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.
Multifamily
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.
NEW YORK CITY — Arbor Commercial Funding has secured $2.7 million in Fannie Mae DUS financing for Livonia Avenue Apartments, a 22-unit property in Brooklyn. The loan carries a 10-year term, a 30-year amortization schedule and a 5.87 percent interest rate. Alexander Kaushanksy of Arbor's New York City office originated the loan on behalf of the undisclosed borrower.
FAIRVIEW HEIGHTS, ILL. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $17.88 million loan for Longacre Ponds, a 252-unit apartment complex located in Fairview Heights. The 10-year, Fannie Mae DUS loan has a 30-year amortization schedule and carries note rate of 5.68 percent. Patrick McNulty of Arbor's Chicago office originated the loan for the undisclosed borrower.
LAKEWOOD, COLO. — Behringer Harvard has acquired 7166 at Belmar, a 308-unit, mid-rise apartment community located at 7166 W. Custer Ave. in Lakewood. Constructed in 2008, the two-building multifamily development offers one-, two- and three-bedroom units and includes a clubhouse with state-of-the-art fitness center, a resort-style swimming pool and spa, a business center, and a cyber café with complimentary coffee. 7166 at Belmar is situated seven miles west of downtown Denver in the Belmar district that Continuum Partners developed to serve as the new downtown area for Lakewood. The purchase was made through a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund.