RANCHO PALOS VERDES, CALIF. — Marcus & Millichap has brokered the more than $22.8 million sale of The Madison, a 90-unit luxury apartment building located at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes. The 118,874-square foot property features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. Marcus & Millichap’s Ron Harris represented both the Phoenix-based buyer, Alliance Residential, and the seller, a Northern California-based investment group, in the transaction.
TACOMA, WASH. — Gramor Development Washington has purchased the 53-unit Pine Villa Townhomes in Tacoma. Completed in 2009, the multifamily complex was originally intended to offer for-sale units, but was foreclosed on by Venture Bank, which was then subsequently closed by the FDIC. Afterwards, First Citizen’s Bank of North Carolina acquired Venture’s assets, including the 69,479-square-foot, 16-building Pine Villa Townhomes, which consists of 2-, 3- and 4-bedroom floor plans.
LAKEWOOD, COLO. — Apartment Realty Advisors has brokered the $1.35 million sale of a 34-unit multifamily property located at 1205-1225 Yukon Street in Lakewood. Built in 1961 and 90 percent occupied at the time of the sale, Twin Arms Apartments is situated within 300 yards of a future light-rail station. ARA’s Shane Ozment and Terrance Hunt represented the un-named seller in the transaction.
NEW YORK CITY — Eastern Consolidated has brokered the sale of two elevator-served apartment buildings located in Manhattan's East Village neighborhood for $10.15 million. The six-story buildings are located at 409 and 411-413 W. Sixth St. They contain a total of 48 units, which comprise 17 free-market units, 29 rent-stabilized units and two rent-controlled units. The properties had been recently renovated. Ronda Rogovin and Inbal Himelblau, both of Eastern Consolidated, represented the seller, 409-411 Sixth Street LLC, and the buyer, July 15 Real Estate LLC.
NEW YORK CITY — Sioni & Partners has completed the sale of a six-story, elevator-served apartment building in the Bronx for $3.75 million. The property is located at 1860 Billingsley Terrace. It contains 58 residences in a mix of one-, two- and three-bedrooms. Moses Sioni of Sioni & Partners brokered the deal between the seller, Terrace Arms Corp., and the buyer, The Morgan Group. The property traded for an 8 percent capitalization rate.
MISSOURI CITY, TEXAS — The LaSalle Group will break ground May 12 on the Autumn Leaves at Riverstone assisted living facility. Located at 20313 S. University Blvd. in Missouri City, the property will focus on caring for patients stricken by Alzheimer's and other diseases that impair memory. Constant Care Management Co. will oversee day-to-day operations of the property once construction is completed.
DALLAS — Xaevin LLC will break ground this summer on the 3-acre White Rock Crossing townhome complex in the Old Lake Highlands neighborhood of Dallas. The property will be based on the concept of co-housing in which homeowners share community land and common facilities. AndersonSargentCustom Builders will construct the house to green standards.
NEW ROCHELLE, N.Y. — CB Richard Ellis (CBRE) Capital Markets has arranged $80 million in mortgage financing for the acquisition of a luxury apartment tower in New Rochelle. Avalon on the Sound is a 24-story, Class A building located at 255 Huguenot St. It contains 412 apartment units as well as 5,400 square fee of ground-floor retail space leased to a dry cleaner, a spa and a coffee shop. Amenities include a gym, a basketball court, an outdoor swimming pool and an adjacent six-story parking garage. James Gunning and Donna Falzarano of CBRE Capital Markets secured the financing on behalf off the borrower, a subsidiary of Hartz Mountain Industries, through Freddie Mac. Jeffrey Dunne of CBRE's Tri-State Investment Properties Group sourced the investment opportunity on behalf of Hartz Mountain.
NEW YORK CITY — Massey Knakal has brokered the sale of a four-story, walk-up apartment building located in Manhattan's Design District for $3.2 million. Situated at 236 E. 60th St., the building contains retail space on the first two floors with four residential units above. It was vacant at the time of closing. Clint Olsen and Robert Knakal of Massey Knakal arranged the deal.
HOUSTON — CONTI Organization has acquired the 176-unit Villa Ana apartment complex from Prudential for $3.4 million. The distressed asset, formerly known as Star Crossing, is located at 10101 West Sam Houston Parkway S in Houston. Villa Ana is more than 70 percent occupied. Boston Real Estate Solutions helped close the deal.