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.
Multifamily
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.
VALPARAISO, IND. — Michael Wernke of Marcus & Millichap’s Indianapolis office brokered the disposition and acquisition of Villa Moderne in Valparaiso. Located at 1411 E. Chicago St., the 58-unit property sold for $2.27 million. Built in 1974, the property features studio, one- and two-bedroom apartments. At the time of acquisition, the complex was 93 percent occupied. The buyer and seller were not disclosed.
NEW YORK CITY — Beech Street Capital has arranged a $4.29 million Fannie Mae DUS loan for the refinancing of two New York City apartment properties. Ten Eyck and Maujer Street Apartments are located in Brooklyn's East Williamsburg neighborhood. They consist of eight four-story buildings with 38 units. The loan carries a 5-year term with a 30-year amortization schedule, 4.5 years of yield maintenance and a fixed interest rate. Meridian Capital Group originated the loan, which was financed by Beech Street as part of its correspondent relationship with Meridian.