LAS VEGAS — George Gekakis Inc. (GGI) and its non-profit sponsor Silver State Housing have opened McKnight Senior Village II, a 77-unit affordable, senior-housing apartment community near downtown Las Vegas. The new 4-story building with 7,742-square-foot clubhouse is open to seniors 55 and older with incomes at 30 to 50 percent of the area median. GGI’s senior-housing project was financed with nearly $14.4 million in tax credits awarded by the Nevada Housing Division, as well as HOME Funds from the City of Las Vegas and Clark County, Nev.
Multifamily
CHICAGO — An undisclosed buyer has acquired an apartment building in Chicago’s Rogers Park neighborhood for $1.57 million. Located at 7514-22 N. Hoyne, the 43-unit property features three studio units, 34 one-bedroom units and six two-bedroom units. Doug Imber and Matt Welke of Essex Realty Group represented the undisclosed seller; Doug Fisher, also of Essex, represented the buyer in the transaction.
NEW YORK CITY — Berkadia Commercial Mortgage has originated $88.45 million in Freddie Mac funds for the refinancing and recapitalization of Parkhill in the New York City borough of Staten Island. Parkhill Apartments is a Section 8 community located at 140-280 Parkhill Ave. It consists of eight six-story buildings on 21 acres. There are 1,121 units in the community, with rents that average $1,200 per month. The loan carries a 10-year term and a 30-year amortization schedule. It also includes earn-out provisions and a subordinate HUD second mortgage. John DiCrocco of Berkadia's New York City office originated the loan on behalf of affiliates of Delshah Capital.
NEW YORK CITY — Massey Knakal Realty Services has brokered a multifamily sale in Mahattan and an industrial sale in Queens. In the first deal, Massey Knakal's Robert Knakal and Guthrie Garvin arranged the sale of a four-story, walk-up building in Manhattan's Upper East Side. The building totals 5,400 square feet and is located at 1128 Third Ave. It contains a Starbucks on the ground floor, a yoga studio on the second floor and market-rate apartments on the top two floors. The property traded for $6.45 million at a 5.52 percent cap rate. In the second deal, Massey Knakal's Swain Weiner represented the seller in the disposition of a vacant warehouse located on 51st Avenue, between 71st and 72nd streets, in the Woodside neighborhood of Queens. The approximately 20,400-square-foot building contains five interior truck bays, a mezzanine office area and refrigerated warehouse space. It traded for $3.99 million.
UNION COUNTY, N.J. — Marcus & Millichap has completed four multifamily sales in Union County totaling more than $8 million. Hampshire Courts, a 54-unit property located at 1106 Park Ave. in Plainfield, traded for $3.65 million. A 29-unit property located at 18-20 and 204 E. Price St. in Linden traded for $2.22 million. A 44-unit property located at 416-424 and 424-435 E. Jersey St. traded for $1.45 million. Finally, an 11-unit property located at 103 Myrtle St. in Roselle traded for $715,000. Nat Gambuzza of Marcus & Millichap's National Multi-Housing Group arranged all four of the deals. Christopher Rizzolo, also of Marcus & Millichap, assisted in the Elizabeth deal.
FLORIDA — Bill Reichel and Peter Filomena of Reichel Realty & Investments have been tapped as receivers for five properties in Florida. Bill Reichel will be in charge of Palm Court Plaza, a 50,000-square-foot office property located in North Palm Beach. Filomena will handle two multifamily properties in Boynton Beach and a third in Fort Lauderdale. He will also be the receiver for Casa Loma Motel in Lake Worth.
PEMBROKE PINES, FLA. — Marcus & Millichap has brokered the $3 million sale of the 75-unit Trin-Jam Apartments between two private parties. The property is located at 1921-1971 SW 69th Ave. in Pembroke Pines. The firm's Craig Porter and Darryl Matus represented both parties in the transaction.
EAST LANSING, MICH. — Homestead on Lake Lansing LLC has purchased Homestead, a multifamily community located at 426 W. Lake Lansing Road in East Lansing. The 168-unit property sold for $7 million. The community features 48 one-bedroom units and 120 two-bedroom units. Community amenities include a 24-hour fitness facility, a volleyball court, a resident lounge and access to the East Lansing nature trail. Hendricks & Partners’ Kevin Dillon, Rick Vidrio, Rick Brace and Cary Scott Belovicz represented the seller, Angeles Income Properties Ltd.6, in the transaction.
DALLAS — Marcus & Millichap has brokered the sale of the 98-unit Lakewood Colony apartment complex between two private parties for an undisclosed amount. The property is located on a 4.95-acre site near the intersection of Garland and Gaston avenues in Dallas. The buyer is planning to renovate Lakewood Colony. The firm's Nick Fluellen, who is based in Marcus & Millichap's Dallas office, represented both parties in the transaction.
TUCSON, ARIZ. — CB Richard Ellis (CBRE) has negotiated the $17.15 million fractured-condominium sale of 238 units at Sonterra at Williams Center, a Class A, gated community located at 5400 E. Williams Blvd. in Tucson’s business district. Built in 1995 as a rental community, the multifamily property was converted to for-sale condos in 2005. Sonterra at Williams Center includes a resort-style swimming pool with a water feature and spa; state-of-the-art fitness and business centers; and a clubhouse. CBRE’s Tyler Anderson, Sean Cunningham and Mike Sandahl represented the seller, Sonterra Property LLC, an Arizona company formed by a New York City-based fund, in the transaction; the Tucson-based buyer, Holualoa Cos., plans to maintain the 238 condos as rental units.