HONOKOWAI, HAWAII – The 34-unit Honokowai Plantation Inn apartment community in Maui has sold to an out-of-state private investment company for $4.4 million. The community is located at 3510 Lower Honoapiilani Highway, near Kaanapali. The buyer was represented by Keoni Fursse and Kara Heen of Kokua Realty. The firm will also manage the community.
Multifamily
DENVER – A 34-unit apartment building in Denver called 19th Place has sold to a local private investor for $4 million. The community is located at East 19thAve. It was 94 percent occupied at the time of sale. The seller, another private local investor, was represented by ARA Colorado’s JustinHunt, Andy Hellman and Robert Bratley.
READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.
NEW BRITAIN, CONN. — Pennrose has opened The Jefferson, a $14 million affordable senior apartment complex in New Britain. The three-story building offers 70 units featuring spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms. Additionally, eight of the units are handicapped-accessible and all units have 24-hour emergency call systems in the bedrooms and bathrooms. The age-restricted community also features a community room, fitness center, outdoor patio with picnic area and on-site laundry facilities. Pennrose Properties LLC developed the property in partnership with The Housing Authority of the City of New Britain, and Pennrose Management Company manages the community.
ST. PAUL, MINN. — Marcus & Millichap has arranged the $666,667 sale of a 17-unit apartment property located in St. Paul. Maryland Avenue Apartments is located at 1952 & 1956 Maryland Ave. East. The property features courtyard-style private entryways to one- and two-bedroom units. The property was 94 percent occupied at the time of sale. Dan Linnell of Marcus & Millichap represented the seller, a partnership, as well as the buyer, a private investor.
BOSTON AND SOMERVILLE, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of The Brickview Portfolio, a two-property, 74-unit multifamily portfolio. The portfolio includes 121-123 Highland Avenue, a 35-unit apartment community in Somerville, and 4-8-12 Elko Street, a 39-unit community in Boston’s Brighton neighborhood. The Second Avenue Group LLC, an affiliate of True North Capital Partners, purchased the properties for $16.85 million. The seller was Prospectus Apartments LLC, an affiliate of Prospectus LLC. The Somerville property features an apartment mix of four studios, 22 one-bedroom units and nine two-bedroom apartments with an average unit size of 646 square feet. The Brighton property was originally built in the 1920s and offers 23 one-bedroom and 16 two-bedroom units with an average unit size of 655 square feet. Simon Bulter and Biria St. John represented both parties in the transaction.
DALLAS — Marcus & Millichap has brokered the sale of Community Cliff Apartments, a 46-unit multifamily property in Dallas. Constructed in 1986, the garden-style complex is located at 3810 Bonnie View Road, in proximity to I-45. The community includes one- and two-bedroom units with an average of 623 square feet, as well as a laundry facility and courtyard. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Allen and Barker also secured the buyer, a limited liability company.
ANN ARBOR, MICH. — The Opus Group will begin development on a 13-story student housing complex near the University of Michigan campus in Ann Arbor this month. ArborBLU will include a total of 123 one-, two- and three-bedroom units. The luxury apartment complex will be built directly above family-owned pizzeria Pizza House, which is located at 624 Church St. in the South University district. ArborBLU will feature a fitness studio, study space, a rooftop patio and a clubroom with stadium views. The apartments will also offer in-house tanning, free 24-hour delivery from Pizza House, bike storage and Wi-Fi. The project will be built to meet LEED Silver certification. ArborBLU is scheduled for completion in fall 2015. Opus Development Company LLC is the developer for the project. Opus Design Build LLC is the design builder, J. Bradley Moore & Associates is the design architect and Opus AE Group LLC will serve as the architect.
CHICAGO —Essex Realty Group has brokered the $4.1 million sale of a 52-unit apartment building in Chicago’s Logan Square neighborhood. The property is located at 2420 N. Kedzie Blvd. The building features studio and one-bedroom units. Jim Darrow and Jordan Gottlieb of Essex Realty were the brokers in the transaction.
NEW YORK CITY — An undisclosed investor has acquired a six-story multifamily property in Brooklyn’s Crown Heights section for $15.4 million. Located at 410 Eastern Parkway, the 72-unit, 58,200-square-foot building was constructed in 1928. The building remains fully occupied by the previous owner, Bernard Miller of EPark LLC. Alex Freund of Eastern Union Funding brokered a $9.4 million acquisition loan from Customers Bank on behalf of the buyer. The loan features a 3.38 percent interest rate on a five-year term without recourse.