NEW CANAAN, CONN. — M2 Partners LLC has purchased Merritt Apartments, a four-building, 24-unit apartment complex located in downtown New Canaan, for $8.4 million. The multifamily property totals 39,531 square feet and is comprised of four buildings, just two blocks from the Metro North train station and two miles from Route 15. Cushman & Wakefield represented the seller, New Canaan Merritt Apartments LLC, and Arnold Karp and Karp Associates Inc. represented M2 Partners in the deal.
NEW YORK — Centerline Capital Group has provided a $4 million loan to refinance 55 Hudson Street, a cooperative multifamily property located in the Tribeca section of New York City. This deal was the first transaction funded through Freddie Mac’s new Cooperative Early Rate Lock Program. The program enables borrowers to lock in interest rates within 72 hours of a package submission to Freddie Mac. The loan is secured by 55 Hudson Street, a 10-story, 34-unit luxury cooperative building that was incorporated in 1980 and is 100 percent sold. The property was originally constructed as a commercial warehouse in 1890 and was converted for residential usage in the early 1980s. The borrower is New York-based Tribeca Owners Corp., whose primary purpose is to manage the operations of the property.
OKLAHOMA CITY AND KEMP, TEXAS — Haley Real Estate Group, an Omaha, Neb.-based investment firm, has acquired four multifamily communities for $51.2 million, including Park Place Apartments in Oklahoma City and The Hamlins at Cedar Creek Lake in Kemp. The company plans to invest approximately $12.4 million in capital improvements for the communities. Park Place Apartments includes 223 units and is adjacent to the Oklahoma State Capitol. The Hamlins at Cedar Creek Lake features 208 units, a fitness center, swimming pool, media room, business/conference center, dog park and a playground. The acquisition also included Oakbrook Apartments in Jackson, Miss., and Nantucket Harbor in Shreveport, La.
CHINO, CALIF. – The 40-unit Vista Park Chino has sold to Preservation Vista Park Chino, LP for $6 million. The community is located at 5819 Riverside Drive. The seller was Vista Park Chino, LP. The transaction was executed by Alex Mogharebi of Hendricks & Partners’ Ontario office.
SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, a private investor, in this transaction.
BRANDON, FLA. — Plantation Key and Providence Park, two multifamily communities totaling 982 units located directly across the street from each other in Brandon, have traded for $57 million. Jeffrey Meyer and Michael Donaldson of Marcus & Millichap’s Tampa, Fla., office represented the sellers, two private partnerships, and the buyer, a private real estate investment group based in Tampa. The two Brandon properties are located at 1918 Plantation Key Cir. and 401 Providence Rd.
ORLANDO, FLA. — Carlton Arms South apartments has traded for $15.3 million at 4444 S. Rio Grande Ave. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the unlisted seller. The Orlando multifamily complex features two pools, a clubhouse and fitness center. It was 90 percent occupied at the time of the transaction.
EDEN PRAIRIE, MINN. — Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, mixed-use community in Eden Prairie, 16 miles southwest of downtown Minneapolis. The property offers 228,775 square feet of mixed-use space in two adjacent structures: a three-story, 28-unit residential building with 10,065 square of ground-level retail space; and a four-story, 200-unit apartment building above a two-level underground parking garage. Watertower Apartments was 94 percent occupied at the time of the sale.
AUSTIN, TEXAS — Muskin Commercial has secured the sale of the 242-unit Park Lane Villas Apartments, located at 1710-1720 E. Woodward St. in Austin. The Flats at Woodward LLC purchased the community and plans on enhancing the interior and exterior of the apartment community. Ellen Muskin and Daniel Elam of Muskin Commercial represented the Southern California-based seller in the transaction. Matt Counts of Texas Realty Capital arranged acquisition financing for the buyer.
LONG BEACH, CALIF. – The 206-unit Archstone Long Beach has sold to Western National for $46 million. The community is located at 1613 Ximeno Ave. in Long Beach. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and the seller, Archstone, in this transaction.
