MINNEAPOLIS — Marcus & Millichap has arranged the $368,280 sale of 2424 4th Ave. South, an 8-unit apartment property in Minneapolis. Lance Linander of Marcus & Millichap represented the seller, a private investor. He also represented the buyer, a limited liability company.
NEW YORK CITY — Stone Street Properties has acquired an 11-building apartment portfolio located on the Upper East Side and the East and West Village for $73 million. The portfolio also includes an additional 40-unit property in downtown Brooklyn. In total, the portfolio contains 299 residential units and two stores totaling 142,000 square feet. Approximately 72 percent of the units are rent regulated with average rents considerably below market. The Manhattan buildings are located at 104 East 7th St.; 438-440 East 13th St.; 234-238 East 33rd St.; 101 MacDougal St.; 410 East 64th St.; 319-321 East 78th St.; 223 East 82nd St.; 310 East 83rd St.; 325 East 83rd St.; and 504 East 88th St. The Brooklyn property is located at 354-356 State St. Paul Smadbeck, Thomas Gammino Jr., James Nelson and John Ciraulo of Massey Knackal represented the seller, a family partnership, in the transaction. They also represented the buyer.
NEW YORK CITY — Meridian Capital Group has arranged $15.7 million in acquisition financing for two multifamily properties in Brooklyn. The firm arranged an $11.3 million loan for a 122-unit apartment building on Fort Hamilton Parkway. The 10-year loan features a 3.3 percent interest rate. Meridian also negotiated a $4.4 million loan for a 48-unit, six-story apartment building on Avenue J. The 10-year loan features a 3.5 percent interest rate.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office. The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.
SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.
DENVER — The 426-unit Lakes at Monaco Pointe in Denver has sold to Coughlin and Company for $28 million. The company plans to invest an additional $3 million into the property. It was 95 percent occupied at the time of sale. ARA’s Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks represented the seller, Jackson Square Properties, in this transaction.
ATLANTA — The Connor Group has sold Block Lofts in Midtown for $34.2 million. The sale was the Dayton, Ohio-based company’s first in Atlanta since 2008. The Connor Group owns 17 multifamily communities in the Atlanta area, and it purchased Block Lofts in 2009 for $27.3 million. Block Lofts/WC-LC LLC and Block Lofts/AH-BWT LLC acquired the Midtown multifamily property from The Connor Group.
NEW YORK CITY — A five-story mixed-use building at 1624 Amsterdam Ave. in Hamilton Heights has sold for $2.5 million. The 11,835-square-foot building features eight residential units and and two commercial spaces. The property is located one block from St. Nicholas Park and the newly renovated City College campus. The new owner plans to use the vacant property for rental housing. Victor Sozio and Jesse Deutch of Ariel Property Advisors represented both the buyer and seller, both of whom are private investors.
MANSFIELD — Marcus & Millichap has arranged the sale of the 64-unit Tanglewood, a garden-style apartment complex located at 1301 E. Dallas St. in Mansfield. Nick Fluellen and Bard Hoover of Marcus & Millichap's Dallas office represented the buyer and seller, both limited liability companies, in the transaction.
EULESS — HFF has secured $32.08 million in acquisition financing for the 436-unit Stoneleigh at Bear Creek, a Class A multifamily community located at 1401 Highway 360 adjacent to the Dallas Fort Worth International Airport in Euless. The property was constructed in 2004 and is 97 percent occupied. The property features amenities such as two resort-style swimming pools, a business center, billiards room, fitness center, heated spa, poolside gazebo, picnic area, barbecue grills, open-air cabana, extensive concierge services, covered parking and a laundry facility. John Brownlee of HFF arranged the seven-year loan through Freddie Mac on behalf of the borrower, Pure Multi-Family REIT. Proceeds from the loan were used to acquire the property.
