SACRAMENTO, CALIF. — NBS Real Estate Capital LLC has partnered with St. Louis-based Sheehy Investment Group LLC in the acquisition of the 72-unit Bradford Pointe Apartments in Sacramento in an all-cash short sale. NBS completed a $2.48 million preferred-equity investment in connection with the purchase. Total costs after renovations to the multifamily property are estimated at $2.93 million.
TRENTON, N.J., AND ALLENTOWN, PA. — Sheldon Good & Co. has completed the sale by auction of a five-property multifamily portfolio. The buyers of the properties paid a combined total of approximately $26.6 million. Carteret Arms, a 270-unit building located in Trenton, sold for $13.91 million. Washington Crossing, which is located in Allentown, sold for $5.3 million. Grand Court Villa, a 63-unit building located in Trenton, sold for $4.8 million. The Livingston, a 36-unit building located in Allentown, sold for $1.7 million. Finally, Julian Court, which is located in Allentown, sold for $936,000. Sheldon Good completed the sale on behalf of Connolly Properties, which is currently under bankruptcy protection.
TACOMA, WASH. — GVA Kidder Mathews has negotiated the $4 million sale of an almost 71,000-square-foot multifamily building located at 14417 S C Street in Tacoma. With assistance from Dobler Management’s Kathy Dobler, GVAKM’s Linn Larsen and Jim Jensen represented both the buyer, Richard Wilbur, and the sellers, Howe Investment LP and Alvah B Howe Trust.
CAMBRIDGE, MASS. — The Cambridge Housing Authority (CHA) has selected Skanska USA to complete a $23.5 million modernization of the Lyndon B. Johnson Apartments in Cambridge. The 180-unit senior housing project opened in 1973 and is located at 150 Erie St. The modernization will focus on increasing energy efficiency at the property. Energy use will be reduced 50 percent through the installation of rooftop solar panels, co-generation systems and energy recovery units. A layer of insulation will be added to the building exterior. Energy-efficient windows, lighting and low-flow fixtures will also be installed. The building's electric baseboard heating system will also be replaced with gas-fired hydronic heating. The renovated building will meet the standards for HUD's Green Communities Program for Substantial Renovations. Funding is coming, in part, from a $10 million grant awarded to the CHA as part of the American Recovery and Reinvestment Act. Construction will begin in August and is expected to last approximately 18 months.
SAN CLEMENTE, CALIF. — Marcus & Millichap has negotiated the $3.85 million sale of the 30-unit Pacific Shore Apartments located at 101 West Marquita in San Clemente. Marcus & Millichap’s Shane McConnell and Tyler Leeson represented the seller, a private investor, in the transaction, and the brokerage firm’s Aaron Bove represented the buyer, also a private investor.
NEW YORK CITY — The grand opening has been held for 34 Berry Street, a 142-unit apartment building located at the corner of North 12th and Berry streets in the Williamsburg neighborhood of Manhattan, New York City. The community contains a mix of studio, one-bedroom and two-bedroom units. Amenities include a top-floor lounge with a rooftop terrace, a lobby lounge, a fitness center, a landscaped courtyard and a 71-space parking garage. LCOR Inc. is the developer of 34 Berry Street.
SUPERIOR, WIS. — New Perspective Senior Living has broken ground for the development of The Lighthouse of Superior, a senior housing community in Superior. The state-of-the-art facility will offer assisted-living and memory-care residences. Ryan Companies US is serving as general contractor on the project, which is scheduled for completion this fall.
TAMPA AND PLANT CITY, FLA. — Thomas D. Wood has arranged two loans totaling $1.6 million for two Florida apartment complexes. The Standard Life Insurance Company financed a 25-year, $1.45 million loan for the 72-unit Pepperwood Apartments. The property is located at 13725 Susan Kay Drive in Tampa. The loan carries a 6.9 percent interest rate and a 25-year amortization. Standard Life also financed a $1.15 million loan for the 55-unit Strawberry Place Apartments, located at 1400 Strawberry Place in Plant City, for the same terms. Doug Rozzell of Thomas D. Wood secured the loans.
LEXINGTON, KY. — The Fayette Circuit Court has named McKinley as receiver of the Cross Creek Apartments property in Lexington. The 143-unit complex, located at 3498 Lansdowne Drive, is composed of one- and two-bedroom apartments and two-bedroom townhomes. Amenities include a pool and a business center.
GARY, INDIANA — The Gary Housing Authority (GHA) has selected The Habitat Company to manage construction services for three housing developments operated in Gary. GHA is investing more than $5.8 million in HUD funds to rehabilitate units within the Dorie Marie, East Point and Ivanhoe Garden developments. The project involves renovating 92 units in the Dorie Marie and East Point properties, and demolishing 316 units in the 104-building Ivanhoe Garden property. The HUD funding was received as part of the federal stimulus program.