UNION CITY, N.J. — The Kislak Company has brokered the sale of Palisades Gardens, a five-story, 44-unit apartment building located in Union City. Almost all of the residences contain two bedrooms, and occupancy was 99 percent at the time of closing. Kislak's Robert Squires represented both parties in the transaction. Both were undisclosed private investors.
MIDDLETOWN, N.Y. — Value Cos. is nearing completion for the newest residential building at The Point at Sutton Hill in Middletown. The building will contain 12 units and is expected to be complete this spring. It will join five already-completed buildings containing 52 apartments. Value Cos. plans to proceed with development of the remaining 48 units in the project in the near future. The Point at Sutton Hill consists of luxury one- through three-bedroom apartments. Unit sizes range from 773 to 1,234 square feet and monthly rents range from $1,200 to $1,795. Value Cos. also owns the adjacent 276-unit Sutton Hill community, which it recently repositioned.
DALLAS AND FORT WORTH — BMC Capital has originated two loans totaling $3.9 million for the refinancing of New World Apartments, a 150-unit multifamily property at 11434 Woodmeadow Pkwy. in Dallas, and Wedgewood Apartments, a 118-unit multifamily property at 2819 Walton Ave. in Fort Worth. Both loans feature 5-year, fixed rates at approximately 5.6 percent on a 30-year amortization schedule. The two properties are owned by the same entity, which was unlisted. BMC Capital is a lender of small-balance multifamily loans in Texas and the U.S.
TUCSON, ARIZ. — University Communities LLC has purchased a 76-unit apartment property, located at 1050 E. 8th Street in Tucson, for nearly $8.29 million. PICOR Commercial Real Estate Services’ Bob Kaplan represented the seller, 8th Street Apartments LP, in the transaction. Built in 1968, the multifamily community is master-leased to the University of Arizona.
HOUSTON — Holliday Fenoglio Fowler (HFF) has closed the sale of Coral Gables Apartments, a 318-unit multifamily community located at 10522 Beechnut St. in southwest Houston. Houston-based CG Properties purchased the apartments for an undisclosed amount and was represented by David Fantin and Heidi Castiglione of LS Realty Advisors. HFF marketed the foreclosed property on behalf of the seller.
POMONA, CALIF. — Marcus & Millichap has presided over the $5.5 million REO sale of the 95-unit Kingsley Apartments, located at 1302 East Kingsley Ave. in Pomona. Consisting of seven two-story buildings, the Kingsley Apartments offers an estimated 76,084 rentable square feet and includes 95 garage spaces. Marcus & Millichap’s Kevin Struve represented the financial-institution seller in the transaction, and the brokerage firm’s Bill Melton represented the private-investor buyer.
EVANSTON, ILL. — Cambridge Realty Capital Cos. has closed on a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers in Evanston. The senior-living community offers 107 independent-living apartment units. The fully amortized, 40-year term loan was arranged for the property's owner, an Illinois corporation.
RALEIGH AND CHAPEL HILL, N.C. — Federal Capital Partners and Grubb Properties have made a joint venture investment in two multifamily properties in North Carolina. The venture, which is valued at $42 million, includes Riverwoods apartments in Raleigh and Glen Lennox in Chapel Hill. The joint venture acquired Riverwoods, a 174-unit property located on Six Forks Road, from Duham, N.C.-based Dilweg Companies. Andrea Howard of Grubb Properties represented the joint venture in the acquisition, while Steve Heffner of CB Richard Ellis Capital Markets helped the joint venture secure financing through Freddie Mac. The partnership plans to reposition the property as Sterling Forest Apartments. Jason Nettles of Holliday Fenoglio Fowler represented the seller. The 440-unit Glen Lennox is located on Hamilton Road. Dean Smith and Blake Oakland of Apartment Realty Advisors represented Grubb Properties in the acquisition.
RALEIGH, N.C. — Drucker Falk has added four apartment communities totaling 776 units to its fee management portfolio in North and South Carolina. The properties include the 168-unit the Tides at Town Center in Calabash, N.C.; the 124-unit Summerlyn Apartments in Raleigh; the 212-unit Windjammer Apartments in Charleston, S.C.; and the 272-unit Heron Reserve in Charleston.
MACON, GA. — Newmark Realty Capital has arranged $1.26 million in financing for acquisition of Walnut Hills Apartment Complex in Macon. The 100-unit community was 96-percent occupied at the time of closing. Adam Parker of Newmark's Phoenix office arranged the financing for the undisclosed borrower. The 25-year term loan has a fixed-interest rate period for 5 years.
