LITHONIA, GA. — Variant Commercial Real Estate has acquired the Oaks at Stonecrest, a 280-unit apartment property in Lithonia. Apartment units average 995 square feet and the property totals 270,000 square feet of living space. Variant plans to make minor exterior renovations to the property and CFLane will serve as the new property manager. The property is located minutes from metro Atlanta and is close to the newly built, 1.3 million-square-foot Mall at Stonecrest. Following the deal, Variant now has 7,000 units in its commercial portfolio.
NEW YORK CITY — Meadow Partners has received a $30 million senior loan from PCCP LLC for the recapitalization and conversion of a 98,000-square-foot, nine-story office/retail building into a multifamily/retail project. The building is located at 42-15 Crescent St. in Long Island City in Queens. The ownership plans to convert the property to a Class A multifamily/retail property, which will contain 124 units in the 10-story building. Constructed in 1953, the building is located across the East River from Midtown Manhattan. Meadow acquired the property in December 2012 in an off-market, all-cash transaction and has plans to complete pre-development in the next few months. The project is slated for completion in early 2015. Allen & Overy LLP represented PCCP LLC and Ackman-Ziff Real Estate Group LLC arranged the financing.
NEW YORK CITY — Castellan Real Estate Partners has acquired a four-story, 62-unit multifamily building in the Flatbush section of Brooklyn for $6 million, or $98,000 per unit. The walk-up apartment building was built in 1926 and includes one 47,680-square-foot store. Yosef Katz of GFI Realty Services Inc. represented the seller, a local investor. Josh Orlander, also of GFI Realty Services, represented the buyer in the transaction. The building is located at 1084 New York Ave.
EDISON, N.J. — Gebroe-Hammer Associates has arranged the $2.2 million sale of the 21-unit Winding Woods apartment community in Edison. Joseph Brecher of Gebro-Hammer Associates represented the seller, Winding Woods 1880 LLC, and identified the buyer in the transaction. Located at 1880 Woodbridge Ave., Winding Woods includes one- and two-bedroom units with amenities such as on-site parking and laundry facilities. Rents at the property range from about $725 to $1,375.
DALLAS — The Connor Group, a real estate investment firm, has sold the 228-unit Park Gates at City Place, a Dallas apartment community. The Connor Group owned and operated the community for six years. The Centerville, Ohio-based company expects to provide a 60 percent return to its investors. The Connor Group now owns and operates seven properties in Texas — four in Dallas and three in Austin.
FORT WORTH, TEXAS — Fort Worth-based Panther FW Investments LLC has closed on its purchase of a two-property multifamily portfolio in Fort Worth totaling 528 units. The two properties include Bent Tree and Country Place, both located along Normandale Street on Fort Worth's west side. Panther plans to upgrade the exterior and interior of the communities in order to push rents upward.
WEST JORDAN, UTAH – The 280-unit Boulder Canyon Apartments in West Jordan has received a $27.5-million loan. The community is located at 5517 W. Slate Canyon Drive just southwest of Salt Lake City. The non-recourse loan features a fixed interest rate in the mid-2 percent range and a 40-year amortization schedule. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Greg Richardson and Scott Watson of Johnson Capital’s Irvine officein conjunction with the acquisition of the property by Eight Bay Advisors, LLC.
SAN DIEGO – The 57-unit Pacific Pines Village in San Diego has sold to Vista International for $6.5 million. The community is located at 4355 46th Street and 4366-4406 Menlo Ave. Vista International was represented by Mark Hughes of KW Commercial. The sellers, Double RP Investments LLC, AMB Capital and Blue Corner Capital LLC, was represented by Rita Lancaster-Hannahof Colliers International and Robert Weinberger of RJW Properties.
VIRGINIA BEACH, VA. — Harbor Group International has acquired Mayflower Seaside, a 265-unit apartment community in Virginia Beach. The property is located one block from the oceanfront and has easy access to major thoroughfares. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Fairfield Mayflower Seaside LLC, in the transaction.
HOOVER, ALA. — Resource Real Estate Opportunity REIT has acquired the 196-unit Autumn Wood Apartments in Hoover for $8.5 million. The property consists of 12 buildings situated on 17 acres. Amenities include a swimming pool, clubhouse, fitness center, basketball court, playground and washer/dryer connections in all units. The company purchased the property in an off-market transaction.