LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $14.1 million sale of the 245-unit Hawaiian Palms, located at 3540 NW 50th Ave. in Lauderdale Lakes. Craig Porter and Darryl Matus of the firm's Fort Lauderdale, Fla., office represented the seller, a Plantation, Fla.-based limited liability company, and secured the buyer, a South American private investor.
BURTONSVILLE, LAUREL & COLUMBIA, MD. — Beech Street Capital has provided $36.65 million in Fannie Mae conventional loans to refinance a portfolio of three Maryland apartments communities. The properties include: the 208-unit Knight's Bridge II in Burtonsville, the 275-unit Fox Rest in Laurel and the 300-unit Autumn Crest in Columbia. The fixed-rate loans have a 10-year term with a 30-year amortization schedule. The transaction was originated by Meridian Capital Group.
ELK GROVE VILLAGE, ILL. — A joint venture between Boston-based Alcion Ventures and Chicago-based Golub & Co. has acquired the 579-unit Hamilton Court in Elk Grove Village for an undisclosed price. The property is approximately 95 percent leased. The buyer was self-represented by Michael Goldman and Adam Short of Golub & Co. and Mark Potter, Martin Zieff and Kris Galletta of Alcion Ventures. Michael Miller and Jeff Cherner of NorthMarq Capital's Chicago office represented the undisclosed seller in the transaction. Additionally, Miller and Rupesh Patel, also of NorthMarq's Chicago office, arranged acquisition financing through Freddie Mac.
MISHAWAKA, IND. — Fishers, Ind.-based AHEPA National Housing Corp. and the Department of Housing and Urban Development have broken ground for the 50-unit Penelope 60 Apartments, an affordable senior housing apartment building located at 810 S. Merrifield Ave. in Mishawaka. AHEPA Management Co. will manage the property, which is slated for completion in September 2012.
MICHIGAN — Arbor Commercial Funding has closed on loans through Fannie Mae for seven apartment complexes in Michigan. The properties are: – The 143-unit Carriage Hill East in East Lansing – The 143-unit Appletree Apartments in Sparta – The 86-unit Wood Mar Apartments in Lansing Township – The 427-unit Colonial Square Cooperative in Ann Arbor – The 72-unit Tree Tops Apartments in Northville – The 49-unit Cloisters Apartments in Clawson – The 30-unit Edgewood Court North in Birmingham All of the loans were originated by Michael Jehle of Arbor's Bloomfield Hills, Mich., office.
NEW YORK CITY — GFI Realty Services Inc. has brokered the $1.4 million sale of 1063 Eastern Parkway, a 16-apartment property in the Crown Heights section of Brooklyn in New York City. The four-story walkup apartments comprise 15,800 square feet. GFI’s Joseph Landau represented the buyer, and Shlomo Antebi of GFI represented the seller.
MARIETTA, GA. — Marquis Investments has acquired Casa Mia Apartments in Marietta from Freddie Mac for $4.8 million. The 400-unit complex has been renamed Marquis Place and includes a swimming pool, lighted tennis courts and a playground. Star Residential will manage the property for Marquis Investments.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $4.36 million sale of the 60-unit Villas of Palm Beach, located at 2236 Laurel Way in West Palm Beach. William Berthiaume of the firm's Fort Lauderdale, Fla., office represented the seller, a Miami-based limited liability company, and procured the buyer, a Lake Worth, Fla.-based limited liability company who was in a 1031-exchange.
CHICAGO — Cambridge Realty Capital Cos. has provided HUD Section 223 (a)(7) loans for eight senior housing communities in the Chicago metropolitan area and downstate Illinois. The properties include: – The 97-unit Centennial South Apartments in Mt. Prospect – The 100-unit Centennial North Apartments in Mt. Prospect – The 80-unit Carmel House Apartments in Zion – The 104-unit Lakeland Apartments in Fox Lake – The 80-unit Forest Apartments in Glen Ellyn – The 115-unit Jefferson House in Macomb – The 110-unit Colonial House Apartments in DeKalb – The 160-unit Vermillion House Apartments in Danville An Illinois limited partnership owns the properties, all of which received fully amortized 39-year loans.
SEATTLE — The AFL-CIO Building Investment Trust (BIT) has agreed to develop the $48-million, 193-unit PortVue Apartments in West Seattle. The multifamily project will commence construction in the next few weeks. It is being developed by Legacy Partners.