COLUMBUS, OHIO — J Rosenbusch and Matt Gocksetter of Marcus & Millichap represented Winthrop Realty Trust in the disposition of Cross Key Row, a 144-unit REO multifamily property located in Columbus. A local investor acquired the property for $725,000 in an all-cash transaction. Built in 1971, the property offers one- and two-bedroom garden units and was 30 percent occupied at the time of closing.
NEW YORK CITY — Eastern Consolidated has completed the sale of a 10-story apartment building located in New York City for $28.25 million. The building is situated at 201-207 E. 35th St. It contains 85 residences in a mix of 41 free-market units, 39 rent-stabilized units and five-rent controlled units. The ground-floor of the building contains five retail stores ranging in size from 550 to 1,000 square feet. Eastern Consolidated's Brian Ezratty and Scott Ellard represented the seller, 201 LLC. George Moss, also of Eastern Consolidated, procured the buyer, 35 East Assoc LLC.
RIVERHEAD, N.Y. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $14.5 million loan for the refinancing of MacLeod's MHC, a 376-unit manufactured housing community located in Riverhead. The loan carries a 10-year term with a 65 percent loan-to-value ratio and a 5.95 percent interest rate. The borrower and lender were not disclosed.
HOUSTON — A joint venture that includes Behringer Harvard has acquired The Eclipse, a luxury multifamily community located in Houston's Energy Corridor. The property contains 330 units and is located at 1725 Crescent Plaza. Community amenities include a club room, a swimming pool, a business center, a fitness center, a theater and a game room. The joint venture that purchased the property consists of one of Behringer Harvard's investment vehicles, Behringer Harvard Multifamily REIT I, and PGGM Private Real Estate Fund, which is an investment fund for large Dutch pension funds. As part of the transaction, the joint venture paid off the asset's construction loan and took full control over its ownership.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Broadstone Ranch, a 252-unit multifamily community located in San Antonio. Situated on 13.63 acres at 5803 UTSA Blvd., the property serves as an off-campus housing option for the nearby University of Texas – San Antonio. Broadstone Ranch consists of 132 one-bedroom units, 84 two-bedroom units and 36 three-bedroom units. Amenities include a resort-style swimming pool. Will Bathrop of Marcus & Millichap's Dallas office and Ryan Epstein of the firm's San Antonio office represented the seller, San Francisco-based McMorgan & Co. The buyer was Brass Real Estate Funds and the acquisition price was not disclosed.
SOUTH PASADENA, CALIF. — Colliers International has handled the $2.02 million sale of an 8,900-square-foot multifamily property located at 390 Pasadena Ave. in South Pasadena. Built in 1948 and 90 percent occupied, the property consists of 10 two bedroom/one bathroom units. Colliers’ Han Widjaja represented both the buyer, Raymond Chen, and the seller, Mee Ching Goh, in the transaction.
FARRAGUT, TENN. — Horne Properties has sold two Farragut apartment complexes to Sealy Realty for more than $20 million. The 208-unit Lanesborough traded for $15.83 million, and the 72-unit Derby Run sold for $5.37 million. Nathan Swenson, Chris Spain and David Gutting of Cushman & Wakefield's Atlanta office represented Horne Properties in the transaction.
JENKINTOWN, PA., AND ROCKLAND COUNTY, N.Y. — Meridian Capital Group has secured a total of $51 million for the refinancing of two multifamily communities. In the first transaction, Meridian arranged a $28.5 million loan for The Plaza Apartments, a 224-unit property located on Greenwood Avenue in Jenkintown. The non-recourse loan includes a 10-year term with a 5.37 percent fixed interest rate and a 30-year amortization schedule. It was arranged by Israel Schubert and David Cohen of Meridian's New Jersey office. The borrower was undisclosed and the lender is a portfolio lender. Schubert also arranged $22.5 million for the refinancing of a more than 350-unit multifamily property located in Rockland County. The loan is also non-recourse and includes a 10-year term, a 5.62 percent fixed interest rate and a 30-year amortization schedule. The borrower was undisclosed and the lender was a portfolio lender.
BURLESON, TEXAS — Encore Multi-Family, a division of Encore Enterprises, has commenced development of Encore at Alsbury, a new transit-oriented multifamily project located in the Fort Worth suburb of Burleson. The 12.25-acre property will feature 200 units. Also to be constructed is a 6,183-square-foot clubhouse that will feature a pool, a fitness center, a business center, a coffee bar and a game room. The project is being built within Burleson's new transit-oriented development district, which will link the city to Fort Worth through a commuter rail line. Groundbreaking is expected to occur in January, with completion scheduled for the first quarter of 2011. The project architect is Dallas-based JHP Architecture.
RIVERDALE, N.J. — Trammell Crow Residential has begun development of Alexan Riverdale, a new luxury apartment community located in Riverdale. The community will be situated on 15 acres. It will consist of two four-story buildings containing a total of 212 apartments in a mix of one- and two-bedroom units. Also being built is a 5,000-square-foot clubhouse that will feature an outdoor swimming pool, a fitness center, a gaming room, a kitchen and a resident lounge. Sitework is current under way and pre-leasing will begin in the spring. Earlier this year, Trammell Crow opened a similar community called Alexan CityView in Bayonne, N.J.