CASTLE ROCK, COLO. – The 186-unit Rolling Hills apartmentcomplex in Castle Rock has sold to Virtú Investmentsfor $16.6 million. The community is located just east of Interstate-25near the Southeast Business Corridor, Sky Ridge Medical Center, RidgeGate development and Park Meadows Mall. It was built in 1987 and updated in 2007. The seller, an unnamed national real estate investor, was represented by ARA’s Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews.
Multifamily
CHESAPEAKE, VA. — CBRE | Hampton Roads has arranged the sale of Marina Point Apartments, a 104-unit apartment community located at 1301 Canal Drive in Chesapeake. An affiliate of Frontier Financial purchased the property from Property Capital Group. Dan Johnson and Hank Hankins of CBRE | Hampton Roads, along with Andrew Boyer and Jonathan Greenburg of CBRE’s Washington/Baltimore multi-housing team, represented the seller in the transaction.
NEW YORK CITY — Besen & Associates has arranged the $23.8 million sale of The Albert Goodman Plaza Apartments, an affordable housing complex in the Morrisania section of The Bronx. The sales price equates to $94,450 price per unit, $81 per square foot and a 6.5 percent capitalization rate. Preservation Development Partners purchased the multifamily property. The complex includes four elevator apartment buildings that include 250 apartments and two commercial units. Constructed in 1982, the apartment community spans 292,925 square feet. The buildings are operated under a Project Based Section 8 HUD contract, which requires the apartments to remain affordable for another 20 years. Amit Doshi, Lynda Blumberg and Shallini Mehra of Besen & Associates brokered the deal. The properties are located at 970 Boston Road and 665 E. 163rd St.
TORRANCE, CALIF. – A 248-unit apartment complex in Torrance has sold to M West Holdings LLC for an undisclosed sum. The community is located at 20900 Anza Ave. It was built in 1964 and renovated in 2008. The seller, 20900 Anza Avenue Apartments LLC, was represented by Fairfield Residential. Ron Harris, Greg Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors also provided representation.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has received $15 million in financing. The community is located at 14374 Borego Road. The seven-year acquisition loan features a 30-year amortization schedule. It was funded under the Fannie Mae DUS ARM 7/6 Loan product line. The loan was originated by lGreg Gillam of Arbor Commercial Funding’s Manhattan Beach office.
RENO, NEV. – The 250-unit Woodside Village Apartments in Reno has sold to a Bay Area limited liability company for $14.9 million. The community is located at 4800 Kietzke Lane. It was built in 1976. Kenneth N. Blomsterberg represented both the buyer and the seller, a Reno limited liability company, in this transaction.
GREENVILLE, S.C. — Trade Street Residential has acquired The Aventine Greenville, a new 346-unit, Class A apartment community in Greenville for $42 million, or $121,000 per unit. The community is located at 97 Market Point Drive, adjacent to the Millennium Campus, a 500-acre master-planned corporate and research park. The Aventine Greenville’s amenity package includes a WiFi café, fitness center, pet park, business center, resort-style pool, pool pavilion with TVs and built-in grills. The community was 76 percent occupied at the time of sale. Trade Street obtained a $21 million mortgage to help fund the acquisition.
CHICAGO — Weis Builders has completed the $44 million second phase of Lake Park Crescent, a multifamily redevelopment in Chicago. Phase II, called Sullivan Station, encompasses more than two city blocks in the North Kenwood-Oakland neighborhood.The project will replace the 1960s-era public housing and provide mixed-income housing within both low and midrise buildings. The Davis Group contracted Weis Builders to add a total of 132 units to the community. Weis will also build a midrise building and three-story parking ramp, as well as site preparation for future buildings.
INDIANAPOLIS — CBRE has arranged a $14.5 million loan for the acquisition of Waterside at Castleton Apartments, a Class B multifamily property located on the northeast side of Indianapolis. CBRE worked on behalf of Yakima, Wash.-based Wilkinson Corp. to secure the CMBS financing.The 400-unit apartment community features a mix of one- and two-bedroom layout. Jason Brown, vice president of CBRE’s debt and structured finance office in Indianapolis, originated the loan.
NEW YORK CITY — UC Funding LLC has arranged a $6.4 million construction bridge loan for a five-story, 15,763-square-foot luxury condominium development in Brooklyn. Upon completion, the five-story building will include 10 condo units. The property will feature one 537-square-foot studio condo, four one-bedroom condos that average 921 square feet, two two-bedroom condos that average 1,254 square feet, two three-bedroom condos that average 1,372 square feet and one 2,230-square-foot, four-bedroom condo. Condos will feature stainless steel appliances, granite countertops in the kitchens, marble tile flooring in the bathrooms and hardwood flooring. Community amenities will include a roof terrace, bike room, package room and virtual doorman.