LOS ANGELES — Monem Corporation has purchased two apartment buildings in Los Angeles for more than $5 million. The acquisitions include an 18-unit community at 1114 N. Clark Street in West Hollywood for $3.25 million and a 12-unit community at 2001 N. Beachwood Drive in Los Angeles for $1.78 million. Prosser Stevens represented both Monem and the seller, P&M Murrieta Silverado LLC, in the first transaction. Hanes Investment Realty represented both parties, including the private trust seller, in the latter transaction.
BURIEN, WASH. — The 46-unit Miller Junction apartment building in Burien has sold toa limited liability company for $2.6 million. It is located at 215 South 162nd Street. The buyer was secured and represented by George Miller of Marcus & Millichap’s Seattle office.
MIAMI — The 49-unit Vedado Apartments, located at 119 Southwest Sixth Ave. in Miami, has sold for $6.5 million. The multifamily property was constructed in 2010 with structured parking, a secure front entrance, a secure parking garage elevator entrance and a pool with city views. It was 100 percent occupied at the time of the transaction between two South Florida-based limited liability companies. Paul Nudelman and Felipe Echarte of Marcus & Millichap represented the seller and buyer, respectively.
SIOUX FALLS, S.D. — Minneapolis-based NorthMarq Capital has arranged a $5.1 million loan for the refinancing of Brentwood Apartments, a 126-unit multifamily property in Sioux Falls. The borrower is Brentwood Manor Apartments LLC. John Reed of NorthMarq Capital arranged the 10-year loan amortized over 30 years through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
NEW YORK CITY — DDG has acquired a 61,416-square-foot residential development site at 325 W. Broadway in Manhattan's SoHo neighborhood for $38.3 million. The development will be situated at 325-329 W. Broadway and 23-25 Wooster St. between Grand and Canal streets. The current development plan calls for a two-building, 24-unit condominium building with ground-floor retail. Andrew Scandalios, Jose Cruz, Jeff Julien and Kevin O'Hearn led the HFF team that represented the seller, a subsidiary of Lehman Brothers Holdings, in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of 3058 Hull Ave. and 353-359 Mosholu Parkway, a 68-unit apartment building in the Bronx. Marco Lala of Marcus & Millichap represented the seller, a private investor. He also represented the buyer.
COLLEGE STATION — Woodridge College Station I LLC has plans to construct a student housing development in two phases at the northwest corner of University Drive and Texas Avenue in College Station. The location once was home to the 17-story Plaza Hotel, which was imploded in May 2012 to make way for the new student housing property. Phase I of the development will include 928 beds and approximately 53,000 square feet of retail, restaurants and public space. Phase I is slated for a fall 2014 delivery. Phase II will include the addition of 1,000 beds and is slated for a fall 2015 delivery. Woodridge College Station is an affiliate of Los Angeles-based Woodridge Capital Partners. Woodridge College Station is developing the student housing property in partnership with funds managed by Oaktree Capital Management and in collaboration with Capstone Collegiate Communities. Construction is slated to begin in spring 2013.
HOUSTON — Dallas-based Westmount Realty Equities has provided joint venture equity to ParaWest Group to acquire the 360-unit Beverly Palms Apartments, located near the Galleria Shopping Mall in Houston. The apartment community is currently 98 percent occupied and is slated to undergo a planned $1 million renovation.
DALLAS — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of a two-property apartment portfolio totaling 560 units in Dallas. The properties include the 328-unit Pace's Cove Apartment Homes, located at 13100 Pandora Drive, and the 232-unit Brookfield Apartment Homes, located at 4060 Preferred Road. Will Balthrope and Drew Kile of IPA represented the seller, Landmark Residential, in the transaction. Balthrope and Kile also represented the buyer, Peak Capital Partners.
LOS ANGELES — Monem Corporation has purchased two apartment buildings in Los Angeles for more than $5 million. The acquisitions include an 18-unit community at 1114 N. Clark Street in West Hollywood for $3.25 million and a 12-unit community at 2001 N. Beachwood Drive in Los Angeles for $1.78 million. Prosser Stevens represented both Monem and the seller, P&M Murrieta Silverado LLC, in the first transaction. Hanes Investment Realty represented both parties, including the private trust seller, in the latter transaction.