CARLSBAD, CALIF. – A seven-unit apartment complex in Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the city’s Downtown Village District. The site is approved for a mixed-use building with first-floor retail and nine townhouse-style condos. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
Multifamily
DALLAS — Marcus & Millichap has arranged the sale of Milano and Lemon Tree, a 32-unit apartment property in Dallas. Milano and Lemon Tree is located at 4710 Munger Ave., approximately one mile from U.S. Highway 75, Greenville Avenue and the Knox/Henderson area. Stephen Crittenden, William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor in the Dallas market. Crittenden represented the buyer, also a private investor.
ROSENBERG, TEXAS — Marcus & Millichap has arranged the sale of Victoria Garden, a 232-unit apartment property in Rosenberg. Located at 911 Lane Drive, approximately 36 miles southwest of Houston, Victoria Garden had a list price of $6.6 million. Juan Cuevas with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Cuevas also secured and represented the buyer, a limited liability company.
ST. PETERSBURG, FLA. — The Praedium Group and partner Greystar Real Estate have sold Lincoln Shores Apartments, a 631-unit multifamily community in St. Petersburg, for $53 million. The Praedium Group purchased the asset in January 2010 for $24.2 million. The property features three resort-style swimming pools, lighted tennis courts, four racquetball courts, a basketball court, sand volleyball area and a fitness center. The community fronts a 14-acre lake, which has direct access to Tampa Bay.
HUNTERSVILLE, N.C. — Apartment developer Northwood Ravin LLC has broken ground on the Apartments at Holly Crest, a $50 million, 400-unit apartment community in Huntersville, roughly 14.5 miles north of Charlotte. The project will be located along Sam Furr Road across from Northcross Shopping Center. The community will feature 35,000 square feet of community greenspace and 15,000 square feet of amenity space, including a 4,900-square-foot clubhouse, 4,600-square-foot spa, fitness center, business center and private dog parks for small and large breeds. Monthly rents are estimated to start at $900 per month for a 700-square-foot, one-bedroom apartment and up to $1,700 per month for a 1,600-square-foot, three-bedroom unit.
ATHENS, GA. — Atlanta-based Thrive Senior Living has commenced construction on The Village at Athens, a 70-unit assisted living and memory care facility located near the intersection of Highway 316 and the Oconee Connector in Athens. Thrive is co-developing the property in a joint venture with Paragon Real Estate and Summit Healthcare REIT. The general contractor for the project is Athens-based Compass Contracting. The facility will feature a spa, beauty salon, fitness center, doctors office, movie theater and courtyards with outdoor fireplaces.
NEW YORK CITY — Meadow Partners has acquired Rocket Factory Lofts, an apartment building located at 100 South Fourth St. in the Williamsburg neighborhood of Brooklyn. The seven-story property, which is a converted manufacturing building, features 75 loft apartments in a mix of studio, one-bedroom and two-bedroom layouts. Each unit features oversized windows, exposed concrete beams and columns, spacious layouts, 14-foot ceilings and natural hardwood floors. The buyer plans to upgrade the apartments with new kitchens and bathrooms with high-quality finishes, renovate the lobby, and enhance the building entrance and communal roof deck.
WORCESTER, MASS. — CBRE/New England’s Capital Markets team has secured $4.2 million in acquisition financing for Park Plaza Apartments, located at 507 Main St. in Worcester. Main Five Zero Seven LLC, an affiliate of Advanced Realty Management, purchased the 11-story, 90-unit apartment building and nearby parking lot for $5 million. Originally built in 1885 and renovated in the 1970s, the property features 11 studio apartments, 70 one-bedroom units and nine two-bedroom units. John Kelly of CBRE/NE’s Multi-Housing Debt & Structured Finance group arranged the financing on behalf of the buyer.
NEW YORK CITY — TerraCRG has brokered the $2.3 million sale of a development site located at 1191 Ocean Ave. on the Flatbush/Ditmas Park border of Brooklyn. Situated between Farragut and Glenwood roads, the development site was delivered with approved plans for 24,455 square feet. The buyer plans to develop a seven-story, 27-unit residential building on the site. Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos, Michael Hernandez and Joseph Terzi of TerraCRG negotiated the transaction.
AUSTIN — Capital One Multifamily Finance has provided two Freddie Mac, fixed-rate loans totaling $42.8 million for the acquisition of two Class A apartments in Austin. The apartments include the 5th Street Commons, a 150-unit property built in 2009, and the Pressler, a 168-unit property built the same year. Intercontinental Real Estate was the purchaser. The loans have a seven-year term with seven years of interest-only payments and 6.5 years of defeasance.