GALVESTON, TEXAS — Marcus & Millichap has brokered the sale of The Reef Resort Apartments, a 36-unit, multifamily property located at 8502 Seawall Blvd. in Galveston. The property has seasonal rates by the day, weekend and month, and it includes a swimming pool and a tennis court. Norman Eastwood, William Jarnagin and Michael Ware from Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a receiver. The buyer was a private investor from Texas.
PEORIA, ARIZ. — Deerfield, Ill.-based Sherman Residential has acquired Alexan Paradise Lane, a 240-unit luxury apartment community in Peoria, for $21.5 million. Located at 8092 W. Paradise Lane, the 247,960-square-foot property features a state-of-the-art athletic center, a business center with Wi-Fi access, a clubhouse and a heated resort-style swimming pool with spa. Units feature spacious floorplans, 9-foot ceilings, contemporary kitchens with black appliances, faux granite countertops, tile entryways and full-size washers/dryers. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller, a joint venture between Phoenix-based Trammell Crow Residential and Opus West Corp.
LOS ANGELES — Paul Darrow and Ronald Harris of Marcus & Millichap represented the undisclosed seller in the disposition of Melrose Apartments in Los Angeles. Located at 4266 Melrose Ave., the 20-unit property sold for $1.26 million. Built in 1921, the property features 19 studio units and one one-bedroom/one-bath unit. The buyer was not disclosed.
DENVER — Kyle Malnati of Pinnacle Real Estate Advisors represented the seller, Metropia Park West LLC, in the disposition of Park West Condominiums in Denver. Located at 1536 Williams St., the property features 10 one-bedroom/one-bath units and two studio units. Serving as a qualified intermediary for Lesia Anders, The 1031 Exchange Experts purchased the property for $1.06 million.
HOWARD COUNTY, MD. — Timonium, Md.-based Bavar Properties Group and Murn Development will break ground on the 164-unit Enclave at Emerson luxury multifamily complex early next year in General Growth Properties’ Emerson community. The master-planned project is located at the interchange of Route 216 and Interstate 95 in Howard County. The Enclave will encompass 129 apartments, 35 townhomes and a 5,000-square-foot clubhouse. The developers are currently in the design phase and expect to select a contractor this fall.
BIRMINGHAM, ALA. — Dallas-based BMC Capital has secured a $7 million loan to refinance the 160-unit Hickory Knoll Apartments. The property is located at 200 Hickory Knoll Blvd. in Birmingham. The 10-year loan features a 30-year amortization and a 65 percent loan-to-value rate.
INDIANAPOLIS — Locally based Tikijian Associates has arranged the sale of the 360-unit Somerset Lakes Apartments on behalf of the seller, Aimco. Gene B. Glick Co. acquired the waterfront apartment community, which is located along an 80-acre lake across from the Keystone Crossing mixed-use complex in Indianapolis, for an undisclosed sum. The average unit size with Somerset Lakes is approximately 1,400 square feet.
COPLEY TOWNSHIP, OHIO — Stamford, Conn.-based Alliant Capital has secured $8.5 million in refinancing for Hunt Club Apartments, a 260-unit market-rate apartment community in Copley Township. The garden-style complex features one and two-bedroom units, and is 91 percent occupied. The borrower was a group of area commercial real estate professionals. John Marr of Alliant Capital originated the transaction.
NEW YORK CITY — GFI Realty Services has brokered the sale of a walk-up apartment building, located in Brooklyn, New York City, for $1.05 million. The four-story building, which is situated at 1150 President St., contains 16 rent-stabilized units. GFI’s Joseph Landau and Steven Vegh represented the seller, a locally based investor. The undisclosed buyer was represented Steven Vegh and Yisroel Pershin, also of GFI.
LOS ANGELES — An undisclosed developer has acquired Temple Union Apartment Homes, a 52-unit apartment property in Los Angeles. Located at 330 N. Union Ave., the property sold for $2 million. The REO offering consists of seven parcels of land totaling 37,432 square feet with approved entitlements for 52 apartment homes. Paul Darrow and Ronald Harris of Marcus & Millichap’s Los Angeles office represented both parties in the transaction. The seller was not disclosed.