LOS ANGELES – The Alexan, an 18-unit apartment complex in Los Angeles, has sold to an individual/personal trust for $3.4 million. The community is located at 724 South Berendo Street. Neema Ahadian of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.
PALM BEACH GARDENS, FLA. — Hamptons PBG, a joint venture between ZOM Florida and Northwestern Mutual, has broken ground on the 224-unit The Hamptons at Palm Beach Gardens, a luxury multifamily community located in Palm Beach Gardens. Amenities will include a clubhouse, resort-style pool, fitness center, internet lounge and pet salon. Current Builders is the general contractor for the project and ZRS Management is the property management. Completion is slated for December 2013.
CHICAGO — Tricap Chicago has acquired a 31-unit apartment building at 4740 South Greenwood Ave. in the historic Kenwood neighborhood of Chicago, for $1.2 million. The firm plans to completely gut and remodel the three-story building. The building dates back to the 1920s and is located less than four blocks from the home of Kenwood's best-known residents, President Barack Obama and his wife Michelle. Tricap Chicago expects the apartment building to be ready for lease in the spring of 2013. The seller was a private family estate.
CHICAGO — Marcus & Millichap has arranged the $667,500 sale of a six-unit apartment property in Chicago's Andersonville neighborhood. The property, constructed in 1912, is located at 1516-1518 West Victoria St. Kyle Stengle and Kevin Schnell of Marcus & Millichap represented the buyer, a personal trust, in the transaction.
WEEHAWKEN, N.J. — Lennar Urban has broken ground on a 74-unit condominium building on Weehawken's Hudson River waterfront. The building will be the first of five condominium properties Lennar has planned for the site, which will be named The Avenue Collection. Amenities will include a grand salon with fireplace, concierge, guest suites and a sauna with steam showers. The condominiums will be part of Port Imperial, the 200-acre, $2 billion master-planned community that stretches for two miles along the Hudson River. Prices will start at $700,000 and the building is scheduled for occupancy in the fall of 2014.
MELROSE AND MALDEN, MASS. — Oak Grove Village, a 550-unit luxury apartment community in both Melrose and Malden. The 16-acre neighborhood is located at the edge of Pine Banks Park and features courtyards, walking paths and pedestrian-friendly streets. Amenities include a clubhouse resort-style pool and a parking garage. The property is also adjacent to MBTA's Orange Line Oak Grove Station with service to Boston in less than 15 minutes. Simon Butler and Biria St. John of CBRE Group – N.E. Partners LP represented both parties in the transaction.
ROUND ROCK — HFF has arranged $27 million in refinancing for the 384-unit City North at Sunrise Ranch, a Class A multifamily complex located at 2800 Sunrise Road in Round Rock. The community is 93 percent occupied and features a swimming pool, fitness center, clubhouse and billiards room. Douglas Opalka, Charles Halladay and Robert Wooten of HFF arranged the loan through Freddie Mac's Program Plus Seller/Servicer program on behalf of the borrowers, McShane Development Co. and Arsenal Real Estate.
LOS ANGELES – The Alexam, an 18-unit multifamily property in Los Angeles has sold to an individual/personal trust for $3.4 million. It is located at 724 South Berendo Street. Neema Ahadian of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.
DECATUR, GA. — Grandbridge Real Estate Capital has arranged $7.5 million in first mortgage financing for the 250-unit Valley Place Apartments, a garden-style multifamily property located in Decatur. Alan Tapie of Grandbridge secured the two-year, non-recourse loan with interest-only payments through NorthStar Realty Finance.
ORANGEBURG, S.C. — Capital Advisors has secured $4.35 million in refinancing for the 240-bed Campus Corner Apartments, a student housing community located at 1100-1200 Campus Drive in Orangeburg. The property serves South Carolina State University and Calflin University. Cooper Willis of Capital Advisors arranged the 10-year loan with a 25-year amortization schedule through Cantor Fitzgerald on behalf of Orangeburg Student Housing LLC.