ERIE, PA. — Dougherty Mortgage LLC has originated a $1.3 million loan for the refinancing of Covington Valley Estates, a 43-unit, affordable-housing property in Erie, located in northwestern Pennsylvania. Dougherty arranged the 20-year loan for Covington Valley Estates Ltd.
Multifamily
HOUSTON — NorthMarq Capital has arranged $8.2 million in supplemental financing for two multifamily properties in Houston totaling 650 units. The assets include Retreat at Steeplechase, which is located at 11245 West Road and offers one- to three-bedroom apartments; and Retreat at Steeplecrest, which is located at 11220 West Road and offers one- and two-bedroom apartments. Greg Duvall of NorthMarq worked on behalf of the unnamed borrower to secure the financing through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The supplemental loans were placed in conjunction with the buyer’s assumption of the existing first mortgage debt.
LAS VEGAS – The 119-unit Solana Square apartments in Las Vegas has sold to the Siegel Group Nevada for $4.2 million. The community is located near Paradise Road, across from the Wynn Golf Course. It was built in 1987. Solana is more than 90 percent occupied. The property will be operated in conjunction with the 186-unit Siegel Suites Twain.
WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.
FORT MYERS, FLA. — Developer Aileron Investment Management and general contractor Brooks & Freund have started construction on Channelside, a 325-unit, Class A apartment community in Fort Myers. The property will feature one-, two- and three-bedroom units with each unit offering granite countertops, 42-inch wood cabinets and ceiling heights exceeding nine feet. The community will feature a fitness center, lounge, internet café and game room, resort-style swimming pool, covered outdoor lounge and a dog park. The project is a joint venture partnership between Aileron Capital Management LLC, acting as developer and investor, and Atlantic American Partners as the primary limited partner. The design team includes architects PDS Architecture and Atlas Engineering & Design. The project, which is the first new large-scale apartment development in Fort Myers since 2006, is scheduled for an August 2015 completion.
PHILADELPHIA — Treetop Development LLC has acquired Charter Court at East Falls, a 502-unit high-rise apartment complex located in Philadelphia, for $47.3 million. The transaction represents the Teaneck, N.J.-based real estate company’s first foray into the Philadelphia market. Treetop plans to invest more than $7 million into Charter Court. The company will renovate the vacant properties with high-end finishes, including hardwood flooring, espresso cabinetry with blizzard white countertops and fully renovated bathrooms. Charter Court at East Falls consists of two 11-story high-rise buildings featuring a unit mix of studio, one-, two- and three-bedroom apartment homes.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of two five-story apartment buildings totaling 40 units on Manhattan’s Upper East Side. The buildings are located at 234 East 88th St. and 518 East 88th St. The sale price equates to $300,000 per unit. Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also represented the buyer, Aimco. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.
NEW YORK CITY — Besen & Associates has arranged the $7.6 million sale of 1185 Lebanon Street, a 73,000-square-foot, six-story apartment building located in the Morris Park section of The Bronx. The building includes 75 apartments, seven stores and roof antenna. Amit Doshi of Besen & Associates represented the seller in transaction, while Alex Frants also of Besen & Associates represented the buyer, a local private investor. Constructed in 1928, the property is located on the northwest corner of Morris Park Avenue. Average monthly rent per apartment is $914, with layouts that include 12 two-bedrooms, 54 one-bedrooms and nine studios.
SAN DIEGO — Gardena Gardens Apartments in Encinitas has sold to Stanford Descendent Trust for $3 million. The community is located at 1141-1195 Gardena Road in the San Diego submarket. It was fully occupied at the time of closing. The seller was the Rubalcaba Family Trust. The acquisition was executed as part of a 1031 exchange. The sale was executed by Eric Comer, Jim Neil and Merrick Matricardi of CBRE’s San Diego Multi-Housing investment team.
PUEBLO, COLO. — The 80-unit Aberdeen apartment complex in Pueblo has sold to an unnamed buyer for $2.6 million. The community is located at 900 W. Abriendo Ave. near Pueblo Community College. It was built in 1961. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented both the buyer and unnamed seller in this transaction.