NEWARK, N.J. — Marcus & Millichap has brokered the sale of an 11-unit multifamily building in Newark for $250,000. Built in 1960, the property contains 10 apartments and one ground-floor commercial space. The unit mix is one studio, seven one-bedrooms, one two-bedroom and one three-bedroom. Steve Sussman of Marcus & Millichap's Miami office and Christopher Rizzolo of the firm's New Jersey office represented the seller, an Ohio financial institution, and procured the buyer, a New York investor.
DAVIS, CALIF. — Hendricks & Partners has brokered the $15.1 million sale of 148-unit Stonegate Village, located at 2950 Portage Bay West in Davis. Hendricks & Partners’ Steven Nelson and Al Inouye represented Stonegate Village Apartments, a limited partnership, in its sale of the property to Burlingame, Calif.-based SFC Stonegate Village Investors LLC.
HOLLYWOOD, CALIF. — Madison Partners has arranged the $7.4 million sale of the 53-unit Franklin Pointe Apartments located at 1825 N. Cherokee Ave. in Hollywood. Originally constructed in 1963, the three-story apartment complex comprises eight studio units, 29 one-bedroom/one-bath units, eight one-bedroom/two-bath units and eight two-bedroom/two-bath units. Madison Partners’ Darin Beebower represented both the buyer and the seller in the transaction — Los Angeles-based 1825 Partners LP and Franklin Pointe Associates LLC, respectively.
CHARLOTTE, N.C. — Sunrise Senior Living has sold the 86-unit Sunrise of Eastover senior housing community to an undisclosed buyer for $8.85 million. Located on 3.54 acres at 3610 Randolph Road in Charlotte, the property features a reading lounge, an ice cream parlor, a library and a wellness center. Michael Pardoll and Mark Myers of Marcus & Millichap represented the seller.
CHICAGO AND APPLETON, WIS. — Alliant Capital has arranged $52.4 million in Fannie Mae DUS loans for seven multifamily properties in Chicago and two multifamily properties in Appleton. The company secured six loans, totaling more than $37.5 million, on behalf of Horizon Realty Group for properties in Chicago. The 500-unit portfolio includes Buena Terrace, Oakdale Terrace, Sheridan Glen, Barry Court, Wolcott Terrace and The Covington. Additionally, Mickelson Brothers III received a $1.42 million loan for the refinancing of the 23-unit 4840 South Indiana Street property in Chicago. Additionally, a private investor received more than $13.5 million for the refinancing of the 292-unit Lynndale Apartments and the 56-unit Fox Shore Apartments in Appleton. Aaron Abelson of Alliant Capital’s Chicago office closed the transactions.
NEW YORK CITY — Massey Knakal Realty Service has brokered the sale of 121 residential units within the Donner Gardens apartment community in New York City. The apartments consist of the remaining unsold units from a co-op conversion of the property in the 1980s. The previous owner was the building's original developer. The units range from studios to two bedrooms, with the majority being one-bedroom apartments. Approximately 25 percent of the units are rent stabilized. Swain Weiner, Robert Knakal and Jonathan Hageman of Massey Knakal negotiated the deal. Donner Gardens consists of five, six-story buildings located on 81st and 82nd streets in Queens' Jackson Heights neighborhood. The community contains a total of 270 units.
TUCSON, ARIZ. — Grubb & Ellis has negotiated the sale of the historic Coronado Hotel Apartments, located at 402 E. Ninth St. in downtown Tucson, for an undisclosed amount. Built in 1928 and included on the National Registry of Historic Places, the property at the time of the sale was offering low-income families rental assistance through the HUD Moderate Rehab program. Coronado Housing Limited Partnership sold the 42-unit apartment building to a private investor. Grubb & Ellis’ Sandy Alter represented both parties in the transaction.
HOOVER, ALA. — Walker & Dunlop has secured a $6.28 million loan for the 160-unit Alpine Village Apartments. The Hoover property is 93.1 percent leased and includes a pool, a fitness center and tennis courts. The 10-year loan carries a 1.25x debt-service coverage ratio and a 30-year amortization.
PATERSON, N.J. — CB Richard Ellis (CBRE) has arranged the sale of a 19-unit multifamily property located in Paterson. The building is located at 315 Park Ave. and was fully occupied at the time of closing. CBRE's Charles Berger, Dean Marchi and Gehane Triarsi represented the seller. Both parties were undisclosed.
BRYAN, TEXAS — Atlanta-based Apartment Realty Advisors has brokered the sale of Autumn Woods Apartments, a 160-unit, 400-bed student housing community located in Bryan. Constructed in 1999, the property sits adjacent to Blinn College and is less than 5 miles from Texas A&M University. Amenities include a swimming pool, a fitness center, a basketball court and a sand volleyball court. Occupancy was 94 percent at the time of closing. Chris Epp and Chris Bancroft of ARA's National Student Housing Group represented the seller, a Dallas-based private party, as well as the buyer, Realco-Claremont LLC, which is a joint venture between New York-based companies Realco Capital Partners and The Claremont Group.
