McKINNEY, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of Ashton Oaks, a 168-unit multifamily community in McKinney, a northern Dallas suburb. Built in 1988, the property features amenities such as an indoor heated pool, fitness center and multiple barbecue grills. Apartment units include fully equipped kitchens with vinyl plank flooring, 9-foot ceilings and outside storage units. Will Balthrope of IPA represented the seller, an Austin-based limited partnership. The buyer is an Illinois-based limited liability company.
SEATTLE – The 36-unit Central Element in Seattle has sold to a private investor for $7.7 million. The community is located at 209 22nd Ave. South in the city’s Central Business District. It was built in 1967. Dan Swanson of Marcus & Millichap’s Seattle office represented both the buyer and the seller, a limited liability company, in this transaction.
TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985.The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.
HOMEWOOD, ALA. — Marcus & Millichap has brokered the sale of The Hill Apartments, a 122-unit apartment community located at 1840 Oxmoor Road in Homewood, a suburb of Birmingham. The community sold for approximately $22.9 million, or about $187,500 per unit. The Hill Apartments are located near the new City Hall. Patrick Jordan and Eddie Greenhalgh of Marcus & Millichap represented the seller, a local property owner, in the transaction. Jordan also represented the New Jersey-based buyer. The Hill Apartments were built in 2012 and feature a gated entry, saltwater swimming pool, gazebo, outdoor kitchen, 24-hour fitness center, and a coffee shop/business center.
BIRMINGHAM, ALA. — Multi Housing Advisors (MHA) has arranged the sales of two Birmingham apartment complexes for a total of $21.1 million. The communities include the 256-unit High Pointe and the 250-unit Brookstone. Jimmy Adams of MHA represented the seller, Ruffner Mountain, in both transactions. A limited liability company based in Michigan purchased the two communities.
NEW YORK CITY — DelShah Capital LLC has purchased 100-102 Christopher St. in the West Village neighborhood of Manhattan for $26.8 million. The 21,849-square-foot, five-story white brick building includes 37 apartments. Recently renovated units feature new hardwood floors, kitchens with stainless steel appliances, marble baths and washers and dryers. The property also includes three ground-floor retail spaces, occupied by high-end clothing company Rag & Bone. The sellers were Jeffrey Kaye and Robert Morgenstern of Stone Street Properties, who purchased the building in 2011. Recent work to the property included renovation of the lobby, boiler room and common hallways.
PHILADELPHIA — Marcus & Millichap has arranged the $13 million sale of Beechwood Gardens, a 160-unit apartment property in northeast Philadelphia. The sale equates to $81,250 per unit. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a New York-based limited liability company, and the buyer, a local limited liability company. Beechwood Gardens is located at 9805 Haldeman Ave. and is in close proximity to U.S. Route 1 and Interstate 95. Built in 1967 on 5.7 acres, Beechwood Gardens includes 80 one-bedroom units and 80 two-bedroom apartments. More than two-thirds of the units have been renovated.
NEW YORK CITY — AVANT Capital Partners has originated a $1.4 million bridge loan secured by a condominium portfolio in Brooklyn. The developer of the portfolio used the two-year loan, which carries an interest rate of 10.75 percent, to pay off a discounted construction loan. The 13-story building includes a vacant ground-floor retail space and 38 residential condominiums that were completed and brought to market in 2009. The property is located at 55 Flatbush Ave. in the the Fort Green neighborhood of Brooklyn. Adam Luysterborghs, founding principal at AVANT, originated the loan.
HOUSTON — NorthMarq Capital has arranged $24.1 million in acquisition financing for The Palms on Westheimer, a 798-unit multifamily complex in the Galleria submarket of Houston. Terms of the loan include a five-year, fixed interest rate term with 18 months of interest-only payments and a 30-year amortization schedule. The property, located at 6425 Westheimer Road, offers efficiency, one- and two-bedroom floor plans, as well as amenities including a fitness center, movie cinema, outdoor spa and four resort-style pools. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing through a CMBS lender on behalf of borrower WOP Palms LLC.
TUSTIN, CALIF. – LTK Venture 1 has purchased the 70-unit Windsor Gardens in Tustin for $14.9 million. The community is located at 1651 Mitchell Ave. It was originally built in 1968, before it was converted into condominiums in 1985. The seller was the Laughlin Family Partnership. The transaction was executed by Pat Swanson and Brett Bayless of Colliers International’s Irvine office.