CENTURY, CITY, CALIF. – A 157-unit multifamily portfolio referred to as the Sun Valley Collection has hit the market in the San Fernando Valley. The properties are housed in eight individual buildings that are all located within a one-block radius of each other in Sun Valley. They are being sold as cooperative stock units. The portfolio is being marketed by Pegasus Investments, which also represented the prior owner when it sold the collection in 2011. Since then, the new owner has invested in repairs and upgrades, bringing the portfolio to full occupancy.
WESTMINSTER, COLO. – The 384-unit Four Seasons apartment community in Westminster has sold to BMC Investments for $25 million. The community is located at 2002 W. 76th Ave. just northwest of Denver. The company plans to invest an additional $2.4 million to upgrade and rebrand the property. It will be renamed Villas on 76th. The investment includes a $21-million Fannie Mae loan through Centerline Capital Group. The 10-year loan features a two-year interest-only period and a 30-year amortization schedule. BMC financed the equity internally. This is BMC’s first deal in 2013, though the firm acquired more than 1,600 units in 2012. The transaction was executed by Chuck Sweeney from Hendricks Berkadia. The seller was Belgarde Enterprises.
CHICAGO — Essex Realty Group Inc. has arranged the $4.8 million sale of 1832-42 N. Humboldt, a 45-unit multifamily building located in Chicago’s Logan Square neighborhood. The property includes 31 one-bedroom units and 14 two-bedroom units. Doug Imber and Kate Varde of Essex were the brokers in the transaction. Jill Sickle of Hanover Hamilton Investments purchased the property.
KANSAS CITY, MO. — Terracap Investments Inc. has acquired Shadow Creek Apartments in Kansas City. Diversified Asset Management Co. sold the 231-unit apartment community, which was 93 percent occupied at the time of sale. The purchase price was undisclosed. Shadow Creek, located at 5417 E. 96th Place, includes 13 apartment buildings, a clubhouse and a maintenance garage. Aaron Mesmer of Block Real Estate Services represented Diversified Asset Management Co. in the transaction. Michael Block, also of Block Real Estate Services, represented Terracap Investments.
WATFORD CITY, N.D. — Oppidan Investment Co. has purchased a two-acre parcel adjacent to its Pheasant Ridge Apartments in Watford City. The company plans to begin construction on a second apartment building at the site in September. The 42-unit Pheasant Ridge Apartments II will feature one-, two- and three-bedroom units. The apartment development is located at 1005 S. Pheasant Ridge Road.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $1.8 million sale of five-story walk-up apartment building in the East Harlem section of Manhattan. The sale price translates to $118,000 per unit. The 8,125-square-foot property includes 10 units and is located at 336 E. 117th St. Kobi Zamir, an associate at GFI Realty Services, represented the seller, a local investor. Zamir and Roni Abudi, a managing partner at GFI Realty Services, represented the buyer, also a local investor. The apartment building was built in the early 1900s.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Sutter’s Mill, a 128-unit multifamily community in San Antonio. The property includes 16 two-story buildings located at 11955 Parliament Drive. Moses Siller, Scott Lamontagne and Will Balthrope of Marcus & Millichap’s San Antonio, Austin and Dallas offices represented the seller, an individual/personal trust. Siller, Lamontagne and Balthrope also secured the buyer.
OCOEE AND ST. PETERSBURG, FLA. — Landmark Apartment Trust of America Inc., a multifamily REIT, has acquired and rebranded two apartment communities in Florida for $53.2 million. Collectively, the two communities total 826 units and are 94 percent occupied. In the first transaction, Landmark acquired Vizcaya Lakes, a 522-unit property located at 1024 Vizcaya Lake Road in Ocoee, a suburb of Orlando. The community is now known as Landmark at Stafford Landing. In the second transaction, Landmark acquired Avondale by the Lakes, a 304-unit community located at 5473 27th St. South in St. Petersburg. The community is now known as Landmark at Avondale. In July, Landmark acquired 11 multifamily communities totaling 3,586 units in Florida, North Carolina, Texas and Tennessee.
LOUISVILLE, KY. — PRG Investments has arranged the sale of the 192-unit, Class C Colonial Oaks Apartments in Louisville for $4.3 million. The property is located at 101 Colonial Oaks Court in southern Louisville off Southside Drive. Reed Weinberg and Fred Sutterlin of PRG Investments represented the seller, New York City-based Intervest Bank, in the transaction. Multifamily owner and manager Goldin Management acquired the property from Intervest Bank.
MOUNT PROSPECT, ILL. — McShane Construction Co. has completed construction on Myers Place, a 39-unit supportive apartment complex in Mount Prospect, a northwest suburb of Chicago. The multifamily community provides housing for people with mental and physical disabilities. The four-story, 41,715-square-foot apartment complex is located on a 3.7-acre site at 1585 W. Dempster St. Myers Place includes 21 furnished one-bedroom apartments and 18 studios. An individual who can live independently without assisted care occupies each unit. However, access to available supportive services is located on the first floor of the facility, if required. The first floor of the residential building also features laundry facilities, a computer room, tenant and bicycle storage areas, staff and management services offices, as well as 4,500 square feet of retail. Daveri Development Group LLC and the Kenneth Young Center developed the property. Cordogan, Clark & Associates served as the architect.