SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
RIVERSIDE, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Riverside Apartments, a 21-unit apartment property in Riverside, a western suburb of Chicago. Jim Walsh, James Clough and Joseph Smazal, investment specialists in Marcus & Millichap’s downtown Chicago office, marketed the property on behalf of the seller, a long-term property owner trust. Andrean Angelov and Ryan D. Engle, investment specialists in Marcus & Millichap’s Chicago Oak Brook office represented the buyer, a local investor. Built in 1927, Riverside Apartments is located at 3408-3412 S. Harlem Ave. and includes nine garages and 18 parking spaces.
NEW YORK CITY — Massey Knakal has arranged the sale of a 21,678-square-foot mixed-use building in Manhattan’s Harlem neighborhood, for $5 million in an all-cash transaction. The six-story, walk-up building is located at 203 W. 144th St. and includes 28 residential and two commercial units. Of the residential units, 18 are two-bedroom units and 10 are three-bedroom units. A church and a retail tenant occupy the two ground-floor units. Josh Lipton and Michael Amirkhanian of Massey Knakal represented the seller and buyer, private investors, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $1.7 million sale of 693 Madison Street, a 9,036-square-foot apartment property in Brooklyn. The sales price of the eight-unit multifamily property represents approximately $215,000 per unit and $190 per square foot. Dan Greenblatt, Shaun Riney and Derek Bestreich, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Bestreich, Greenblatt and Riney also represented the buyer, a fund manager.
BRYAN, TEXAS — SenQuest Senior Living has purchased Waldenbrooke Estates, a 180-unit independent senior living apartment property totaling approximately 164,150 square feet in Bryan. Waldenbrooke, which offers both one- and two-bedroom units in four three-story buildings, has undergone nearly $260,000 in capital improvements since 2011. The complex is located at 2410 Memorial Drive. SenQuest is the senior housing division of Los Angeles-based Titan Real Estate Investment Group Inc.
SOUTH JORDAN, UTAH – A new joint venture between Mountain Real Estate Capital (MREC) and DAI/Candlelight Homes of Utah has acquired the Santorini Village in South Jordan. The JV plans to develop the 199-lot housing community, which will be located at 9800 South Redwood Road. The community will be developed by DAI and built by Candlelight Homes. This acquisition represents MREC’s first investment into the Salt Lake City housing market.
SANFORD, FLA. — A joint venture between Tampa, Fla.-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has purchased a 256-unit apartment community in Sanford from Robbins Associates for $18.5 million. Sailpointe at Lake Monroe is located on 401 W. Seminole Blvd. The new owners plan to invest $1.8 million in the property to upgrade its appearance, unit interiors and amenities. The community will also be renamed The Park at Ravello. Shelton Granade of the Orlando office of CB Richard Ellis brokered the transaction, and Prime Capital provided acquisition financing. The purchase represents Blue Rock and Konover South’s 11th joint acquisition in the past four years in the Orlando and Tampa Bay markets.
INDIANAPOLIS — Construction is underway on a $26 million, 235-unit apartment community called Circa in Indianapolis. Located on College Avenue in the Chatham-Arch historic district, Circa will include a mix of studio, one-, two- and three-bedroom apartments in five buildings. The project will also include the renovation of the former office of the Mitchel & Scott Machine Co., located on the property. The former office building will house the leasing office and some apartments with rooftop patios. The other four buildings will be new, four to five stories tall, and designed to blend into the historic district. Regions Bank provided the construction loan. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Milhaus will manage construction. The apartments will include one parking space per unit and will rent for between $800 and $2,000 per month.
PHILADELPHIA — UC Funding has provided $10.4 million for a project involving the acquisition and renovation of two older apartment buildings in northwest Philadelphia totaling 110 units. The borrower was identified as a life-long Philadelphia resident with more than 30 years of experience in commercial real estate and currently owns 14 apartment buildings and four office/retail properties in the Philadelphia area.
STAMFORD, CONN. — Clarion Partners has acquired Infinity Harbor Point, a 242-unit, Class A multifamily property in Stamford for $98.8 million. The newly-constructed 22-story property is located in Harbor Point, a mixed-use development with more than 1,350 new apartments, 400,000 square feet of Class A office space and 130,000 square feet of retail and dining. The property was 96 percent leased at the time of sale.