WASHINGTON, D.C. — Carroll Associates has sold four apartment buildings totaling 129 units, located in Washington, D.C., for a combined $5.93 million. Mayfair LLC acquired 1720 & 1721 Corcorn St. NE, 1 Hawaii Ave. NE and 734 Fairmont St. NW. Girard Street Tenant Association purchased 744 Girard St. NW. Greysteel Co. represented the seller in both transactions.
CHICAGO — Cohen Financial has arranged $8.7 million for the refinancing of two apartment properties in Chicago. The buildings include a 36-unit property at 1166 N. Milwaukee St. and a 24-unit property at 3001 N. Spaulding Ave. Both properties are fully occupied. Michael Widen of Cohen Financial negotiated the 10-year, fixed-rate loans through PNC Real Estate Finance. The borrower is David Ruttenberg of Marc Realty Residential, a local commercial real estate distressed property investor.
BENSALEM, PA. — Paradise Property LLC has purchased Village Square Apartments, a 694-unit complex in Bensalem for $71 million. The property is situated on 40 acres in Pennsylvania's Buck County and is 90 percent occupied. Amenities include a clubhouse, Olympic-sized swimming pool and tennis courts. Karen Iman, Brian Whitmer, Andrew Merin, Maybeth Farris and Nick Karali of Cushman & Wakefield represented the seller, Korman Residential. They also procured the buyer.
FAIR LAWN, N.J. — Fair Lawn Promenade, a mixed-use property with 150 apartment units and 63,000 square feet of retail and office space, is under construction in Fair Lawn. Garden Homes and Development and Garden Commercial Properties are developing the project, which is located near NJ Transit's Radburn train station. The development will consist of two rental buildings, one with 104 units and another with 46 units, that are constructed above a ground-level parking garage. Appel Design Group and Rotwein + Blake Architects have designed the property. The apartments are expected to be open for occupancy in the fall of 2013.
IRVING — Panther Transaction Group, in a partnership with a Dallas-based multifamily investor, has purchased the 256-unit Westgate Apartments, located at 3829 William DeHaes Drive in Irving. The partnership has plans to make interior renovations exceeding $500,000. The community is 94 percent occupied. Transwestern represented both the buyer and seller in the transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of the 316-unit Havenwood, a multifamily community located at 6500 Melwood St. in Fort Worth. The community features two swimming pools, a fitness center, tennis and racquetball courts, security systems and washer/dryer connections. The property is 94 percent occupied. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based investor, in the transaction and represented the buyer, an out-of-state partnership. Marcus & Millichap Capital Corp. arranged a 10-year loan through Fannie Mae for the acquisition on behalf of the buyer.
PEMBROKE PINES, FLA. — The 296-unit Lakes at Pembroke, located at 9900 Sheridan St. in Pembroke Pines, has sold for $42 million. The property is 96 percent leased. Amenities include two swimming pools, sport courts, a playground, covered parking and a fitness center. Marc deBaptiste, Avery Klann and Hampton Beebe represented LaSalle Investment Management, the seller, in the transaction. The buyer was Atlanta-based Stockbridge Capital.
LAKE MARY, FLA. — CBRE Group has arranged the $39.6 million sale of the 600-unit Sun Lake, a multifamily community located at 420 Sun Lake Circle in Lake Mary. Amenities include a private lake, 24-hour fitness center, two swimming pools and a clubhouse with a wide-screen TV and movie viewing area. Shelton Granade and Luke Wickham of CBRE Group represented the seller in the transaction. The buyer assumed an existing loan and will finish stabilizing the property, which was largely vacated during a construction project on site.
CHARLOTTE, N.C. — The 296-unit Lake Point Apartments, a multifamily community located at 7259 Point Lake Drive in Charlotte, has sold for $4.3 million. Atlanta Capital Advisors, the buyer, plans to invest $4.5 million to renovate the community. Mike Fowler and Jim Davis of Brown Investment Properties represented the seller in the transaction.
FAYETTEVILLE, N.C. — NorthMarq Capital has arranged $12 million in first mortgage refinancing for the 694-unit Cambridge Arms Apartments, a market-rate multifamily community located at 301 Barcelona Drive in Fayetteville. Bill Matone of NorthMarq's Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, SRC Cambridge Arms, through Freddie Mac.