WEST CHESTER, PA. — Cornerstone Communities has purchased The Greentree Building in West Chester from Victor Abdala and Tony Stancato for $9.8 million. The 64-unit apartment building at the corner of North High and East Gay streets includes 17,500 square feet of street-level retail. The new owners plan to upgrade the apartment units and common areas. Mark Thomson, Zachary Pierce, Matthew Gorman and Michael Shover of Marcus & Millichap represented both parties in the transaction.
DALLAS — Transwestern has brokered the sale of the 90-unit Park Towne Villas, located at 7117 Holly Hill Drive in Dallas. Taylor Snoddy, Mark Freeman and Philip Wiegand of Transwestern's Dallas office represented the seller, a California-based private client, in the transaction. The buyer was JSK Business Service.
PHOENIX – The 300-unit Lynnwood apartments in Phoenix has sold to Lili Rubin Investment Properties for $6.5 million. The apartment community is located at 5535 West McDowell Road. The seller, Lynwood Limited Partnership, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged two REO sales of apartment buildings in Asbury Park. A mid-rise building at 1700 Webb St. sold for $2.6 million and a complex on Washington Avenue was reacquired by a previous owner for $560,000. David Oropeza and Steven Follman of Gebroe-Hammer represented both parties in the transaction. Neither the sellers nor the buyers were identified. The 1700 Webb St. building contains 39 units and is fully occupied. The 24-unit complex at 1239, 1251 and 1311 Washington Ave. features one-bedroom units and onsite parking.
ARCADIA, CALIF. — A 28-unit apartment building in Arcadia has sold to a limited liability company for $5.4 million. The property was built in 1959 and is located at 948-950 Arcadia Ave. Priscilla Nee of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a limited liability company, in this transaction.
ST. PETERSBURG, FLA. — Franklin Street Real Estate Services has arranged the $2.77 million sale of the 176-unit Woodlawn Park, a distressed apartment complex located at 1626 18th Ave. N. in St. Petersburg. The buyer, a local private investor, is planning a major renovation to the property. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented both parties in the bankruptcy auction sale.
FLORIDA — Wharton Equity Partners has purchased an interest in four central Florida rental communities, which totals 900 units, for $50 million. The four properties include the 352-unit Hunter’s Ridge at Walden Lake in Plant City; the 168-unit Mallards of Brandywine in Deland; the 172-unit The Grove and the 208-unit Pierpoint Port Orange in Port Orange. The transaction was completed through a partnership led by certain real estate funds affiliated with Och-Ziff Capital Management Group. Cocke Finkelstein, an Atlanta-based investment management firm, also invested in the transaction and will provide property management services for the venture.
CHARLOTTE, N.C. — Los Angeles-based JRK Investors has acquired the 264-unit Park at Steele Creek apartment community in Charlotte. Sean Wood, John Heimburger, Blake Okland and Dean Smith of ARA’s Charlotte office represented Greensboro, N.C.-based Bell Partners, the seller, in the transaction. The community, located in Charlotte’s desirable Southwest submarket, was 95 percent occupied at the time of the sale.
SANDY SPRINGS, GA. — South Carolina-based Strand Communities has acquired the 484-unit The Lodge at Sandy Springs, located at 6925 Roswell Road NE in Sandy Springs. Amenities include a clubhouse, swimming pool, two tennis courts, a sand volleyball court, poolside picnic area with grills and a playground. Chris Spain and Nathan Swenson of Cushman & Wakefield’s Atlanta office represented New Boston Fund, the seller, in the transaction.
MIAMI — Beech Street Capital has provided an $18 million Fannie Mae conventional loan to refinance the 138-unit 1550 Brickell, an apartment complex located in Miami. The borrower, Green Development Group, also developed the complex. Patrick Boyle of Beech Street’s Baltimore office arranged thE fixed-rate loan with a 10-year term, 9.5 years yield maintenance and a 30-year amortization schedule.
