NEW YORK CITY — GFI Realty Services Inc. represented both the buyer and seller in the $1.5 million sale of 189-03 Henderson Ave., a two-story apartment building in the Jamaica section of Queens. The property consists of 22 garden-style units totaling approximately 26,028 square feet. Yanni Simantov of GFI represented the buyer and Yosef Katz and Sholmo Antebi, both of GFI, represented the seller in the transaction.
LAS VEGAS – NAI Sauter Companies has sold the 305-unit Rancho Alvarado multifamily complex in Las Vegas to Las Vegas Alvarado Apartments, LLC, for $7.3 million. The seller was Blue Valley Apartments. NAI's Patrick Sauter brokered this all-cash transaction, which closed escrow in less than 10 days.
NORTH LAUDERDALE, FLA. — Atlanta-based ARA has arranged the $26.4 million sale of the 224-unit Lakeview Cove, located on Cypress Creek Road in North Lauderdale. Hampton Beebe and Avery Klann of ARA represented New York City-based Lexin Capital, the seller. Chicago-based Waterton Associates was the buyer. The acquisition was financed with Fannie Mae debt through ARA's debt platform, ARA Finance.
WEST PALM BEACH, FLA. — Fort Lauderdale, Fla.-based Berger Commercial Realty Corp. has brokered the $6.76 million sale of a 21.49-acre multifamily parcel located at 715 Hank Aaron Dr. in West Palm Beach. BankFirst of South Dakota took the title to the land in August 2009 after winning a $44.8 million foreclosure against Hallandale Beach-based developer SWP Palm Beach. The property was approved for 620 condominiums, 57 townhouses and 20,000 square feet of retail but construction never began. Reese Stigliano of Berger represented the seller, BankFirst of South Dakota. The Buyer was West Palm Beach-based Aaron Drive Holdings. Development plans and a timetable for construction are unknown.
FORT MYERS, FLA. — CB Richard Ellis has brokered the $2 million sale of 44 condo units and 11 acres of excess development land in the Villas of Venezia, located at 4101 Metro Pkwy. in Fort Myers. Jonathan Richards of CB Richard Ellis' Naples, Fla., office represented Larkspur Acquisitions, the buyer, and Juan Munoz of KW Property Management represented CRE Properties, the seller.
MANITOWOC, WIS. — Milwaukee-based Ogden & Co. has arranged the $1.97 million sale of the 44-unit Forest Creek Apartments, located at 2210-2230 S. 42nd St. in Manitowoc. Gordon Steimle and Susan Sardina of Ogden & Co. represented the seller in the transaction.
ELIZABETH, N.J. — New Jersey-based Helios Capital Advisors has completed the sale of a non-performing commercial loan with an unpaid principal balance of $7.3 million. A 104-unit apartment building is the debt collateral. Steven Schultz and Jonathan Horn of HCA secured the buyer. The apartment building is located in Elizabeth in Union County.
LOS ANGELES – Arbor Commercial Funding has closed three loans under the Fannie Mae DUS® Small Loan product line totaling $7.5 million. The 102-unit Hartford Hills Apartments received $3,645,000; the 50-unit 232 Union Place Apartments received $2,700,000; and the 16-unit 2352 Glendale Boulevard received $1,186,000. The Hartford and Glendale apartments were refinance loans, while Union Place was an acquisition loan. All three loans carry seven-year terms and 30-year amortization schedules.
BALTIMORE — Harbor Group International (HGI) has purchased a six-property multifamily portfolio in Baltimore from Sawyer Realty Holdings for $190 million. The portfolio includes: the 808-unit Crosswinds at Rolling Road, the 92-unit Diamond Ridge, the 270-unit The Glens at Rolling Road, the 264-unit Granite Run, the 280-unit Rolling Wind and the 270-unit Stratton Meadows. HGI will invest $7.75 million in capital improvements. Al Cissel and Scott Melnick of Jones Lang LaSalle's Bethesda, Md., office represented the seller in the transaction.
WEBSTER GROVES, MO. — ARCO Construction Co. has been selected to build the $18 million, 80-unit Provision Living at Webster Groves, a senior housing project located at 45 E. Lockwood in Webster Groves. On-site amenities will include medical, rehabilitation, wellness and retail space. Completion is slated for summer 2012.
