Multifamily

HOOKSETT, N.H. — SMC Management Corp. has purchased a 27-acre development site in Hooksett, that is fully permitted for 204 units. The site is named University Heights and is part of a 382-acre, mixed-use development that includes single-family housing, condominiums and commercial space. University Heights is located less than 6 miles north of Manchester, N.H. Terence Scott of ARA's New England office represented the seller, Green View Management, in the transaction.

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NORTH MIAMI BEACH, FLA. — Continental Real Estate Cos. (CREC) has arranged the sale of the 314-unit Star Creek Apartments, located at 361 NE 191st St. in North Miami Beach. The property is 94 percent leased. Amenities include two resort-style pools and a Jacuzzi. Peter Mekras of CREC represented the seller, a Miami-based private owner and operator, in the transaction. The property was purchased in a 1031 exchange with a first mortgage loan from City National Bank.

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HILLSIDE, ILL. — Marcus & Millichap has arranged the $3.4 million sale of Hillside Apartments, a 71-unit property at 600 N. Wolf Rd. in Hillside. The property contains three nine-unit buildings; two, 10-unit buildings; and two, 12-unit buildings. Jim Walsh of Marcus & Millichap's Chicago office represented the seller, a private investor. James Clough, also of Marcus & Millichap's Chicago office, represented the buyer, a limited liability company.

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NEWTON, MASS. — Sarben Realty Corp. has purchased 59-75 Wyman St., a 15-unit apartment complex in Newton, for $3.4 million. The property is fully leased and includes three, five-unit brick buildings. The site is located near the Massachusetts Bay Transportation Authority's Green Line. Carl Christie, Dan McGee and Henry Lieber represented the seller, Waban Realty LLC, in the transaction. They also procured the buyer.

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NEW YORK CITY — Beech Street Capital has arranged a $16.8 million Fannie Mae loan for the refinancing of Allerton Avenue, a 144-unit apartment complex in the Bronx. Allerton Avenue consists of three separate parcels in the Bronxdale neighborhood. The property is 96 percent occupied. David Hayum of Meridian Capital Group originated the fixed-rate, 7-year loan, which has a 30-year amortization schedule.

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TULSA, OKLA. — Steadfast Income REIT has acquired the 336-unit Sonoma Grande, an apartment community located in Tulsa, for $32.2 million. The property is 91 percent occupied and features a resort-style swimming pool with cabanas, an outdoor gourmet kitchen, fitness center, a tanning salon, playground and detached garages. Steadfast now has more than $200 million invested in 13 apartment communities in Illinois, Iowa, Kansas, Kentucky, Missouri and Oklahoma.

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