AUSTIN — Austin-based Muskin Commercial has brokered the sale of the 124-unit Summer Grove Apartment Homes, located on a 5.38-acre site at 7905 San Felipe Blvd. in Austin. Ellen Muskin of Muskin Commercial represented the seller, Santa Rosa, Calif.-based Summer Grove Properties, in the transaction. The buyers were entities controlled by Los Angeles-based Latitude Management Real Estate Investors. Eliav Dan of Los Angeles-based Verona Capital Markets arranged financing for the property.
VAN NUYS, CALIF. – A 10-unit apartment community at 6620 Hazeltine Ave. has sold to Suchite Family Trust and/or Assignee for $2,099,000. The property was originally built in 1978 as a condo complex. The multi-level units underwent a full renovation in 2008. The seller, Symphony Asset Pool VII LLC, a Delaware limited liability company, was represented by David J. Harrington of Hendricks & Partners’ North Los Angeles office.
LOCUST, N.C. — Boston Capital Finance has secured $3.75 million in construction financing for the 35-unit Ardsley Commons, a seniors housing community located 25 miles east of Charlotte in Locust. The loan has a term of 24 months, interest only. Amenities will indlucde a 4,800-square-foot community room with a computer center, a fitness area and outdoor sitting areas including a picnic area with tables and grills.
CLAREMONT, CALIF. – Courier Place Apartment Homes, a 75-unit affordable housing complex for seniors and families, has opened in Claremont. The project was developed by Jamboree Housing Corporation. WNC & Associates partnered with Jamboree to provide $13,278,629 in Low Income Housing Tax Credits (LIHTC) for the project. Other financing partners included the City of Claremont, Claremont Redevelopment Agency, US Bank, Community Development Commission of the County of Los Angeles and the U.S. Department of Housing and Urban Development. Courier Place is Jamboree’s first multi-generational affordable apartment community and the first in Los Angeles County. The community resides at 111 South College Ave. on the site of the former Claremont Courier newspaper. Courier Place is striving for LEED-Platinum certification.
ELMWOOD PARK, N. J. — Marcus & Millichap has arranged the sale of two apartment complexes, totaling 87 units, in Essex County. A California-based investor purchased 355 Belleville Ave. in Bloomfield for $2.7 million. Christopher Rizzolo of Marcus & Millichap's New Jersey office represented both parties in the deal. In a separate transaction, a local developer sold a 50-unit apartment complex at 22-30 S. Munn Ave. in East Orange for $4 million. Nat Gambuzza, also of the firm's New Jersey office, represented the buyer, while Rizzolo represented the seller.
FRISCO — The Connor Group has purchased the 262-unit Lodge at Frisco Bridges, a luxury apartment community located at 8568 Warren Parkway in Frisco, for an undisclosed price to an undisclosed seller. This is the company's second property in Frisco, the other one being The Residences at Starwood.
TROUTDALE, ORE. – The 64-unit Hampton Heights in Troutdale has sold to Portland Properties OR, LLC for $4.9 million. The community was built in 1996 and is located at 496-628 NE 257th Drive. The seller, B3R Properties, LLC, was represented by Grayson Pounder of Hendricks & Partners’ Portland office.
WASHINGTON, D.C. — Greysteel has arranged the sale of two multifamily buildings in Washington, D.C., totaling 69 units, for $2.32 million. The properties include the 33-unit 1 Hawaii Ave. NE and the 36-unit 113 Wilmington Place SE. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Bethesda, Md.-based Greysteel, along with Marcus & Millichap, represented the sellers in both transactions. For 1 Hawaii Ave. NE, Carroll Associates sold the property to Mayfair LLC for $1.32 million. For 113 Wilmington Place, RM Cohen Investment Co. sold the property for $1 million.
INDIANAPOLIS — Beech Street Capital has arranged a $5.1 million Fannie Mae loan to refinance Hunt Club Apartments, a 200-unit property in Indianapolis. Jacob Schmuckler of Meridian Capital Group originated the 7-year, fixed-rate loan, which carries a 30-year amortization schedule. The borrower has spent $1.8 million in renovations to the property's interior and plans to upgrade all of the units.
BROOKLYN — Three new retailers are slated to move into the Edge condominium project in Williamsburg. Among the tenants is Brooklyn Harvest Market, a 15,000-square-foot gourmet grocery store. Fabbrica, an Italian espresso bar and bakery, and Ride Brooklyn, a bicycle shop, have also signed new leases. The businesses will join a CVS pharmacy and Frolic!, a children's play space. Robert Greenstone of Greenstone Realty was the sole broker in all three transactions.