NEW YORK CITY — Marcus & Millichap has brokered the sale of the Staten Island Package, a 180-unit multifamily portfolio located in Staten Island, for $7.5 million. The buildings were constructed in the late 90's and are located at 331 Harbor Road, 25 Slaight St. and 70 Kimberly Lane. The sale price equates to a 10.24 percent capitalization rate. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, a private investor, as well as the buyer, an institutional client.
TRUCKEE, CALIF. — Grubb & Ellis has facilitated the $6.1 million sale of the 96-unit Sawmill Heights Apartments, located at 7646 Highlands View Road in the Northstar-at-Tahoe Resort in Truckee. Primarily occupied by employees of the resort, the property was sold by Northstar Community Housing Corp. to KG Investors LLC. Constructed in 2006, Sawmill Heights features units ranging in size from studios to four bedrooms. Grubb & Ellis’ Jim Donovan represented both parties in the transaction.
PORTLAND, ORE. — Hendricks & Partners has negotiated the $9.5 million sale of the 72-unit Uptown Tower, an apartment building located at 712 SW Saint Clair Street in downtown Portland. Designed and built in 1983 as affordable housing for the elderly, the property consists of eight levels of one-bedroom, one-bath apartments, along with ground-floor retail space. Hendricks & Partners’ Robert DiPietrae represented the Lahaina, Hawaii-based seller, Uptown Associates Ltd., in the transaction; the hometown buyer was Uptown Tower Apts. Limited Partnership.
FORT MYERS, FLA. — Lofton Island Holdings, a joint venture that includes Southwest Properties and Nova Scotia, Canada-based Geosam Capital, has closed on the purchase of one of the two completed towers at Oasis Grand in Fort Myers. Located along the Caloosahatchee River, the 17-acre Oasis Grand is partially development, with two of its planned five condo towers complete. Lofton has purchased the 224 unsold units in the 240-unit Tower II, which Miami-based The Related Group completed in 2008. T. Sean Lance and John Burpee of NAI Tampa Bay handled the transaction behalf of Lofton Island Holdings. The seller was The Related Group. Terms of the transaction were not disclosed.
WASHINGTON, D.C. — Cassidy Turley has secured a $116 million loan for the next phase of Donatelli Development's Highland Park, which is located above the Columbia Heights metro station at 14th and Irving streets in Washington, D.C. Additionally, Cassidy Turley recapitalized the mezzanine and senior debt for the existing 229-unit Highland Park building. The new phase will adjoin the existing building for a total of 373 units. The equity for the new development and mezzanine debt for the existing building was provided by Invesco Real Estate, and the senior debt was restructured by Key Bank. David Webb and Jamie Butler of Cassidy Turley represented Donatelli in the transaction. Construction of the new phase is scheduled to begin this quarter.
SCOTTSDALE, ARIZ. — Plaza Companies and Vi Living have completed the development of Vi at Silverstone — A Vi Living and Plaza Companies Community, which is located at 23005 N. 74th St. in Scottsdale. The $270 million, 735,650-square-foot four-story development includes 203 independent-living units, 67 single-family villas and 60 units licensed as assisted-living, memory-support and skilled-nursing beds. Additionally, the community features an 18-hole championship golf course.
TEMECULA, CALIF. — CB Richard Ellis (CBRE) has brokered the sale of a Temecula senior housing community for $27.15 million. The Sterling at Vintage Hills contains 152 units and was 95 percent occupied at the time of closing. It is located on 10 acres at 41780 Butterfield Stage Road and includes a 9-acre parcel for future expansion. David Rothschild, Matthew Whitlock and Mary Christian of CBRE”s National Senior Housing Group represented the seller, an affiliate of Irvine, Calif.-based MBK Senior Living. The team also procured the buyer, Washington, D.C.-based CSH.
ST. PETERSBURG AND PALM HARBOR, FLA. — AREA Property Partners has acquired two multifamily properties with a total of 766 units in the Tampa Bay area for a total purchase price of $78 million. Located at 540 Carillon Parkway in St. Petersburg, Promenade at Carillon offers 334 one-, two- and three-bedroom units, a business center, a swimming pool, a fitness center and a spa and a playground. Located at 1350 Seagate Dr. in Palm Harbor, Sabal Palm at Boot Ranch offers 432 one-, two-, three- and four-bedroom apartments, a business center, a fitness center, a swimming pool with wireless Internet access, and a clubhouse.
CHICAGO — Essex Realty Group has completed the sale of a vintage apartment building in the Rogers Park neighborhood of Chicago. Located at 7665 N. Sheridan Road, the 74-unit property sold for approximately $4.4 million. The building consists of 13 studio units, 48 one-bedroom units and 13 two-bedroom units. Doug Imber of Essex brokered the transaction. The seller and buyer were not released.
STAMFORD, CONN. — CB Richard Ellis (CBRE) has negotiated the sale of Newbury Common, a two-tower, 261-unit apartment community located in Stamford. Community amenities include a fitness center with an indoor pool, a business center, a movie theater, two tennis and basketball courts, and 24-hour concierge service. The buyer, TIAA-CREF Global Real Estate, plans to complete a capital improvements program in the near term. The CBRE team of Jeffrey Dunne and Christopher Leonard represented the seller, Seaboard Properties.
