MOUNT ARLINGTON, N.J. — Mark Scott’s Commercial Mortgage Capital has arranged a $14.3 million loan assumption for an 80,355-square-foot, active-adult community in Mount Arlington. Landmark Cos. LLC acquired the 105-unit Carriage Club from Pantzer Properties and as part of the sale, the buyer assumed the Freddie Mac loan. Located at 1 Hillside Drive, the seven-acre community features a mix of one- and two-bedroom units that range in size from 790 square feet to 1,030 square feet.
Multifamily
NEW YORK CITY — GFI Realty Services Inc. has arranged the $2.3 million sale of 629 Grand Street, a vacant four-story apartment building located in the East Williamsburg section of Brooklyn. The multifamily property features three rental units, a ground-floor retail space and approximately 3,890 square feet of available air rights. Joseph Landau of GFI represented the buyer and the seller, both local investors, in the transaction. The building was constructed in 1920 and is located in close proximity to the Lorimer Street, Metropolitan Avenue and Grand Avenue subway stations.
PFLUGERVILLE, TEXAS — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $19 million construction take-out loan for Oaks at Techridge, a 336-unit multifamily property in the northern Austin suburb of Pflugerville. Located at 14000 The Lakes Blvd., the Class A, garden-style community offers one- and two-bedroom apartments, as well as a swimming pool, fitness center and business center. Matt Franke of Q10 | KDH worked on behalf of the borrower, the U.S. affiliate of a diversified construction and development company, to secure the long-term, fixed-rate loan through Quadrant Real Estate Advisors.
AUSTIN, TEXAS — Avesta Communities has acquired Anderson Springs Apartment Complex, a 325-unit multifamily property in Austin. The community, which will be rebranded as Avesta Agave Falls, offers one- and two-bedroom apartments in flat and townhome styles, as well as two swimming pools, a fitness center and playground. Constructed in 1974, the asset is located along U.S. Highway 183, in proximity to the Walnut Creek business park. Avesta Communities is based in Tampa, Fla.
SMYRNA, GA. — Atlanta-based Cocke Finkelstein Inc. has acquired The Park at Vinings, a 484-unit apartment community in Smyrna, for $49.5 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community, which was 97 percent occupied at the time of sale. The Park at Vinings offers one-, two- and three-bedroom floorplans. Amenities include a two-story pool with waterfalls, six lighted tennis courts, a volleyball court, pond with a gazebo, playground, car care center and a dog park.
MIAMI BEACH, FLA. — Franklin Street Real Estate Services has brokered the $4.3 million sale of a 24-unit apartment building in Miami Beach. The apartment community is located at 8101 Crespi Blvd., about five minutes south of Bal Harbour and 15 minutes north of South Beach. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor, in the transaction. The buyer, a real estate investor and developer from Italy, purchased the asset with the intent to convert the project to a condominium development.
GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $3.4 million sale of Springhill, a 192-unit apartment property at 100 Swift Blvd. in Goose Creek. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The property was built in 1974 and was in the mid-70 percent occupancy range at the time of sale.
CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Calumet City, a southern suburb of Chicago. The apartment building, located at 1365-67 River Drive, sold for $275,200. The building consists of one- and two- bedroom apartments and recently received capital improvements. Anthony Hardy and Neil Ostrander listed the property on behalf of the seller, a limited liability company. Adam Fortino of Marcus & Millichap represented the buyer, a REIT.
HOBOKEN, N.J. — Argo Real Estate and Alpine Development have sold The Artisan, a 59-unit luxury residential development located at 1400 Clinton St. and 1440 Grand St. in Hoboken for $33.6 million. The 102,000-square-foot, six-story property includes two four-story apartment towers joined by a two-story retail building. LaSalle Investment Management purchased the property in an off-market transaction. New York-based Argo Real Estate partnered with Alpine Development in a joint venture for the project. The group received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing the luxury residential units in October 2013. Monthly rents range from $2,400 for a one-bedroom unit to $4,500 for a three-bedroom unit.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $27.8 million sale of 88-15 168th Street, a 191-unit apartment building in the Jamaica section of Queens. Zara Realty, a Jamaica-based owner and operator of apartment communities, purchased the property. Daniel Shragaei of GFI Realty represented the seller, Executive Arms Realty, while Yosef Katz, also of GFI, procured the buyer in the off-market transaction. Constructed in 1961, 88-15 168th Street is a nine-story building that is situated off the Grand Central Parkway and major thoroughfare Hillside Avenue.