SOUTH BEND, IND. — Triad Real Estate Partners has arranged the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving the University of Notre Dame in South Bend. The sale price represents a 7.74 percent capitalization rate. Locally based Holladay Properties developed the property in 2012 and 2013. The buyer is a relatively new student housing investment company based in Southern California that is looking to expand its Midwest footprint. Both properties are located within walking distance to campus and were fully leased for the 2013-14 school year.
Multifamily
MOUNT ARLINGTON, N.J. —Marcus & Millichap has arranged the $18.6 million sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, located about 30 miles northwest of Newark. Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, investment specialists in Marcus & Millichap’s Philadelphia office, represented the buyer and the seller, both limited liability companies. Built in 2003, Carriage Club is a 55-plus active adult community located at 1 Hillside Drive. Amenities at the property include a clubhouse, indoor heated pool, fitness center, billiard room, library and putting green.
NEW YORK CITY — RFR Holding LLC and Vanke, China’s largest residential real estate developer, have broken ground on a new luxury residential condominium on East 53rd Street in Manhattan. Designed by Foster + Partners, the white tower at 610 Lexington Ave. will rise 700 feet, totaling 61 stories. RFR and Hines will work together on construction of the building through a joint development management agreement. Completion of 610 Lexington Ave. is slated for winter 2017.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two multifamily complexes in Fort Worth, the 118-unit Ridgmar Hills and the 117-unit The Steppes. Located adjacent to one another, just north of I-30 near Ridgmar Mall, the properties offer floor plans ranging in size from 402 to 1,420 square feet and each feature laundry facilities, a swimming pool, fitness room, business center and game room. The combined 235 apartments were 94 percent occupied at the time of the sale. Mason Green of Marcus & Millichap marketed the assets on behalf of the seller, Warner Alan Properties. Green also secured the buyer, a Dallas-based partnership, which secured two Fannie Mae loans with 10-year terms through Arbor Commercial for the acquisitions.
PONCA CITY, OKLA. — Investment advisory brokerage firm ARA has brokered the sale of Meadowbrook Village, a 130-site manufactured home development in Ponca City, located about 40 miles north of Stillwater. Constructed in the 1970s, Meadowbrook Village features an on-site office, laundry facility and storm shelter. The all-age community, situated in proximity to major area employers including a ConocoPhillips refinery, is serviced by municipal utilities. A local owner-operator purchased the distressed asset out of receivership. Andrew Shih, Brian Vita and Todd Fletcher of ARA represented the seller in the all-cash transaction.
DENVER – A 37-unit apartment building in Denver has sold to JMDR, LLC, for $3.9 million. The community is located at 2860 W 32nd Ave. It was built in 1961. The Calame Lewallen Team at Pinnacle Real Estate Advisors, LLC, represented both the buyer and the seller, The Garden, LLC, in this transaction.
ATLANTA — Bell Partners Inc. has acquired Heights at Stillhouse, a 302-unit apartment community in northwest Atlanta. Worthing Cos. developed the apartment community, which will be renamed Bell Vinings, in 2013. The project is LEED Silver certified and features resort-style saltwater pools, courtyards with fire pits, outdoor grilling stations, business centers and resident lounges. The units range from one-, two- and three-bedroom apartments averaging 1,085 square feet. The property was 95 percent occupied at the time of sale.
CHICAGO — Marcus & Millichap has arranged the $1.3 million sale of 6217-6223 S. Kenwood Ave., a 24-unit apartment property located in Chicago. Greg Gonzalez in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a private investor, and represented the buyer, a limited liability company. The property includes two conjoined 12-unit properties and a gated parking lot that accommodates 10 cars. The unit mix features 16 one-bedroom and eight two-bedroom units.
PHILADELPHIA — Marcus & Millichap has arranged the $2.2 million sale of The Archview Apartments, a 20-unit multifamily property located in Philadelphia. Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. Talone, MacLaren and Townsend also procured the buyer, a local partnership. The Archview Apartments is located at 108-110 Levering St. and features 19 apartments and an office space.
MESQUITE, TEXAS — Real estate investment company Advenir has acquired a 295-unit multifamily complex in Mesquite, which will be rebranded Advenir@Mission Ranch. Constructed in 2002 and previously known simply as Mission Ranch, the Class A property offers one- to three-bedroom apartments featuring nine-foot ceilings, brushed nickel fixtures, wood plank flooring and fireplaces. Communal amenities include a fitness center, swimming pool, business center and social room. Virtu Investments sold the asset. The transaction marks the third multifamily acquisition for Advenir in the DFW Metroplex in the past six months.