SAN DIEGO — The 34-unit Autumn Ridge Villas in the San Diego submarket of El Cajon has sold to DCC Peach Avenue, LLC for $3.2 million. It is located at 1019 Peach Ave. DCC was represented by Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego. The seller, Betty T. Ma, represented itself in this transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three apartment buildings, located at 602 44th St. and 4405-4409 6th Ave. in Brooklyn, for $3.8 million. The buildings include a total of 28 apartment units. Peter Von Der Ahe, Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap represented the seller, a private investor and the buyer, also a private investor, in the deal.
ALLSTON, MASS. — RODE Architects has completed the renovation and new construction of a multifamily property in Allston, Mass., a Boston neighborhood. The development, called Allston Proper, is a 12,300-square-foot project at the corner of Glenville Avenue and Greylock Road. It includes three floors of new residential units and an extensive renovation of the existing two-family structures on the site. The new building, contemporary in form and texture, includes eight residential units with on-site parking and exterior landscaped surfaces. Boxford-based Fishbrook Builders was the general contractor, and Boston-based Studio 2112 provided landscape architecture services. The James Hardie Co. manufactured the cement fiber siding panels used in the project.
HOLLYWOOD, FLA. — The Delavaco Group has acquired Park Colony, a 316-unit apartment community in Hollywood. The property is located one-half mile south of Hollywood Boulevard, a major east/west thoroughfare in southern Broward County. Park Colony was built in 1987 and has been institutionally owned for 15 years, which has helped the property maintain stabilized occupancy, according to broker Hamton Beebe of ARA. The property was 95 percent occupied at the time of sale. Beebe, Avery Klann and Marc deBaptiste represented the seller, a Boston-based REIT, in the transaction.
DULUTH, MINN. — The original Duluth Fire House No. 1 on Third Street has become an affordable housing apartment complex, following a $12 million renovation. The project included renovating the old arched fire hall to create a 40-unit complex called The Firehouse and Firehouse Flats. The units feature open floor plans, energy-efficient appliances including washer/dryer units and island kitchens. Several units are designated for residents who have experienced chronic homelessness. Community amenities include a fitness center and storage. MetroPlains LLC developed the project. The Greater Minnesota Housing Fund provided $3.5 million for the project and Minnesota Housing secured $1.4 million in financing. A partnership between UnitedHealthcare and U.S. Bank provided $7.1 million in Low Income Housing Tax Credit equity for the project.
PITTSBURGH — Faros Properties has purchased the majority interest of Washington Plaza, a 24-story apartment building in Pittsburgh, and will manage the property. The multifamily property, which is located at 1420 Centre Ave., spans 350,000 square feet. Currently at 96 percent occupancy, the apartment building includes 390 studios and one- and two-bedroom units that range from 460 to 1,180 square feet. Faros Properties said that the building will undergo extensive interior and exterior renovations later this year. Washington Plaza is Faros Properties’ first residential project, as the company owns three office buildings in New York and Connecticut. A purchase price was not disclosed, however, the Pittsburgh Business Times, reported in February that it was $48 million.
BOSTON — CBRE has arranged the sale of The Beacon Hill Portfolio, a 16-unit apartment portfolio, which includes 24 Joy St. and 88 W. Cedar St., located in Boston’s historic Beacon Hill neighborhood. The portfolio consists of two four-story apartment buildings that were built in the late 1800s. Beacon Hill Apts. LLC, a private partnership led by Luzern Associates LLC, sold the portfolio to an affiliate of The Copley Group.
SAN ANTONIO — McCann Realty Partners has acquired the 324-unit View at Encino Commons Apartments in San Antonio. The garden-style community features a clubhouse, fitness center, resort-style swimming pool, attached garages and a movie theater. Pegasus Residential will manage the apartment community.
SEATTLE, LOS ANGELES — Pacific Urban Residential has received $43.7 million in first-mortgage debt for the acquisition of two apartment communities in Seattle and Los Angeles. The communities include the 200-unit Totem Lake Apartments in the Seattle suburb of Kirkland and the 120-unit Waterstone at Cheviot Hills in West Los Angeles. The loans are separately collateralized. Both loans feature a three-year term. Totem Lake received $22.4 million in debt financing, while Waterstone at Cheviot Hills received $21.3 million. Both loans were arranged by Jake Roberts and Anita Paryani Rice of Marcus & Millichap Capital Corporation. Financing was originated by Brandon Bachner of Mesa West Capital.
GLEN BURNIE, MD. — A joint venture between Morgan Properties and Dune Real Estate Partners has acquired Chesapeake Glen, a 796-unit apartment community in Glen Burnie, from Equity Residential. The garden-style community is close to major commuter arteries, including I-95, I-97 and the Baltimore-Washington Parkway. Amenities include a clubhouse, fitness center, outdoor swimming pool, tennis courts and picnic areas. The buyers plan to upgrade the property. HFF represented the seller in the transaction.