FRAMINGHAM, MASS. — NAI Hunneman has brokered the sale of a Framingham apartment community for $2.7 million. Colonial Arms is located at 3 and 5 Beaver Park Road. It consists of two three-story buildings, each containing 18 units in a mix of studio, one-bedroom and two-bedroom units. The 0.73-acre property also includes 50 parking spaces. The buyer, Coleross James LLC, plans to hold the community as a rental property. Carl Christi and Dan McGee of NAI procured the buyer and represented the seller, 3&5 Beaver Park LLC.
Multifamily
CONWAY, ARK. — John Edwards of Arbor Commercial Funding's Boston office has obtained a $5.5 million loan for the 166-unit June Beene Garden apartment complex in Conway. Magna Bank financed the 10-year loan. The finacing carries a 5.77 percent interest rate and a 26-year amortization schedule.
NEW YORK CITY — Completion is nearing for Embelesar, a new residential cooperative building located at 152 W. 118th St. in New York City's East Harlem neighborhood. The six-story building contains a total of 57 residences in a mix of studios, one-bedroom and two-bedroom units. Amenities include concierge service, a landscaped terrace, a fitness room, and parking spaces and storage bins for rent. Prices start at $240,000, with most units ranging between $400,000 and $600,000. The Corcoran Group is marketing the property. Bluestone is the developer.
COLORADO SPRINGS, COLO. — Apartment Realty Advisors has brokered the more than $3 million sale of a 112-unit property located at 813 South Circle Drive in Colorado Springs. Built in 1969 and located minutes from Peterson Air Force Base and Fort Carson, South Circle Arms Apartments was 88 percent occupied at the time of the sale. ARA’s Kevin McKenna and Ken Greene represented the seller in the transaction.
CLEARWATER, FLA. — ABG Sundial Collier Real Estate has purchased 116 units in the Waterscape Condo Resort from Crescent Resources for $23.51 million. The property is located at 1110 Santa Rose Blvd. in Clearwater. Colliers Arnold's Jason Stanton and John Stone brokered the sale.
CHAPEL HILL, N.C. — Bell Fund III and Bluerock Real Estate have purchased the 258-unit Apartments at Meadowmont from a private seller for an undisclosed price. The property, spread across 20 acres on Highway 54 East in Chapel Hill, is 97 percent occupied. Amenities include a clubhouse, a pool, a fitness center and two playgrounds. Bell will manage the property and complete renovations that are already in progress.
ST. LOUIS — Granite City, Ill.-based AB Acres LLC has purchased Jefferson Arms, which is located at 409-415 N. Tucker Blvd. in St. Louis. The 578-unit multifamily property sold for an undisclosed price. The historic property was originally built in 1904, with an addition constructed in 1928. The ground floor of the building features a lobby, a dining room, a coffee shop and storefronts. The seller was Delaware-based Municipal Realty Corp./Thousand Oaks, Calif.-based Citi Community Capital. Ken Aston and Andrea Kendrick of Hendrick & Partners’ St. Louis office represented the seller in the transaction.
CHICAGO — Fifield Realty Partners, the property acquisition group of Fifield Companies, has hired two multifamily acquisition experts to oversee Fifield Residential Partners IV, its $600 million apartment acquisition fund. Matthew Masinter has joined the company as executive vice president of acquisitions and Erin DiPaola has joined as a senior vice president of acquisitions. The team will manage all aspects of the fund, which launched last year, and is focused on purchasing core-plus and value-add properties, as well as short-sale transactions and loan-to-own acquisitions. Masinter will focus on acquisitions across the East Coast, Florida and Texas, while DiPaola will concentrate on properties in Phoenix, Las Vegas and Denver. Most recently, Masinter served as chief investment officer for Chicago-based Covington Realty Partners, and DiPaola served as vice president of multifamily investments with Chicago-based Transwestern Investment Co.
CONCORD VILLAGE, MO. — Chesterfield, Mo.-based First MO Realty has purchased Concord Place in Concord Village. Located at 11542-11556 Concord Village, the property offers 50 apartment units. St. Louis-based Lorenzo Development sold the property for an undisclosed price. Ken Aston and Paul Cunningham of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
EULESS, TEXAS — A real estate equity fund sponsored by Main Street Partners & Associates has purchased the Shadow Creek apartment complex from a private party at a significant discount to note value. The 193-unit complex, which was in foreclosure, is located in Euless. The buyer will undertake property upgrades during the next year in preparation for re-tenanting the property.