SPARTA, N.J. — Seasons at Sparta LLC has closed on its acquisition of the $3.2 million Seasons at Sparta, an age-restricted multifamily property in Sparta. Located at 84 Sparta Ave., the 34-unit community is open to adults age 55 and above. On-site amenities include concierge services, a fitness center and laundry facilities. Stephen Tragash of the Livingston, N.J. office of Gebroe-Hammer Associates represented the seller, 84 Sparta Avenue LLC, in the transaction. Steven Follman, also of Gebroe-Hammer, represented the buyer.
SAN ANTONIO — The 176-unit Las Brisas, located at 12549 Vista View St., and the 72-unit Lexington, located at 12635 Scardale Rd., both in San Antonio, have been purchased. The buyers, based in Chicago, are partners of Omaha, Neb.-based Seldin Co., which assumed management and leasing responsibilities upon closing. Jon Pesce of Omaha-based World Group advised the buyers in the transactions.
SAN DIEGO – The 40-unit Juniper Gardens apartments in San Diego has sold to Wakeland Housing and Development Corporation for $6,193,600. The affordable housing apartment complex is located at 4251-4259 E. Juniper Street. The buyer was represented by the CBRE Multi-Housing team of Eric Comer, Jim Neil and Merrick Matricardi. The seller was Juniper Garden Apartments LTD.
COLUMBIA, S.C. — Walker & Dunlop has arranged $12.56 million in multifamily financing for the acquisition of the 260-unit Paces Brook, located at 113 Paces Brook Ave. in Columbia. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 10-year loan with 2-year interest only and a 30-year amortization schedule through Freddie Mac's CME program on behalf of the borrower, a joint venture between LMS Real Estate Investment Management and Avison Young.
NUTLEY, N.J. — Balt Investments LLC has acquired a three-property multifamily portfolio in Nutley, for $15 million. The properties total 126 units and include Greylock Apartments, Lincoln Apartments and Ambassador Apartments. Jose Cruz, Andrew Scandalios, Jeffrey Julien, Kevin O'Hearn and Mike Oliver of HFF represented the seller, AIG Global Investment Group, in the deal. The portfolio is 94 percent leased.
NEW YORK CITY — A luxury rental building located at 109 Gold St., on the border of Brooklyn's DUMBO and Vinegar Hill neighborhoods, has sold for $14.5 million. The newly constructed property contains 33 units and consists of 36,944 square feet. The property also includes 17 parking spaces and bike storage. Stephen Palmese of New York City-based Massey Knakal Realty Services represented the buyer and seller in the transaction.
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.