NEW YORK CITY — A brick multifamily building located at 155 Newton St. in Greenpoint has sold for $2.1 million. The 7,257-square-foot building includes eight apartment units. The units have recently been renovated along with the building's mechanical systems. Mark Lively, Brock Emmetsberger and Brendan Maddigan of Massey Knakal Realty Services represented the buyer, a local owner, in the transaction. They also represented the seller.
Multifamily
HOUSTON — HFF has arranged the sale of the 456-unit Westchase Creek (formerly known as Camden Creek), located at 3000 Woodland Park Dr. in Houston's Westchase District. Craig LaFollette, Todd Stewart, Tre Banks, Chris Curry and Todd Marix of HFF's Houston office represented the seller, Camden Property Trust, in the transaction. The buyer was a joint venture partnership between Allen Harrison Co., Dome Equities and Equity Resource Investments. HFF also arranged a 7-year, 2-year interest only loan through its Freddie Mac Program Plus Seller/Servicer Program. HFF's debt placement team was led by Cortney Cole of HFF's Houston office. Allen Harrison Co. will execute a capital improvements plan for the property, which was 96 percent occupied at the time of the sale.
SAN ANTONIO — NorthMarq Capital has arranged a $22.02 million construction loan and $8.09 million in joint venture financing for the 344-unit Pecan Springs Apartments, located on the northeast corner of UTSA Boulevard and Interstate 10 in San Antonio. John Stewart and William Jackson of NorthMarq's Dallas office arranged the 3-year loan and joint venture partnership through a regional commercial bank and an institutional investor.
SEWICKLEY, WEXFORD PENN. — Cabot, Penn.-based Concordia Lutheran Ministries has purchased two seniors housing communities in Pennsylvania for $7.8 million. The properties include Pristine Pines, a 56-unit community in the Pittsburgh suburb of Sewickley, and a 28-unit community in Wexford. The Sewickley community included the sale of several adjacent acres on which Concordia plans a large expansion. Benjamin Fireston and Jacob Gehl of Marcus & Millichap's Chicago office represented the seller, a private equity fund with offices in New York and Dallas. They also secured the buyer.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the $700,000 sale of an 8-unit apartment building in Brooklyn. The property is located at 248 Stockholm St. Erik Lundberg of Marcus & Millichap's Brooklyn office represented the seller, a private investor. He also represented the buyer, a private investor.
NEW YORK CITY — Madison Realty Capital has closed a $14.5 million bridge loan for a 90,000-square-foot condominium construction project in Kew Gardens.The project includes 52 residential units, an 8,224-square-foot community center and a 52-space parking garage. The financing provided by MRC enables the borrower to recapitalize and complete the project.
GRAND PRAIRIE — The 164-unit Lexington Apartments, located at 201 W. Tarrant Rd. in Grand Prairie, has been sold. The property is currently 90 percent occupied. Sam Pettigrew of Dallas-based The Cantrell Company & Partners represented the buyer, Lexington Prairie LP, and the seller in the transaction.
CITRUS HEIGHTS, CALIF. – The 124-unit Antelope Woods Apartments in Citrus Heights has received $7,260,000 in financing. The refinance loan includes a seven-year term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. It was written to a 75 percent loan-to-value with a 1.43x debt-service coverage ratio. The property was built in 1986 and is situated on more than five acres. Financing was provided by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
SANTA MONICA, CALIF. — A six-unit apartment building located at 1247 Berkeley Street in Santa Monica has sold to a private investor for $1,975,000. The community was built in 1961 and contains 8,990 rentable square feet. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
ATLANTA — Atlanta-based Tempo Properties has sold the 1,188-unit Tempo Portfolio, which includes 12 properties located on Buford Highway NE and Lenox Road NE in Atlanta, for $35.75 million. Included in the properties are the 135-unit Cabana Apartments; the 64-unit Cross Keys Apartments; the 154-unit Hallmark Apartments; the 111-unit Parkway Apartments; the 128-unit Tempo 2000 Apartments; the 158-unit Continental Apartments; the 135-unit Dover Station Apartments; the 72-unit Majestic I; the 62-unit Majestic II; the 60-unit Monaco Apartments; and the 108-unit Montego Apartments. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller in the transaction and procured the buyer, a Yakina, Wash.-based national real estate company.