CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Normandy Village, a 180-unit multifamily property in Corpus Christi. Located at 4848 South Alameda St., the complex offers apartments in efficiency, one-, two- and three-bedroom layouts, as well as amenities such as covered parking and three swimming pools. J. Patrick Burke, Kent Myers and Joe James of Marcus & Millichap’s Austin office represented the seller, a limited liability company, and secured the buyer, a California-based partnership.
Multifamily
UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.
CHARLOTTE, N.C. — Trade Street Residential has acquired Fountains Southend, a transit-oriented, 208-unit apartment community in Charlotte, for $34 million. The Class A community features private balconies/porches, washers and dryers, stainless steel appliances, granite countertops, gourmet kitchens, wood flooring, resort style pool, hot tub, fitness center, spa, clubhouse and sky terrace. The property was delivered in August and is currently 96 percent leased. The community is located near the New Bern station on Charlotte's new light-rail system. Trade Street also took out a $23.8 million, 10-year mortgage fixed at 4.3 percent. The loan has a 30-year amortization schedule.
JACKSONVILLE, FLA. — NorthMarq Capital has secured $32.4 million in refinancing for Coventry Park at Southpoint, a Class A, 360-unit multifamily community located at 6650 Corporate Center Parkway in Jacksonville. Melissa Marcolini Quinn of NorthMarq's Orlando office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Epoch Properties Inc.
ST. PETERSBURG, FLA. — Pollack Shores Real Estate Group has recently acquired The Coves of Brighton Bay, a 382-unit apartment community located in St. Petersburg. The company has purchased 1,090 multifamily units in Central Florida in the past eight months. Pollack Shores plans to make capital improvements to the property, including upgrading the siding from stucco to Hardie Plank, installing new windows and renovating the clubhouse and apartment interiors.
MIAMI — Marcus & Millichap has brokered the sale of Virginia Gardens Apartments, a 66-unit apartment community located at 2890 Virginia St. in Miami's Coconut Grove neighborhood. The property sold for approximately $6.5 million. Paul Nudelman of Marcus & Millichap's Miami office represented the seller, a Miami-based limited liability company, in the transaction. Arthur Porosoff and Jorge Ruiz of Marcus & Millichap's Miami office represented the buyer, a developer based in Miami's Coral Gables submarket.
HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.
LONGVIEW, TEXAS — Portfolio Development has broken ground on Paladin Luxury Apartments, a $12 million, 220-unit multifamily community on Hawkins Parkway in Longview, approximately 43 miles west of the Texas state border with Louisiana. The eight-building, garden-style complex will be situated directly behind the Regal Stadium 14 movie theater and in close proximity to U.S. 259. Amenities will include a fitness center, pool and dog park, and some units will include attached garages, built-in bookshelves and wine racks. BBL Builders is overseeing construction of the project.
UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.
DENVER – A 31-unit apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 1540 Logan Street near the Capitol Building. The buyer was represented by JB Hochman, while the unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.