PHOENIX – Marcus & Millichap Real Estate Investment Services has sold the 486-unit Northern Point and 214-unit Paseo del Sol apartment communities for $9,990,000. Marcus & Millichap’s Steve Gebing, Cliff David and Rich Butler, multifamily investment specialists out of the firm's Phoenix office, acted as the exclusive listing agents on behalf of the seller, a court-appointed Receiver.
Multifamily
BALTIMORE — Brick, N.J.-based Tryko Partners has purchased the 495-unit Loch Raven Village, located at 1711 Edgewood Rd. in Baltimore, for $26 million from GA Loch Raven Baltimore, LLC. The buyer will complete a $4 million renovation, including adding air conditioning to all units, upgrading landscaping and remodeling kitchens, bathrooms, entryways, common areas. CB Richard Ellis' Baltimore office represented the seller.
MEBANE, N.C. — Kevin Jenkins of NorthMarq’s Charlotte, N.C., office has arranged $10.78 million in first mortgage financing for 192-unit Ashbury Square Apartments, a multifamily property located in Mebane. Financing was secured by Arbor Commercial Funding DUS and based on a 10-year term with a 30-year amortization schedule.
CHESTER, ILL. — Marcus & Millichap has brokered the sale of St. Ann's Healthcare Center, a 119-bed skilled nursing facility located in Chester. The property was constructed in 1937 and expanded in 1976. It traded between two undisclosed parties for $1.45 million. Mark Myers, senior director of Marcus & Millichap's National Seniors Housing Group, arranged the deal.
BROOKLYN, N.Y. — The 104-unit, 550 Watkins St. in Brooklyn is now open. The $28.5 million project was co-developed by CPC Resources, Inc., the for-profit development arm of the Community Preservation Corp. and East Brooklyn Congregations, a local development corporation. The property was developed under Mayor Michael R. Bloomberg's New Housing Marketplace Plan, an $8.5 billion initiative to finance 165,000 units of affordable housing for 500,000 New York residents by 2014.
NEW YORK CITY — Washington Management Realty has sold the 20-unit apartment building located at 507 West 179th St. in New York City for $2.2 million. Moses Sioni of New York City-based Sioni & Partners represented the seller.
LAKELAND, FLA. —Marcus & Millichap has brokered the $14.15 million sale of the 300-unit Willowbrooke Apartments, located at 1100 Oakbridge Pkwy. in Lakeland. The property features a clubhouse, swimming pool, sundeck, fitness center and tennis and basketball courts. Casey Babb of Marcus & Millichap’s Tampa, Fla., office represented the Birmingham, Ala.-based Drummond Co., the seller, and the buyer, a Toronto-based investor, was self-represented.
MELBOURNE, SEBRING & ST. PETERSBURG, FLA. — J. Cary Monroe and Michael Giordano of Monroe & Giordano’s Tampa, Fla., office have arranged $12.5 million in financing for three manufactured home communities totaling 477-sites. The 112-site The Villages of Ponce de Leon in Melbourne received an acquisition loan of $5.8 million. The purchaser and seller formed a new joint venture. The 95-site Thunderbird Hill South in Sebring received $1.5 million in financing and the 270-site Palm Haven in St. Petersburg was refinanced with a conduit loan of $5.2 million.
WILTON MANORS, FLA. — Mark Grace of NorthMarq Capital’s Los Angeles office has arranged $8.5 million in first-mortgage financing for the 150-unit Wilton Tower Apartments. The financing was based on a 5-year fixed term with a 30-year amortization schedule. Financing was provided by AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender.
SALISBURY, MD. — CB Richard Ellis’ Baltimore-Washington DC Multi-Housing Investment Team has arranged the sale of the 104-unit Tide Mill, located at 623 Edgewater Dr. in Salisbury. Fairfax Station, Va.-based Fairfax Station Enterprises purchased the community for $6.8 million from an entity owned by Douglas Margerum, a principal of Annapolis-based Cove Property Management and Michael B. Gross. Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum, Martha Hastings and Trish Bonebrake of CBRE’s Baltimore office, and Joe Schneider of Schneider, Richardson & Davis, LLC, represented the seller in the transaction.