PALISADES PARK, N.J. — A Manhattan-based privately held real estate firm has acquired Madison House, a 48-unit luxury apartment building at 411 E. Brinkerhoff Ave. in Palisades Park. Madison House Holdings sold the property for $16.05 million or nearly $334,375 per unit. Built in 2011, the multifamily property features granite countertops, stainless steel appliances, hardwood floors and in-unit washers and dryers. The property, which was 96 percent occupied at the time of closing, offers a mix of one-, two- and three-bedroom units averaging 1,049 square feet, a two-level parking deck and 2,400 square feet of street-level retail. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Ryan Dowd of Cushman & Wakefield represented the seller and identified the buyer in the transaction.
DALLAS — General contractor Hill & Wilkinson will break ground this month on the 165-unit Lincoln Knox apartment complex in Dallas. The contract is worth a reported $38.6 million. The new six-story community will be located at 4501 Cole Ave. and will feature a retail component, including a specialty grocer, in addition to residences. Sarofim Realty Advisors owns the construction site, Lincoln Property Co. is construction manager and developer, and Womack + Hampton Architects LLC is serving as project architect. Completion is slated for September 2015.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Willowick Apartments, a 53-unit multifamily community in Fort Worth. Built in 1963, the property offers one- and two-bedroom floor plans ranging from 852 to 1,145 square feet plus amenities including a laundry facility, swimming pool and community center. Located at 2323 Ridgmar Blvd., in close proximity to Ridgmar Mall, the complex was 98 percent occupied at the time of the sale. Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a Fort Worth-based limited partnership, and also secured the buyer in the transaction, a Dallas-based limited liability company completing a 1031 tax-deferred exchange.
TINLEY PARK, ILL. — A joint venture between New York-based Dune Real Estate Partners and Chicago-based Focus Healthcare Partners has purchased Hanover Place of Tinley Park, a 150-unit, Class A, age-restricted senior living property in Tinley Park. Berwyn, Pa.-based LCOR sold the property, which is located at 16851 S. Harlem Ave., for $19 million. Jeff Patterson of ARA Seniors Housing and Todd Stofflet of ARA Midwest represented the seller.
MIAMI, HIALEAH AND HOLLYWOOD, FLA. — Franklin Street Real Estate Services has brokered the sale of 102 multifamily units in South Florida for approximately $8.3 million. The units are located in three different communities: Jaclyn Apartments in Hialeah, Garden View in Miami and a 10-unit apartment community in Hollywood. A Panamanian investor purchased the Jaclyn Apartments from Jaclyn LRP for approximately $6 million. Fly Away 2012 LLC, based in Buenos Aires, Argentina, purchased 20 condominium units in the 68-unit Garden View property from Unique Yidios LLC for approximately $1 million. Van Buren Holdings Inc., which was backed by a foreign investor, purchased the Hollywood apartment community located at 343 Van Buren St. from 720 Property LLC for approximately $1.2 million. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street Real Estate Services represented the sellers in all three transactions, as well as Fly Away 2012 LLC in the Miami transaction.
CLARKSTON, GA. — Pembrook Capital Management LLC has provided a $13.7 million bridge loan for the recapitalization and renovation of Alden Ridge, a 368-unit garden-style apartment community located in Clarkston, a northeast suburb of Atlanta. The property is located on the south side of Post Oak Road and the east side of Brockett Road. The borrower plans to use the financing to pay off an existing loan, recapitalize its ownership structure, fund property renovations and pay any closing costs and fees.
ANDERSON AND GREENVILLE, S.C. — NAI Earle Furman has arranged the sale of three apartment communities, including the 32-unit Newport Commons in Anderson, the 48-unit Colony North and the 36-unit Colony Place, both located in Greenville. The buyer, DHP Real Estate, purchased all three communities for $3.6 million. Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Upstate Property Rentals LLC, in the transaction.
SAN MARCOS, TEXAS — Atlantic | Pacific Cos. (A | P) has acquired The Palazzo, a 300-unit multifamily community in San Marcos. Located on Wonder World Drive, the garden-style property offers one- to three-bedroom apartments plus amenities such as two swimming pools, a fitness center, game room and basketball court. A | P is planning upgrades to common areas and unit interiors. Atlantic | Pacific Management will manage the property. San Marcos, home to Texas State University and the Central Texas Medical Center, is situated between Austin and San Antonio along the Interstate 35 corridor.
PORTLAND, ORE. – A 1.6-acre site known as Block 37 in Portland has sold to Mack Urban and Connell Real Estate and Development Company for $7 million. The site is located on River Parkway and SW Gaines Street in the South Waterfront District. It is the last developable block available for multifamily developmenton the Willamette River. The partners plan to build a six-story, mid-rise apartment building with up to 281 units. The parcel was marketed by Javier Rivera, Mark Friel, Paige Morgan, David Young, Joe Leon, Seth Heikkila and Corey Marx of Jones Lang LaSalle’s Capital Markets, and financing expert Reid McGlamery.
NORCROSS, GA. — PointOne Holdings, a commercial real estate investment firm, has purchased Grove Park Apartments, a 312-unit garden-style apartment community located in Norcross. PointOne Holdings purchased the property for approximately $12.8 million through Auction.com from CW Capital, the property’s special servicer. A10 Capital provided acquisition and renovation financing for PointOne Holdings. The company plans to invest $2.5 million in capital improvements to the property, which will include interior upgrades, siding replacement, mechanical systems enhancements and a boost in curb appeal. PointOne Holdings will also add a business center, dog park, security cameras and outdoor barbecue areas.