SANTA MONICA, CALIF. — A six-unit apartment building located at 1247 Berkeley Street in Santa Monica has sold to a private investor for $1,975,000. The community was built in 1961 and contains 8,990 rentable square feet. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
ATLANTA — Atlanta-based Tempo Properties has sold the 1,188-unit Tempo Portfolio, which includes 12 properties located on Buford Highway NE and Lenox Road NE in Atlanta, for $35.75 million. Included in the properties are the 135-unit Cabana Apartments; the 64-unit Cross Keys Apartments; the 154-unit Hallmark Apartments; the 111-unit Parkway Apartments; the 128-unit Tempo 2000 Apartments; the 158-unit Continental Apartments; the 135-unit Dover Station Apartments; the 72-unit Majestic I; the 62-unit Majestic II; the 60-unit Monaco Apartments; and the 108-unit Montego Apartments. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller in the transaction and procured the buyer, a Yakina, Wash.-based national real estate company.
ST. LOUIS, MO. — Centerline Capital Group has arranged an $11.4 million Fannie Mae loan to refinance the Woodchase Apartments in St. Louis. Built in 1984, the property includes 17 two- and three-story residential buildings and a single-story office. The property has a total of 186 units. The 10-year loan has a 30-year amortization schedule. The borrower is Woodchase Village LLC.
WATCHUNG, NORTH PLAINSFIELD, N.J. — Windsor at Crystal Ridge, a Class A apartment complex in Watchung and North Plainfield has sold for $63 million. The 334-unit complex is located on 25 acres at 1 Crystal Ridge Dr. of Route 22. The property has 15 three-story buildings with one-, two- and three-bedroom units. Amenities include a clubhouse, fitness center and indoor basketball court. Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien and Steve Simonelli of HFF represented the seller, GID Investment Advisors LLC, in the transaction. They also procured the buyer, AvalonBay Communities.
NEW YORK CITY — The Watchtower Bible and Tract Society of New York Inc. has sold 161 Columbia Heights, between Clark and Pierrepont streets, for $3 million. Built in 1988, the apartment property contains more than 7,000 square feet. Bob Knakal and Stephen Palmese of Massey Knakal represented the seller and undisclosed buyer in the transaction.
DALLAS — Hendricks & Partners has arranged the sale of the 360-unit Cliff Park Village, a multifamily property located at 220 E. Overton Rd. in Dallas. The property has recently undergone capital improvements. Peter Hartnett of Hendricks & Partners' Dallas office represented the seller, BACM 2007-2 Cliff Park Apartments LLC, in the transaction. The seller is managed by San Francisco-based Helios AMC LLC. The buyer was New Orleans-based 220 Overton Apts. Dallas LLC.
DENVER, TEMPE, ARIZ. — Morrison Street Capital has recently closed three transactions in the Denver and Tempe areas for a total of $5,661,000 in invested equity for Morrison Street Fund IV and Morrison Street Debt Fund II. The investments included $2,661,000 of preferred equity for the 312-unit Greenwood Point Apartments in Englewood, Colo.; $1.4 million for the 230-unit Peachtree Apartments in the Denver metro area; and $1.6 million in the 172-unit The Park in Tempe. Morrison Street utilized the preferred equity investment to finance the Colorado acquisitions and to recapitalize the Tempe property.
TYSONS CORNER, VA. — Greystar and Prudential Real Estate Investors (PREI) have formed a joint venture to build the 404-unit Ascent, a high-rise apartment community located at the intersection of Route 7 and Spring Hill Road in Tysons Corner. The 26-story property will be the tallest building in Tysons Corner. Amenities will include a rooftop pool, fitness center and community areas. Greystar will develop and manage the property, John Moriarty & Associates is the general contractor and PREI is acting on behalf of institutional investors. The property is part of the 7 million-square-foot Spring Hill Station, a mixed-use development under construction by the Georgelas Group and Dierman Realty Group, along with partners T-Rex Capital Group and Preminger Investments. Construction on Ascent is slated to begin this spring, with an expected completion in mid-2014.
NEW YORK CITY — Los Angeles-based CIM Group has closed on a transaction giving it a majority stake in a high-rise residential tower and development site in Midtown Manhattan. CIM Group and HFZ plan to co-develop the site, which is located at 303 E. 51st St. The project will include a 32-story tower with 123 residential units. Designed by SLCE Architects, the 273,750-square-foot building will include 9,000 square feet of ground-floor retail space. The property will also contain up to 32 parking spaces.
BOSTON — The Mount Vernon Co. has purchased four attached apartment buildings in Boston for $13.6 million. The 83-unit package is located at 74-86 Brainerd Rd. Boston Realty Advisors represented the seller, Boston Brainerd Mass Limited Partnership, in the transaction. The Mount Vernon Co. was self-represented. First Republic Bank provided the long-term financing.