HOUSTON — Jeffrey Fript of Marcus & Millichap's Houston office, along with Paul Davis, Andrew Daitch and Seth Barnett of the firm's Detroit office, has facilitated the sale of the 478-unit Crestmont Apartment Portfolio in Houston on behalf of the seller, a limited liability company. The buyer, a Miami-based private investor, was secured by Marcus & Millichap's Gary Witten. Located at 5638 Selinsky Rd., the property will undergo renovations and upgrades to the existing units.
NEW YORK CITY — Sioni & Partners has brokered the sale of 1135 Boynton Avenue, a six-story, elevator-served apartment building located in the Bronx. The building contains 82 residences comprising 11 studios, 58 one-bedrooms, seven two-bedrooms and six three-bedrooms. Moses Sioni of Sioni & Partners represented the undisclosed seller. The buyer was also undisclosed. The property traded at an 8.9 percent cap rate.
CASTLE ROCK, COLO. — Pinnacle Real Estate Advisors has closed the almost $4.23 million sale of Winrock Apartments, a 64-unit apartment complex located at 906-1094 South Street in Castle Rock. Constructed in 1973, the multifamily property consists entirely of two-bedroom/one-bathroom units. Pinnacle Real Estate Advisors’ Jeff Johnson and Matt Ritter assisted the seller in the transaction, and Unique Properties assisted the buyer.
MELBOURNE, FLA. – Winter Park Construction broke ground on Sonata at Melbourne, an assisted living facility that will open in January 2012. The 161,000-square-foot main building will feature 127 luxury living units for those seeking independent living, assisted living and memory care assisted living. Sonata at Melbourne will feature state-of-the-art amenities, including a movie theater, elegant dining room, bistro/pub, fitness and wellness center, exam room, library, beauty parlor, barber and full spa services.
NEW YORK CITY — Construction is complete for VillageCare Rehabilitation and Nursing Center, a 65,000-square-foot, 105-bed skilled nursing facility located at 214 W. Houston St. in New York City. Developed by the nonprofit Village Care, the facility features a physical rehabilitation room, a meditation room overlooking a landscaped courtyard, a rooftop deck, and dining and common areas on each floor. The project has applied for LEED certification. Levien & Co. was the construction manager and Perkins Eastman was the project architect.
DAYTONA BEACH, FLA. — An undisclosed Florida condo developer purchased the remaining 414 luxury condo units at Marina Grande on the Halifax in Daytona Beach for $60 million. The twin 25-story buildings contain a total of 486 condominiums, 72 of which were sold in 2007. The seller, Miami-based Holly Hill Associates, which is an entity controlled by N.Y.-based Cerberus Capital Management, was represented by Todd Cohen of Orlando-based Cohen Estate Capital, LLC.
ST. PETERSBURG, FLA. —Marcus & Millichap Real Estate Investment Services sold Welk Arms, a 41-unit apartment property to an undisclosed limited liability company for $1.05 million. Welk Arms is located at 4701 68th St. North, St. Petersburg, and contains six single-story buildings on approximately 2.5 acres. The listing was marketed on behalf of the seller, a California financial institution, by Michael P. Regan, Francesco P. Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office.
NEW YORK CITY — Beech Street Capital has arranged a $74 million Fannie Mae loan to refinance a New York City multifamily portfolio. The loan carries a 10-year term with 10 years of interest-only payments and a fixed interest rate. The portfolio consists of 615 units in 13 mid-rise buildings located throughout Manhattan that are owned by the Haruvi family. Moshe Majeski and Chaim Tessler of Meridian Capital Group originated the financing.
GRANVILLE, W.V. — Asset Plus Companies and Diamond Realty Investments have broken ground for the development of The Domain at Town Centre, a student housing development at West Virginia University. Located in Granville, the 912-bed community will be completed for occupancy by fall 2012. The project will be leased and managed by Asset Campus Housing, the student housing affiliate of Asset Plus Cos. The property will feature one-, two-, three- and four-bedroom units, a resort-style swimming pool, an outdoor barbeque kitchen, sand volleyball courts, basketball courts, an exercise facility, a clubhouse, tanning beds, a game room. reserved covered parking, an Internet cafe and a business center with private study rooms.
AUSTIN — Joe James and Kent Myers of Marcus & Millichap have represented both parties in the sale of the 90-unit Heritage Plaza Apartments in Austin. The apartment complex sits on a 3.8-acre site at 9121 N. Plaza in Austin. A California-based corporation sold the property to a local private investor.