TAMPA, FLA. — A Fla.-based private investor sold the 32-unit, Class B garden apartment property Hyde Park Pointe in Tampa for $1.9 million, or $59,375 a unit, to an undisclosed limited liability company. Both parties were represented by Casey Babb and Luis Baez of Marcus & Millichap's Tampa office.
CHICAGO — Essex Realty Group has brokered the $6 million sale of 6610 and 6628 North Sheridan in Chicago. The combined 124-unit apartment buildings offer 34 studio units, 74 one-bedroom units and 16 two-bedroom units. Doug Fisher and Matt Welke of Essex brokered the transaction. The buyer and seller were not disclosed.
CLEARWATER, FLA. — The 299-unit, 306,361-square-foot Cielo at Bradenton Apartments, located at 6904 Manatee Ave., in Clearwater, was sold by Cielo Apartments to Aspen Square Management for $12 million. The lender-owned Cielo at Bradenton Apartments is currently 92 percent occupied. John W. Stone and Jason T. Stanton of Colliers International in Tampa Bay, Fla., office represented the seller in the all-cash transaction. Broker information for the buyer was not released.
CHICAGO — Chicago-based Waterton Residential, on behalf of Waterton Residential Property Fund XI, has acquired a portion of Mondial River West, a 15-story, 141-unit residential property in Chicago. Waterton purchased 124 of the studio, one-, two-, three- and four-bedroom units, with plans to rent the units. Additionally, Waterton plans to furnish the rooftop deck to provide residents an outdoor entertainment area. The property features a community rooms, balconies on all units and indoor parking. Mondial River West was originally developed by Citta Development Group in 2009. Waterton Residential Property Fund XI is a $500 million discretionary multifamily investment fund. Terms of the transaction were not disclosed.
DANBURY, CONN. — Marcus & Millichap has completed the sale of Hillcroft at Danbury, a 192-unit apartment community located in Danbury, for $27.65 million. Situated on 10 acres at 10 Clapboard Ridge Road, the property consists of eight buildings. The unit mix includes four studios, 94 one-bedrooms, 82 two-bedrooms and 12 three-bedrooms. The average unit size is 988 square feet. The community has recently undergone interior and exterior renovations. Steve Witten and Victor Nolletti of Marcus & Millichap's Institutional Property Advisors group represented the seller, Fairfield Hillcroft LLC, as well as the buyer, Par Hillcroft LLC.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a five-story townhome located at 107 E. 37th St. in Manhattan's Murray Hill neighborhood for $5.25 million. The building totals 8,296 and contains six apartments, including two rent-stabilized units and an owner's duplex. Only the duplex was vacant at the time of closing, and the new owner plans to leave the unit vacant for personal use. John Ciraulo and Michael Azarian arranged the deal between two undisclosed parties.
SAN DIEGO — ACI Apartments has negotiated the more than $1.4 million sale of a 14-unit apartment building, located at 2165 2nd Ave. in the Bankers Hill area of San Diego. ACI’s Terry Taylor represented the seller, Nanci Bolton, in the all-cash transaction, and Daniel Cote of San Diego Investment Brokers represented the buyer, Ivyments LLC.
RALEIGH, N.C. — Ohio-based The Connor Group purchased the 268-unit Atria at Crabtree Valley from Fairfield Residential for $19.3 million. Since 2007, The Connor Group has purchased more than $140 million in luxury apartment communities in the area. Knoxville, Tenn.-based Dean Smith brokered the entire sale.
FREDERICKSBURG, VA. — Home Properties has broken ground on the 302-unit The Apartments at Cobblestone Square in Fredericksburg. The Class A community will feature eight, four-story buildings and a refurbished 100-year-old rail depot.The complex has been designed to achieve the National Association of Home Builders' Green Building Standard Silver certification. Amenities will include a fitness center, outdoor pool, spacious club room with gaming area, a business center and access to a 10-acre adjacent park. The first building, rail depot and amenities are slated for completion in late 2011, with the entire project complete in late 2012.
NEW YORK CITY — Beech Street Capital has secured a total of $46.3 million in Fannie Mae financing for a New York City multifamily portfolio. The portfolio consists of 386 units located in six buildings in Brooklyn and the Bronx. The loan carries a 7-year term, a fixed interest rate, 7 years of interest-only payments and a 30-year amortization schedule. Meridian Capital Group originated the loan. The borrower was not disclosed.