YPSILANTI, MICH. — Kaftan Communities has purchased the 112-unit Bryn Mawr Apartments, located at 2277 S. Grove in Ypsilanti, for $2.35 million from Bryn Mawr Apartments, LP. Amenities include an outdoor pool, washer/dryer hookup in each apartment, private balconies and more. ICI Property Consultants represented both parties in the transaction.
NEW YORK CITY — The AFL-CIO Housing Investment Trust has invested $134 million to preserve and renovate Penn South Cooperative, a 10-building, 2,820-unit community in midtown Manhattan in New York City. The funds will keep the housing affordable for residents for the next 20 years. The Building and Construction Trades Council of Greater New York funded the venture, which is expected to employ 610 union construction workers. Thomas Schissler of Wells Fargo oversaw the transaction.
NEW YORK CITY — GFI Realty Services Inc. has helped broker the sale of 679-681 Classon Ave. in the Prospect Heights section of Brooklyn for $1.66 million. The walk-up apartment buildings are four stories and consist of 16 residential units, two office spaces and a retail store totaling approximately 12,200 square feet. GFI’s Shlomo Antebi and Joseph Landau brokered the transaction.
TULSA, OKLA. — Dallas-based Triad Senior Living, Inc. and its partners have purchased the University Village Retirement Community in Tulsa. The community sits on a 38-acre campus at 8555 S. Lewis Ave. Terms of the deal involved $5.5 million in cash. The ownership group, including investor Keith Roberts and University Village Trust, plans to spend at least $2 million in renovations to the facility.
ORLANDO, FLA. — Ann Arbor, Mich.-based McKinley has negotiated the acquisition of the 304-unit Oakwood Apartment Homes, located at 4708 Olive Branch Rd. in Orlando for $23.35 million. McKinley represented the buyer, Karlin Real Estate. Shelton Granade of CB Richard Ellis' Orlando office represented the seller, ConAm.
LEXINGTON, KY. — Red Mortgage Capital has closed and underwrote $6.79 million of non-recourse financing for two student housing properties owned by Campus Rental Properties. The complexes, which are located in central Lexington adjacent to the University of Kentucky, are the 96-unit University Village, Phase I and the 24-unit Woodland Village. Red Mortgage Capital, pursuant to Fannie Mae’s Dedicated Student Housing Program, underwrote the 10-year loan.
BLAIR, NEB. — Omaha, Neb.-based The Lund Co. has negotiated the $3.63 million sale of the 72-unit Deerfield Apartments, located at 1274 Deerfield Blvd. in Blair, to AV Legacy Holdings. Rich Secor of The Lund Co. represented the seller, Blair Apartments, LLC, in the transaction.
EVANSTON, ILL. — Chicago-based Essex Realty Group has arranged the $1.12 million sale of a 13-unit, walk-up apartment building, located on the corner of Monroe Street and Sherman Avenue in Evanston. Doug Imber and Kate Varde of Essex represented the undisclosed seller and Jim Darrow, also of Essex, represented the undisclosed buyer.
NEW BRITAIN, CONN. — Candlewood Apartments, a 40-unit multifamily complex at 123 Clinic Dr. in New Britain has been sold for $1.9 million. Candlewood is part of a commercial portfolio consisting of almost 700 residential units and approximately 110,000 square feet of office and industrial space. The portfolio had recently become lender owned. Rick Chozick and Steve Pappas of Chozick Realty, Inc. arranged the sale on behalf of the lender, Grove Street Realty Holdings, and procured the buyer, Cedarwood LLC.
PHOENIX — CB Richard Ellis has sold the 360-unit Mountain Park Ranch in Phoenix to CREF Windsor LLC for an undisclosed sum. This apartment community resides within the 2,500-acre, master-planned Mountain Park Ranch community. Built in 1996 and formerly known as the Windsor at Mountain Park Ranch, the property was 95 percent occupied at the time of sale. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Windsor at the Preserve LLC.