NEW YORK CITY — Marcus & Millichap has arranged the sale of 17-27 West 125th Street, a 57-unit apartment property in Manhattan for $13.6 million. Brokers Peter Von Der Ahe, Glen Kunofsky, Scott Edelstein and Seth Glasser of Marcus & Millichap’s Manhattan marketed the property on behalf of the seller, a private investor. The buyer, also a private investor, was also secured and represented by the firm’s Manhattan team. The property includes 115 square feet of frontage on 125th Street.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $3.1 million sale of 239 Prospect Place, a four-story, walk-up apartment building located in the Prospect Heights section of Brooklyn. The transaction translates to 11.25 times the rent roll and $258,000 per unit. The property, constructed in 1931, includes 12 apartments totaling approximately 8,580 square feet. Shlomo Antebi, a director at GFI Realty Services Inc., represented the seller and the buyer in this transaction, both local investors. The buyer plans to keep the building as a long-term investment property within his existing portfolio, according to GFI.
HOUSTON — ARA has arranged the sale of Fairfield Creek, a 696-unit multifamily community in Houston's Gulfgate submarket. The property was 93 percent occupied at the time of sale. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA represented the seller, Harbor Group International, a Norfolk, Va.-based real estate investment company, in the transaction. RB Associates, a Houston-based multifamily owner/operator, purchased the property and plans to divide the asset into two separate apartment communities, complete interior upgrades and raise rents by $50 to $75 per month. The property features four swimming pools, four spas and a jogging trail.
PEARLAND, TEXAS — Gaia Real Estate Investments has partnered with Grand China Fund to acquire Whispering Winds, a 286-unit apartment community in Pearland. The property was built in 1986 and renovated in 2005. Gaia intends to renovate the property's common areas, amenity package and apartment units. Whispering Winds' amenities include two swimming pools, courtyards, barbecue grills, laundry facilities, clubhouse and business center, playground, dog park and lighted tennis court. Gaia owns 6,548 apartment units in 23 properties in Houston, Dallas and Corpus Christi.
LONG BEACH, CALIF. – The 200-unit Long Beach Senior Arts Colony, which was built for seniors aged 55 and older, has debuted. The $70-million, transit-oriented development is located at 200 E. Anaheim Street. It is situated along Long Beach’s light rail line. The project was developed by Meta Housing Corporation and Century Housing Corporation.
PHOENIX – The 275-unit Vista Ventana in Phoenix has sold to BH Properties LLC for $10.2 million. The community is located at 3221 W. El Camino Drive. The property recently underwent a series of improvements. Its occupancy is currently at 90 percent. Karl Abert and Brad Pickering of Newmark Grubb Knight Frank represented both the buyer and the seller, El Camino Vista, LLC, in this transaction.
NEW YORK CITY — HFF has arranged $100 million in long-term financing for a 510-unit, high-rise residential property in Manhattan’s Murray Hill neighborhood. Prudential Mortgage Capital Co., the commercial real estate finance business of Prudential Financial Inc. (NYSE: PRU), provided the 20-year, fixed-rate loan. The 39-story building is located on 39th Street between First and Second avenues and includes studio, one- and two- bedroom units. Community amenities include a doorman, parking garage, laundry facilities and bicycle storage. The HFF team representing the borrower included senior managing director Michael Tepedino, managing director Steven Klein and associate director Jennifer Keller. Sarah Teunis, director, and Kathryn Bradford, senior analyst, represented Prudential.
WATERBURY, CONN. — Fairmount Heights Associates LP has sold Country Village Apartments, a 232-unit, HUD-subsidized property in Waterbury, for $17 million. Constructed in 1948, Country Village Apartments is situated on 30 acres and is one of the largest apartment complexes in Waterbury. Fairmount Heights purchased the property in January 1983. Steve Pappas of Chozick Realty represented Fairmount Heights Associates in the transaction. The buyer is Country Village Apartments LLC, which secured an additional $15 million in CHFA financing through tax credits for property renovations. The renovation plans include new kitchens, appliances, bathrooms, flooring, windows, doors, roofs, common areas, as well as improvements to the landscaping and playgrounds.
CHEHALIS, WASH. — The 60-unit Chehalis Avenue apartments has sold to Chehalis Avenue Apartments 2, LLC for $2 million. The HUD community is located at 366 SW Third Street in Chehalis. It was built in 1969. The transaction was executed by Robert DiPietrae of Hendricks-Berkadia’s Seattle office. The seller was Chehalis Avenue Company, LP.
TAMPA, FLA. — Marcus & Millichap has completed the sale of Green Oaks, a 100-unit multifamily property located at 3801 W. Tyson Ave. in Tampa. Built in 1983, the community includes eight, two-story buildings on six separate parcels that total 2.83 acres. The buildings’ roofs were replaced last year, and 70 percent of the units were remodeled during the same time period. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both parties, Florida-based private investors, in the deal.
