BOCA RATON, FLA. — ARA has arranged the sale of the 180-unit Boca Colony, located in the 2,000-acre Boca Del Mar PUD, a master planned community in Boca Raton, for an undisclosed price. Avery Klann, Hampton Beebe and Richard Donnellan of the firm's Boca Raton office represented Invesco Real Estate, the seller, in the transaction. The buyer was Bay Harbor Island, Fla.-based Atlantic | Pacific Cos.
CHICAGO — A joint venture between Wells Fargo & Co. and Related Cos. has acquired the 694-unit Parkway Gardens in Chicago, an affordable housing community that will subsequently undergo a $136 million renovation. Related Cos. is committing $40 million in physical, mechanical and structural upgrades, Wells Fargo is providing $36.5 million in equity and the Illinois Housing Development Authority is providing $59.5 million in bonds as well as credit enhancements from Fannie Mae. Related Cos.' Chicago office, Related Midwest, will oversee the renovations.
BISMARCK, N.D. — NorthMarq has arranged $11.31 in first-mortgage financing for the 167-unit Hawk Point Apartments, located at 4101 Montreal St. in Bismarck. The fully-amortized loan was arranged through AmeriSphere Mortgage Finance, a FHA mortgage lender.
DENVER – ARA has sold 217-unit The Foothills Apartment Homes in Denver to Aukum Management, LLC, for $15,650,000. The property was built in 1983 and was 95 percent occupied at the time of sale. ARA Denver principals Doug Andrews, Jeff Hawks and Terrance Hunt, and senior vice president Shane Ozment represented the seller, a Woodland Hills, Calif.-based real estate company.
SAN DIEGO – A 26-unit, 19,400-square-foot apartment complex in El Cajon, Calif., has sold to LIREF, LLC for $2,417,000. The CBRE Apartment team of Merrick Matricardi, Jim Neil and Eric Comer represented LIREF. The seller, Betty T. Ma, represented herself in the transaction.
NEW YORK CITY — A defaulted mortgage note on two adjacent multifamily properties in New York City’s upper west side have been purchased for $7.8 million. The five-story walk-up apartment buildings are located at 132 and 134 W. 109th St. and are a combined 18,720 square feet. The buildings have recently received new roofs and refurbished hallways and corridors. Eastern Consolidated’s Eric Anton and Ronald Solarz represented the owner, a European bank, at the foreclosure sale. A private New York City family, under the corporate name West 109th Holdings, purchased the note. Steven Holm, an attorney with Holm & Drath, represented the family and John C. St. Jeanos, an attorney with Herrick, Feinstein, represented the seller in the transaction.
PHOENIX – Hendricks & Partners has sold the 124-unit Barrington Regent in Phoenix to Su Casa Investments, LLC for $7,050,000. Located at 825 W. Osborn Road, Barrington was built in 1980 and consists of 93 one-bedroom and 31 two-bedroom units. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix office represented the seller, Barrington Regent, LLC.
RIVERVIEW, FLA. — The 351-unit The Preserve at Alafia, located at 10110 Gibsonton Dr. in Riverview, has opened. Tampa, Fla.-based Garrison Developer Group of Florida constructed the complex, which features one-, two- and three-bedroom garden and mid-rise apartments. The Preserve at Alafia is the first phase of a $100 million mixed-use development, which will feature retail and office space and a Holiday Inn upon completion.
NEW YORK CITY — Massey Knakal has facilitated the $7.25 million sale of two multifamily buildings at 278 and 284 S. 2nd St. in the Williamsburg neighborhood of Brooklyn in New York City. The five-story buildings each have 22 residential units and are approximately 21,750 square feet. Most units consist of three bedrooms. The sales price equates to be approximately $166 per square foot. Massey Knakal’s Mark Lively and Brendan Maddigan handled the sale.
FORT WORTH — Marcus & Millichap Real Estate Investment Services has brokered the sale of the 100 percent occupied Birchman Apartments in Fort Worth. The complex is located off Camp Bowie Boulevard and features brick exteriors and pitched-composition roofs. Marcus & Millichap’s Mason Green and Vincent Knipp represented both the buyer and the seller in the transaction.