NORTH MIAMI BEACH, FLA. — Continental Real Estate Cos. (CREC) has arranged the sale of the 314-unit Star Creek Apartments, located at 361 NE 191st St. in North Miami Beach. The property is 94 percent leased. Amenities include two resort-style pools and a Jacuzzi. Peter Mekras of CREC represented the seller, a Miami-based private owner and operator, in the transaction. The property was purchased in a 1031 exchange with a first mortgage loan from City National Bank.
HILLSIDE, ILL. — Marcus & Millichap has arranged the $3.4 million sale of Hillside Apartments, a 71-unit property at 600 N. Wolf Rd. in Hillside. The property contains three nine-unit buildings; two, 10-unit buildings; and two, 12-unit buildings. Jim Walsh of Marcus & Millichap's Chicago office represented the seller, a private investor. James Clough, also of Marcus & Millichap's Chicago office, represented the buyer, a limited liability company.
NEWTON, MASS. — Sarben Realty Corp. has purchased 59-75 Wyman St., a 15-unit apartment complex in Newton, for $3.4 million. The property is fully leased and includes three, five-unit brick buildings. The site is located near the Massachusetts Bay Transportation Authority's Green Line. Carl Christie, Dan McGee and Henry Lieber represented the seller, Waban Realty LLC, in the transaction. They also procured the buyer.
NEW YORK CITY — Beech Street Capital has arranged a $16.8 million Fannie Mae loan for the refinancing of Allerton Avenue, a 144-unit apartment complex in the Bronx. Allerton Avenue consists of three separate parcels in the Bronxdale neighborhood. The property is 96 percent occupied. David Hayum of Meridian Capital Group originated the fixed-rate, 7-year loan, which has a 30-year amortization schedule.
TULSA, OKLA. — Steadfast Income REIT has acquired the 336-unit Sonoma Grande, an apartment community located in Tulsa, for $32.2 million. The property is 91 percent occupied and features a resort-style swimming pool with cabanas, an outdoor gourmet kitchen, fitness center, a tanning salon, playground and detached garages. Steadfast now has more than $200 million invested in 13 apartment communities in Illinois, Iowa, Kansas, Kentucky, Missouri and Oklahoma.
HOLLYWOOD, CALIF. — A vintage English Tudor 7 Unit apartment complex in Hollywood has sold to Nick Sasano for $1.8 million. The property is located at 2062 Argyle Ave. The seven-unit complex was built in 1929. The seller, Argyle Ave LLC, was represented by Tim Steuernol and Rob Zaharia of NAI Capital’s West LA office.
PEORIA, ILL. — The Philipsborn Co. has arranged $1.8 million in first mortgage financing for Fieldmoor Apartments, a 150-unit complex at 1601 W. Gift St. in Peoria. The property includes 75, two-story duplexes and two, one-story maintenance buildings. David Kubert of The Philipsborn Co. arranged the 15-year, fixed-rate loan through a correspondent insurance company. The borrower is a limited liability company.
NEW YORK CITY — A 100,716-square-foot residential development site in Midtown Manhattan has sold for $23.5 million. The site is located between Tenth and Eleventh avenues, two blocks from the Intrepid Sea, Air and Space Museum. The property consists of 545-551 W. 48th St. and 534-542 W. 49th St. The site currently includes a parking garage, a parking lot and a repair garage. The buyer was comprised of a partnership between The Listokin family, veteran builders and Fortis Property Group which developed The Hudson, a ground-up residential condominium about 12 blocks further north. Alan Miller and David Schechtman of Eastern Consolidated represented the seller and procured the buyer in the transaction.
MALIBU, CALIF. – The 256-unit Paradise Cove Mobile Home Park in Malibu has received a $30-million first mortgage that will be used to refinance the property. The 10-year loan is structured under Fannie Mae’s DUS Manufactured Housing Community Loan Program. It features a 3.85 percent fixed rate, 9.5 years yield maintenance and a 30-year amortization schedule. The loan was arranged for The Kissel Company by Berkeley Point Capital LLC.
HYATTSVILLE, MD. — Federal Capital Partners has purchased the 234-unit Ager Road Station, an apartment complex located at 5720 29th Ave. in Hyattsville, in an off-market transaction for $14.75 million. Amenities include a playground, horse shoe pit, volleyball and barbecue and sheltered picnic areas. The buyer plans to invest $2.5 million in renovations for common areas and interior apartment upgrades. The property will be rebranded as North Pointe.