HAYWARD, CALIF. – The 24-unit Pinehurst Apartments in Hayward has sold to a limited liability company for $3.9 million. The community is located at 29359 Dixon Street. It was built in 1992. David Weglarz of Marcus & Millichap’s Oakland office represented both the buyer and the seller, a private investor, in this transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of 7 East 19th Street, a five-story, loft-style apartment building in the Flatiron district of Manhattan. The sales price equates to $960,000 per unit. Peter Von Der Ahe, Scott Edelstein and Seth Glasser, all in Marcus & Millichap’s Manhattan office, represented the seller, a New York-based private investor. Edelstein, Von Der Ahe and Glasser, along with Sean Beuche and Christopher Sjurset, also of Marcus & Millichap, represented the buyer, another New York-based private investor. The 10,144-square-foot property is located on East 19th Street between Broadway and 5th Avenue.
TULSA, OKLA. — The RADCO Companies has acquired The Overlook Apartments, a 284-unit multifamily community in Tulsa, from an undisclosed seller for $12.8 million. The property, which will be renamed Ashford Overlook, offers one- to three-bedroom options as well as amenities such as a fitness center and swimming pool. Located at 6339 S. 33rd West Ave., the complex is in proximity to a 1 million-square-foot retail development anchored by Lowe’s, Target and Sam’s Club. Atlanta-based RADCO plans $2.8 million of capital improvements to the asset, including interior, exterior and landscaping upgrades.
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) has broken ground on Village Place, a $15 million seniors housing development located at 720 N.E. 4th Ave. in Fort Lauderdale. Village Place will include 112 units with eco-friendly water fixtures, cable and satellite hookups, exercise room and a gated entrance with touchpad entry. The National Association of Home Builders is expected to designate Village Place a green building upon completion. Broward County Housing provided $125,000 toward the project, while U.S. Bank provided $38.6 million through its community development subsidiary. The loan amount includes a $13.2 million construction loan, $3 million permanent financing loan and more than $22.4 million of Low Income Housing Tax Credit equity, which was awarded by Florida Housing Finance Corp.
THE WOODLANDS, TEXAS — CBRE has arranged a $38 million take-out loan for The Village at The Woodlands Waterway, a 207-unit seniors housing property in The Woodlands. This long-term financing replaces the original construction loan for the project. A joint venture between Houston-based Bridgewood Property Co. and Chicago-based Harrison Real Estate Capital, the Class A facility offers independent living, assisted living and memory care options plus amenities such as a library, convenience store, barber shop, fitness center and indoor pool. The five-year, floating-rate mortgage includes an all-in interest rate of 2.35 percent and 36 months of interest-only payments. Aron Will of CBRE arranged the refinancing.
ATLANTA — Carter-Haston Holdings has purchased Glenwood East, a 236-unit multifamily community located at 390 Stovall St. in Atlanta's Glenwood Park neighborhood. Property amenities include a penthouse-level clubroom, outdoor courtyard, dog park and fitness centers. The mid-rise complex is also located in close proximity to the city's BeltLine. David Gutting and Derrick Bloom with Jones Lang LaSalle's capital markets team represented the sellers, Alliance Residential and Prudential Real Estate Investors, in the transaction.
GAITHERSBURG, MD. — NorthMarq Capital has arranged $22.4 million in acquisition financing for Oakwood Corporate Apartments, a 136-unit multifamily property located at 9890 Washingtonian Blvd. in Gaithersburg. The high-rise apartment community is located in Washingtonian Center and Rio Entertainment Center, a mixed-use development. Gary McGlynn, Jason Smith and Frank Relihan of NorthMarq’s Washington, D.C., office arranged the financing on behalf of the borrower through an insurance company.
MANSFIELD, CONN. —Chozick Realty Inc. has arranged the $4.4 million sale of Renwood Apartments, a 76-unit, student-oriented multifamily community located near the University of Connecticut in Storrs. The property features 32 one-bedroom and 44 two-bedroom apartments with 46 garages. Constructed in 1966, Renwood is located 1.5 miles from campus and is situated on a 35-acre site. Rick Chozick, an investment sales broker at Chozick Realty Inc., represented the seller, 157-35 OAP Holding LLC, and procured the buyer in the transaction.
TULSA, OKLA. — Beech Street Capital has provided a $5.9 million refinancing loan for South Slope, a 96-unit multifamily community in Tulsa. Located at 6320 E. 72nd St., the complex offers one- to three-bedroom units in flat and townhouse styles plus amenities such as a swimming pool and fitness center. The seven-year, fixed-rate Freddie Mac CME mortgage includes 6.5 years of defeasance and a 30-year amortization schedule. Doug Taylor of Beech Street originated the refinancing, and David Yancey of Crown Capital arranged the loan on behalf of the undisclosed borrower.
PHOENIX – Ajoint venture between Lowe Enterprises and J.P. Morgan Asset Management has acquired a pair of Phoenix-area office buildings for a total of $51 million. The sale includes a 175,186-square-foot building located at 5090 N. 40th Street in Phoenix, as well as Scottsdale Financial Center III, a 152,081-square-foot building located at 7272 E. Indian School Road in Scottsdale. The buildings sold for $26.3 million and $24.6 million, respectively. The acquisition team was led by Peter Morgan of Lowe Enterprises. The seller, CJK Investments, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office. CBRE also assisted the ownership group in securing debt on the properties.