NEW YORK CITY — An apartment building located at 237 Henry St. in Manhattan’s Chinatown neighborhood has sold in an all-cash transaction valued at $3.3 million. The five-story walkup building spans 8,200 square feet and includes 20 rent-stabilized, one-bedroom apartments. Massey Knakal brokered the transaction.
Multifamily
PLANO AND IRVING, TEXAS — Dallas-based real estate firm American Communities has purchased three Dallas/Fort Worth metro area apartment properties totaling 462 units. Cornerstone Ranch and Laurel Ridge in Plano and Islands West in Irving will be relaunched under the new owner’s Bel Air brand. Mosaic Residential of Houston sold Cornerstone Ranch and Laurel Ridge, while a private investor in Santa Barbara, Calif. sold Islands West. American Communities has acquired seven multifamily properties in the past 18 months.
BELMONT, CALIF. — Grosvenor Americas has purchased the 195-unit Carlmont Woods Apartments in Belmont for an undisclosed sum. The community is located at 2515 Carlmont Drive just northwest of Silicon Valley. Grosvenor plans to renovate the unit’s interiors and common-area amenities. Carlmont Woods is the firm’s first apartment acquisition in the Bay Area. The property was marketed by Kara Wiard of Eastdil Secured.
LAS VEGAS – FPA has purchased the 210-unit Indigo Creek in the Las Vegas submarket of Summerlin for $19.6 million. The community is located at 2200 Club Pacific Way. FPA was represented by David Baird and Brandon Baird of Sperry Van Ness’ Las Vegas office. The seller, Tomanek, was represented by Michael Miyagishima of the firm’s San Francisco office.
BIRMINGHAM, ALA. — Beech Street Capital has provided $36.5 million in FHA 223(f) loans to refinance The Oaks at Lakeshore and The Oaks of St. Clair in Birmingham. The Oaks at Lakeshore is a 266-unit complex featuring a fitness center, theater room, cyber-cafe, swimming pool, dog park, car center, playground and tennis court. The Oaks at St. Clair is a 192-unit complex featuring a fitness center, laundry facility, car wash bay/car care center, swimming pool and a gated entrance. The property is located in east of Birmingham in Moody. Chad Thomas Hagwood of Beech Street's Alabama office originated the 35-year loans, which both feature a 35-year amortization schedule.
HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $1.3 million sale of Arthur Street Apartments, a 20-unit community located at 6051 Arthur St. in Hollywood. Derek Gibbs, Daniel Cunningham and Tal Frydman of Marcus & Millichap's Fort Lauderdale office represented the seller, a limited liability company based in Hallandale, Fla., in the transaction. Gibbs, Cunningham, Frydman and Hernando Perez, also with Marcus & Millichap's Fort Lauderdale office, represented the buyer, a private investor based in Hollywood.
TOLEDO, OHIO — Reichle | Klein Group has arranged the sale of Pinetree Apartments, a 90-unit multifamily community in Toledo for $2.7 million. Harlan Reichle and Walter Plath of Reichle | Klein Group represented the seller, Pine Tree Apartments LLC, in the transaction. The property is located at 1435 Bernath Parkway.
LATHAM, N.Y. — Cronheim Mortgage has arranged $9.3 million in financing for Mountainview Terrace, a 128-unit apartment community in Latham, a northern suburb of Albany. The 10-year loan includes a 30-year amortization schedule and a fixed interest rate. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for Mountainview Terrace Apartments LLC. The property includes nine three-story buildings and units ranging in size from 685 square feet to 1,300 square feet.
NEW YORK CITY — Marcus & Millichap has arranged the $1.2 million sale of 328 Madison St., an eight-unit apartment property in Brooklyn. The sales price represents approximately $141 per-square-foot. Derek Bestreich, Lucien Sproviero and Shaun Riney, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Capella, a 336-unit apartment complex located at 8900 N. Interstate 35 in Austin. The property, originally constructed in 1981 and renovated in 2012, offers one- and two-bedroom floorplans in multiple two-story, garden-style buildings. Amenities include a business center, sports court, landscaped pool area, playground and dog park. FPA MultiFamily LLC of San Francisco sold Capella to Avesta Communities LLC of Tampa, Fla.