OAKLAND, CALIF. — Marcus & Millichap has brokered the nearly $3.08 million sale of the 22-unit Fontana Lee East Apartments, located at 290 Lee St. in Oakland’s Adams Point neighborhood. Built in 1968 by Santos Construction, the multifamily property consists of 15 one-bedroom/one-bath units, six two-bedroom/two-bath units and one large two-bedroom/two-bath penthouse with a wood-burning fireplace. Marcus & Millichap’s Kevin Turner represented 290 Lee Street LLC in its disposition of the 21,052-square-foot property to Leeward Ventures LLC.
ST. PETERSBURG, FLA. — Crosswinds Apartment Homes, a 208-unit property in St. Petersburg, sold for $13.1 million. The property, which totals 153,984 square feet, contains 13 two-story garden-style buildings on 18.5 acres and includes amenities such as two laundry facilities, a fenced pet-play area, resort-style swimming pool, racquetball and tennis courts and more. Cole Whitaker, Orlando-based Hendricks & Partners, negotiated the transaction for the buyer, Nashville, Tenn.-based Covenant Capital Group LLC. Hal Warren, also of Hendricks & Partners, represented the seller, Chicago-based Equity Residential.
FLOWERY BRANCH, GA. – A $16 million, 3-year bridge loan was closed by Coral Gables, Fla.-based American Real Estate Capital for the refinance of Walden at Oakwood Apartments in Flowery Branch. The Class A multifamily community was completed in 2009 and contains 300 units. Amenities include a fitness center, resort-style pool, car care center, children's play area and more.
ST. PETERSBURG, FLA. — PCCP provided a $9.4 million senior loan to a joint venture between True North, Stoneleigh Capital and RiverOak Investment Corp. to finance the purchase of 53 units within Back Bay at Carillon, a bank-owned townhome community in St. Petersburg. Cushman & Wakefield conducted the auction on behalf of the seller, Bank of America. Back Bay at Carillon has 17-two and three-story buildings and offers amenities such as a swimming pool, clubhouse and fitness center.
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.