MIAMI — La Belle Properties Inc. and King Ship Corp. have sold the 128-unit Miami Gardens Apartments for $8.1 million. The multifamily complex is located at 660 and 674 N.W. 117th St. in Miami. Steve Sussman of NAI Rauch Weaver Norfleet Kurtz & Co. represented the sellers in the transaction. Kris Wagnes of Keyes Commercial represented the buyer, Miami Gardens Realty LLC.
Multifamily
NEW YORK CITY — Besen & Associates has brokered the sale of two buildings at 110 West 111th Street and 247 West 113th Street located in Manhattan’s Central Harlem section. The pair sold for $12.6 million or $262,800 per unit, $291 per square foot. The properties total 43,344 square feet and offer 22 one-bedroom, 18 two-bedroom and eight three-bedroom apartment units. Ronnie Shaban and Amit Doshi of Besen & Associates represented the seller and the buyer, a local private investor, in the transaction. Michael Coritsidis of Coritsidis & Lambros PLLC provided legal counsel to the seller, while Anthony Bottitta of Anthony S. Bottitta PC advised the buyer.
SOUTH ORANGE, N.J. — Marcus & Millichap has brokered the sale of Village Court, a 30-unit multifamily property located in South Orange. Village Court Apartments LLC purchased the property for $3.8 million from Village Court Inc. The property is located near the city’s downtown and within walking distance to Seton Hall University and the South Orange NJ Transit Station, which serves Manhattan. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s National Multifamily Housing Group represented both parties in the transaction.
CINCINNATI — Cohen Financial has secured $12.4 million in acquisition financing for two multifamily properties located in Cincinnati. The properties include the 352-unit Ashley Woods Apartments located at 2300 Walden Glen Circle, and the 316-unit Towerview Apartments located at 5313 East Knoll Court. Dan Rosenberg originated the two 10-year, fixed-rate loans with a CMBS lender for the borrower, an affiliated company of The Ferndale Realty Group LLC, a national apartment owner and operator.
COLUMBIA, MO. — Lutz Real Estate Investments, in a joint venture with Harrison Street Real Estate Capital, has acquired a 656-bed off-campus student housing community near the University of Missouri, for an undisclosed sales price. Campus View Apartments features two- and four-bedroom units. The fully furnished apartment community also includes a clubhouse, swimming pool surrounded by a large sundeck, fitness center, business center and numerous sports courts. The University of Missouri master leases a specified number of beds at Campus View. Kevin Larimer of Hendricks-Berkadia represented the seller in the transaction. Will Baker of Walker & Dunlop arranged the first mortgage loan.
EL CAJON, CALIF. – El Cajon Senior Towers, an 89-unit affordable seniors housing complex, has received a $6-million loan. The complex is located at 180 Ballantyne Street in the San Diego submarket of El Cajon. It was built in 1981. The borrower is a private investor who specializes in owning and operating multifamily properties servicing families and seniors with lower incomes. The loan was arranged by Jeff Kearns and Kent Carpenter of Johnson Capital under the HUD/FHA’s 223(f) loan program. The program offers 35-year, fixed-rate mortgages at very low interest rates.
MIDLOTHIAN, TEXAS — Encore Land LLC has completed land development for its first single-family residential project, Jordan Run Estates Phase II, in Midlothian. The company also has developments underway in Coppell, Las Colinas, Fort Worth, Mansfield and Waxahachie. J. Houston Homes is the builder for the Jordan Run Estates community, with new homes available this fall. Completion of the Coppell, Mansfield and Waxahachie developments is slated for early 2015. New projects totaling 3,100 lots across the Dallas-Forth Worth Metroplex are in Encore Land’s pipeline.
CHAMBLEE, GA. — Cocke, Finkelstein Inc. (CFI), a multifamily investment firm, has acquired a six-acre tract of land at the intersection of Peachtree Boulevard and Chamblee-Tucker Road in Chamblee. CFI plans to develop a 283-unit apartment community known as Chamblee Gateway at the site. CFI plans to deliver the Class A property in early 2016. The company is also currently developing two other Atlanta-area apartment communities with Enfold Properties: The Ardmore in Buckhead and Collier Lofts in Buckhead West.
FORT MYERS AND ORLANDO, FLA. — Blue Rock Partners LLC and Konover South LLC have purchased two apartment communities in Florida for $27.5 million combined. The partnership purchased the 288-unit Montego Bay Apartment Homes in Fort Myers for $16.1 million and the 200-unit Palm Harbor Apartment Homes in Orlando for $11.4 million. The new owners plan to invest $4.5 million in capital improvements to both properties and rename them as The Park at Positano and The Park at Salerno, respectively.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 536 East 96th Street, a 31-unit apartment building located in Brooklyn. The asset sold to a private investor for $3.8 million. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer in the transaction.