NEW YORK CITY — The ribbon cutting ceremony has been held for Tapestry, a new apartment building located at the corner of 124th Street and Second Avenue in East Harlem. The 12-story building contains 185 mixed-income residences. Rents for the studio to three-bedroom units range from $1,950 to $3,750. The project is also applying for LEED – Gold certification. The developers of Tapestry are Jonathan Rose Cos. and Lettire Construction Corp.
MIAMI — Carlisle Development Group will hold a groundbreaking party Wednesday for the 467-unit Brownsville Transit Village affordable housing community. The $100 million, in-fill property, located at 5200 NW 27th Ave. in Miami, will be built in five phases on 5.8 acres. The property will be designed to achieve LEED certification; amenities will include a community center, a computer lab and an exercise room.
CHICAGO — Essex Realty Group has brokered the sale of a six-building real estate portfolio in the Auburn Gresham neighborhood of Chicago. The portfolio consists of 16 apartment units and three commercial storefronts at 1735-39 West 79th Street; 18 units at 8001 South Marshfield; 17 units at 1704 West 77th Street; 15 units at 1717 West 77th Street; 17 units at 1738 West 77th Street; and 16 units at 1815 West 77th Street. Don Fisher and Jon Morgan of Essex represented the undisclosed seller; Morgan and David Goss, also of Essex, represented the undisclosed buyer. The acquisition price was $2 million.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the $3.5 million sale of the 21-unit Magnolia Court Apartments located at 527-537 North Magnolia Ave. in Anaheim. The brokerage firm’s Greg Bassirpou represented a limited-liability company in its sale of the multifamily property to a Washington-based 1031-exchange investor.
ORANGE AND EAST ORANGE, N.J. — Gebroe-Hammer Associates has completed four multifamily transactions totaling more than $6.75 million. In the first transaction, a 47-unit property located at 466 Highland Ave. in Orange sold for $3.25 million. The seller was 466 Realty Management LLC. In addition, three transactions closed in East Orange. The first was the $1.4 million sale of a 30-unit property at 69 N. Arlington Ave. The second was the $1.2 million sale of 40-unit property at 68-78 Elmwood Ave. The third was the $900,000 sale of a 23-unit property at 38 Winans St. Gebroe-Hammer's David Oropeza led the brokerage teams in each transaction. Gebroe-Hammer's David Jarvis assisted him in the Highland Avenue deal, and Steven Tenenbaum, also of the firm, assisted with the Arlington Avenue deal.
RICHFIELD, MINN. — Daniel Trebil of NorthMarq Capital’s Minneapolis regional office arranged at $7.6 million loan for The Oaks on Pleasant. The 138-unit multifamily property is located in Richfield. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq’s affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, provided the financing.
NEW YORK CITY — Atlantic Development Group has opened two new apartment buildings in Manhattan. The first is 2 Cooper, a 15-story building located at the intersection of East 4th Street and The Bowery in Cooper Square. Amenities for residents include a 6,500-square-foot, landscaped roof that has an outdoor pool, a bar area and barbecue pits. Other amenities include The Coopers Den, which contains a fitness center, a lounge, a game room and a private screening room. The second building is Port 10, a 13-story, 89-unit community located near High Line Park in Chelsea. Community amenities include a rooftop deck with a bar, barbecue areas and an outdoor cinema; a fitness center; a lounge; and 24-hour concierge service.
NEW YORK CITY — GFI Realty Services has completed the sale of two apartment buildings in Brooklyn's Park Slope neighborhood for $10.71 million. The buildings contain a total of 45 units and are located at 477 3rd St. and 225 13th St. Yanni Simantov and Shulem Paneth of GFI represented the seller, Sheldon Gold. Roni Aboudi, also of GFI, represented the undisclosed buyer.
KINGWOOD, TEXAS — Capital One has sold the 250-unit Harbor View Apartments out of foreclosure to a joint venture between Asset Plus Cos. and investors advised by J.P. Morgan Asset Management for an undisclosed amount. The four-story, Class A complex is located in Kingwood.
LOS ANGELES — California Landmark has broken ground for a 21-unit condo project located along Prosser Avenue on the site of a former utility company parking lot approximately 1 mile south of UCLA in west Los Angeles. Wells Fargo Bank originated the construction loan. California Landmark’s corporate office on Santa Monica Boulevard sits adjacent to the property.