NOVATO, CALIF. — Marcus & Millichap has brokered the more than $16.05 million sale of the 88-unit Oak Grove Apartments located at 100-145 Cielo Lane in Novato. Built in 1998, Oak Grove Apartments consists of eight three-story residential buildings, seven enclosed garage buildings and a freestanding fitness center. The unit mix comprises 55 two-bedroom/two-bath apartments and 33 one-bedroom/one-bath units. Marcus & Millichap’s Brad Pennington represented both the seller, a local family partnership, and the buyer, a San Diego-based owner/operator.
SINGER ISLAND, FLA. — Catalfumo Construction has sold more than half of the condominiums in a 242-unit Singer Island property to a joint venture of Lionheart Capital and Elliott Management Corp. for $120 million. The remaining units were already sold for prices ranging from $900,000 to more than $3 million. The 770,000-square-foot property is located at 2700 N. Ocean Drive on 8.8 acres of land. The two-building property features a heated pool, two fitness centers, two theaters, two business centers and two libraries.
PLAINFIELD, N.J. — Later this month, Sheldon Good & Co. will conduct a one-day auction for six multifamily buildings recently entered into Chapter 11 bankruptcy protection. All of the properties are owned and operated by Plainfield-based Connolly Properties. All six properties are located in Plainfield, with three of them situated adjacent to each other on East Front Street. They include Watchung Garden Crossing, a 102-unit property located at 802-837 E. Front St.; Netherwood Village, a 107-unit property located at 825-855 E. Front St.; and Green Brook Village, a 58-unit property located at 733-747 E. Front St. The remaining three properties include Liberty Arms, an 84-unit property located at 501 and 515 W. 7th St.; Central Avenue Apartments, a 20-unit property located at 831 Central Ave.; and Madison Avenue Apartments, a 39-unit building located at 609 Madison Ave. The auction will be held on June 24. The properties will be sold separately and absolute, subject to court approval, with suggested opening bids ranging from $350,000 to $2.5 million.
PORT ORCHARD, WASH. — Marcus & Millichap has managed the $4.8 million purchase of the 96-unit East Hill Apartments located at 1702 Harrison Avenue Southeast in Port Orchard. The brokerage firm’s Larry Corkins represented the buyer, a partnership, in the acquisition of the multifamily property, which was built in 1977.
NEW YORK CITY — Massey Knakal has brokered the sale of a walk-up apartment building in Long Island City, Queens, for $3.3 million. The five-story building is located at 36-52 35th St. It contains 29 residences in a mix of 14 one-bedroom units, 14 two-bedroom units and one three-bedroom unit. All of the units except for one are rent stabilized, and one unit is currently vacant. The property traded at a 6 percent cap rate. Massey Knakal's Al Holloman and Evan Daniel represented the seller. Both parties were undisclosed.
NEW YORK CITY — Mortgage Equicap has arranged a $13 million bridge loan and preferred equity investment for a condominium project in Manhattan's Tribeca neighborhood. The financing is being used to facilitate the conversion of a 30,000-square-foot rental building into luxury condominiums. The borrower and lender's names were not released.
HOUSTON — Ascension Commercial Real Estate has purchased Tierra Del Sol Apartments from a private party for an undisclosed amount. The 270-unit multifamily property is located on 10 acres at 8000 Cook Road in Houston. The buyer plans to undertake major property renovations. Tierra Del Sol features two swimming pools, a playground and a clubhouse.
HARRISBURG AND READING, PA. — The Kislak Company has completed the sales of two Pennsylvania apartment buildings for a total of $10.68 million. The first transaction involved the $7.03 million sale of Walnut Crossing, a 134-unit, garden-style property located in Harrisburg. The property was 92 percent occupied at closing. The buyer assumed an existing $5.1 million mortgage from Freddie Mac. The second transaction involved the $3.65 million sale of Berkshire Towers, a 90-unit, high-rise building located in Reading. The property was 95 percent occupied at closing. Acquisition financing for this deal was provided by PNC Wealth Management. Robert Holland of The Kislak Company represented both parties in each transaction.
BRISTOL, CONN. — Brookside Apartments, a 78-unit apartment property located in Bristol, has been sold in a $6.2 million deal. Built in 1961 and extensively remodeled in 2003, the community contains 12 one-bedroom units, 41 two-bedroom units and 25 three-bedroom units. Residences range in size from 750 to 1,350 square feet. Rick Chozick of Chozick Realty represented the seller, CT Bristol Limited. Bartram & Cochran represented the buyer, Bristol Brookside LLC.
SOMERSET AND GREENSBURG, PA. — UMH Properties has acquired two Pennsylvania manufactured housing communities for a total of $13.2 million. The first community, Sunny Acres, is a 53-acre, 207-site property located in Somerset. The second property is Suburban Estates, a 35-acre, 200-site property located in Greensburg. The seller's name was not released.