ST. LOUIS — Michael Hanrahan and Paul Hilton, senior managing directors at Cassidy Turley, have been selected to market the historic 718,660-square-foot Butler Brothers building located at 1717 Olive St. in the Central Business District of St. Louis. A preliminary redevelopment plan for the building includes 342 multifamily units with 397 garage parking spaces and two retail spaces. Plans also feature an additional two-story, 71,277-square-foot penthouse. The property, built in 1906 and designed by Muarhan, Russell & Gasden, is listed in the National Register of Historic Places and is presently approved for state and federal historic tax credits to support redevelopment costs.
PLANO, TEXAS — Investment advisory firm ARA has brokered the sale of Sheridan Park at Spring Creek, a 300-unit multifamily community in Plano. Constructed in 1999, the complex offers one-, two- and three-bedroom apartments averaging 983 square feet plus amenities including two swimming pools, a fitness center, dog park and playground. The Class A complex, which was 93.3 percent occupied at the time of the sale, is in proximity to Interstate 75 and State Highway 190, as well as major employers such as the State Farm headquarters. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. of Atlanta-based ARA marketed the property on behalf of the undisclosed seller. Waterton Associates LLC, based in Chicago, purchased the asset.
SACRAMENTO, SAN JOSE, CALIF. — Ridge Capital Investors, LLC, has acquired a Sacramento apartment complex and a San Jose office building for a total of $31.8 million. The firm purchased the 105-unit Lesarra Apartments in the Sacramento suburb of El Dorado Hills for $22.8 million. The community is located at 2230 Valley View Parkway near El Dorado Hills Town Center. Ridge Capital partnered with an affiliate of Andell, Inc. on this transaction. This is Ridge Capital’s fifth apartment investment in the past 18 months, and its first in Sacramento. Both the buyer and the unnamed seller were represented by Jason Parr of Cushman & Wakefield’s San Francisco office. Ridge Capital also recently acquired the 109,200-square-foot Balentine Park in Silicon Valley for $9 million. It is located at 39889 Balentine Drive, just off Interstate 880. The property was 70 percent occupied at the time of foreclosure. It will undergo extensive renovations this year. Ridge Capital partnered with Contrarian Capital Management, LLC on this trustee sale. This is Ridge Capital’s third Silicon Valley office investment in the past 18 months.
SACRAMENTO, CALIF. – A family trust has purchased the 197-unit Parkwood apartment building in the Sacramento suburb of Carmichael for $14.2 million. The community is located at 6930 Fair Oaks Blvd., across from Carmichael Park. It was built in two phases that commenced in 1973 and 1985. Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another family trust, in this transaction.
SOUTHFIELD, MICH. — HFF has arranged the sale of a $31.6 million senior mortgage loan secured by three multifamily properties located in Southfield. Providence Green, Providence Tower and Providence Place total 1,312 units and were built between 1965 and 1968. HFF marketed the loan on behalf of a major financial institution. The lender originated the loan in 2006 to fund the acquisition of the three properties and an additional property that was later sold by the borrower. The loan is set to mature this May. As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) featured a combined occupancy of 65 percent. The properties are located near the intersection of West 9 Mile and Greenfield roads, approximately 10 miles northeast of downtown Detroit. Daniel O’Donnell, managing director, and Wickliffe Kirby, associate director, led the HFF team representing the seller.
SPRINGFIELD, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a 10-year, fixed-rate loan for the acquisition of two multifamily properties in Springfield, a city in central Illinois. Rick Lynn, a director in MMCC’s Oak Brook office, arranged the loan. James Walsh, senior vice president of investments in Marcus & Millichap’s Chicago office, represented the seller, the property’s developer. David Gaines and Alex Blagojevich, both vice presidents of investments at Marcus & Millichap, marketed the property. The Chicago-area buyer is a private investor representing his family investment trust.
NEW YORK CITY — Ariel Property Advisors has arranged the $9.3 million sale of two multifamily buildings at 453 W. 152nd and 465-467 W. 152nd Street in the Hamilton Heights section of Manhattan. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller and procured the buyer, both real estate investors. The property at 465-467 W. 152nd St. is a 100-foot-wide, five-story building totaling 36 units. The apartments include a mix of one-, two- and three-bedroom units. The 50-foot wide, five-story building at 453 W. 152nd St. includes a mix of 16 one-, two- and three-bedroom units.
IRVING, TEXAS — Developer Trammell Crow Residential has completed the 317-unit Alexan Urban Center apartments in Irving. Located at 850 Lake Carolyn Parkway, the property offers one- and two-bedroom apartments plus amenities including two swimming pools, two conference rooms, a business center, a fitness center and a clubhouse. Residence interiors feature wood vinyl flooring, granite countertops and stainless steel appliances. The nearby Orange Line expansion of the Dallas Area Rapid Transit system offers access to dining, retail and entertainment options. Meeks + Partners served as architect on the project, and Faulkner Design Group worked as interior designer.
DALLAS — Marcus & Millichap has brokered the sale of Park Place, an 82-unit apartment community in Dallas. Located at 2115 and 2116 N. Garrett Ave., the property offers studio, one- and two-bedroom floor plans ranging from 475 to 960 square feet, as well as proximity to Central Expressway. At the time of the listing, the complex was 94 percent occupied. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. Crittenden also secured the undisclosed buyer.
MIAMI — Rilea Group, a Miami-based developer, has broken ground on The Bond on Brickell, the first condominium project planned for Brickell Avenue in Miami since the recession. The Bond will feature 328 units with one-, two- and three-bedroom floorplans, as well as loft and penthouse residences. The 44-story condo tower will be located at 1080 Brickell Ave. Rilea Group expects to deliver the tower in early 2016. Alicia Cervera Lamadrid of Cervera Real Estate is leading the sales efforts for the project. Architect Loguer Design is designing the project with a British theme, including vintage photographs of British celebrities and an original British Telecom phone booth on the outside of the project. Rilea Group is partnering with private equity firm MDR Toledo LLC, a subsidiary of MDR Americana, for the development.