RIVERVIEW, FLA. — The FDIC, acting as a receiver for Corus Bank, has sold 199 units in the 432-unit Allegro Palm condominium complex to a local private investor for $6.25 million. The property, which was built in 2000, is located at 5501 Legacy Crescent Place in Riverview. Evan Kristol and Still Hunter of Marcus & Millichap¹s Fort Lauderdale, Fla., office brokered the sale.
ACTON, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Spring Hill Commons, a 105-unit apartment community located in Acton. The community comprises four buildings situated at 421 Great Rd. It contains a mix of one- and two-bedroom units and was approximately 94 percent occupied at the time of the sale. CBRE's Paul Donahue, Travis D'Amato and Bill Moylan represented the seller, Chicago-based Equity Residential, and procured the buyer, Needham, Mass.-based Universal Realty. The acquisition price was not disclosed.
MORRIS COUNTY, N.J. — NorthMarq Capital has secured $8 million in permanent financing for a 222-unit, garden-style apartment community located in Morris County. The loan carries a 15-year term; a 6.12 percent fixed interest rate and is self-liquidating. Mark Scott of NorthMarq's New Jersey office arranged the deal through a regional bank.
NEW YORK CITY — Massey Knakal Realty Service has completed the sale of 1001 Avenue H, a 38-unit, walk-up apartment building located in the Flatbush neighborhood of Brooklyn, New York City, for $3.16 million. The building traded at a 6.4 percent capitalization rate. Eric Greenfield of Massey Knakal negotiated the transaction between the two undisclosed parties.
MOUNT VERNON, N.Y. — Houlihan-Parnes Realtors has arranged $1 million in first-mortgage financing for two apartment buildings located in Mount Vernon. The two five-story buildings are located at 239-253 W. First St. The properties contain a total of 44 apartments and eight retail spaces. Jeremiah Houlihan of Houlihan-Parnes secured the loan, which contains a 10-year term at a market interest rate. The lender is a Long Island-based savings bank.
CHICAGO — An undisclosed buyer has acquired 1514 West 77th Street, a 19-unit apartment building located in Chicago’s Auburn Gresham neighborhood. Doug Fisher and Jon Morgan of Essex Realty Group brokered the sale. Additional details about the sale were not disclosed.
LYNN, MASS. — Arbor Commercial Funding has arranged $1.87 million in Fannie Mae DUS funds for Mayflower Apartments, a 48-unit multifamily community located in Lynn. Edward Petti of Arbor's New York City office originated the loan, which contains a 10-year term, a 30-year amortization schedule and a 6.18 percent interest rate. The borrower is using the funds to complete a 1031 exchange.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of the Lenox Court multifamily community in Houston. The property contains 266 units and is situated at 10534 Beechnut St. The transaction involved the sale of the promissory note secured by the property, which was subsequently foreclosed on by the buyer, Dallas-based Villa Adora. Greg Austin, Chip Nash and Jim Hearn of H&P's Houston office, along with Tom Burns and Jay Gun of the firm's Dallas office, represented the buyer. The seller was Los Angeles-based SunAmerica Life Insurance Co. The buyer plans to complete renovations to the property this year.
STAMFORD, CONN. — Metro Green Apartments, a 50-unit affordable housing project located in Stamford, has opened. The project is situated on Henry Street and is part of Metro Green, a transit-oriented development (TOD) that is being master developed by Malkin Properties. Malkin has partnered with Jonathan Rose Cos. to develop Metro Green Apartments as well as the rest of the TOD's residential component. At full build-out, Metro Green will consist of 238 mixed-income residential units and a 350,000-square-foot, Class A office tower. Metro Green Apartments will be seeking the Gold-level certification under LEED – New Construction. Metro Green's residential component is also serving as a pilot project for the new LEED – Neighborhood Design program, and the office tower will be pursuing Platinum-level certification under LEED – Core & Shell.
EAST HAVEN, CONN. — CB Richard Ellis (CBRE) has brokered the sale of Parkwood Apartments located in East Haven for $8 million. Situated at 38 High St., Parkwood is a garden-style property containing 102 units. Jeffrey Dunne, Christopher Leonard and Matthew Innes of CBRE's New York Institutional Group, along with Michael Stone of the firm's Hartford, Conn., office, represented the seller, GPT-East Haven LLC, an entity controlled by Equity Residential. Steve Witten of Marcus & Millichap represented the buyer, a local private investor.