JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of a 21-unit apartment building located in Jersey City. The property traded for $1.16 million. The Marcus & Millichap team of Steven Matovski, Maz Radwan, Nat Gambuzza and Lauren Federgreen represented the seller, a local private investor, and procured the all-cash buyer.
Multifamily
NEW YORK CITY — Beech Street Capital has arranged $37.5 million in Fannie Mae DUS funds for the refinancing of Castle Braid Apartments, a 144-unit multifamily property located in Brooklyn. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, a 30-year amortization schedule and 2 years of interest-only payments. Meridian Capital Group originated the loan.
WILLIAMSPORT, PA. — Berkadia Commercial Mortgage originated $3.05 million in Freddie Mac financing for Woodland Park Apartments, a 100-unit community located in Williamsport. The community was constructed in 1971. It consists of 16 two-story buildings on approximately 11 acres. The loan carries a 10-year term, a 30-year amortization schedule and a fixed interest rate. The proceeds will be used by the borrower, Towncrest Associates LP, the retire existing debt and complete renovations. Warren Higgins of Berkadia's Philadelphia office arranged the loan.
OKLAHOMA CITY, OKLA. — Omaha, Neb.-based Haley Communities has purchased Stoneleigh on May Apartments, a 244-unit Class A complex, for $19.7 million. Located at 14300 N. May Ave., the property is situated in the Quail Springs area of Oklahoma City and features a fitness center, a clubhouse, a swimming pool and meeting areas. Andy Burnett and David Burnett of Sperry Van Ness/William T. Strange & Associates facilitated the sale. The transaction marks Oklahoma's largest multifamily transaction this year.
DENVER — Pinnacle Real Estate Advisors has brokered the $2 million sale of a 20-unit apartment building, located at 1721 Humboldt Street in Denver. Built in 1961 and completely renovated in 2010, the uptown multifamily property consists of eight studio units and 12 one-bedroom/one-bathroom units. Pinnacle Real Estate Advisors’s Jeff Johnson and Matt Ritter represented the seller in the transaction, and Doug Haughey of Coldwell Banker assisted the buyer.
HOMEWOOD AND BIRMINGHAM, ALA. — Birmingham-based Abbey Residential has acquired a 1,782-unit multifamily portfolio in the Birmingham area for $32.1 million. The portfolio includes three apartments communities — Highland Peak, a 585-unit property at 114 Aspen Circle in Homewood; the 644-unit Highland View located at 700 Aspen Dr. in Birmingham; and the 553-unit Highland Bluff located at 200 Robert Jemison Dr. in Birmingham. Cole Whitaker, Hal Warren, John Clayton, Aaron Hargrove and Tim McKay of Hendricks & Partners, along with David Oakley of The Oakley Group, represented the seller, REDUS Alabama Commercial (Wells Fargo Bank, N.A.) of Atlanta, Charlotte, N.C., and Los Angeles, in the transaction.
CHESAPEAKE, VA. — Greensboro, N.C.-based Bell Partners has joined with a group of high net-worth ownership entities to acquire Alta Great Bridge Apartments in Chesapeake. The property will be renamed Bell Great Bridge Apartments and managed by Bell. Built in 2009, the eight-building, 192-unit property offers 199,398 square feet of rentable space, including one-, two- and three-bedroom units. At the time of closing, the property was 92 percent occupied. This is the eighth acquisition by Bell Fund III. The seller and acquisition price were not disclosed.
CHICAGO — Howard Kruse of Capstone Property Management has purchased 1555-1557 W. Diversity Parkway in Chicago. The 17,484-square-foot mixed-use property sold for $1.52 million. The building, which is 100 percent occupied, offers four commercial units and nine apartments. Brad Thompson of Millennium Properties R/E Inc. represented the seller, Joe Yoon of 1557 W. Diversity LLC, in the transaction.
HOUSTON, TEXAS — Alliance Residential Co. has acquired Gramercy Park Condominiums, a multifamily property located in the Texas Medical Center area of Houston. Alliance acquired the 224-unit project out of bankruptcy in a Section 363 auction sale. The community offers one-, two- and three-bedroom floorplans ranging in size from 781 to 1,529 square feet. The two-building, project, which was completed in 2006, will be renamed Broadstone Gramercy. Alliance also plans to complete construction on the unfinished northern building.
IRVING — Marcus & Millichap has completed the sale of Chivas West, a lender-owned apartment property located in Irving. The community is situated at 1701 N. Britain Road. It contains 72 units in a mix of one- through three-bedroom residences. It was renovated this year and was 94 percent occupied at the time of the sale. Miachel Ware and Will Jarnagin of Marcus & Millichap's Dallas office represented the seller.. Nick Fluellen, also off Marcus & Millichap's Dallas office, represented the buyer, a private investor from Flower Mound.