NEW YORK CITY — Marcus & Millichap has arranged the $12.3 million sale of two, 16-unit apartment buildings in Brooklyn's Park Slope neighborhood. The properties at 719-723 8th Ave. total 31,100 square feet and are located one block from Prospect Park. Matthew Fotis of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a local private investment fund.
NEW YORK CITY — A four-story apartment building at 310 West 90th St. in Manhattan's Upper West Side has sold to a private investor for $3.1 million. The building is 5,780 square feet and is currently configured as nine apartment units, of which, one is rent controlled and eight are rent stabilized. Hall Oster and Paul Smadbeck of Massey Knakal represented both parties in the transaction.
LOS ANGELES -— A 13-unit apartment complex located at 6125 Horner Street in Los Angeles has sold to a limited liability company for $1.84 million. The 10,215-square-foot community was built in 1959. Thomas Jonsson of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a private investor, in this transaction.
RANDALLSTOWN, MD. — A partnership between Morgan Properties and Core Properties has acquired the 588-unit Garden View Apartments, a garden-style multifamily community located at 8601 Gray Fox Road in Randallstown, for $27.4 million. The buyer plans to invest capital to upgrade individual units, correct deferred maintenance, enhance curb appeal and upgrade kitchens and bathrooms. M&T Bank provided senior acquisition and debt financing for the property.
CHICAGO — Marcus & Millichap has arranged the $538,000 sale of 2459 North Ashland, a four-unit mixed-use property in Chicago. The property is fully occupied and contains three apartments and one live/work unit. Kyle Stengle of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $6 million in financing for the acquisition of two multifamily properties in Brooklyn. The properties include a 20-unit building at 50 Orange St. and a 10-unit building at 161 Columbia Heights. Shamir Siedman of Meridian negotiated the loans on behalf of the borrower, Sugar Hill Capital Partners. Sugar Hill purchased the properties from the Jehovah's Witness-operated Watchtower Bible and Tract Society of New York, which infrequently sells real estate holdings.
TEXAS — Arbor Commercial Funding has arranged six loans totaling $33.47 million through Fannie Mae DUS and Fannie Mae DUS Affordable Housing Loan product lines for six multifamily properties. The communities include the 350-unit Park Village Apartments in Dallas, the 153-unit San Carlos Apartments in Dallas, the 50-unit Windsor Park Rental Homes in Fort Worth, the 309-unit Gardenview Apartments in Pasadena, the 122-unit Meadow Park Townhomes in Hewitt and the 140-unit Ridgeview Apartments in Sherman. Anthony Tarter of Arbor's Dallas originated the Fannie Mae loans for all six properties.
DALLAS — HFF has secured financing for three multifamily communities totaling 600 units, located in the Dallas suburbs of Grand Prairie, Arlington and Irving. The communities include the 154-unit Windscape Apartment Homes in Grand Prairie, the 236-unit Oakchase Apartment Homes in Arlington and the 210-unit Stoneleigh at Valley Ranch in Irving. Windscape is fully leased, Oakchase is 98 percent leased and Stoneleigh is 95 percent leased. John Brownlee of HFF arranged the financing through Freddie Mac's CME program on behalf of the borrower, Pure Multi-Family REIT LP.
CORVALLIS, ORE. – The 132-unit Witham Village Apartments in Corvallis has received a $5.7-million refinance. The 10-year, fixed-rate loan features a 4.24 percent interest rate and a 30-year amortization schedule. It was arranged by Dan Ross of Alliant Capital LLC.
LOS ANGELES — A 34,800-square-foot, three-parcel multifamily development site in Los Angeles’ Koreatown district has sold to a local owner/developer for $5.1 million. The lender-owned site is located at 660-680 South Berendo Street. The site was initially entitled for a 17-story, 150-unit tower in 2007. Paul Darrow and Ron Harris of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, a private lender, in this transaction.
