GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $3.4 million sale of Springhill, a 192-unit apartment property at 100 Swift Blvd. in Goose Creek. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The property was built in 1974 and was in the mid-70 percent occupancy range at the time of sale.
Multifamily
CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Calumet City, a southern suburb of Chicago. The apartment building, located at 1365-67 River Drive, sold for $275,200. The building consists of one- and two- bedroom apartments and recently received capital improvements. Anthony Hardy and Neil Ostrander listed the property on behalf of the seller, a limited liability company. Adam Fortino of Marcus & Millichap represented the buyer, a REIT.
HOBOKEN, N.J. — Argo Real Estate and Alpine Development have sold The Artisan, a 59-unit luxury residential development located at 1400 Clinton St. and 1440 Grand St. in Hoboken for $33.6 million. The 102,000-square-foot, six-story property includes two four-story apartment towers joined by a two-story retail building. LaSalle Investment Management purchased the property in an off-market transaction. New York-based Argo Real Estate partnered with Alpine Development in a joint venture for the project. The group received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing the luxury residential units in October 2013. Monthly rents range from $2,400 for a one-bedroom unit to $4,500 for a three-bedroom unit.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $27.8 million sale of 88-15 168th Street, a 191-unit apartment building in the Jamaica section of Queens. Zara Realty, a Jamaica-based owner and operator of apartment communities, purchased the property. Daniel Shragaei of GFI Realty represented the seller, Executive Arms Realty, while Yosef Katz, also of GFI, procured the buyer in the off-market transaction. Constructed in 1961, 88-15 168th Street is a nine-story building that is situated off the Grand Central Parkway and major thoroughfare Hillside Avenue.
DALLAS — Marcus & Millichap has brokered the sale of Plantation Royal Apartments, a 172-unit multifamily property in Dallas. The community offers one- to three-bedroom residences ranging from 664 to 1,080 square feet, as well as an on-site management office, 24-hour emergency maintenance and laundry facilities. Located at 2825 Royal Lane, the property is in close proximity to the interchange of I-35 and I-635. John Barker of Marcus & Millichap represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Constructed in 1972, the garden-style complex includes one- to three-bedroom apartments, plus a swimming pool and dog park. Located at 8810 Tallwood Drive, the community is in proximity to retail centers such as Lakeline Mall and The Domain, as well as area employers such as IBM, Dell, Visa, St. David’s Hospital and the University of Texas. The Arbor at Tallwood was 96 percent occupied at the time of the sale. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
LA QUINTA, CALIF. — The 223-unit Mediterra Apartments in La Quinta has recieved $21 million in acquisition financing. The community is located at 43-100 Palm Royale Drive. The loan features a 10-year term, two years interest-only and a 30-year amortization schedule. Financing was arranged by Robert R. Hervey of NorthMarq Capital. The transaction was co-brokered with Troy Tegeler of CBRE Capital Markets.
LOS ANGELES — The Burlington Apartments, a 48-unit multifamily community in Los Angeles, has sold to Armor Family Trust for $3.4 million. The community is located at 625 S. Burlington Ave. in the Westlake District. Armor Family Trustwas represented by Allen Afshar of Sperry Van Ness. The unnamed seller was represented by Michael Chang and Brian Heller of the same firm.
WINCHESTER, VA. — Atlanta-based Cocke Finkelstein Inc. has acquired Peppertree Apartments, a 194-unit apartment community in Winchester, about 80 miles west of Washington, D.C. The garden-style property, which was 94 percent occupied at the time of sale, sold for $14.1 million. CFLane, the apartment management subsidiary of Cocke Finkelstein Inc., will manage the community.
JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged an acquisition loan for Cross Creek Apartments, a 292-unit multifamily community in Jacksonville. The financing totaled approximately $5.4 million. The property features a clubhouse, laundry facilities, pool and playground. Michael Balan of Grandbridge’s Miami office originated the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrower, a Mexico-based real estate investor.