KENDALL, FLA. — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Lakeside Villas, a distressed 190-unit condominium community in Kendall, for an undisclosed price. Still Hunter III, Evan Kristol and Alex Zylberglait of IPA advised the receivership. A local private investor purchased the 137,840-square-foot multifamily property that is located at 15140 S.W. 75th Circle Lane in Kendall. It was built in 1985 and includes one- and two-bedroom units.
NEW YORK CITY — Two adjacent apartment buildings at 38-52 Fort Washington Ave. have sold for $13.6 million. The six-story buildings contain a total of 117,276 square feet. The property is located near Columbia Presbyterian Hospital and the Broadway retail artery. Riverside Park and Highbridge Park are also nearby. Recent upgrades to the property include new elevators, roofs, boilers, intercoms and fire escape cages. Robert Shapiro of Massey Knakal represented both parties in the transaction.
BELLAIRE AND HUMBLE, TEXAS — Houston-based Allen Harrison Co. has disposed of two multifamily communities in the greater Houston area: the 714-unit Villages at Meyerland in Bellaire and the 152-unit Deerbrook Forest in Humble. Villages at Meyerland recently underwent $5 million in renovations and is 93 percent occupied. Deerbrook Forest has undergone a $1 million renovation and is 94 percent occupied. AHC Construction, an affiliate of Allen Harrison Co., was the general contractor on the renovation for both communities. David Wylie, Russell Jones and Zach Springer of ARA represented Allen Harrison Co. in the Deerbrook Forest sale, while Robby Zorich and Holly Minter of Jones Lang LaSalle Capital Markets represented the sale of Villages at Meyerland. Mosaic Residential manages the properties.
LA JOLLA, CALIF. — In Eden, a 17-unit apartment building in La Jolla, has sold to an unnamed buyer for $8.9 million. The community is located at 600-616 Prospect Street. The seller, a limited liability company, was represented by Aaron Bove and Ben Tashakorian of Marcus & Millichap’s San Diego office. The buyer was represented by Dave Plutner of DP Properties.
GOODYEAR, ARIZ. – The 69-unit Greenwood Apartments in Goodyear has sold to Neil Sechan and Mathew Messner for $3.4 million. The community is located at 1322 N. La Jolla Blvd. The seller, Park Shadows Country Homes, was represented by Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office.
CINCINNATI — Bellwether Enterprise Real Estate Capital LLC has closed a Freddie Mac loan totaling $10.39 million for the refinancing of Northgate Meadows, a multifamily property in Cincinnati. The 10-year loan has a 30-year amortization schedule. The property, located at 10101 Arborwood Drive, has 272 units. Elmer Cole of Bellwether Enterprise originated the loan.
CHICAGO — Marcus & Millichap has arranged the $700,000 sale of a 28-unit apartment property in Chicago. The multifamily property, located at 8321 S. King Drive, consists of five studio apartments, 10 one-bedroom units and 13 two-bedroom units. Ryan Engle and Anthony Hardy represented the buyer, a limited liability company, and the seller, an individual trust.
COPPELL, TEXAS — Johnson Capital has arranged a $7.82 million FHA Section 223(f) loan secured by the 56-unit Estates of Coppell, a townhome community located in Coppell. Scott Graber of Johnson Capital's Denver office arranged the 35-year loan on behalf of the borrower, a family business that originally developed the community. Huntoon Hastings, a subsidiary of Johnson Capital, funded the loan.
EDMOND, OKLA. — The LaSalle Group has plans to build the 28,000-square-foot Autumn Leaves of Edmond, an $8.8 million memory care community located at 1001 S. Bryant Ave. in Edmond. The community will serve residents living with Alzheimer's, dementia and memory impairment. The project is the result of a partnership between The LaSalle Group and Silverado Interests. The community is scheduled for a fourth quarter 2013 opening.
NEW YORK CITY — A development site at 152-154 Leroy St. has sold for $10.2 million in Manhattan. The site, which is currently used as a parking lot, has approximately 27,980 buildable square feet. A development project could have potential water views and is near Hudson River Park. James Nelson of Massey Knakal represented the seller in the transaction and Elaine Tross of Halstead Property represented the buyer.