is slated for the summer of 2015.
BOCA RATON, FLA. — HJ Sims has raised roughly $214 million for a start-up continuing care retirement community (CCRC) in Boca Raton known as Sinai Residences of Boca Raton. The property is located on the campus of the Jewish Federation of South Palm Beach County. The resort-style CCRC features 237 independent living units, 48 assisted living units, 24 memory care units and 60 skilled nursing suites. Federation CCRC Operations Corp. is the property’s developer, owner and manager. HJ Sims structured $120.7 million of tax-exempt fixed-rate bonds, $69 million of Entrance Fee Principal Redemption Bonds and $24.1 million of Draw Down Bonds. Sinai Residences of Boca Raton is slated to open in 2015. The project team includes development and marketing consultant Greenbrier Development, manager Life Care Services and architect Perkins Eastman.
FORT LAUDERDALE, FLA. — Stiles Construction has topped off construction on Elan 16Forty, a 261-unit luxury apartment community at 1640 E. Sunrise Blvd. in downtown Fort Lauderdale. Greystar owns the project and will operate it upon completion in September. Elan 16Forty will feature one-, two- and three-bedroom units ranging in size from 686 to 1,599 square feet. The community will feature 2,300 square feet of ground-level retail space, a gourmet demonstration kitchen, community room, business center, game room, resort-style swimming pool, sun deck with cabanas, outdoor grilling stations and a rooftop terrace.