MIAMI BEACH, FLA. — CB Richard Ellis (CBRE) has completed the sale of a 54-unit multifamily property located in Miami Beach. AnNell Apartments is locaated 700 Euclid Ave. in the South Beach submarket. The CBRE team of Calum Weaver and Richard Tarquinio represented the seller, Investors Management Group, a Los Angeles-based private equity firm. The buyer was Bar Invest Florida, an all-cash foreign buyer. The acquisition price was not released.
FAIRFAX, VA. — Washington, D.C.-based Greysteel has negotiated the sale of Oak Knolls Realty Corp. for $10 million. Oak Knolls Realty Corp. is a Florida S corporation that controls a single asset, the Oak Knolls apartment community, which is located at 3979 Oak St. in Fairfax. The community currently contains 110 units, but the City of Fairfax recently released a comprehensive plan that encourages the rezoning of the property for high-density residential development. The Greysteel team of Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown represented the buyer, Capital Investment Advisors.
CHICAGO — Marcus & Millichap has arranged the sale of a 37-unit multifamily property in Chicago for $3.8 million. Stephen Rachman, an investment specialist at Marcus & Millichap’s Chicago O’Hare office secured the buyer, a limited liability company. The apartment building is located at 905 W. Carmen Ave. The building was 100 percent occupied at the time of sale and features all new windows.
BOOTHWYN, PA. — Meridian Capital Group LLC has arranged $18 million in permanent financing for the Meetinghouse Apartments & Townhouses, a multifamily property located in Boothwyn. Meridian arranged the 10-year loan on behalf of The Kaiserman Co. The apartment property includes 245 luxury apartment units and 122 townhomes located at 3131 Meetinghouse Road, about 22 miles south of Philadelphia. Irwin Wenger and Jim Bologno of Meridian Capital’s office in Iselin, N.J. arranged the financing.
VALLEJO, CALIF. – The 156-unit Austin Creek Apartments in Vallejo has sold to DE Village Austin Creek, LLC for $15.3 million. The community is located at 55 Valle Vista Ave. just north of Berkeley. The acquisition allowed the buyer to complete a 1031 Exchange. John Gallagher of TRI Commercial/CORFAC International represented both the buyer and the seller, Austin Creek Apartments, L.P., in this transaction.
MCLEAN, VA. — LCOR has received county approval for the development of The Commons, a transit-oriented community to be constructed in McLean. Phase I will include the property’s north parcel, which comprises 21 acres located at the corner of Anderson Road and Chain Bridge Road. LCOR received approval to develop up to 2,500 residential units, approximately 50,000 square feet of street-level retail space and green space. LCOR anticipates beginning construction for Phase I in the second half of 2014.
GREENVILLE, S.C. — A joint venture between Charleston, S.C.-based Hudson Capital Investments and Phoenix-based RW Partners has purchased a Class A apartment community in Greenville from Carroll Companies. Candleton Village is located at 741 Woodruff Road near the intersection of Interstates 85 and 385. Constructed in 2006, the property contains one- through three-bedroom units averaging 986 square feet in size. Jason Nettles and Megan Thompson of Holliday Fenoglio Fowler represented Carroll Companies in the transaction.
IOWA CITY, IOWA — Balfour Beatty Campus Solutions LLC has agreed to design, build, finance, own and operate a $31 million housing property for graduate students at the University of Iowa in Iowa City. The new student housing will replace the current Hawkeye Court complex, which was built in the 1960s. Located on west campus, the development will include 270 one- and two-bedroom units targeted at Iowa’s more than 9,500 graduate students, as well as faculty. The new facilities will consist of five, three-story buildings totaling 265,600 square feet. Additionally, a separate one-story community center totaling 5,400 square feet will be built to house the property management offices and common spaces for resident use, including a fitness center, laundry facility, multipurpose space and access to the campus shuttle service. The project is expected to break ground later this month and open in August 2014. Structured as a public-private partnership, Balfour will manage the financing and ongoing operations of the project through a 40-year ground lease.
CHICAGO — Marcus & Millichap has arranged the sale of 2203 West Rice, a 12-unit apartment property located in Chicago, for $1.8 million. Bill Bailey and John Bailey of Marcus & Millichap’s Chicago downtown office marketed the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by the Baileys. The property is located in the heart of Ukrainian Village and includes 10 two-bedroom and two one-bedroom units. The building has received upgrades during the last several years including a new boiler, a new gas central hot water heater, new windows, a new tear-off roof, upgraded kitchen and baths and new security gates.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 3124 32nd Street, a 17-unit apartment building located in Queens, for $3.2 million. Matthew Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Fotis, Apostolidis, Golub and Robert Aaron, also of Marcus & Millichap’s Manhattan office, represented the buyer, a private investor.
