ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged two REO sales of apartment buildings in Asbury Park. A mid-rise building at 1700 Webb St. sold for $2.6 million and a complex on Washington Avenue was reacquired by a previous owner for $560,000. David Oropeza and Steven Follman of Gebroe-Hammer represented both parties in the transaction. Neither the sellers nor the buyers were identified. The 1700 Webb St. building contains 39 units and is fully occupied. The 24-unit complex at 1239, 1251 and 1311 Washington Ave. features one-bedroom units and onsite parking.
ARCADIA, CALIF. — A 28-unit apartment building in Arcadia has sold to a limited liability company for $5.4 million. The property was built in 1959 and is located at 948-950 Arcadia Ave. Priscilla Nee of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, also a limited liability company, in this transaction.
ST. PETERSBURG, FLA. — Franklin Street Real Estate Services has arranged the $2.77 million sale of the 176-unit Woodlawn Park, a distressed apartment complex located at 1626 18th Ave. N. in St. Petersburg. The buyer, a local private investor, is planning a major renovation to the property. Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street represented both parties in the bankruptcy auction sale.
FLORIDA — Wharton Equity Partners has purchased an interest in four central Florida rental communities, which totals 900 units, for $50 million. The four properties include the 352-unit Hunter’s Ridge at Walden Lake in Plant City; the 168-unit Mallards of Brandywine in Deland; the 172-unit The Grove and the 208-unit Pierpoint Port Orange in Port Orange. The transaction was completed through a partnership led by certain real estate funds affiliated with Och-Ziff Capital Management Group. Cocke Finkelstein, an Atlanta-based investment management firm, also invested in the transaction and will provide property management services for the venture.
CHARLOTTE, N.C. — Los Angeles-based JRK Investors has acquired the 264-unit Park at Steele Creek apartment community in Charlotte. Sean Wood, John Heimburger, Blake Okland and Dean Smith of ARA’s Charlotte office represented Greensboro, N.C.-based Bell Partners, the seller, in the transaction. The community, located in Charlotte’s desirable Southwest submarket, was 95 percent occupied at the time of the sale.
SANDY SPRINGS, GA. — South Carolina-based Strand Communities has acquired the 484-unit The Lodge at Sandy Springs, located at 6925 Roswell Road NE in Sandy Springs. Amenities include a clubhouse, swimming pool, two tennis courts, a sand volleyball court, poolside picnic area with grills and a playground. Chris Spain and Nathan Swenson of Cushman & Wakefield’s Atlanta office represented New Boston Fund, the seller, in the transaction.
MIAMI — Beech Street Capital has provided an $18 million Fannie Mae conventional loan to refinance the 138-unit 1550 Brickell, an apartment complex located in Miami. The borrower, Green Development Group, also developed the complex. Patrick Boyle of Beech Street’s Baltimore office arranged thE fixed-rate loan with a 10-year term, 9.5 years yield maintenance and a 30-year amortization schedule.
OMAHA — NorthMarq Capital has arranged $7.4 million for the refinancing of Wyndham Villas, a 92-unit apartment property, in Omaha. John Bendon and Jason Kinnison of NorthMarq Capital arranged the 10-year loan through Freddie Mac. The loan contains a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three Brooklyn apartment buildings for $3.3 million, or $126.92 per square foot. The properties include two, 12-unit buildings located at 1182-1186 Putman Ave. and a six-unit building at 564 Evergreen Ave. Shaun Riney, Matthew Fotis, Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap represented the seller, a limited liability company. Fotis and Riney also secured the buyer, a private investor.
PEARLAND — Steel Castle Property Partners has purchased the 212-unit Club at Tranquility Lake, a Class A multifamily property located in Pearland. Steel Castle acquired the property through an REO auction at the time of foreclosure, closing in just 30 days. Steel Castle will continue to reposition and make capital improvements to the property, which already features a swimming pool and views of Tranquility Lake.