SACRAMENTO, CALIF. – A 185-unit apartment complex in the Sacramento suburb of North Highlands has sold to Trion Properties for $9.3 million. The community is located at 5416 Jackson Street. It was built in 1986. CBRE’s Peter Stevens, Marc Ross and Will Blucher represented both the buyer and Texas-based seller in this transaction.
WOODSTOCK, GA. — Grandbridge Real Estate Capital has closed a $27 million first mortgage loan to refinance a 308-unit apartment community in Woodstock, a northern suburb of Atlanta. Alan Tapie of Grandbridge’s Atlanta office originated the loan. The apartment community features a pool, fitness center with a yoga studio, cabanas, fire pits, business center, coffee bar and greenway access to downtown Woodstock.
NEW YORK CITY — Tsilo Group is developing Icon 52, a luxury rental development located at 5205 Queens Blvd. in the Woodside neighborhood of Queens. Designed by Todd Ernst of Ernst Architect, the property will feature 66 studio, one- and two-bedroom apartments ranging from 403 to 806 square feet. Amenities include a virtual doorman, a landscaped rooftop deck with chaise lounges, a parking garage, barbeque and sitting areas, tenant storage, laundry facilities and a bicycle storage room. Modern Spaces has been selected as the exclusive leasing and marketing firm for the luxury rental development, which is slated to open this year.
NEW YORK CITY — An Israeli developer has acquired a development site located at 1790-92 Third Ave. in the East Harlem neighborhood of New York. The seller, 1790 Third Avenue LLC, sold the property for $5.8 million or approximately $150 per buildable square foot. The proposed development will have 52 rental units and ground-floor retail space. Adelaide Polsinelli and Marcia Rose Yawitz of Eastern Consolidated represented the seller; and Yawitz also represented the buyer in the transaction.
COLLEGE STATION, TEXAS — NorthMarq Capital has arranged a $25.8 million refinancing loan for The Trails at Wolf Pen Creek, a student housing property serving Texas A&M University in College Station. The 404-unit complex, located at 950 Colgate Drive, offers one-, two- and four-bedroom apartments, plus amenities such as two swimming pools, a fitness center, basketball court and clubhouse. Stephen Whitehead of NorthMarq negotiated the terms of the three-year loan, which includes a 25-year amortization schedule and two years of interest-only payments.
PUEBLO, COLO. – The 75-unit Fountain Garden Apartments in Pueblo has sold to an unnamed buyer for $3 million. The community is located at 2006 Mohawk Road. It is in close proximity to the Pueblo Mall, Pueblo Country Club and the Colorado State University Pueblo campus. Fountain Garden was built in 1974. The buyer was represented by Jamie Mitchell of Pinnacle Real Estate Advisors. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
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.