NEW YORK CITY — Marcus & Millichap has brokered the sale of 343 Sixth Avenue, an 8-unit apartment building located in Brooklyn’s Park Slope neighborhood. The property sold for $5 million, or approximately $490 per square foot. Derek Bestreich of Marcus & Millichap secured and represented the buyer in the off-market transaction.
Multifamily
NEW YORK CITY — Marcus & Millichap has brokered two separate sales in Brooklyn totaling $4.4 million. Private investors acquired 764 Metropolitan Avenue, a 2,500-square-foot land parcel in Brooklyn, for $2.2 million. In the second transaction, a different group of private investors purchased 69 Havemeyer Street, an 8-unit multifamily property in Brooklyn, for $2.2 million. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the buyers and sellers in both transactions.
CASTROVILLE, CALIF. – The 22-unit Tembladera Apartments in Castroville has sold to WaveCrest Capital Management LLC for $2.4 million. The community is located at 10326 – 10526 Tembladera Street, just north of Monterey. It was built in 1990. This is the first asset WaveCrest has acquired for its own portfolio. The company intends to acquire $10 million of multifamily assets this year. WaveCrest was represented by Hap Albers of Albers Real Estate. This acquisition was carried out in partnership with a Southern California-based family office investor. The seller, a local Bay Area lender, had foreclosed on the property earlier this year.
HENRIETTA, N.Y. — NorthMarq Capital has arranged $20.5 million in refinancing for Westbrooke Commons, a multifamily property in Henrietta. Located at 6 Loden Lane, the property offers 340 apartment units. The loan has a 10-year term and a 30-year amortization schedule. Robert Ranieri of NorthMarq secured the financing through its seller/servicer relationship with Freddie Mac for the borrower, Westbrooke Associates.
BOSTON — CBRE/New England’s Capital Markets team has completed the refinance of an $8.5 million construction loan for a recently built apartment community in South Boston. Completed earlier this year, the 24-unit multifamily community consists of one four-story building with 30 covered garage parking spaces, a private roof deck and a private balcony for each unit. John Kelly of CBRE/NE worked on behalf of the borrower to arrange the permanent financing.
AURORA, COLO. – Rondell Homes has acquired the 364-unit Winridge Apartments and Townhomes in Aurora for $34.6 million. The community was built in 1986 at 2075 S. Paris Way. It was 94 percent occupied at the time of closing. Winridge is situated near the DTC Business Corridor, Fitzsimons Life Science District, Lowry and Cherry Creek. The I-225 light rail corridor is also set to open in this area in 2016. Once completed, it will provide access northbound to Fitzsimons, as well as to Denver International Airport. Rondell was represented by Jack Mason of Mason Properties. ARA Colorado’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews represented the seller, an international investment advisory firm headquartered inNew York, in this transaction.
HOUSTON — HFF has brokered the sale of a three-property multifamily portfolio in Houston. The properties include the 192-unit El Mundo Park, located at 8300 El Mundo St.; the 66-unit Plaza del Oro, located at 2700 Holly Hall St.; and the 212-unit San Marin, located at 8181 El Mundo St. Combined, the complexes’ 470 apartments were 96 percent leased at the time of the sale. All three communities are situated within two miles of the Texas Medical Center. Todd Stewart, Todd Marix, Chris Curry and Tre Banks of HFF marketed the portfolio on behalf of the seller, LeCesse Development Corp. Entities owned by JMG Realty Inc. purchased the assets.
MIAMI — Melo Group plans to develop Melody, a 36-story multifamily high-rise tower in Miami’s Arts & Entertainment District. The tower will be located at 245 N.E. 14th St., adjacent to the Adrienne Arsht Center for the Performing Arts. Melody will feature 497 luxury apartments and 8,500 square feet of ground-floor restaurant and retail space. The property will feature a fitness center, sauna, covered parking and a lounge area for residents. Construction on the project is slated to begin in June and wrap up in May 2015. The high-rise tower will be located within walking distance of the Metrorail, Miami Trolley and Metromover.
FREDERICK, MD. — Federal Capital Partners has sold Willowdale Crossing Apartments, a 432-unit garden-style multifamily community, for $41 million. The apartment community is located at 108 Willowdale Drive in Frederick. Drew White, Sean Piplico and Ryan Ogden from ARA’s Mid-Atlantic office represented Federal Capital Partners in the transaction.
GREENVILLE, N.C. — SYNCO Properties Inc. and Stonecutter Capital Management LLC have purchased a three-property multifamily portfolio in Greenville for an undisclosed price. The buyers purchased the assets from the estate of William Dansey, the developer of the three multifamily communities. The three properties — The Madison (formerly Hyde Park), Courtney Square and Arlington Square — total 645 units. Courtney Square and Arlington Square will be consolidated into a 429-unit community known as Southgate Apartments. SYNCO and Stonecutter plan to invest $8 million in the coming months for capital improvements to the three properties. Synco Property Management, a subsidiary of SYNCO, will manage the communities. Prime Finance provided acquisition financing for the three apartment communities.