LOS ANGELES – The eight-unit Brockton Regency in Los Angeles has sold to the Gleitman Family Trust for $3.3 million. The community is located at 1251 Brockton Ave. It was built in 1986. Paul Kenworthy of Charles Dunn represented both the trust and the seller, Dr. Patrick Shoon Shiong, in this all-cash transaction.
Multifamily
LAKEWOOD, COLO. – A trio of apartment buildings located on Allison Street in Lakewood have sold to an unnamed buyer for $1.7 million. The communities are located at 1160, 1180, & 1198 South Allison Street. They comprise a total of 19,656 square feet, and all three were built in 1962. The buyer was represented by Matt Lewallen and Kevin Calame of Pinnacle Real Estate Advisors. The unnamed seller was represented by Matt Ritter, also of Pinnacle.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street.The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month.The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
WAUKEGAN, ILL. — Marcus & Millichap has arranged the $1.6 millionsale of 1405 N. Ave., a 32-unit apartment property in suburban Chicago. Alan Katamanin, an investment specialist in Marcus & Millichap’s Oak Brook office, represented the buyer and seller, both private investors, in the transaction. The property is located at 1405 N. Ave. in Waukegan and includes 12 one-bedroom and 20 two-bedroom units.
NEW YORK CITY — Meridian Capital Group LLC has arranged $25 million in acquisition financing for a multifamily property in Brooklyn on behalf of Benjamin Werber of Werber Management. A regional commercial lender provided the 10-year loan, which features a fixed interest rate of 3.5 percent. Josh Rhine, vice president at Meridian Capital Group, negotiated this transaction. Originally built as condominiums, the property includes 54 luxury units. The building is located at 202 Eighth St.
SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Meridian, a 146-unit apartment complex in San Antonio. The asset, located at 680 E. Basse Road, is in close proximity to Quarry Golf Club, Alamo Quarry Market and two of the city’s most prestigious office properties, The Concord and One International Center. Features of the community include private alarms, garden tubs, double ovens, a clubhouse and multiple fitness rooms. Will Balthrope and Scott Lamontagne of IPA represented the seller, a private investor based in San Antonio. The buyer is a national acquisitions and management firm also based in San Antonio.
LOS ANGELES — The Mercer at Warner Center, a 477-unit multifamily complex in the Los Angeles submarket of Woodland Hills, has sold to a private investor for $88 million. The community is located at 22100 Erwin Street. The sale completes a 1031 exchange for the buyer, who acquired the property in an up-leg exchange for Crenshaw Village, a $60-million, 669-unit apartment portfolio in the Los Angeles submarket of Baldwin Hills. That sale closed last month. The institutional seller was represented by Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. Financing was arranged by Danny Abergel of Marcus & Millichap Capital Corp.
LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster.The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored byResource Real Estate.
TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the $32 million sale of Bristol Place Apartments of Tampa Palms, a 340-unit apartment community located at 15210 Amberly Drive in Tampa. The property is part of the master-planned Tampa Palms, a 5,400-acre community featuring apartments, single-family homes, restaurants, churches, offices, recreational facilities, schools and shops. Bristol Place features a resort-style pool, gazebo-covered spa, gas grilling area, separate lap pool, tennis court, car wash area, playground, clubhouse, fitness center and indoor racquetball court. Each unit features a built-in entertainment center, Roman-style soaker tubs, washer/dryer, glass showers, French doors, private balcony/patio and a security monitoring system. Jamie May of IPA represented the seller, AVR Realty Co., in the transaction. Preston Giuliano Capital Partners was the buyer.
IRVINE, CALIF. — Cornerstone Core Properties REIT has acquired three assisted living facilities in North Carolina for approximately $15.3 million. The three facilities include the 64-bed Carteret House in Newport, the 60-bed Hamlet House in Hamlet and the 64-bed Shelby House in Shelby. Cornerstone purchased the facilities through a sale-leaseback transaction with wholly owned subsidiaries of Meridian Senior Living LLC, which will continue to operate the facilities.