LAUREL, MD. — Federal Capital Partners has purchased the 386-unit Montpelier Crossing, located at 9689 Muirkirk Rd. in Laurel, for $33.6 million. The buyer plans to complete a more than $5 million renovation to improve common areas and address deferred maintenance items. CBRE represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Bethesda, Md.-based The Firoozabadi Group of Marcus & Millichap has arranaged the $17.12 million sale of the 95-unit La Reine Apartments, located at 5425 Connecticut Ave. N.W. in Washington, D.C. Ari Firoozabadi, John Mullen and Kyle Tangney of The Firoozabadi Group represented Kline Family LLC, the seller, in the transaction. The buyer was Rockville, Md.-based Kossow Management.
PORT ST. LUCIE, FLA. — Torchlight Investors has sold the 230-unit Hillmoor Village Apartments, located at 1924 Southeast Hillmoor Dr. in Port St. Lucie, to California-based Finbay Pacific for $10.5 million. Robert Given and Neal Victor of CBRE's Miami office, along with Richard Tarquinio of the firm's Boca Raton, Fla., office, represented the seller in the transaction.
BOSTON — Boston Realty Advisors has completed the $4.7 million sale of Longwood Portfolio, an 11-unit portfolio in Boston's Mission Hill neighborhood. Christopher Sower and Jason Weissman of Boston Realty Advisors, along with Better Place Realty, represented the seller, Palatine Mission Hill. The portfolio consists of three buildings: 163 Calumet St., 170 Hillside St. and 2 Wigglesworth St. The buyer, Fosher Management, was self-represented.
COLORADO SPRINGS, COLO. – The 112-unit South Circle Apartments in Colorado Springs has sold to Sequoia Property Partners for $5.4 million. The community has undergone extensive renovations over the past five years. ARA Colorado’s Kevin McKenna and Ken Greene represented the seller, Xebec Realty Partners, in this transaction.
MARGATE, FLA. — Behringer Harvard has acquired a 280-unit multifamily community, located at 5750 Lakeside Dr. in Margate, for $24.4 million. The property will be rebranded as Lakes of Margate and will receive $2.3 million in capital improvements, including upgrades to apartment units. Behringer Harvard has a 92.5 percent ownership interest in Lakes at Margate. Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property.
BELLEVILLE, ILL. — In a joint venture, Cerulean Partners LLC and an entity associated with The Inland Real Estate Group of Companies, has purchased the Atrium of Belleville, a 76-unit senior living community in Belleville, Ill. for $2 million. The Atrium, formerly known as Grand Court, was previously owned by Brookdale Senior Living Inc. Cerulean, based in Chicago, plans to invest $1.5 million in property improvements.
LEXINGTON, MASS. — NAI Hunneman has brokered the sale of Captain Parker Arms, a 94-unit, 11-building apartment complex in Lexington, Mass. for $20.8 million. David Ross and Gina Barroso of NAI Hunneman's Boston office represented the seller, Captain Parker Arms Apartments and procured the buyer, Avalon Bay VAF Acquisition II.
DENVER – The West Washington Park Portfolio, which consists of 46 apartment units and one retail unit located in four separate buildings throughout Denver, has sold to a local private investor for $3,854,000. The portfolio included 13 units and one retail unit located at 700 East 1stAve.; 12 units at 66 Clarkson Street; 11 units at 65 Ogden Street; and 11 units at 59 Ogden Street. ARA Denver’s Terrance Hunt and Shane Ozment represented the seller, a local private investor, in this transaction.
NEW YORK — Marcus & Millichap has arranged the sale of 32-34 Beekman Place, a 17-unit apartment property in New York for approximately $8 million. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a partnership. They also represented the buyer, a private investor. 32 Beekman Place is a five-story building containing nine studios, and 34 Beekman Place is a six-story building consisting of seven studios and a rooftop penthouse.
