ST. PETERSBURG, FLA. — The Allen Morris Co. has purchased two acres of undeveloped land at 700 First Ave. South in downtown St. Petersburg for approximately $5.3 million. The site, which spans a full city block, will be the location of the developer’s new 348-unit multifamily community, The Hermitage Apartment Homes. The apartment community will feature a rooftop pool and spa, fitness center, outdoor grilling area, demonstration kitchen and a private dining/meeting room. The Allen Morris Co. will break ground on the property in July and open for occupancy in the fourth quarter of 2015.
Multifamily
CHICAGO — Essex Realty Group Inc. has brokered the $2.4 million sale of a 32-unit courtyard apartment building in the Rogers Park neighborhood of Chicago to an undisclosed buyer. The apartment building is located at 7381 N. Damen Ave. The recently renovated apartment building includes individual units, kitchens, bathrooms and common areas. Doug Imber and Kate Varde of Essex represented the undisclosed seller. Jim Darrow and Jordan Gottlieb of Essex represented the buyer in the transaction.
CHICAGO — Marcus & Millichap has arranged the $720,000 sale of a seven-unit apartment property in Chicago. The property, located at 2559 W. Haddon Ave., features a mix of one-, two- and three bedroom apartment units. Joseph Bergman and Kyle Stengle of Marcus & Millichap represented the seller, a private investor. Bergman and Stengle also represented the buyer, a limited liability company.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a multifamily building located at 2835-2875 Ocean Ave. in Brooklyn’s Sheepshead Bay neighborhood. The property sold for $31.5 million or approximately $197 per square foot. The six-story, 159,996-square-foot building offers 200 rent-stabilized units. Additionally, the elevator-serviced building features a laundry room and 38 indoor parking spaces. Alex Svetlakou and Bob Knakal of Massey Knakal represented the seller, while Rosewood Real Estate represented the buyer in the transaction.
TEMPE, ARIZ. – The 276-unit San Marbeya Apartments in Tempe has received a $29-million refinance. The Class A luxury community is located at 1720 E. Broadway Road near Arizona State University. San Marbeya is owned by The Premiere Residential Communities. The seven-year loan features a 3.85 percent interest rate. It was arranged by CBRE San Diego’s Debt & Structured Finance Group through Cornerstone RE Advisers.
MESA, ARIZ. – The 234-unit Sandstone Apartments in Mesa has received an $8.9-million refinance. The community is located at 1727 W. Emelita Ave. The 10-year loan was used to pay off two existing Fannie Mae loans. It features a 30-year amortization schedule and an adjustable interest rate that is fixed for the first five years. It starts in the low 4 percent range. The borrower is a local investor who acquired the property in April 2006. The loan was arranged by Neal Churney and Adam Finkel of Johnson Capital.
CHICAGO — Marcus & Millichap has arranged the $3.9 million sale of a 10-unit apartment property in Chicago. The property is located at 650 W. Wellington Ave. in Lakeview. The recently renovated units range from one to four bedrooms. Kyle Stengle of Marcus & Millichap represented the seller, Jab Real Estate. Stengle also represented the buyer, a limited liability company.
PLYMOUTH, MINN. — Oak Grove Capital has originated a $32.8 million FHA loan for a townhome community in Plymouth. The loan was for Bass Lake Hills Townhomes. The 284-unit, market-rate complex is located at 5875 Teakwood Lane N. Gary Marchiori of Oak Grove Capital facilitated the FHA 223(f) multifamily loan.
NEW YORK CITY — Stephen Palmese of Massey Knakal has arranged the sale of the Brooklyn Law School Portfolio, which consists of six multifamily properties located in the historic Brooklyn Heights neighborhood of New York City. The all-cash transaction was valued at $36.46 million. The six properties — located at 89 Hicks Street, 18 Sidney Place, 144 Willow Street, 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place — feature a combined 110 residential apartments and approximately 56,342 gross square feet. The sale price equates to approximately $647 per square foot. The properties have been owner/occupied by Brooklyn Law School, and they were 90 percent vacant at the time of sale.
NEW YORK CITY — Jim Coleman of Houlihan-Parnes Realtors LLC recently arranged acquisition financing of $1.5 million for the purchase of 2075 Haviland Avenue in the Tremont section of the Bronx. The property is a five-story walk-up apartment building containing 27 apartments and 4 stores. The property was purchased to reposition the asset based on existing vacancy. The loan has a flexible nine-year term. The loan was made by a local New York commercial bank. Anthony Simari of Smith, Buss & Jacobs represented the borrower.