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.
AURORA, COLO. – The 480-unit Conifer Creek community has sold to Grand Peaks Properties for $38,150,000. It was 98 percent occupied at the time of sale. ARA Denver principals Jeff Hawks, Doug Andrews and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, TGM Associates.
DENVER – Seagate Properties has opened an office in Denver after deciding to expand its commercial real estate portfolio in Colorado. The company’s first area acquisition was 246-unit The Dakota at Governors Ranch in nearby Littleton, Colo., for $24.55 million. Seagate has also purchased the 77-unit Cascade Park Apartments, the 33-unit Boulder Crescent Apartments, both in Downtown Colorado Springs, and the 115-unit Fillmore Ridge Apartments in Colorado Springs. Seagate’s Denver office is temporarily co-located with Cassidy Turley/Fuller’s office at 1515 Arapahoe Street, Suite 1200, in Denver.
JACKSON, TENN. — Freeman Webb Investments has acquired three apartment communities, totaling 311 units, in Jackson for $13 million. The portfolio includes the 160-unit Northridge Apartments on Constellation Circle; the 101-unit Cedarwood Apartments on Walker Road; and the 50-unit Whispering Oaks Apartments on Campbell Street. The properties were bought from the lender, The Morgan Stanley Capital 1 Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-1Q15, at a 40 percent discount to the previous loan amounts. William Kirkland of the Brentwood, Tenn.-based The Kirkland Company brokered the transaction.
ORLANDO, FLA. — New York-based GDC Properties has selected Baker Barrios Architects to provide planning, landscape services, and architectural design for a 247-unit apartment complex to be located at 899 N. Orange Ave. in Orlando. The six-story building will feature 15,000 square feet of restaurant and retail space, and a 400-space parking garage, in addition to the residential units. The property is scheduled for summer 2013.