LIVINGSTON, N.J. — Jamesburg Realty Partners has purchased four apartment properties in Jamesburg for $2.6 million. The properties include 6-8 Vine St., 16 Lake St., 8 Cherry St. and 123 Stevens Ave. Each of the two-story complexes contain one-bedroom units and on-site parking. Joseph Brecher of Livingston-based Gebroe-Hammer Associates represented the seller, Jamesburg Apartments LLC.
DENVER – The 170-unit Columbine Towers has sold to Agin Family Investments for $8.75 million. This Section 8 apartment community was fully occupied at the time of sale. JB Hochman of Pinnacle Real Estate Advisors represented both the buyer and the seller in this transaction.
DENVER – The Bascom Company has purchased the Hyland Park Centre Apartments in Denver for an undisclosed sum. The company plans to execute a $5-million renovation at the property, which is located at 1800 West 85th Ave. Bascom was represented by Tim Shunta of Unique Properties. The property was purchased from the Colorado Finance and Housing Authority.
LOS ANGELES – The 24-unit Eagle Rock Apartments in Los Angeles has sold to a private investor for $2.4 million. The property was built in 1987 at 1502 El Paso Drive. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, another private investor, in this transaction.
PIKESVILLE, MD. — Meridian Capital Group has arranged a $7.65 million Fannie Mae conventional loan to refinance the 134-unit Marrion Square Apartments, located at 4619 Horizon Cir. in Pikesville. Jacob Katz of Meridian Capital Group's Bethesda, Md., office arranged the 10-year loan with 9.5 years of yield maintenance and a 30-year amortization schedule through Beech Street Capital.
HOUSTON — Resource Real Estate Opportunity REIT has acquired the 856-unit Bristol Apartments, located at 1401 Redford St. in Houston, for $11.4 million. The REO property is 52 percent occupied. Amenities of the complex include a clubhouse, swimming pool, fitness center and playground. The buyer plans to invest additional capital to improve the overall condition of the property. Trimont Real Estate Advisors, acting as special servicer on behalf of Fannie Mae, sold the asset.
SAN FRANCISCO – Johnson Capital has arranged a preferred equity investment of slightly less than $1 millionfor a 50-unit apartment complex in the San Francisco peninsula area. The complex is owned by a partnership controlled by a Palo Alto, Calif.-based real estate investment company. The complex’s new investor is an institutional opportunity fund. The investment term is intended to be three years or less. The funds will be utilized to recapitalize partnership interests. The investment was arranged by Thomas Bracken of Johnson Capital’s Palo Alto office.
ATLANTA — North American Properties (NAP) has plans to build a 276-unit mid-rise apartment community, located on 3.7 acres in Atlanta's Old Fourth Ward submarket. Construction is scheduled to begin by late spring with completion slated for fall 2013. The development is NAP's first ground-up multifamily development in Atlanta since the company shifted its focus from retail to mixed-use and multifamily developments.
DOTHAN, ALA. — Beech Street Capital has arranged a $5.16 million HUD 223(f) loan for the refinance of the 150-unit Camelot Apartments, located at 106 Castle Dr. in Dothan. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 35-year, fully amortized loan on behalf of the borrower, Engel Realty Co.
RAMSEY, MINN. — Indianapolis-based Flaherty & Collins Properties will break ground on The Residence at The COR this month, a $33.5 million mixed-use project in Ramsey, a northern suburb of the Twin Cities. The project will be located within a 400-acre development known as The COR. Plans call for the construction of 230 luxury apartments and 3,000 square feet of retail space. The targeted use for the retail space is a pub that serves lunch and dinner. Of the 230 new residences, nine will be two-level townhome units with individual garages. Onsite amenities will include a fitness center, outdoor fire pits and a heated, saltwater pool.