DENVER — Consumer Capital Partners (CCP) has teamed with FrontRange Capital Partners to invest in the ownership and operation of 35,000 apartment units nationwide. Denver-based CCP is hoping this new partnership will diversify and strengthen its portfolio of brands and investments. CCP currently owns the successful Smashburger chain. FrontRange Capital’s specialty is owning, managing and repositioning apartment complexes.
Multifamily
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
MARIETTA, GA. — 58 Twelve LLC has acquired a 304-unit distressed apartment property, Notting Hill Apartments, in Marietta for $5.3 million. The property was originally constructed in 1972, with renovations occurring in 2008 to update the apartment interiors. Located at 750 Franklin Road, the property was 30 percent occupied at the time of sale. The Commercial Real Estate Specialists listed the property for the seller, City National Bank/FDIC. Colliers International of Phoenix referred the buyer, which was represented by its local attorney.
MINEOLA, N.Y. — Mineola Properties LLC, an affiliate of Lake Success-based Lalezarian Properties LLC, will construct an $85 million apartment complex in Mineloa, located about 25 miles west of New York City. The 315-unit apartment building will replace the aging former KeySpan headquarters at 250 Old Country Road. Construction of the apartment complex is expected to take about two years, create 200 full-time construction jobs and result in the creation of 20 permanent full-time jobs. Of the 315 units, 32 will be leased to eligible families and individuals under an affordable housing program sponsored by the Village of Mineola. The former KeySpan building will be demolished later this spring.
VICTORVILLE, CALIF. – The 220-unit Riverton of the High Desert in Victorville has sold to a private investor for $19 million. The community is located at 14374 Borego Road. It was built in 2008. The buyer was represented by Alexander Garcia, Jr., Shane McConnell and Ron Harris of Marcus & Millichap. Garcia and McConnell also represented the seller, a developer, in this transaction.
DENVER – A 248-unit multifamily community has commenced construction at the Denver Tech Center. The community is scheduled to open in spring 2014 and resides within the Cherry Creek School District. It is being developed by the Picerne Group in partnership with Grand Peaks Properties. It will be built by Colorado Structures and designed by KTGY Group.
TRACY, CALIF. – The 156-unit Waterstone Apartment Homes in Tracy has sold to MG Properties Group for $25.2 million. The community is located at 1951 West Middlefield Drive. It was built in 2007. The seller, Fairfield Edgewood Station LP, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of IPA, a multifamily brokerage division of Marcus & Millichap.
WASHINGTON, D.C. — Winn Development has completed its historic renovation of the Samuel Kelsey Apartments, a 125,000-square-foot property at 3322 14th St. N.W. in Washington, D.C. The property, built circa 1920, features 24,000 square feet of retail space and 150 units of affordable housing for elderly or disabled tenants. Some of the renovations included replacement of the kitchens, bathrooms, elevators, as well as new landscaping.
OCALA, FLA. — Marcus & Millichap has arranged the $1.3 million sale of Magnolia Trace Apartments, a 48-unit property at 2952 N.E. 14th St. in Ocala. Built in 1972, Magnolia Trace consists of 48 units within three buildings and one office building. Joe LaFleur and Nathan Pealer of Marcus & Millichap represented the seller, a financial institution, in the transaction.