NEW YORK CITY — Marcus & Millichap has brokered the sale of an eight-unit apartment building located at 474 60th St. in Brooklyn for $1.05 million. A private investor acquired the property at a 6.8 percent cap rate. Bruce Thomsen of Marcus & Millichap's Brooklyn office represented the seller, also a private investor.
DALLAS — The Bascom Group has acquired The Davis Building, a luxury, urban infill mixed-use project. The investment includes a 20-story high-rise building featuring 183 loft-style apartment units, retail space and a 12-level parking garage in downtown Dallas. It was built in 1926 as an office building and converted into luxury apartments in 2003. The property was purchased through a receivership sale with debt financing provided by J.E. Robert Cos., and was 95 percent leased as the close of escrow. Jeffrey Fuller, Han Jang and Paul Miskowicz of The Bascom Group led the transaction. Ryan Epstein of Marcus & Millichap represented both parties.
LANTANA, FLA. — Palm Beach Club sold the 310-unit independent and assisted living community The Carlisle Palm Beach, located in Lantana, for $53 million to AEW Capital Management, who acquired the property on behalf of AEW Senior Housing Investors. Amenities include a cinema room and a card and billiard room. Ryan Maconachy and Chad Lavender of Atlanta-based ARA represented the seller. The buyer was not represented in the transaction.
ORLANDO, FLA. — The 200-unit Vista Verde, a luxury community in Orlando, has been sold. The property, which is currently 94 percent occupied, offers private garages, barrel tile roofs and amenities such as a resort-style swimming pool. Shelton Grande and Luke Wickham of CB Richard Ellis' Central Florida multi-housing group represented the undisclosed seller. The undisclosed buyer was not represented. The acquisition price was not released.
HOMEWOOD, ALA. — The 220-unit Wildforest apartment complex, located in Homewood, has sold for $18.3 million to a local investor group. The 17.8-acre complex is currently 98 percent occupied. Rock Apartment Advisors, a subsidiary of Harbert Realty Services, represented the seller, a private development group. The buyer was not represented.
MORRISVILLE, N.C. — An affiliate of Harbor Group International purchased the 200-unit Madison at Treybrooke Apartments from an affiliate of BPG Properties for $16.2 million. The property, which is currently 97 percent leased, will be renamed Treybooke at the Park Apartments. Amenities include pool, two tennis courts, fitness center, basketball court and more. Brandon Whitesell and Chris Spain of Cushman & Wakefield's Atlanta office were the brokers involved in the transaction.
MANCHESTER, N.H. — Albany, N.Y.-based Dawn Home Management has acquired a Manchester apartment community from Equity Residential for $36 million. Wellington Hill is a 390-unit property located approximately 4 miles east of downtown Manchester. Constructed in 1986, the property comprises garden-style apartment buildings and townhome buildings on a 32.7-acre site. The community contains one- through three-bedroom residences and the average unit size is 1,008 square feet. Property amenities include a community room, a fitness center, an outdoor swimming pool with a sundeck, an indoor lap pool with a hot tub, a sauna, a racquetball court, tennis courts and a playground. The team of Simon Butler, Biria St. John, Michael Byrne and John McLaughlin of Cushman & Wakefield's Capital Markets Group represented the seller and procured the buyer.
TEANECK, N.J. — Marcus & Millichap has brokered the sale of Teaneck Apartments, a 16-unit, garden-style apartment community located on West Englewood Avenue in Teaneck. The property traded for $2.15 million. Greg Babaian of Marcus & Millchap's New Jersey office represented the seller, a local investor. The buyer's name was also not released.
HOUSTON — Behringer Harvard, which manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, has invested in The Domain at Eldridge, a 320-unit luxury multifamily community slated for development in Houston's Energy Corridor. Behringer Harvard has provided mezzanine financing for the construction of The Domain at Eldridge, which will begin construction this spring at a 9.9-acre site on Crescent Plaza Drive near the southeast corner of Eldridge Parkway and Briar Forest Drive. First units available for lease are expected in Spring 2012. Simmons Vedder Partners will develop the property, while financing for its construction will be provided by JPMorgan Chase. Units at The Domain at Eldridge are expected to average 970 square feet, offering one or two bedrooms and bathrooms.
VISTA, CALIF. — Hendricks & Partners has brokered the $7.35 million sale of the 64-unit Mountain View, an apartment community located at 1370 Calle Jules in Vista. Built in two phases in 1975 and 1980, the multifamily complex features one studio unit, 22 one-bedroom units and 41 two-bedroom units. Hendricks & Partners’ Allen Chitayat represented the Del Mar, Calif.-based seller, M.S. Browar Family Trust/Okovita Family Revocable Trust, in the transaction, and Ray Adams of Cassidy Turley BRE Commercial represented the Rancho Palos Verdes, Calif.-based buyer, 46 East 57th Street LLC. Financing in the amount of $4.4 million was arranged by Ron Hernandez of Union Bank.