COCONUT GROVE, FLA. — Terra Group plans to develop the 96-unit Grove at Grand Bay, a condominium property located on South Bayshore Drive in Coconut Grove. Amenities will include private butlers, private elevators, rooftop swimming pools, wellness spa, fitness center, club room and pet spa. BIG Architects designed the project, which is being constructed to LEED Silver standards. Construction is slated to begin in the fourth quarter of 2012 with completion scheduled for the third quarter of 2014.
ASTORIA, N.Y. — Marcus & Millichap has arranged the $1.3 million sale of a seven-unit apartment building, located at 2311 Broadway in Astoria. Matthew Fotis and Lazarus Apostolidis of Marcus & Millichap represented the buyer and seller, both private investors, in the transaction.
GLASSBORO, N.J. — Community Investment Strategies (CIS) has completed work on Whitney Crescent, an 80-unit affordable housing apartment community on Higgins Avenue in Glassboro. CIS purchased the distressed property in 2010. CIS demolished nine buildings in phases and relocated tenants before rebuilding the community. The new energy-efficient apartments include hardwood floors, a washer and dryer in each unit, plus a dishwasher. Funding sources for the project included the New Jersey Housing and Mortgage Finance Agency's Special Needs Trust, Federal Tax Credit Assistance Program and JP Morgan Chase.
HALTOM CITY — Hayman Woods LLC has acquired the 398-unit Bellagio at Beach Street, a multifamily community located at 4200 Northern Cross Blvd. in Haltom City. Haymoon Woods used $20.5 million in Fannie Mae financing to complete the acquisition. The amenities include two resort-style swimming pools, poolside fireplace and barbecue areas, a fitness center, business center, car wash and a 24-hour laundry facility.
SANTA MONICA, CALIF. – An eight-unit apartment complex in Santa Monica has sold to San Vicente, LLC for $4 million. The community is located at 522 San Vicente Blvd. The buyer was represented by John Taksa from RE/MAX. The seller, The Francis Claire Drooz Family Trust, was represented by Kimberly Roberts Stepp of Charles Dunn Company in this all-cash transaction.
PORTLAND, ORE. — A123-unitapartment complex located at 2121 Belmontin Portland has received $2 million. The 43-month,interest-onlyloan was provided by Gardiner Champlin, Marty Meagher and Erick Flycktof NorthMarq’s San Diego regional office through the firm’srelationship with a life insurance company.
CHARLESTON, S.C. — USBank has sold 36 unoccupied condominiums in The Arboretum, located at 2244 Ashley Crossing Drive in Charleston, to a New York investment firm for $2.9 million. Scott Rogers of Colliers International represented the seller in the transaction.
NEW YORK CITY — Beech Street has arranged a $14.2 million Fannie Mae loan to refinance a four-property apartment portfolio, totaling 226 units, in Brooklyn. The properties were constructed in the 1930s and consist of mid-rise, brick veneer buildings. Rent stabilized units account for more than 94 percent of the portfolio. Chaim Tessler of Meridian Capital Group originated the 10-year loan.
WACO — Wells Asset Management has brokered the sale of the 224-unit Lakeshore North Apartments, located at 1600 Lakeshore Drive in Waco. The property is currently 94 percent occupied and features a clubhouse, resort-style pool and tennis courts. Mike Wells and Bobby Lankford of Wells Asset Management represented the seller in the transaction.
GLENDALE, ARIZ. – The 69-unit Village Diamante in Glendale has sold to JHL Real Estate, LLC for $6.7 million. The apartment community is located at 8050 North 61st Ave. It was built in 2009 by Lucchesi Construction. JHL Real Estate was represented by Barbara Lloyd, Lane Neville, Brad Ranly, and Gabe Ortega of NAI Horizon in Phoenix. The seller, First International Bank & Trust, was represented by Cliff David, Steve Gebing and Brian Tranetzki of Marcus & Millichap’s Phoenix office.