DENVER – A 25-unit apartment building in Denver has sold to an unnamed buyer for $2.5 million. The community is located at 1135 Ogden Street. It was built in 1930. The buyer was represented by Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors. The unnamed seller was represented by JB Hochman and Justin Brockman of the same firm.
Multifamily
GAINESVILLE, FLA. — MedProperties Holdings LLC and Equity Inc. are partnering to build a replacement skilled nursing center for the Gainesville Health Care Center, located at 4816 S.W. Archer Road in Gainesville. The nonprofit company Gainesville Council on Aging will lease the entire 97,000-square-foot, 180-bed facility, which MedProperties and Equity will jointly own. The new property will offer short-term rehabilitation, long-term care, memory care, palliative care and hospice care. Construction is slated to last 12 to 14 months.
LARGO, FLA. — NorthMarq Capital has arranged a $30 million construction loan for Boulevard Apartments, a 260-unit apartment community in Largo. The multifamily property will be located at 2098 Seminole Blvd. Larry Curry of NorthMarq’s Tampa, Fla., office arranged the three-year loan with a 30-year amortization schedule through a national bank on behalf of the borrower, Dockside Investors LLC. Upon completion, the project will feature elevators, fitness facilities, an indoor lap pool/spa, nature trails, a pet park and concierge services.
ALVARADO AND JOSHUA, TEXAS — Marcus & Millichap has brokered the sale of two manufactured home communities in the far south suburbs of Fort Worth. The properties include Pleasant Oaks Mobile Home Park, a 44-unit community located at 6133 County Road 1022 in the city of Joshua, and Walnut Creek Mobile Home Park, a 64-unit community located at 3600 N. Cummings Drive in the city of Alvarado. Nicholas Ling of Marcus & Millichap marketed the properties on behalf of the seller, a limited liability company, and also secured the buyer, another limited liability company.
NORTHRIDGE, CALIF. – The 447-unit Park Parthenia Apartments in Northridge has received a $32-million refinance. The community is located at 19100 Parthenia Street. It was built between 1962 and 1970. The property is owned by a private investor with a substantial portfolio of multifamily investment and development assets. The funds will refinance a maturing CMBS loan. The new fixed-rate loan features a 10-year term, 25-year amortization schedule and an interest rate in the low 4 percent range. It was arranged by Scott Clark and Ted Willis of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders.
CHARLOTTE, N.C. — Banner Essex Strategic Apartment Fund II has purchased the 274-unit Ansley Falls Apartments, an apartment property built in 2010 in Charlotte’s Pineville submarket. The investment fund purchased the Class A asset in a joint venture with an affiliate of The Hartford. The seller was an affiliate of Sherman Residential. Dean Smith and John Heimburger of ARA brokered the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of 1546 Selwyn Avenue, a six-story, 69-unit elevator apartment building located in the Claremont section of the Bronx for $7.2 million or $104,000 per unit. Daniel Shragaei of GFI Realty Services represented the seller, a local investor, and Josh Orlander of GFI Realty Services represented the buyer, also a local investor, in the off-market transaction. The 68,886-square-foot building was constructed in 1927 and is within close proximity to 170th Street and 174-175th Streets subway stations, which service the 4, B and D lines, and Claremont Park.
DENVER – An 11-unit apartment complex in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 1485 Clayton. It was renovated this past year. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
PHOENIX – The 52-unit Missouri Breaks apartment complex in Phoenix has sold to EQ Missouri 51 LLC for $2.1 million. The complex is located at 1637 E. Missouri Ave. The seller was 1637 E. Missouri Avenue LLC. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in this transaction.
ANDOVER, MASS. — Mack-Cali Realty Corp. has acquired Andover Place at 650 Bulfinch Drive in Andover for approximately $37.7 million. The 220-unit multifamily community consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The property, which was 94 percent leased at the time of sale, was acquired from AEW Capital Management and Corcoran. The property features a clubhouse with fitness center, swimming pool with sundeck and barbecue area, abundant parking, and is located on 30 acres. The new owners plan to upgrade kitchens and bathrooms, add washer/dryers units to the apartments, and a refurbish the pool deck. Mack-Cali’s Roseland subsidiary will manage and lease the property, which is located one mile from Interstate 93 and near both the train station and Main Street in downtown Andover.