SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer andthe seller, a private investor, in this transaction.
HARSTVILLE, S.C. — Choate Construction Co. has started construction on a 48-bed student housing facility at Coker College in Hartsville. McMillan Pazdan Smith Architecture designed the six-building complex. Each building includes 12 suites with four single bedrooms, two full bathrooms, a kitchen and a living and dining area. The first building is scheduled for completion by this fall.
MIAMI — SL Capital has provided financing for the acquisition of a four-property, Class A student housing portfolio in Kentucky, Louisiana, South Carolina and Missouri. Campus Evolutions purchased the portfolio for $46.5 million. A $33.5 million CMBS loan for the properties was arranged. Miami-based SL Capital is an exclusive affiliate of Cantor Fitzgerald Commercial Real Estate and makes nonrecourse loans up to $200 million.
OAK FOREST, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Oak Forest, Ill. for $785,000. Located at 16733-16735 Forest Avenue, the property consists of two, one-bedroom units and nine, two-bedroom units. Ryan Engle, Voltaire Zapanta and Adam Fortino, of Marcus & Millichap’s Chicago office represented the seller, a private investor, as well as the buyer, an individual trust.
URBANA, ILL. — Rosemont, Ill.-based McShane Construction Co. will build Hamilton on the Park, a 36-unit apartment complex in Urbana, 90 miles east of Springfield, the state capital. The company is building the affordable housing development on behalf of The Benoit Group, an Atlanta-based developer. The multifamily property, which will be located on two acres of land at 1201 Brookstone Ct., will include single- and two-story units. Each apartment will also be equipped with energy-efficient windows and Energy Star appliances. Construction is scheduled for completion this fall.
NEW CANAAN, CONN. — M2 Partners LLC has purchased Merritt Apartments, a four-building, 24-unit apartment complex located in downtown New Canaan, for $8.4 million. The multifamily property totals 39,531 square feet and is comprised of four buildings, just two blocks from the Metro North train station and two miles from Route 15. Cushman & Wakefield represented the seller, New Canaan Merritt Apartments LLC, and Arnold Karp and Karp Associates Inc. represented M2 Partners in the deal.
NEW YORK — Centerline Capital Group has provided a $4 million loan to refinance 55 Hudson Street, a cooperative multifamily property located in the Tribeca section of New York City. This deal was the first transaction funded through Freddie Mac’s new Cooperative Early Rate Lock Program. The program enables borrowers to lock in interest rates within 72 hours of a package submission to Freddie Mac. The loan is secured by 55 Hudson Street, a 10-story, 34-unit luxury cooperative building that was incorporated in 1980 and is 100 percent sold. The property was originally constructed as a commercial warehouse in 1890 and was converted for residential usage in the early 1980s. The borrower is New York-based Tribeca Owners Corp., whose primary purpose is to manage the operations of the property.
OKLAHOMA CITY AND KEMP, TEXAS — Haley Real Estate Group, an Omaha, Neb.-based investment firm, has acquired four multifamily communities for $51.2 million, including Park Place Apartments in Oklahoma City and The Hamlins at Cedar Creek Lake in Kemp. The company plans to invest approximately $12.4 million in capital improvements for the communities. Park Place Apartments includes 223 units and is adjacent to the Oklahoma State Capitol. The Hamlins at Cedar Creek Lake features 208 units, a fitness center, swimming pool, media room, business/conference center, dog park and a playground. The acquisition also included Oakbrook Apartments in Jackson, Miss., and Nantucket Harbor in Shreveport, La.
CHINO, CALIF. – The 40-unit Vista Park Chino has sold to Preservation Vista Park Chino, LP for $6 million. The community is located at 5819 Riverside Drive. The seller was Vista Park Chino, LP. The transaction was executed by Alex Mogharebi of Hendricks & Partners’ Ontario office.
SAN FRANCISCO – A 14-unit apartment building located at 1550-1566 Hyde Street in San Francisco has sold to a limited liability company for $2.6 million. The community also contains two retail units. Dimitris Drolapas, James Devincenti and Brad Lagomarsino of Marcus & Millichap’s San Francisco office represented both the buyer and the seller, a private investor, in this transaction.