AURORA, COLO. — Fitz on 14th, also known as Fitzsimons Landing, has received $5,433,000 in refinancing. The 176-unit Aurora apartment community was built in 1973 and recently underwent an extensive renovation. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
LOS ANGELES – A nine-unit apartment building located at 3321 Mentone Ave. in Los Angeles has sold to a private investor for $2,894,000. The complex was built in 2005 and was fully occupied at the time of sale. The buyer was represented by Centennial Real Estate. The seller, JM Residential I, L.P., was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
CLEARWATER, FLA. — Island Way Towers LLC has purchased the 88-unit Dearborn Towers apartment complex, located at 223 Island Way in Clearwater, from the city of Dearborn, Mich., for $6.25 million. The eight-story building features a private fishing dock, marina, swimming pool and a community center. Kevin Kelleher, Darron Kattan and Bob Goldfinger of Franklin Street represented both parties in the transaction.
NEW YORK CITY — Preservation Development Partners has completed a $2.5 million renovation of Trinity Apartments, a 75-unit apartment complex at 2105 Daly Ave. in the Bronx. The project included the installation of new boilers, flooring, electrical wiring and upgrades to the kitchen, bathroom and stairwell. The project was financed by Mayor Michael Bloomberg's New Housing Marketplace Plan, an initiative to fund affordable housing in New York. Preservation Development — a joint venture between developers Donald Capoccia, Joseph Ferrara, Brandon Baron, Francine Kellman and Brian Raddock — purchased the building last year.
FAIRVIEW — Birmingham, Ala.-based Colonial Properties Trust (CPT) has acquired the 256-unit Colonial Grand at Fairview, a Class A apartment community located at 344 Murray Farm Road in Fairview, a Dallas suburb, for $29.8 million. The new property features a resort-style swimming pool with a sundeck, a fitness center, outdoor grilling stations and designer kitchens with granite countertops. The purchase was funded with proceeds from asset dispositions and borrowings on CPT's unsecured credit facility.
ATLANTA — Cortland Partners has purchased the 280-unit Tuscana Apartments, a garden-style community located at 6860 Bebout Drive in Norcross, for $7 million. Cortland Partners plans to invest $3.2 million in renovations, which will include the addition of washers and dryer connections in 216 units without them, new energy efficient HVAC systems and windows, improved landscaping, resurfaced and repainted athletic courts and expanded playground area.
FORT WASHINGTON, MD. — ARA’s Mid-Atlantic office has facilitated the sale of the 324-unit Remington Place, located at 2602 Brinkley Road in Fort Washington, for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Invesco Real Estate and Ross Development & Investment, the sellers, in the transaction. Cafritz Interests was the buyer.
ARLINGTON, VA. — Archstone has started construction on the 227-unit Parkland Gardens, located at the intersection of North Glebe Road and Lee Highway in Arlington. Amenities will include a resort-style pool with a sun deck and private nooks, two courtyards, an outdoor amphitheater with tiered seating and a pet spa. Union Bank and Sovereign Bank provided construction financing for the development.
NEW YORK CITY — Frey Management has purchased 36-20 Bowne St., a 1940s-era apartment building in the Flushing section of Queens, for $14.3 million. The six-story apartment building contains 87 units and approximately 78,000 square feet. Shlomo Antebi of GFI Realty Services represented the seller, 36-20 Bowne LLC, in the transaction. He also represented the buyer.
SAN DIEGO — HS Partners, LLC has purchased a six-property multifamily portfolio in San Diego for $9,331,000. The portfolio contains 51 units in the city’s North Park and University Heights neighborhoods. The buyer was represented by Robert Vallera of Voit Real Estate Services. The sellers, Goel Trusts A and B, were represented by Chris Siedenburg of Apartment Consultants, Inc.