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.
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.
