LOS ANGELES — Marcus & Millichap has handled the $2.35 million sale of a 9-unit, lender-owned apartment property located at 617-621 Kelton Ave. in Westwood Village in Los Angeles. Marcus & Millichap’s Neema Ahadian and Joshua Luchs represented the private-party buyer and the partnership seller, respectively.
Multifamily
LAKE CHARLES, LA. — Cortland Partners is fast at work on the $25 million first phase of the West M Apartments in Lake Charles. The initial phase will contain 222 units on 23 acres of land at 1330 W. McNeese St. Amenities will include an infinity-edge pool, a fitness center, a café and a theater. JH+P Architects of Dallas designed the project, and M&T Capital Realty Corp. provided financing. Future phases will bring the number of apartment units to 330.
KENOSHA, WIS. — The Chicago office of Tremont Realty Capital has secured financing for Oakwood MHC, a manufactured housing community in Kenosha. The $4.5 million loan will be used to refinance the 215-unit community. The 5-year, non-recourse loan provided for approximately 63 percent loan-to-value with a 5.25 percent interest rate. Tremont’s Tom Lorenzini arranged the loan on behalf of the undisclosed borrower.
SAN DIEGO — CB Richard Ellis has negotiated the $22 million sale of Entrada, a 172-unit apartment property located at 453 13th Street in downtown San Diego. Completed by SRM Development in 2004 in the city’s East Village neighborhood, Entrada features 126 studio units; 36 one-bedroom/one-bathroom units; five two-bedroom/two-bathroom units; three three-bedroom/two-bathroom units; one live-work unit and one loft. CBRE’s Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, SRM Development LLC, in the transaction, reportedly the first 100-unit or more apartment sale in downtown San Diego since March 2007. The buyer, Security Properties Inc., represented itself.
BOYNTON BEACH, FLA. — Dizengoff Trading has purchased 106 condominium units in the 160-unit Bermuda Cay complex from an undisclosed party for $8.2 million. The property is located on Woolbright Road in Boynton Beach. CB Richard Ellis represented the buyer.
TAMPA, FLA. — Hillsborough County, Florida, has purchased the 76-unit Cedar Pointe Apartments from Wells Fargo Bank N.A. c/o Berkadia Commercial Mortgage for $1.8 million. The property, which was built in 1986, is located at 5409 Temple Palms Ave. in Tampa. Colliers International Tampa Bay's John Stone and Jason Stanton represented the seller.
NEW YORK CITY — Marcus & Millichap has completed the sale of a six-unit apartment building located at 585 Park Place in Brooklyn for $960,000. Bryan Schellinger and Zachary Felson of the firm's Brooklyn office represented the sellers, private investors. Schellinger, Felson and Shaun Riley, also of Marcus & Millichap's Brooklyn office, represented the buyer, also a private investor. The property traded at a 7.69 percent cap rate.
AUSTIN, TEXAS — The University of Texas System Board of Regents has tapped Education Realty Trust to develop a high-rise student housing community near The University of Texas at Austin campus. The property will be located on 1.43 acres of land at 600 W. 24th St. in Austin that has been leased to Education Realty Trust for 60 years. Hensel Phelps Construction Co. will built the property, which will be designed by Page Southerland Page Architects. Construction will start after a city approval process.
PERRIS, CALIF. — Providence Perris Apartments LLC purchased a 92-unit multifamily apartment complex, located at 650 East Nuevo Road in Perris, for $7.6 million. Cassidy Turley BRE Commercial’s Ray Adams represented the buyer in the transaction, and Pete Scepanovic and Pete Beauchamp of Voit Real Estate Services represented the seller, Pacific Premier Bank.
SPRING, TEXAS — The LaSalle Group will break ground Tuesday on Autumn Leaves of Cypresswood, a 38-unit assisted living facility. The property will be located at 6327 Cypresswood Drive in Spring. Delivery is slated for the spring of 2011.