OAKLAND, CALIF. – The 39-unit Kensington Plaza apartments in Oakland has sold to a limited liability company for $2.47 million. The community was built in 1928 and is located at 1757 26th Ave. David Wolfe of Marcus & Millichap represented both the buyer and the seller, a government agency, in this transaction.
PINELLAS PARK, FLA. — AIMCO has sold the 192-unit Runaway Bay, an apartment complex located at 4701 88th Ave. N. in Pinellas Park, to J.I. Kislak Inc. Amenities include a clubhouse, resort-style swimming pool, lighted tennis court, fitness center and tot lot area. The property is 92 percent leased. Jamie May of Institutional Property Advisors represented the seller in the transaction.
NEW YORK CITY — TerraCRG has arranged $5.5 million in first mortgage financing for the acquisition of a six-building apartment portfolio in Brooklyn. IWC Capital Management purchased the portfolio, which totals 37,950 square feet, for $7.3 million. The buildings include 645 Putnam Ave.; 319 Malcolm X Blvd.; 419 Marcus Garvey Blvd.; 421 Marcus Garvey Blvd.; 804 Macon St.; and 814 Macon St.
DALLAS — ARA has brokered the sale of the 396-unit Alexan Southwestern Apartments, located in Dallas' Medical District. Brian O'Boyle of ARA represented the seller, Trammell Crow Residential, in the transaction. The Class A Alexan Southwestern was built in 2009 and is currently 96.5 percent occupied.
AUSTIN — Muskin Commercial has closed the sale of the 102-unit Vista Lago Apartments, located at 2215 Town Lake Circle near Lady Bird Lake in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Carlsbad, Calif.-based Lanshire Housing Partners, in the transaction. Austin Vista Lago, LP. was the buyer.
ORLANDO, FLA. — DeBartolo Development has purchased the 252-unit Landmark at Siena Springs, a multifamily community located at 6101 Westgate Drive in Orlando. The property is 96 percent leased. The buyer plans to invest more than $1 million in improvements. Amenities include seven swimming pools, fitness center, tennis courts, children's playground, clubhouse, laundry facilities and a lakefront picnic and barbeque grilling area.
ATLANTA — A joint venture between Sereo Group and Faison Enterprises plans to build a mixed-use development, located at 131 Ponce de Leon Ave. in Atlanta. The property will include 321 luxury apartments and 8,600 square feet of retail space. Daniel Latshaw of Bull Realty represented Thirty Third Latitude Property, the seller of the land, in the transaction.
COLUMBUS, OHIO — Pace Financial Group has arranged $14.4 million in acquisition financing for Eden of Whitehall, a 1,150-unit apartment property in Columbus. The borrower is New Life Core Properties. The property is located on more than 100 acres. Pace Financial negotiated the loan through Key Bank. An undisclosed equity partner provided $8.5 million.
RIDLEY PARK, PA. — Friedman Realty Group has purchased the Brian Court Apartments in Ridley Park for $2 million from The Brian Court Limited Partnership. The property is located at 17 West Chester Pike. Donald Eill of Keystone Partners Group, represented both parties in the transaction.
MCALLEN — Dallas-based Metropolitan Capital Advisors (MCA) has secured a $3 million loan for the 80-unit Redbud Apartments, located in the northeast section of McAllen. The property is currently 95 percent leased and has recently underwent $1 million in renovations. Hook Harmeling of MCA arranged the 10-year loan through the Fannie Mae DUS loan program.