NEW YORK CITY — Massey Knakal Realty Services has brokered two multifamily sales in New York City. In the first transaction, Swain Weiner of Massey Knakal negotiated the sale of a six-story building located at 37-05 90th Street in Jackson Heights, Queens, for $8.34 million. The building contains 49 residential units and seven retail spaces. In the second transaction, Massey Knakal's Michael DeCheser negotiated the sale of a five-story building located at 217 E. Houston St. on the Lower East Side of Manhattan for $5.27 million. The building contains eight residential units and a ground-floor commercial unit that is occupied by the Mercury Lounge. The buyers and sellers in both transactions were not disclosed.
HOUSTON AND BAYTOWN, TEXAS — New York City-based American Mortgage Acceptance Co. has sold two Texas apartment complexes totaling 389 units to AMSI Tex Properties of Overland, Kansas. The sale includes Quay Bay – Quay Point, located at 3925 Arlington Square Drive in Houston, and Oaks of Baytown, located at 2011 Ward Road in Baytown. Hendricks & Partners' Mike Miller represented the seller. The sale price was not released.
OAKLAND, CALIF. — BRIDGE Housing Corp.’s Ironhorse at Central Station, a 99-unit affordable apartment community located in west Oakland's Central Station neighborhood, has opened. Featuring numerous sustainable building and landscaping components, the development contains a mix of one-, two- and three-bedroom homes affordable to individuals and families with annual incomes ranging from $18,000 to $50,000. Designed by David Baker + Partners and constructed by J.H. Fitzmaurice Inc., Ironhorse at Central Station is part of a reintegration of approximately 29 acres of abandoned former industrial land into the surrounding residential neighborhood.
ALTAMONTE SPRINGS, FLA. — Emerson International has completed the development of Emerson Plaza II, a 64-unit luxury apartment complex in Altamonte Springs. The 12-story tower, which overlooks Cranes Roost Park, includes two rooftop penthouses. Additional features include a recreation center, a pool and spa, and a fitness center.
SPRINGFIELD, OHIO — NorthMarq Capital has arranged $4.13 million in first mortgage financing for Red Coach Village in Springfield. The multifamily complex offers 136 apartment units. The financing carries a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq Capital arranged the financing under Freddie Mac’s CME program. The borrower was not disclosed.
NEW YORK CITY — NAI Friedland Realty has brokered the sale of a 20,000-square-foot development site located at 4339 White Plains Road in the Bronx, New York City. The buyer, Praxis Housing Initiatives, paid $1.26 million. It plans to develop a 40,000-square-foot building on the site that will provide permanent supportive housing for homeless people with special needs. The project is expected to cost $20 million. Rick Stassa of NAI Friedland negotiated the transaction. The seller was 4339 White Plains Associates LLC.
HOUSTON — Byron Plant – Asset Plus has sold the 282-unit Timber Hollow Apartments to Ascension Cook Road for an undisclosed amount. The buyer plans to spend $2 million in upgrades on the property, which is located at 8000 Cook Road in Houston. Timber Hollow was sold out of receivership and is currently 82 percent occupied. Jim Hearn, Tom Warren, Tom Burns and Jay Gunn of Hendricks & Partners brokered the sale.
CARY, N.C. — Boca Raton, Fla.-based Altman Cos. has sold the 360-unit Preston's Reserve apartment complex to Atlanta-based Centennial Holding Co. for $34 million. The Cary property is situated in a growth corridor between downtown Raleigh, N.C., and the Research Triangle Park. Phil Brosseau of CB Richard Ellis' Charlotte, N.C., office and Robert Given of the firm's Miami office represented the seller in the transaction.
CREVE COEUR, MO. — Gannon Development/Fireside Financial has acquired Charter Place, a 284-unit multifamily property located at 11907 Charter House Lane in Creve Coeur. Principal Global sold the property, which was built in 1971 and renovated in 1999. Sean Fogarty, Matthew Lawton and Marty O’Connell of Holliday Fenoglio Fowler’s Chicago office brokered the transaction. The sales price was not disclosed.
SAN ANTONIO AND SAN MARCOS, TEXAS — The Bank of New York Mellon Trust Co. has sold the Marbach Manor apartment complex to Agape Marbach Manor for an undisclosed amount. The 123-unit property is located at 7203 Marbach Ave. in San Antonio. Mike Miller of Hendricks & Partners' San Antonio office represented the seller. Miller and the firm's Will Caruth represented San Marcos Meadows Apartments Limited and San Marcos Les Chateaux Apartments Limited in the sale of a two-property San Marcos portfolio to San Marcos Green Investors. The 128-unit Meadows Apartments is located at 222 Ramsay St., and the 77-unit Les Chateaux is located at 1000 N. LBJ Dr.