CHICAGO — Marcus & Millichap has arranged the sale of a four-unit apartment property in Chicago for $1.3 million. Stephen Rachman, an investment specialist in Marcus & Millichap’s Chicago O’Hare office, marketed the property on behalf of the seller, a limited liability company. Kyle Stengle, an investment specialist in Marcus & Millichap’s Chicago Downtown office, secured and represented the buyer, an individual/personal trust. The apartment building is located at 1233 N. Hoyne Ave. in Chicago's Wicker Park neighborhood. The apartment community is fully occupied.
WEEHAWKEN, N.J. — Mack-Cali Realty Corp. has broken ground on the $100 million RiverParc at Port Imperial, a 280-unit luxury multifamily property in Weehawken. The 10-story building is part of the $2 billion Port Imperial development, a mixed-use waterfront destination that spans two-and-a-half miles directly across the Hudson River from Midtown Manhattan. RiverParc is Mack-Cali’s first new construction residential project since acquiring multifamily developer Roseland in October 2012. Roseland will oversee the leasing and management responsibilities of RiverParc. The building is expected to open for occupancy in the third quarter of 2014. RiverParc is a joint venture between Roseland and The Prudential Insurance Co. of America. PNC is the leading provider of construction financing for the project, and Wells Fargo is also participating with construction financing. RiverParc’s amenity package will include a fitness center, golf simulator, indoor heated pool, outdoor terrace with a hot tub and fire pit, movie theater, children’s playroom, conference meeting space and a game room with billiards. The community will also have 320 indoor parking spaces, which will include guest parking.
PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.
PUYALLUP, WASH. – The 251-unit One Canyon Place in Puyallup has received $18 million in financing. The community is located at 11619 Canyon Road East just east of Tacoma. It is 97 percent occupied. The 35-year, fixed-rate loan features a 3.2 percent interest rate and a 72 percent loan-to-value ratio. The non-recourse financing was arranged by Louis Weisman of Berkadia Commercial Mortgage LLC’s Seattle office on behalf of Delta II LLC. It was arranged through the firm’s FHA/HUD 223(f) program.
HAYWARD, CALIF. – The 20-unit Manon Garden Apartments in Hayward has sold to an unnamed buyer for $2.6 million. The community is located at 27435 Manon Ave. The seller, a limited liability company, was represented by David Weglarz of Marcus & Millichap’s Oakland office.
ATLANTA — Atlanta-based Marquis Investments has purchased a nine-property multifamily portfolio for $49.5 million. The communities are all located in Atlanta on Buford Highway, in between the Brookhaven and Druid Hills submarkets. The portfolio contain a total of 1,187 units and includes: Continental Village, Cross Keys Cabana Apartments, Garden Grove, Hallmark Apartments, Majestic Terrace, Monaco Garden, Montego Garden, Parkview Terrace and Parkway Apartments. The $49.5 million sale price equates to an 8 percent capitalization rate. Paul Vetter and Andrew Mays of Marcus & Millichap’s Atlanta office represented the seller, a Yakima, Wash.-based real estate company.
LANCASTER, PA. — Berkeley Point Capital LLC has provided a $10.4 million FHA loan for the refinancing of a 264-unit Class C apartment community located in Lancaster. The self-amortizing, 35-year loan carries a three percent interest rate. Proceeds from the loan were used to pay off an existing FHA 221(d)(4) loan that was financed with Berkeley Point’s predecessor firm in 2009. Financing was arranged under HUD’s Section 223(f) mortgage insurance program. Nemo Hannafin of Berkeley Point Capital’s Bethesda, Md. office led the Berkeley Point team in the transaction.
CLIFTON, N.J. — Marcus & Millichap has arranged the sale of Martha Washington Apartments, a 56-unit garden apartment complex located at 1401 Van Houten Ave. in Clifton. The asset commanded a sales price of $7 million. Thomas McConnell, CCIM and Kevin McCrann of Marcus & Millichap’s National Multi Housing Group represented the seller, Martha Washington LLC. McConnell and McCrann also represented the buyer, REGA Clifton LLC, in the transaction.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of Southcross Square, an 85-unit multifamily property located at 3907 E. Southcross Blvd. in San Antonio. Zar Haro, Michael Moffitt Jr., Moses Siller and Scott Lamontagne of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company. The property is comprised of 32 one-bedroom/one-bathroom units and 53 two-bedroom/one and one-half bath units.
PLANO, TEXAS — ARA has arranged the sale of Reserve at Pebble Creek and Somerset at Spring Creek, two multifamily properties in Plano totaling 416 units. Aragon Holdings purchased the portfolio for an undisclosed price from Venterra Realty Management. Brian Murphy, Brain O’Boyle Sr. and Brian O’Boyle Jr. of ARA represented the seller in the transaction.