NORTH HOLLYWOOD, CALIF. – The 16-unit Radford Apartments in North Hollywood has sold to a partnership of local investors for $1,325,000. The complex was built in 1964 and resides at 6836 Radford Ave. Brent Sprenkle of Hendricks & Partners’ West Los Angeles office represented the seller, Residential Investments, LLC, in this transaction.
BOCA RATON, FLA. — The 248-unit Heritage at Boca Raton, an apartment complex located at 320 W. Palmetto Park Rd. in Boca Raton, has been sold for $67.96 million in an all-cash transaction. The property is currently 92 percent leased. Hampton Beebe and Marc deBaptiste of ARA's Boca Raton office represented Priderock Capital Management, the seller, in the transaction. The buyer was a pension fund advisor.
RICHMOND, VA. — TGM Realty Investors has acquired the 66-unit Biggs Building Apartments, located at 920 W. Marshall St. in Richmond, from Biggs Building LP. for $5.03 million. Scott Douglas and Lindsey Floyd of Cushman & Wakefield/Thalhimer's Richmond office represented the buyer in the transaction. Scott Gaeser of Eagle represented the seller.
DECATUR, GA. — Savannah, Ga.-based NorSouth Constructs has broken ground on the 80-unit Oliver House, a seniors housing property located at 1450 Commerce Dr. in Decatur. The development is the second phase of a $30 million redevelopment of Allen Wilson Terrace Public Housing by the Decatur Housing Authority. Upon completion, Allen Wilson Terrace will contain 190 units for low-income families and seniors. HADP Architecture designed the property, which is expected to receive two EarthCraft green building certifications. Oliver House is slated for completion in August 2012.
ATLANTA — Carter, with offices in Atlanta, Tampa, Fla., and New York City, has plans to pursue $500 million in development and investments. Following the completion of the sale of the company's brokerage and property management groups, the firm is focusing on four key areas: development of mixed-use and for-rent multifamily properties in urban infill locations, equity development of student housing, acquisition of opportunistic and value-add investments in the office sector and growing its project management and strategic consulting business.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased a 21-unit apartment building, located at 1346 Park Rd. NW in Washington, D.C.'s Columbia Heights neighborhood, from Someck Development and Northridge Capital for $3.7 million. UIP has plans to invest $2.7 million in a full renovation of the property, including new plumbing, electrical, heating and cooling systems, as well as a new roof, windows and condo-level finishes. Additionally, seven units will be added on the cellar level. Andrew McAllister of Washington, D.C.-based MAC Realty Advisors represented the sellers in the transaction.
NEW YORK CITY — Ariel Property Advisors has closed on two Manhattan multifamily properties for approximately $4 million. The properties include 280 Manhattan Ave., a 12,610-square-foot apartment building, which sold for $2.2 million. Victor Sozio, Michael Tortorici and Jesse Deutch represented the buyer and seller, both of which were private investors, in the transaction. The second property, an 8,500-square-foot, mixed-use building, is located at 1804 Third Ave. and sold for $1.85 million. Tortorici and Sozio represented the seller, a family, and the buyer, a private investor.
SAN ANTONIO — Hendricks & Partners has arranged the sale of the 405-unit The Reserve at Pecan Valley, located at 4032 E. Southcross Blvd. in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, Denver-based AMTAX Holdings 665, in the transaction. The buyer was Old Greenwich, Conn.-based SBC 2011-1 REO.
VISTA, CALIF. – The 240-unit Woodbend Shadowridge apartment complex in Vista has sold to Woodbend, LP, C/O R&V Management Corporation for $44.3 million. The 210,800-square-foot complex was built in 1988 and was renovated in 2008. Cushman & Wakefield’s team of Edward Rosen, John Chu and Alejandro Lombrozo represented the seller, Shadowridge Corporation, C/O LaSalle Investment Management.
ORLANDO, FLA. — Atlanta-based Pollack Shores Real Estate Group has broken ground on the $40 million, 326-unit Steel House Apartments, located at 750 N. Orange Ave. in Orlando. Poole & Poole Architecture is the architect for the project, Cambridge Swinerton is the general contractor, Bowyer Singleton is the civil engineer, Beasley & Henley is the interior designer and Foster Conant designed the landscaping and hardscapes. Amenities include a clubroom with skyline views of the city, a pool, fountains, fitness center, business center and gallery space. The first units will be completed in the fall of 2012, with full completion slated for February 2013.