PHOENIX – The 180-unit Papago Crossing apartments in Phoenix has sold to BH Properties for $8.1 million. The community is located at 4530 E. McDowell Road. This is BH Properties’ ninth multifamily acquisition in Arizona in the past 24 months. The all-cash transaction was brokered by Tyler Andersen, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix.
Multifamily
LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $18.2 million sale of Whispering Palms, a 315-unit apartment complex located at 4540 N.W. 36th St. in Lauderdale Lakes. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, an investor with headquarters in Miami and New York, as well as the buyer, a New York-based investor. The community, built in 1973, features a playground, pool, on-site laundry facilities and elevators. The asset was 96 percent occupied at the time of sale.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 148-unit apartment building for approximately $19 million. The 21-story building is located at 860 N. DeWitt Pl. in Chicago’s Streeterville neighborhood. The property, built in 1966, consists of studio, one- and two-bedroom apartments. Building amenities include a fitness center, an on-site dry cleaner and an attached parking garage. Doug Imber and Doug Fisher of Essex Realty represented both the undisclosed buyer and seller in the transaction.
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund XXXVIII, a nationally diversified portfolio of 43 affordable apartment properties in 16 states with a fund size of $235 million in equity. The properties acquired by Corporate Fund XXXVIII add an additional 2,651 apartment units to Boston Capital's holdings. The fund includes 10 developments for senior citizens and 33 multifamily properties.
MOUNT ARLINGTON, N.J. — Mark Scott’s Commercial Mortgage Capital has arranged a $14.3 million loan assumption for an 80,355-square-foot, active-adult community in Mount Arlington. Landmark Cos. LLC acquired the 105-unit Carriage Club from Pantzer Properties and as part of the sale, the buyer assumed the Freddie Mac loan. Located at 1 Hillside Drive, the seven-acre community features a mix of one- and two-bedroom units that range in size from 790 square feet to 1,030 square feet.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $2.3 million sale of 629 Grand Street, a vacant four-story apartment building located in the East Williamsburg section of Brooklyn. The multifamily property features three rental units, a ground-floor retail space and approximately 3,890 square feet of available air rights. Joseph Landau of GFI represented the buyer and the seller, both local investors, in the transaction. The building was constructed in 1920 and is located in close proximity to the Lorimer Street, Metropolitan Avenue and Grand Avenue subway stations.
PFLUGERVILLE, TEXAS — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $19 million construction take-out loan for Oaks at Techridge, a 336-unit multifamily property in the northern Austin suburb of Pflugerville. Located at 14000 The Lakes Blvd., the Class A, garden-style community offers one- and two-bedroom apartments, as well as a swimming pool, fitness center and business center. Matt Franke of Q10 | KDH worked on behalf of the borrower, the U.S. affiliate of a diversified construction and development company, to secure the long-term, fixed-rate loan through Quadrant Real Estate Advisors.
AUSTIN, TEXAS — Avesta Communities has acquired Anderson Springs Apartment Complex, a 325-unit multifamily property in Austin. The community, which will be rebranded as Avesta Agave Falls, offers one- and two-bedroom apartments in flat and townhome styles, as well as two swimming pools, a fitness center and playground. Constructed in 1974, the asset is located along U.S. Highway 183, in proximity to the Walnut Creek business park. Avesta Communities is based in Tampa, Fla.
SMYRNA, GA. — Atlanta-based Cocke Finkelstein Inc. has acquired The Park at Vinings, a 484-unit apartment community in Smyrna, for $49.5 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community, which was 97 percent occupied at the time of sale. The Park at Vinings offers one-, two- and three-bedroom floorplans. Amenities include a two-story pool with waterfalls, six lighted tennis courts, a volleyball court, pond with a gazebo, playground, car care center and a dog park.
MIAMI BEACH, FLA. — Franklin Street Real Estate Services has brokered the $4.3 million sale of a 24-unit apartment building in Miami Beach. The apartment community is located at 8101 Crespi Blvd., about five minutes south of Bal Harbour and 15 minutes north of South Beach. Deme Mekras, Elliot Shainberg and David Reinke of Franklin Street represented the seller, a local investor, in the transaction. The buyer, a real estate investor and developer from Italy, purchased the asset with the intent to convert the project to a condominium development.