HAWTHORNE, CALIF. – The 58-unit Yukon Apartments in Hawthorne has sold to The Montecito Apts Investments, LP for $5.8 million. The REO property was sold via auction. Montecito was represented by Thomas Pattenaude of Colgate Capital. Kitty Wallace of Colliers International’s West Los Angeles office represented the seller, Special Servicer LNR Partners, in this all-cash transaction.
ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA) has brokered the sale of the 416-unit Flagler Pointe Apartments, located near Interstate 275 in St. Petersburg, for $23.2 million. The property was built in 1974 but underwent a complete renovation in 2002. The community includes 256 one-bedroom, 128 two-bedroom and 32 three-bedroom units with an average floor plan of 784 square feet. Flagler Pointe Apartments is 91 percent occupied. Amenities include four resort-style pools and two community clubhouses, along with tennis and volleyball courts. Jamie May of IPA represented the seller, PRG Real Estate Management. The buyer was Merion Realty Partners.
BOSTON — Jocote LLC has acquired two Boston apartment buildings for $6.9 million. The properties are located in the Kenmore Square area of the city at 41 and 43 Bay State Road. The brownstone buildings, constructed between 1891 and 1892, each feature views of the Charles River. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Tosi LP, in the transaction. They also procured the buyer.
LANCASTER, CALIF. – The 216-unit Amargosa Creek in Lancaster has sold to FAOF Amargosa, LLC for $14.3 million. It is located at 43332 Gadsden Ave. The REO property was sold via auction. Kitty Wallace of Colliers International’s West Los Angeles office represented both FAOF and the seller, Special Servicer LNR Partners, in this all-cash transaction.
HAWTHORNE, CALIF. – The 58-unit Yukon Apartments in Hawthorne has sold to The Montecito Apts Investments, LP for $5.8 million. The REO property was sold via auction. Montecito was represented by Thomas Pattenaude of Colgate Capital. Kitty Wallace of Colliers International’s West Los Angeles office represented the seller, Special Servicer LNR Partners, in this all-cash transaction.
BRENTWOOD, CALIF. – The 137-unit TownCentre Commons Apartments in Brentwood has sold to Ridge Capital Investors for $19.6 million. TownCentre Commons is currently 97 percent occupied. Ridge Capital plans to invest an additional $1 million in property renovations. The community is managed by FPI Management.
ORLANDO, FLA. — Highpoint Club Apartments, a 43-building, 348-unit multifamily community in Orlando, has traded for $30 million. Sentinel Real Estate Corp. soldthe property to Robbins Property Associates. Highpoint Club was built in 1995 and is located within the Waterford Lakes neighborhood in Orlando’s University/East Orange County submarket. Amenities include a clubhouse with wi-fi access, a resort-style pool, a business center, tennis courts and a basketball court. Jamie May of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, represented Sentinel Real Estate Corp.
CHARLOTTE, N.C. — The 300-unit Ashford Green multifamily community has sold for $26.8 million in Charlotte. Detroit-based Sillman Enterprises sold the property to Ohio-based The Connor Group, a real estate investment firm with multifamily properties throughout the Southeast. Ashford Green is located on North Tryon Street in Charlotte and was 97 percent occupied at the time of the sale. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented Sillman Enterprises.
MIAMI BEACH, FLA. — A portfolio consisting of two art deco-style apartments on Miami Beach’s South Beach has traded for approximately $5 million. A 23-unit apartment building at 1610 Euclid Ave. sold for $2.69 million and a 20-unit apartment building at 1600 Pennsylvania Ave. sold for $2.3 million. Arthur Porosoff of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, and the buyer, an Italian-based private foreign investor.
QUINCY, MASS. — Beal/Street-Works has unveiled construction plans for the first phase of Quincy's historic $1.6 billion Quincy Center, which is scheduled to break ground in 2013. The $120 million first phase includes a 15-story luxury apartment building and five-story residential building featuring loft-style units. The design also includes a new pedestrian-friendly promenade behind the existing Granite Trust building. In total, the plan includes about 30,000 square feet of retail space. The first stage of construction is slated for completion in late 2013. The city's planning board will review the construction drawings to ensure the plans meet the downtown guidelines and hold a public hearing. No date has been set.