MAPLEWOOD, N.J. — J.G. Petrucci Co. has broken ground on its 50-unit apartment community, named The Station House, in Maplewood. The community is across from the Maplewood Memorial Park and adjacent to the Maplewood Train Station. The property, situated on the site of the former Maplewood Police Station, will consist of one- and two-bedroom apartments. The Township of Maplewood had named J.G. Petrucci as the master developer of the project in October 2011. The Station House is expected to be delivered in the spring of 2013.
NEW YORK CITY — 391 Leonard Street LLC has sold a 50,000-square-foot development site at 88 Richardson St. in the Williamsburg section of Brooklyn for $18 million. The site is comprised of three interconnecting properties. The buyer, 88 Richardson LLC, plans to develop luxury apartments on the site, which offers 160,000 buildable square feet. Robert Klein of Kalmon Dolgin Affiliates represented both parties in the transaction.
ELMWOOD PARK, N.J. — Riverfront Residential has completed the first phase of Riverwalk, an upscale rental community at 400 Riverfront Blvd. in Elmwood Park. Phase I of the project included the construction of 91 one- and two-bedroom apartments. When complete, the community will feature 158 rental residences and 17,000 square feet of ground-floor retail space. Amenities will include a fitness center and on-site parking. Niles Bolton Associates is the project architect.
ARLINGTON AND IRVING — Marcus & Millichap has arranged the sales of the 114-unit Pine Ridge Apartments in Arlington and the 111-unit Embassy Apartments in Irving. Pine Ridge is located at 3808 Little Road and Embassy is located at 1415 W. Airport Freeway and MacArthur Boulevard. Pine Ridge was 97 percent occupied and Embassy was 93 percent occupied at the time of the sales. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, an out-of-state partnership, in the Pine Ridge transaction. John Barker of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the Embassy transaction.
RIVIERA BEACH, FLA. — ARA has negotiated the sale of the 408-unit Woodbine, a luxury apartment complex located at 9000 Woodbine Trail in Riviera Beach. The property is 95 percent leased. Avery Klann, Richard Donnellan and Hampton Beebe of ARA represented the seller, an institutional investor, in the transaction. Canada-based Morguard North American Residential REIT was the buyer.
WASHINGTON, D.C. — Carroll Associates has sold four apartment buildings totaling 129 units, located in Washington, D.C., for a combined $5.93 million. Mayfair LLC acquired 1720 & 1721 Corcorn St. NE, 1 Hawaii Ave. NE and 734 Fairmont St. NW. Girard Street Tenant Association purchased 744 Girard St. NW. Greysteel Co. represented the seller in both transactions.
CHICAGO — Cohen Financial has arranged $8.7 million for the refinancing of two apartment properties in Chicago. The buildings include a 36-unit property at 1166 N. Milwaukee St. and a 24-unit property at 3001 N. Spaulding Ave. Both properties are fully occupied. Michael Widen of Cohen Financial negotiated the 10-year, fixed-rate loans through PNC Real Estate Finance. The borrower is David Ruttenberg of Marc Realty Residential, a local commercial real estate distressed property investor.
BENSALEM, PA. — Paradise Property LLC has purchased Village Square Apartments, a 694-unit complex in Bensalem for $71 million. The property is situated on 40 acres in Pennsylvania's Buck County and is 90 percent occupied. Amenities include a clubhouse, Olympic-sized swimming pool and tennis courts. Karen Iman, Brian Whitmer, Andrew Merin, Maybeth Farris and Nick Karali of Cushman & Wakefield represented the seller, Korman Residential. They also procured the buyer.
FAIR LAWN, N.J. — Fair Lawn Promenade, a mixed-use property with 150 apartment units and 63,000 square feet of retail and office space, is under construction in Fair Lawn. Garden Homes and Development and Garden Commercial Properties are developing the project, which is located near NJ Transit's Radburn train station. The development will consist of two rental buildings, one with 104 units and another with 46 units, that are constructed above a ground-level parking garage. Appel Design Group and Rotwein + Blake Architects have designed the property. The apartments are expected to be open for occupancy in the fall of 2013.
IRVING — Panther Transaction Group, in a partnership with a Dallas-based multifamily investor, has purchased the 256-unit Westgate Apartments, located at 3829 William DeHaes Drive in Irving. The partnership has plans to make interior renovations exceeding $500,000. The community is 94 percent occupied. Transwestern represented both the buyer and seller in the transaction.