MINEOLA, N.Y. — Mineola Properties LLC, an affiliate of Lake Success-based Lalezarian Properties LLC, will construct an $85 million apartment complex in Mineloa, located about 25 miles west of New York City. The 315-unit apartment building will replace the aging former KeySpan headquarters at 250 Old Country Road. Construction of the apartment complex is expected to take about two years, create 200 full-time construction jobs and result in the creation of 20 permanent full-time jobs. Of the 315 units, 32 will be leased to eligible families and individuals under an affordable housing program sponsored by the Village of Mineola. The former KeySpan building will be demolished later this spring.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
TRACY, CALIF. – The 156-unit Waterstone Apartment Homes in Tracy has sold to MG Properties Group for $25.2 million. The community is located at 1951 West Middlefield Drive. It was built in 2007. The seller, Fairfield Edgewood Station LP, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA, a multifamily brokerage division of Marcus & Millichap.
WASHINGTON, D.C. — Winn Development has completed its historic renovation of the Samuel Kelsey Apartments, a 125,000-square-foot property at 3322 14th St. N.W. in Washington, D.C. The property, built circa 1920, features 24,000 square feet of retail space and 150 units of affordable housing for elderly or disabled tenants. Some of the renovations included replacement of the kitchens, bathrooms, elevators, as well as new landscaping.
OCALA, FLA. — Marcus & Millichap has arranged the $1.3 million sale of Magnolia Trace Apartments, a 48-unit property at 2952 N.E. 14th St. in Ocala. Built in 1972, Magnolia Trace consists of 48 units within three buildings and one office building. Joe LaFleur and Nathan Pealer of Marcus & Millichap represented the seller, a financial institution, in the transaction.
COLUMBUS, OHIO — Construction of 801 Polaris, a $25 million, 270-unit apartment community in Columbus, will begin April 1. The community is scheduled for completion in October 2014. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. Kaufman Development is the developer. The four-story apartment building includes one-, two- and three-bedroom units and 378 parking spaces.
SAVAGE, MINN. — Evergreen Pointe Townhomes LLC has acquired Evergreen Pointe Townhomes, a 43-unit multifamily property in Savage, a southwest suburb of Minneapolis, for $2.7 million, or $64,000 per unit. The seller was Evergreen Pointe Townhomes LP. The apartment community is part of the Section 42 Low-Income Housing Tax Credit program and has an extended-use agreement in place that requires the units continue to be rented to tenants who make 60 percent or less of the area’s median income. The 49,808-square-foot apartment community is located at 4100-4228 McColl Drive. John Karlen of RP Mallery Group LLC represented the buyer and the seller in the transaction.
ELMWOOD PARK, N.J. — Marcus & Millichap has arranged the sale of two apartment buildings in New Jersey for a combined $9.7 million. The properties include Whalepond Village, located at 400 Stacey Drive in Ocean Township, N.J., and Broadway Apartments, located at 205 66th St. in West New York. The 96-unit Whalepond Village sold for $7.1 million. The seller was the developer of the property, K. Hovnanian. The buyer was Ocean Township. Broadway Apartments, a 30-unit multifamily property, sold for $2.6 million. The seller was Roje Realty Co. LLC, and the buyer was Sela Properties LLC. Thomas McConnell and Kevin McCrann of Marcus & Millichap brokered the transaction.
LEWISVILLE, TEXAS — Marcus & Millichap has arranged the sale of the 212-unit Basswood Manor, a multifamily property located at 1020 W. Fox Ave. in Lewisville. More than 80 percent of the property includes two- and three-bedroom units. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based partnership, in the transaction. Silva also secured and represented the buyer, a private real estate fund based in Canada. The buyer plans to make capital improvements to the property.