RIDGEWOOD, N.Y. — Marcus & Millichap has arranged the sale of 759 Seneca Ave., an apartment building located in Ridgewood. The five-unit residential property sold for $2 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, another limited liability company, in the transaction.
PHOENIX – The 385-unit Villa Encanto apartment complex in Phoenix has received $25.7 million in financing. The community is located at 4315 E. Thunderbird Road. The borrower was a company formed by CVG Properties. CBRE’s Bruce Francis, Dana Summers and Robert Ybarra arranged the financing from GS Commercial Real Estate, a limited partnership formed by Goldman Sachs & Co.
NEW YORK CITY — Thor Equities has acquired a six-story pre-war residential property located at 840 West End Ave. in New York City’s Upper West Side. Built in 1910, the property features 40 residential units and close proximity to Riverside Park, a 330-acre landscaped, waterfront park. Mesa West Capital provided the acquisition loan. Steve Vegh of Westwood Realty Associates brokered the transaction. The seller and acquisition price were not disclosed.
PHOENIX – The 582-unit Sierra Ranch Apartments in Phoenix has received a $21.5-million loan. The community is located at 4722 East Bell Road. The property is 95 percent occupied. The 10-year, fixed-rate loan was arranged by Charlie Williams of Berkadia Commercial Mortgage’s Phoenix office through a life company correspondent.
SUNNY ISLES BEACH, FLA. — HSBC has provided a $284 construction loan for the development of Jade Signature, a luxury 57-story condominium tower in Sunny Isles Beach, 16 miles north of Miami. The developer, Fortune International Group, will use the proceeds of the loan to develop the 192-unit tower by 2017. The project team includes general contractor Suffolk Construction, architect Herzog & de Meuron, interior design firm PYR and landscape architect Raymond Jungles. Individual condominium units range in price from $3 million to more than $26 million. According to Fortune International Group, roughly 80 percent of the homes are under contract.
ATLANTA — Atlanta-based Preferred Apartment Communities Inc. has acquired four multifamily communities totaling 1,397 units in Nashville, Kansas City, Dallas and Houston. Preferred purchased the assets from four new wholly owned subsidiaries for roughly $182 million. The acquisitions were financed through separate Freddie Mac loans from KeyBank National Association totaling $119.9 million.
RIVER GROVE, ILL. —Marcus & Millichap has arranged the $2 million sale of 2453 N. 1st Ave., a 28-unit apartment property in River Grove. The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and parking. The property is five blocks south of the River Grove Metra station, three miles from Interstate 294 and less than five miles from O'Hare International Airport. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, as well as the buyer, a limited liability company.
REYNOLDSBURG, OHIO — Foresite Realty Partners, through its local affiliate Foresite Realty OH LLC, has arranged the sale of a 124-unit apartment property in Reynoldsburg. Independence Village Apartments is located on more than six acres and includes studio, one- and two-bedroom apartments. The property is comprised of 16 buildings and was 92 percent leased at the time of sale. A Chicago-based investor, that was looking to diversify its portfolio, purchased the property for an undisclosed sales price. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH LLC represented the seller in the transaction.
PHOENIX – The 26-unit Encanto Oasis Apartments in Phoenix has sold to a local private capital investor for $1.2 million. The community is located at 1840 West Thomas Road, across from the Encanto Golf Course. It was built in 1962. Brian Tranetzki and Rich Butler of Marcus & Millichap represented both the buyer and seller, Encanto Oasis Partners, in this transaction.
LEXINGTON, S.C. — Drever Capital Management has refinanced The Village at Southlake, a 122-unit independent living community in Lexington, with a $12.5 million bridge loan. CBRE’s senior housing debt and structured finance team in Houston arranged the five-year loan with two years of interest-only payments through an unnamed regional bank. Amenities of The Village at Southake include a nature and wildlife habitat preserve, large pond, walking trails, raised gardens, swimming pool, clubhouse, movie theater, wine bar and a salon.
