SUNNYVALE, CALIF. – A 30-unit West Sunnyvale apartment complex that is located at 1617 Queen Charlotte Drive has sold for $5,550,000. Jamie D’Alessandro and Brian Henry with Cassidy Turley’s Multi-Family Group represented both the buyer and the seller, who remained unnamed.
TAMPA — A five-property REO multifamily portfolio, located in northeast Tampa, has been sold for $1.4 million. The properties, which total 106 units, include Bent Tree, Villa Seville, Towering Pines, Holly Court and Julie Court. Kevin Kelleher, Bob Goldfinger and Darron Kattan of Franklin Street Real Estate Services represented the seller, an unnamed lender who foreclosed on the properties in June of this year, in the transaction and procured the buyer, a local private investment group.
YONKERS, N.Y. — Houlihan Parnes Realtors has arranged financing for a three-story apartment building, located at 609 Van Cortlandt Park Ave. in Yonkers. The property was purchased by a local family business. Jerry Houlihan of Houlihan-Parnes arranged the 10-year loan, which has a 30-year amortization schedule.
SUMMIT, N.J. — Commercial Mortgage Capital has secured $10 million in financing for The Promenade, a three-story apartment and retail property in Summit. Mark Scott of Commercial Mortgage Capital's Livingston office arranged the 10-year loan for the borrower, Summit, N.J.-based Diversified Properties.
HARRISBURG, PA. — Marcus & Millichap Real Estate Investment Services has negotiated the sale of Presidential Halls, 120-unit apartment property in Harrisburg, for $3.4 million. Donald MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap's Philadelphia office represented the seller. They also procured the buyer, a local partnership. The property was 20 percent vacant at the time of sale.
AUSTIN — Chicago-based Waterton Residential has acquired the 288-unit Fox Hill Apartments, a Class A multifamily community located at 8800 Hwy. 290 W. in Austin. Waterton purchased the property through its $500 million investment fund, Waterton Residential Property Venture XI. The apartment community features a fitness center, clubhouse, swimming pool with a sundeck, business center, laundry facility, covered parking, detached garages, children's playground and dog park. Waterton was self-represented by Matt Masinter. HFF represented the seller, Houston-based Magill Development, which was also the original developer.
CANOGA PARK, CALIF. – A 19-unit apartment building that is located at 8720 Topanga Canyon Blvd. in Canoga Park has sold to an undisclosed buyer for $2,087,500. The property contained eight low-income tenants at the time of closing, which was required by the Earthquake Emergency Loan Program financing that was formerly in place. The community was built in 1964 and is subject to rent control. The transaction closed at a 6.58 percent cap rate. Rick Raymundo of Marcus & Millichap represented the seller, a private trust, in this transaction.
MT. PLEASANT, S.C. — Woodfield Investments has broken ground on the 280-unit Woodfield Long Point, located off Wando Park Boulevard in Mt. Pleasant. CNL Financial provided equity for the project and Wells Fargo Bank provided debt. CF Evans is the general contractor for the development. Completion is slated for spring 2012.
WASHINGTON, D.C. — Walker & Dunlop's hospitality division, lead by Andrew Coleman of the firm's Bethesda, Md., office has arranged $23.4 million in acquisition financing for the 96-unit The Georgetown Inn, located at 1310 Wisconsin Ave. NW in Washington, D.C. Cardinal Bank provided the 5-year loan, which has a 25-year amortization schedule.
NEW YORK CITY — Multi-Employer Property Trust (MEPT) will develop a 35-story, 165-unit apartment building at 309 Fifth Ave. in Manhattan. The project will total 122,000 square feet, including 10,400 square feet of retail space on the ground level. MEPT has committed more than $100 million in equity to build the project. The project team includes developer Urban Development Partners, general contractor Lend Lease and project architect SLCE Architects. Bentall Kennedy is serving as MEPT's real estate advisor.