TAMPA, FLA. — Franklin Street has arranged the $6.4 million sale of Sunset Square Apartments, a two-story multifamily community in north Tampa. The asset is located across the street from the University of South Florida (USF) at 12708 Bruce B. Downs Blvd. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zach Ames of Franklin Street represented the buyer, Gainesville, Fla.-based Collier Cos., in the transaction. The Franklin Street team also represented the seller, Sunset Square Blackhawk Realty Advisors. Collier Cos. plans to demolish the 1960s-era apartment complex and develop a student housing community serving USF students.
Multifamily
MIAMI — Salazar Jackson LLP has closed on the $1.6 million sale of a 22-unit apartment community located at 747 N.E. 83rd Terrace in Miami. Linda Worton Jackson of Salazar Jackson counseled the bankruptcy trustee, Maria Yip, in the transaction, which was conducted via a bankruptcy auction. 747 Property LLC won the bid for the apartment community. Sperry Van Ness Commercial Realty brokered the sale. U.S. Bankruptcy Judge A. Jay Cristol approved the sale at a June 18 hearing.
HOUSTON — Greystone has provided $9 million in HUD financing for two multifamily housing properties in the Houston area. Lexington Square, an 80-unit Section 8 property in Angleton, was refinanced with 30-year HUD loans. Countryside Village, a 182-unit Section 8 property in Humble, was refinanced with 35-year HUD loans. John Williams, a senior mortgage originator for Greystone, originated the loans on behalf of the owner, National Community Renaissance.
DALLAS — Marcus & Millichap has brokered the sale of Holly Park, a 160-unit apartment property located at 9710 Military Parkway in Dallas. The property features one- and two-bedroom units located in 10 two-story buildings. The property's rentable square footage is 120,128 square feet, with an average unit size of 751 square feet. Community amenities include two on-site laundry facilities, a playground area, on-site maintenance and a courtyard. John Barker with Marcus & Millichap’s Fort Worth office represented the seller, a partnership, and the buyer, a limited liability company, in the transaction.
PHOENIX – City 15, a 161-unit apartment complex in Phoenix, has sold to Retirement Concepts for $10.8 million. The 26-building complex is located at 4728 N. 15th Street. The community was built in 1969. It was 96 percent occupied at the time of sale. The seller, Mica Creek-Sagamore Capital Partners, was represented by Brett Polachek and Jim Crews of Cushman & Wakefield.
PANORAMA CITY, CALIF. – The 16-unit Villa De Fano Apartments in Panorama City has sold to a buyer in a 1031 exchange for $2.8 million. The community is located at 9413 Van Nuys Blvd. It was built in 1987. The buyer was represented by Joshua Levy and Matthew Dobson of Newmark Grubb Knight Frank. The private seller was represented by Warren Berzack and Slavic Zlatkin of Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates.
ASHEVILLE, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of the historic Kenilworth Inn Apartments in the Biltmore Village in Asheville. The 93-unit multifamily community was fully occupied at the time of the sale. The apartment community, originally built in 1892 and renovated in 2003, is listed on the National Register of Historic Places. Austin Green and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented the seller, Kenilworth Apartments LLC, in the transaction. Saratoga Capital LLC was the buyer.
DES MOINES, IOWA — Hubbell Realty has opened 7th Street Brownstones, a $6.8 million multifamily community in downtown Des Moines. 7th Street Brownstones features 34 two-story, three-bedroom rental townhomes. The development is located at 325 SW 7th St. Features in the brownstones include walk-in closets, stainless steel appliances, washers/dryers, granite countertops, two-car garages and rooftop patios. Hubbell Realty hosted a grand opening for the new community on Tuesday, July 1. Twenty-two of the brownstone units are complete and leased. The remaining 12 are under construction. Hubbell Construction Services is the contractor, while Hubbell Apartment Living will manage the property.
NEW YORK CITY — GFI Realty Services has brokered the sale of 375 Edgecombe Avenue, a five-story walk-up apartment building in Manhattan’s Sugar Hill neighborhood. A local investor purchased the property for $2.34 million or $146,000 per unit, which translates to 10 times rent roll. Built in 1946, the 12,905-square-foot building features 16 units and is within walking distance to retail, restaurants and the 145th Street and 155th Street subway stations. Daniel Shragaei of GFI represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.
DALLAS AND SAN ANTONIO — Presidium Group LLC has purchased two multifamily properties in Texas, adding to its portfolio of more than 9,000 apartment units. The Dallas-based company has purchased Quarters, a 208-unit apartment complex located at 6415 Melody Lane in Dallas. Presidium will renovate Quarters with interior renovations that include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior improvements will consist of aesthetic improvements to amenity areas, the leasing center, property and building signage, and new siding and paint. Presidium has also purchased Sentinel Pointe, a 91-unit complex in San Antonio, located at 1235 E. Mulberry Ave. Its value-add renovations will include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior upgrades will improve the building exteriors, amenities and common areas, including the leasing center.