LA MESA, CALIF. — Grubb & Ellis|BRE Commercial has brokered the $6.7 million acquisition of Stoneridge by the Lake Condominiums in La Mesa. Located at 5707 Baltimore Dr., the more than 30-year-old property features five buildings on 2.24 acres of land. The transaction encompassed 47,705 rentable square feet, including 42 of the 51 total condominium units in the complex. Grubb & Ellis|BRE Commercial’s Diane Miramontes, Darcy Miramontes, Hunter Combs and Kip Malo represented the undisclosed buyer. The fractured condo development was sold by a large international bank, which was also the original lender on the property’s conversion in 2006-2007.
NEW YORK CITY — Marcus & Millichap has completed the sale of a 16-unit apartment building located in the Bronx, New York City, for $1.28 million. The property is a five-story, walk-up building that features a mix of studio, one-, two- and three-bedroom units. Almost all of the units have been recently renovated. The undisclosed buyer purchased the property free and clear of debt and used the proceeds to refinance a neighboring property. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, which was also undisclosed, as well as the buyer.
SAN ANTONIO — Hendricks & Partners (H&P) has brokered the sale of Windsor Village, a 124-unit multifamily community located at 5341 Gawain Dr. in San Antonio. Scott Weems of H&P's San Antonio office and Ellen Muskin of the firm's Austin, Texas, office represented the seller, Santa Rosa, Calif.-based SA Windsor Village Apartments LP. The buyer was Boerne, Texas-based Calton Investments. The acquisition price was undisclosed.
DALLAS — New York City-based Avant Capital has arranged a $2.85 million bridge loan for the acquisition and renovation of a 304-unit apartment community located in Dallas. The loan carries a 2-year term with interest-only payments, a 7 percent interest rate, a 2-year extension option and a 70 percent loan-to-value ratio. The lender is a local bank and the borrowers are multifamily investors with a strong Dallas-Fort Worth presence.
TUSCALOOSA, ALA. — The Dinerstein Cos. has secured a $27.12 million construction loan for the 316-unit Sterling Crimson Apartments in Tuscaloosa. The student housing property, which is slated to deliver in August 2011, is located at the intersection of 10th Ave. and 14th St. near the University of Alabama campus. Property amenities include an internet café, a tanning salon, a fitness center and a pool. Cameron Cureton of Holliday Fenoglio Fowler’s Houston office secured the loan.
HOLLYWOOD, FLA. — Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented a private party in the sale of the 44-unit Monroe Apartments to a limited liability company for $2.45 million. Located at 3505 Monroe St. in Hollywood, the property features one- and two-bedroom units as well as studios. Elliot Shainberg of Marcus & Millichap’s Miami office represented the buyer.
ATLANTA — Bulls Capital Partners has secured a $3.42 million loan for the 165-unit Villages at Carver Phase V, developed The Integral Group and H.J. Russell New Urban Development. The loan is a conversion of a construction loan to permanent financing. The Atlanta apartment is part of a master-planned community, which will feature a YMCA and the Atlanta Braves Baseball Academy. Fannie Mae provided the financing through SunTrust Bank.
CHICAGO — Matt Welke of Essex Realty Group brokered the sale of 128 West Chestnut Street, an eight-unit vintage apartment building located in the Gold Coast neighborhood of Chicago. An undisclosed buyer acquired the property for approximately $1.35 million. The 14,525-square-foot property was vacant at the time of the acquisition. The seller was not disclosed.
WEST HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the $19.1 million sale of Westgate Apartments in West Hartford. The garden-style community is located on Farmington Avenue and totals 174 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York office, along with Michael Stone of the firm's Hartford office, represented the seller, 1248 Westgate Associates LP, which is controlled by Capital Properties. The team also secured the buyer, Westgate Apartments LLC, which is controlled by Solomon Organization.
SAN DIEGO — AMCAL Multi-Housing and Las Palmas Foundation will hold the grand opening of Los Vientos, a new affordable-housing development located in the Barrio Logan neighborhood of San Diego. Designed by local San Diego architects Austin Veum Robbins and Parshalle, the 89-unit Los Vientos consists of two buildings featuring four four-bedroom units, 35 three-bedroom units and 50 two-bedrooms units. It also includes two children’s play areas in the courtyard, an outdoor barbecue area and a 1,400-square-foot community clubhouse with a computer lab. With rents ranging from $450 to $1,180 per month, the affordable-housing development will be available to residents who earn 30 to 60 percent of the area median income.