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.
STUDIO CITY, CALIF. — Studio 40-41, a 149-unit apartment community in Studio City, has sold to an Archstone-sponsored partnership for $56.3 million. It is located on Radford Avenue across from the CBS Studio Center. The community will be renamedArchstone Studio 4121.
SAN FRANCISCO — CIM Group has sold a 10-property multifamily portfolio that is based in San Francisco. The portfolio contains a total of 418 units spread among 22 buildings. The properties sold to multiple buyers. The group is also looking to divest an additional 12 properties that are part of the portfolio. CIM initially acquired the portfolio through a deed-in-lieu-of-foreclosure transaction.
PORTLAND, ORE. – The 290-unit RiverPlace Square Apartments in Portland has received $54 million in financing. The joint venture between Cardinal Group Investments LLC and Fundamental Advisors LP obtained a $44.5-million loan that was placed with a national bank, as well as a $9.5-million mezzanine loan with a mortgage REIT. The loan proceeds were used to acquire the property. The community is located at 2083 SW River Drive. The JV plans to renovate and rebrand the property as Mint Urban. Financing was arranged by HFF’s Pat Burger, Tim Wright and Tom Wilson.
GREENSBORO AND DURHAM, N.C. — Bell Partners Inc. has sold two North Carolina apartment communities, the 284-unit Lake Brandt and 288-unit Bell Southpoint, on behalf of its investors. Winthrop Realty Trust purchased Lake Brandt in Greensboro and Duck Pond Corp. purchased Bell Southpoint in Durham. Lake Brandt includes one-, two- and three-bedroom units and amenities such as a fitness center, outdoor pool plaza, lighted tennis courts, indoor lap pool, business center and playground. Bell Southpoint also includes one-, two- and three-bedroom units and similar amenities.
BALTIMORE — Tryko Partners LLC, a private equity real estate firm based in Brick, N.J., has renovated Loch Raven Village Apartments, a 495-unit multifamily community at 8402 Greenway Rd. in Baltimore’s Towson neighborhood. Tryko Partners purchased the property last summer to modernize it and position it competitively among Towson’s Class A multifamily properties. Loch Raven Village includes 95 colonial brick, garden-style buildings on 20 acres and is 96 percent leased. Renovations included converting the property’s utilities so that each unit has central air conditioning and a dedicated gas furnace. Additionally, Tryko replaced entry doors and windows in all 95 buildings.
NEW YORK CITY — Marcus & Millichap has arranged the $6.8 million sale of a nine-unit apartment building at 233 W. 14th St. in New York City. The sale marks the highest price per square foot in Chelsea this year ($663 per square foot) for a 25-foot building. Peter Von Der Ahe, Joe Koicim and Shlomo Gelernter of Marcus & Millichap represented the seller, a private investor, in the transaction. They also represented the buyer, a private investor.
STUDIO CITY, CALIF. — Studio 40-41, a 149-unit apartment community in Studio City, has sold to an Archstone-sponsored partnership for $56.3 million. It is located on Radford Avenue across from the CBS Studio Center. The community will be renamed Archstone Studio 4121.
SAN FRANCISCO — CIM Group has sold a 10-property multifamily portfolio that is based in San Francisco. The portfolio contains a total of 418 units spread among 22 buildings. The properties sold to multiple buyers. The group is also looking to divest an additional 12 properties that are part of the portfolio. CIM initially acquired the portfolio through a deed-in-lieu-of-foreclosure transaction.