BROOKFIELD, CONN. — A joint venture between Stamford, Conn.-based JCS Capital LLC and Danbury, Conn.-based ACF Properties LLC has secured and closed on land for a 100-unit residential development property in Brookfield. The 4.8-acre property has received municipal approvals for the construction of the apartments, which will feature high-end finished and one- and two-bedroom floor plans. Amenities planned for the property include a pool and fitness center with men and women locker rooms and in-unit laundry facilities. JCS Construction Group Inc., an affiliate of JCS Capital, will be the contractor for the project. Construction is slated to begin in the summer and ready for occupancy in fall 2015.
Multifamily
LITTLETON, COLO. – The 324-unit Terra Vista at the Park Apartments in Littleton has received $30.4 million in acquisition financing. The community is located at 5425 S. Federal Circle. It was built in 1984. The seven-year loan features a 30-year amortization schedule. It was arranged by John M. Stewart of NorthMarq Capital’s Denver regional office through the firm’s seller/servicer relationship with Freddie Mac. Financing was arranged on behalf of Aukum Management.
BLADENSBURG, MD. — Federal Capital Partners, along with its partners Angelo, Gordon & Co. and The Donaldson Group, have sold The Phoenix, a three-tower high-rise apartment community in Bladensburg, for $48.6 million. The 447-unit complex is located near the intersection of the Baltimore-Washington Parkway and Annapolis Road. The partnership stabilized the property with capital improvements including a new façade, new windows, landscaping improvements, pool and playground renovations, elevator modernizations, new mechanical and plumbing systems and fencing and security upgrades. The main lobbies and apartment interiors were also renovated as tenants vacated their units. The property was 95 percent leased at the time of sale.
DANBURY, CONN. — Institutional Property Advisors has arranged the $53.3 million sale of Avalon Valley, a 268-unit, garden-style apartment community in Danbury. The sale price equates to $199,000 per unit. Steve Witten and Victor Nolletti of IPA, along with Adam Mancinone and Blake Barbarisi of Marcus & Millichap advised the seller, AvalonBay Communities Inc. Ergs Konover/Outlook Holdings LLC purchased the property. The apartment community is situated on 17.5 acres and is located at 53 Sand Pit Road. Avalon Valley includes 11 detached three-story buildings, one of which is a clubhouse. Averaging 1,119 square feet, the apartments are equipped with in-kitchen breakfast bar, walk-in closets, energy-efficient windows, individual alarm systems, full-size washer/dryer units and a private patio or balcony area.?
SANTA MONICA, CALIF. – The 14-unit Idaho Apartments in Santa Monica has sold to a private investor for $3 million. The community is located at 858 Lincoln Blvd. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a partnership, in this transaction.
ST. PETERSBURG, FLA. — Bessolo Design Group, an architectural firm based in St. Petersburg, has been awarded design contracts for four seniors housing facilities in Florida. The projects include the 84-unit, 60,000-square-foot Watercrest of Sebastian in Sebastian; the 60-unit, 40,000-square-foot Watercrest East Lake ALF and Memory Care in Tarpon Springs; the 160-unit Bright Oaks in Fort Myers; and an unnamed 180-bed, 97,748-square-foot skilled nursing facility in Gainesville.
FAYETTEVILLE, ARK. — Bridge Partners, a real estate investment company headquartered near San Francisco, has acquired The Crowne at Razorback apartments, a student housing community near the University of Arkansas (UA) in Fayetteville. The 480-bed property offers amenities including a resort-style pool and sundeck, fitness center, business center, dog park and sand volleyball court. The community is located less than one mile from the UA campus and is located along UA's bus route. The financing of The Crowne at Razorback was executed through a Freddie Mac loan assumption.
TROY, OHIO — Marcus & Millichap has arranged the $11.3 million sale of Towne Park Apartments, a 204-unit Class A community in Troy, located about twenty minutes north of Dayton, Ohio. Built in 2004, the multifamily property spans 201,528 square feet. Michael Barron, Daniel Burkons, and Joshua Wintermute of the Barron, Burkons, Wintermute Group in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller.
NEW YORK CITY — Institutional Property Advisors (IPA) has arranged the $17.1 million sale of The Selkirk, a 13-story, 49-unit apartment building on Manhattan’s Upper West Side. The sales price equates to $350,000 per unit and $600 per square foot. Scott Edelstein, Peter Von Der Ahe and Seth Glasser of IPA advised the seller, a private investor. The buyer is also a private investor. Built in 1906, The Selkirk is located at 308 W. 82nd St. near local schools and the Broadway retail corridor.
LAS VEGAS — Griffis Residential has acquired The Wellington, a 332-unit luxury apartment community in Las Vegas, for $43 million. The Class A community is located at 9550 W. Sahara Ave. It was built in 1998 and renovated in 2012. ARA’s Christopher Bentley and Melissa Salas represented the seller, The Picerne Group, in this transaction. ARA also assisted Griffis.