CHARLOTTE, N.C. — The 296-unit Lake Point Apartments, a multifamily community located at 7259 Point Lake Drive in Charlotte, has sold for $4.3 million. Atlanta Capital Advisors, the buyer, plans to invest $4.5 million to renovate the community. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
FAYETTEVILLE, N.C. — NorthMarq Capital has arranged $12 million in first mortgage refinancing for the 694-unit Cambridge Arms Apartments, a market-rate multifamily community located at 301 Barcelona Drive in Fayetteville. Bill Matone of NorthMarq's Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, SRC Cambridge Arms, through Freddie Mac.
DALLAS — Victory Park UST Joint Venture I (VPUST), has sold The Vista, a six-story, 129-unit apartment community located at 2345 N. Houston St. in Victory Park in Dallas. The amenities include underground parking, views of downtown Dallas, a rooftop infinity pool and an athletic center. The buyer was Vista Dallas Apartment Co., which is owned by institutional investors advised by J.P. Morgan Asset Management. VPUST is the property of Orlando, Fla.-based UST XVI Victory Park. Bill Miller and Roberto Casas of HFF's Dallas office represented the seller in the transaction. Gary Ross, also of HFF's Dallas office, represented J.P. Morgan. The Vista is currently 98 percent occupied.
NORTH RICHLAND HILLS — Marcus & Millichap has brokered the sale of the 20-unit La Sierra, an apartment community located at 7102 Glenview Drive in North Richland Hills. The community includes a courtyard and swimming pool. Robert Denninger, Nick Fluellen and Brad Hoover of Marcus & Millichap's Dallas office represented the seller and buyer, both limited liability companies, in the transaction.
DENVER — A 17-unit apartment complex located at 15 Washington Street near Denver’s Washington Park neighborhood has sold to 15 Washington, LLC for $1.47 million. The complex was built in 1967. The buyer was represented by Jeff Johnson, Matt Ritter and Jim Knowlton of Pinnacle Real Estate Advisors. The seller represented itself in this transaction.
JACKSONVILLE, FLA. — CBRE Group has arranged the $38.6 million sale of the 257-unit Villas of St. Johns, a Class A multifamily community located at 2054 Riverside Ave. in Jacksonville. The property is 97 percent leased. Brian Moulder and Dhaval Patel of CBRE Group represented the seller, Northwestern Mutual Life, in the transaction. The buyer was Bell Partners.
NEW YORK CITY — Stevenson Towers in the Bronx, a 122-unit apartment building at 831 Bartholdi St., has sold to a local private investor for $14 million. The 127,629-square-foot property was built in 1973. More than $2.5 million in renovations have recently been completed. The building features indoor and outdoor parking, a laundry room, playground area and onsite security. Matthew Slonin of Besen & Associates represented the seller. Alex Frants of Besen procured the buyer.
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.