WASHINGTON, D.C. — Commonwealth Cooperative, a newly formed group of multifamily investors, has made its first acquisition: the 131-unit South Cathedral Mansions, located at 2900 Connecticut Ave. in Washington, D.C.’s Woodley Park neighborhood. Commonwealth Cooperative is comprised of Commonwealth Residential and CAS Reigler, with Oculus Realty providing property management services and Snead Construction providing contractor services. The new ownership is planning an extensive two-year redevelopment of the property, which will include the addition of 29 new apartments, 17 of which will feature 20- to 30-foot ceilings. The landmark property, which is listed on both the National Register of Historic Places and the D.C. Inventory of Historic Sites, has traded hands only four times since its development in 1922.
Multifamily
LAWRENCEVILLE, GA. — WinnCompanies and The Roseview Group have acquired Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, an eastern suburb of Atlanta. The multifamily property, built in 2001, is the only apartment community along Ronald Reagan Parkway, which connects Lilburn and Snellville, two suburbs in Gwinnett County. The property is situated near Bethesda Park, a 159-acre park with playgrounds, an aquatic center, running trails and soccer and baseball fields. Following the acquisition, WinnCompanies and The Roseview Group will rebrand the property as Park156.
NEW YORK CITY — Adam America Real Estate, in partnership with Horizon Group, will begin leasing 500 Sterling Place, a 77-unit multifamily property in Brooklyn’s ProCro neighborhood, in late June. The seven-story apartment building offers studio, one- and two-bedroom units with premium kitchens, countertops and appliances. Building amenities include a rooftop deck with misting wall, outdoor movie projection capabilities, game and lounging areas and barbecuing stations. Additionally, the amenity package includes a fully equipped window gym, parking, part-time doorman, package room, bicycle storage and a live-in superintendent. Rents range from $1,995 to $3,100, and move-in is slated for July 1.
NEW YORK CITY — Marcus & Millichap has brokered the sale of 147 Leonard Street in Brooklyn. The eight-unit apartment building sold for $2.3 million or approximately $411 per square foot. James Saros, Michael Salvatico and Shaun Riney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a private investor, in the transaction.
AUSTIN, TEXAS — Dougherty Mortgage LLC has closed a $5.5 million Fannie Mae refinance loan for the Triple Crown Apartments, a 182-unit multifamily housing property in Austin, located at 7020 Grand Canyon Drive. The 10-year term, 9.5-year yield maintenance loan was arranged by Dougherty’s Dallas office on behalf of a local ownership group, 7020 Grand Canyon LLC.
CHICAGO — Essex Realty Group Inc. has brokered the $3.6 million sale of a 46-unit apartment complex in Chicago. The property is located at 1331 W. Loyola Ave., one block west of Loyola University. The property includes studio and one-bedroom apartments with updated bathrooms, kitchens and hardwood floors. The building also underwent capital improvements, including the addition of windows, electrical service and exterior porches. The apartment complex is within walking distance of the Loyola CTA train station at the intersection of Sheridan Road and Loyola Avenue. Doug Fisher and Jason Fishleder represented the undisclosed seller. Fisher also represented the undisclosed buyer in the transaction.
CHICAGO — Marcus & Millichap has brokered the $2.9 million sale of a seven-unit apartment property in Chicago. The property is located at 1525 W. Addison St. Kyle Stengle of Marcus & Millichap represented the seller, a limited liability company. Bill Bailey and John Bailey of Marcus & Millichap represented the buyer, an offshore investor.
WEST BRIDGEWATER, MASS. — Fantini & Gorga has arranged $5.5 million in financing for the development of The Turn at River Bend, a multifamily community in West Bridgewater. Located on SR 106 between South Main and East streets, the development will consist of four three-story buildings, each offering 12 one- and two-bedroom apartments, with one quarter of the units designated for affordable housing. Casimir Groblewski of Fantini & Gorga arranged the financing with a Massachusetts-based cooperative bank for the borrower, 322 East Center Street LLC, an affiliate of The Battaglino Family LP.
HOUSTON — Q10|Kinghorn, Driver, Hough & Co. has secured $3 million in permanent financing with a 20-year term for a group of 20 commercial condominium buildings made up of one- and two-story structures. The 93,000-square-foot complex, which is located just off of Highway 290 in northwest Houston, is 100 percent leased. Rudolph Ernst Krueger owns WWT International Inc. and was the borrower.
NEW YORK CITY — Madison Realty Capital (MRC) has completed the disposition of 150 West 84th Street for $12.28 million. The five-story, 13,260-square-foot building consists of 20 residential units. MRC originally purchased the property in 2012 for $7.13 million and spent the last two years renovating and repositioning the building. The buyer was not disclosed.