NEW YORK CITY — Marcus & Millichap has arranged the $1.5 million sale of 2475 Hughes Ave., a 20-unit apartment property in the Bronx. Marco Lala, Jack Lala and David Raciti of Marcus & Millichap's Manhattan office represented the seller, a private investor. They also represented the buyer.
DALLAS — Marcus & Millichap has arranged the sale of the 85-unit Lakewood Club, an apartment community located at 200 N. Henderson Ave. in Dallas. Stephen Crittenden, Michael Ware and Will Jarnagin of Marcus & Milliichap's Dallas office represented the seller, an out-of-state private investor, in the transaction. Raymond Choi and John Bainer of Marcus & Millichap's San Diego, Calif., office procured the buyer, a California-based private investor in a 1031 exchange.
PORTLAND, ORE. – The 36-unit Dalton Park Apartments in Portland has sold to Coan Trust et al for $3.1 million. The community is located at 14153 E. Burnside. The seller was CALA, LLC. John Brandhorst and Cliff Hockley of Sperry Van Ness | Bluestone & Hockley represented Coan Trust in this transaction.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $23.25 million in first mortgage refinancing for the 366-unit Oxford Manor Apartments, an off-campus student housing development located near the University of Florida at 2777 S.W. Archer Road in Gainesville. Lamar Sarra of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac.
COLUMBIA, S.C. — Centerline Capital Group has secured a $12.5 million loan for the 240-unit Carrington Place and Wildewood, an apartment complex located at 751 Mallet Hill Road in Columbia. The 5-year loan has 2 years of interest only payments.
ATLANTIC CITY, N.J. — Renovations are complete at Vermont Plaza Apartments, a 15-story apartment building at 130 S. Vermont Ave. in Atlantic City. River Drive Construction Co. served as general contractor for the project on behalf of Sencit Vermont Associates LP. The project included substantial roof replacement and upgrades as well as parking garage improvements. Feinberg & Associates PC was the architect. The Vermont Plaza is located next to the Revel Casino and Resort and the Atlantic City Lighthouse.
LEESBURG AND CENTREVILLE, VA. — Home Properties has acquired the 164-unit Hunter's Crossing, located in Leesburg, and the 504-unit Woodway at Trinity Centre, located in Centreville, for a total of $112.2 million. Hunter's Crossing was purchased for $16.2 million and is 98 percent leased. The company has renamed the property The Manor East and plans to invest $2.8 million in improvements, including enhanced curb appeal and upgraded kitchens and bathrooms. Woodway at Trinity Centre was acquired for $96 million and is 97.2 percent leased. The company has planned a $3.9 million renovation, including upgrading and renovating units and replacing kitchen cabinets and appliances.
CHARLOTTE, N.C. — Centerline Capital Group has arranged a $19.32 million loan for the 309-unit Highlands at Alexander Pointe, an apartment complex located at 310 Highroad Dr. in Charlotte. Centerline's Atlanta office secured the 5-year loan.
TEWKSBURY, MASS. — Oak Grove Capital has arranged a $10 million bridge loan to refinance Bayberry at Emerald Court, a 90-unit assisted living and memory care community in Tewksbury. Oak Grove arranged the 18-month, interest-only loan on behalf of the borrower, a limited liability company. Bayberry at Emerald Court is managed by Boston-based Northbridge. The bridge loan enables the borrower to lower the interest rate on debt it had obtained prior to repositioning the property.
FARMERS BRANCH — A joint venture between Naperville, Ill.-based The Marquette Companies and Glendale, Calif.-based American Realty Advisors has purchased the 224-unit Portofino Luxury Apartments, located at 11601 Lago Vista W. in Farmers Branch. Marquette will serve as the property manager for the facility. The property features a clubhouse with a kitchen, Internet cafe, pool, spa, fitness center and business center. CBRE Capital provided acquisition financing through Freddie Mac for the transaction.
