MIAMI — Parkview Gardens, a new 60-unit affordable housing complex, has opened at 1437 N.W. 61st St. in Miami’s Liberty City neighborhood. Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, teamed with Tacolcy Economic Development Corp. and the Florida Housing Finance Corp. to develop the multifamily property. The $12 million development provides housing for tenants earning at or below 60 percent of the area’s median income (AMI) with six units set aside for those earning at or below 33 percent of the AMI. Parkview Gardens consists of six three-story residential buildings, a community center and a two-story parking garage. Amenities include a playground, an exercise room, a computer lab, a library and a picnic area. Crossroads Management Inc., a property management subsidiary of Carrfour Supportive Housing, manages Parkview Gardens. First Housing and JP Morgan Chase Bank served as funding partners, and RBC Capital Markets served as equity provider for the project.
INDIANAPOLIS — Johnson Capital has arranged an $11.2 million permanent loan for a Class A 148-unit multifamily property in Indianapolis. The garden-style complex is approximately 10 years old. The units are spread across more than 20 buidlings and amenities include a swimming pool and fitness center. The property is owned by a Midwest-based commercial real estate company. Kent Carpenter of Johnson Capital arranged the 10-year loan through Fannie Mae.
LANCASTER, CALIF. – The 216-unit Amargosa Creek in Lancaster has sold to FAOF Amargosa, LLC for $14.3 million. It is located at 43332 Gadsden Ave. The REO property was sold via auction. Kitty Wallace of Colliers International’s West Los Angeles office represented both FAOF and the seller, Special Servicer LNR Partners, in this all-cash transaction.
HAWTHORNE, CALIF. – The 58-unit Yukon Apartments in Hawthorne has sold to The Montecito Apts Investments, LP for $5.8 million. The REO property was sold via auction. Montecito was represented by Thomas Pattenaude of Colgate Capital. Kitty Wallace of Colliers International’s West Los Angeles office represented the seller, Special Servicer LNR Partners, in this all-cash transaction.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA) has brokered the sale of the 416-unit Flagler Pointe Apartments, located near Interstate 275 in St. Petersburg, for $23.2 million. The property was built in 1974 but underwent a complete renovation in 2002. The community includes 256 one-bedroom, 128 two-bedroom and 32 three-bedroom units with an average floor plan of 784 square feet. Flagler Pointe Apartments is 91 percent occupied. Amenities include four resort-style pools and two community clubhouses, along with tennis and volleyball courts. Jamie May of IPA represented the seller, PRG Real Estate Management. The buyer was Merion Realty Partners.
BOSTON — Jocote LLC has acquired two Boston apartment buildings for $6.9 million. The properties are located in the Kenmore Square area of the city at 41 and 43 Bay State Road. The brownstone buildings, constructed between 1891 and 1892, each feature views of the Charles River. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Tosi LP, in the transaction. They also procured the buyer.
LANCASTER, CALIF. – The 216-unit Amargosa Creek in Lancaster has sold to FAOF Amargosa, LLC for $14.3 million. It is located at 43332 Gadsden Ave. The REO property was sold via auction. Kitty Wallace of Colliers International’s West Los Angeles office represented both FAOF and the seller, Special Servicer LNR Partners, in this all-cash transaction.
HAWTHORNE, CALIF. – The 58-unit Yukon Apartments in Hawthorne has sold to The Montecito Apts Investments, LP for $5.8 million. The REO property was sold via auction. Montecito was represented by Thomas Pattenaude of Colgate Capital. Kitty Wallace of Colliers International’s West Los Angeles office represented the seller, Special Servicer LNR Partners, in this all-cash transaction.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
ORLANDO, FLA. — Highpoint Club Apartments, a 43-building, 348-unit multifamily community in Orlando, has traded for $30 million. Sentinel Real Estate Corp. soldthe property to Robbins Property Associates. Highpoint Club was built in 1995 and is located within the Waterford Lakes neighborhood in Orlando’s University/East Orange County submarket. Amenities include a clubhouse with wi-fi access, a resort-style pool, a business center, tennis courts and a basketball court. Jamie May of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, represented Sentinel Real Estate Corp.