LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster.The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored byResource Real Estate.
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the $32 million sale of Bristol Place Apartments of Tampa Palms, a 340-unit apartment community located at 15210 Amberly Drive in Tampa. The property is part of the master-planned Tampa Palms, a 5,400-acre community featuring apartments, single-family homes, restaurants, churches, offices, recreational facilities, schools and shops. Bristol Place features a resort-style pool, gazebo-covered spa, gas grilling area, separate lap pool, tennis court, car wash area, playground, clubhouse, fitness center and indoor racquetball court. Each unit features a built-in entertainment center, Roman-style soaker tubs, washer/dryer, glass showers, French doors, private balcony/patio and a security monitoring system. Jamie May of IPA represented the seller, AVR Realty Co., in the transaction. Preston Giuliano Capital Partners was the buyer.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of 1101 Rhode Island Ave. N.W. and 1528-1530 11th St. N.W., two commercially zoned land parcels in Washington, D.C.’s Logan Circle neighborhood. Condominium properties in the area have been selling for more than $800 per square foot, according to Greysteel. Nearby developments include O Street Market and CityCenterDC. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented Q Street LP in the sale of the parcels to CAS Riegler Cos. LLC.
SOUTHFIELD, MICH. — Bernard Financial Group has arranged a $4.5 million loan for Stanford Townhouses, a 118-unit multifamily property in Southfield. Stanford Townhomes LLC was the borrower, and Citigroup Global Markets Realty Corp. was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan. Standford Townhouses is located at 26666 Stanford Drive W. and features two- and three-bedroom apartments, according to Rent.com.
NEW YORK CITY — City Council members have approved the demolition of the landmark 5Pointz warehouse in Long Island City and a $400 million development replacing it. Demolition work at the 5Pointz property, which has become a tourist attraction as a mecca for graffiti art, could start by the end of this year or in early 2014, according to Jerry Wolkoff, the owner of 5Pointz and the developer behind the new project, according to The Wall Street Journal. The new development will include a 47-story tower and a 41-story tower, which will include a total of 1,000 apartments and 50,000 square feet of retail space. Wolkoff also says the project will feature 12,000 square feet of studio space to be rented first to artists, who previously occupied space at 5Pointz. To readThe Wall Street Journal’s full story, click here.
STAMFORD, CONN. — Institutional Property Advisors (IPA) has arranged the sale of Parallel 41, a newly constructed, fully stabilized, 124-unit apartment complex in downtown Stamford. Victor Nolletti and Steve Witten, executive directors at IPA, advised the seller, 1340 Washington Associates LLC, in the transaction. Hartford-based Cornerstone Real Estate Advisers represented the buyer, an institutional investor. Built in 2012 on 1.7 acres, the 128,588-square-foot property is located at 1340 Washington Blvd., within a few blocks of the Stamford train station. Community amenities include a roof deck with city views, outdoor kitchens, 46-inch outdoor televisions, pingpong, outdoor shower and chaise lounges. The property also features a resident lounge with a linear fireplace, platform bar and banquette for seating, multiple flat-panel televisions and a barista station. RMS Cos., the developer of Parallel 41, is also completing several other luxury apartment properties in the area.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of The Courtyards at Mustang, a 228-unit multifamily property in Grapevine, approximately 20 miles northeast of Fort Worth. The apartment community, which was constructed in 1973, includes amenities such as two swimming pools, four laundry facilities, a basketball court and a baseball/soccer field. Located at 2913 Mustang Drive and in close proximity to Highway 26, the asset garnered multiple offers in a marketing period lasting less than 30 days. John Barker of Marcus & Millichap represented the seller, a partnership. Barker also secured the buyer, another partnership.
LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster. The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored by Resource Real Estate.
IRVINE, CALIF. — Cornerstone Core Properties REIT has acquired three assisted living facilities in North Carolina for approximately $15.3 million. The three facilities include the 64-bed Carteret House in Newport, the 60-bed Hamlet House in Hamlet and the 64-bed Shelby House in Shelby. Cornerstone purchased the facilities through a sale-leaseback transaction with wholly owned subsidiaries of Meridian Senior Living LLC, which will continue to operate the facilities.