NEW YORK CITY — GFI Realty Services has brokered the sale of 205 St. James Place, a four-story, walk-up apartment building in Brooklyn’s Clinton Hill neighborhood. The eight-unit property sold for $3.95 million or $494,000 per unit, which translates to 17.5 times the rent roll. Constructed in 1930, the 9,316-square-foot building is located within walking distance to the Clinton-Washington Avenues and Franklin Avenue subway stations, which service the C, G and S lines. Shlomo Antebi of GFI represented the seller and Joseph Landau of GFI represented the buyer. Both the seller and buyer are local investors.
Multifamily
CHANDLER, ARIZ. — PrivatePortfolio Group LLC has purchased the 383-unit Parcland Crossing apartment complex in Chandler for $65 million. The community is located at 800 W. Willis Road, just south of the 202 Freeway. Parcland is situated within a five-mile radius of two Intel campuses, in addition to the offices of Bank of America, Wells Fargo, Chandler Regional Medical Center, eBay/PayPal, Verizon, Microchip, Freescale Semiconductor, Orbital Sciences, EDMC and Avnet. The community was built in 2013. It was 93 percent leased at the time of sale. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Alma School Apartments LLC, in this transaction. The LLC is a joint venture between Mark-Taylor Inc. and Kitchell Development Co.
CAMPBELL, CALIF. – The 40-unit Sun Dial Garden Apartments in Campbell has sold to a limited liability company for $7.7 million. The community is located at 300 and 350 Dunster Drive. Mitchell Zurich and Brad Lehman represented both the buyer, who was coming out of a 1031 exchange, and the seller, , a private investor, in this transaction.
PIKESVILLE, MD. — An affiliate of Harbor Group International LLC (HGI) has purchased Annen Woods, a 131-unit, Class B apartment community in Pikesville, a suburb of Baltimore. The property is currently 94 percent leased. HGI plans to invest roughly $1.1 million to complete upgrades to the property. HGI currently owns more than 4,800 multifamily units in the Baltimore/Suburban Maryland metro area.
NEW YORK CITY — Meridian Capital Group has arranged a $22.5 million loan to refinance a multifamily property located at 680 West End Ave. in Manhattan’s Upper West Side. Provided by a regional balance sheet lender, the five-year loan features a 3.33 percent fixed rate. Carol Shelby of Meridian’s New York City office negotiated the transaction. The 13-story building features 58 apartments and seven professional units.
CAMDEN, N.J. — Love Funding has secured a $17.5 million loan for Broadway Townhomes, a 175-unit townhouse community in Camden. The loan is the first of its kind to be approved under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program. The programs allows proven financing tools to be applied to preserve and upgrade at-rise public and assisted housing and provides for a long-term Section 8 rental assistance contract. The property will be renovated using tax-exempt bonds provided by the New Jersey Housing and Mortgage Finance Agency in combination with 4 percent low-income housing tax credits and the proceeds from the loan, which is being insured through HUD’s 221(d)(4) program. Leonard Lucas of Love’s Boston office arranged the transaction.
DENVER — One Dartmouth Place Apartments has sold to a joint venture between Oak Coast Properties and Redhill Realty Investors for $30.6 million. The 418-unit community is located at 11100 E. Dartmouth Ave. The JV plans to invest $2.6 million to upgrade the Class C community. These improvements are intended to augment the $3.6-million worth of unfinished enhancements that commenced in a few units and common areas prior to the sale. The seller was Angelo, Gordon & Co.
PORTLAND, ORE. — The Boathouse, a 133-unit apartment project in Portland, has received a $23.4-million construction loan. The community will be located on SW Boundary, east of Macadam, in Johns Landing along the Willamette River. Paradigm Properties is scheduled to break ground on the project this summer. The loan was provided by HomeStreet Bank Commercial Real Estate.
BOCA RATON, FLA. — ARA has arranged the $80.3 million sale of San Marco at Broken Sound, a 336-unit luxury villa and townhome community in Boca Raton. The asset was 96 percent occupied at the time of the sale. Hampton Beebe and Avery Klann of ARA represented the seller, Chicago-based Capri Capital Partners LLC, in the transaction. Marc deBaptiste and Richard Donnellan of ARA assisted in the sale. The buyer was Miami-based BC Property Investments.
NORCROSS, GA. — Pembrook Capital Management LLC has closed a $22 million bridge loan that will finance the renovation of two multifamily communities in Norcross, a suburb of Atlanta. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983, respectively, and include 434 units combined. Pembrook provided the loan to a joint venture between Audubon Communities and Five Mile Capital. The joint venture will utilize the loan for exterior and interior renovations at both apartment communities.