TEMPE, ARIZ. — Los Angeles-based Stonecraft Homes Inc. has acquired Villagio, a 472-unit apartment community in Tempe, for $20.25 million. Located at 1133 W. Baseline Rd., the property consists of 49 one-, two- and three-story garden-style rental buildings. Exterior and interior capital improvements were recently completed to 259 units in the property. Renovations included cabinet re-facing, fresh paint, hardwood-style and carpeted flooring, all electric kitchen with black appliances, new washers/dryers in select units, re-surfacing of the parking lots, clubhouse upgrades, landscaping and model upgrades. The seller was Delaware-based Villagio CAT LLC and San Francisco-based CAPMARK VII-CRE Ltd. Mark Forrester and Art Wadlund of Hendricks & Partners brokered the sale.
LOS ANGELES — Newmark Realty Capital Inc. has completed a $109 million restructure of four loans on a 785-unit multifamily portfolio located in the western United States. The loans were originated by a portfolio lender specializing in short-term bridge loans and were set to mature over the next year. Newmark restructured the loans to allow the sponsor additional time, relief and flexibility to complete their investment plan. The Newmark advisory team included George Mitsanas, Michael Taylor, Peter Hillakas and Patrick Taylor. Additional details about the transaction were not disclosed.
COLUMBUS, OHIO — Columbus-based NAI Ohio Equities has brokered the sale of Old Village Apartments, located in Columbus, for $1.65 million. The community contains 48 residences in a mix of one-, two- and three-bedroom units. NAI’s Scott Paull and Vic Joyner represented the undisclosed seller. The buyer was also undisclosed.
NEW YORK CITY – Clipper Equity has completed more than $20 million in renovations to Flatbush Gardens in Brooklyn, New York City. The community features 59 six-story buildings with a total of 2,469 units. The property comprises 30 acres of East Flatbush and is bordered by Newkirk, Nostrand, Farragut and Brooklyn Avenue. Of the $20 million loan, $10 million went towards renovating the property and $10 million to renovating 1,200 units. The renovations included installing 59 elevators, updating the boiler system, re-roofing 40 percent of the buildings, repairing the exterior brick, installing a laundry facility and replacing the mailroom with a 24/7 center and parcel post office. Also, GreenbergFarrow designed the new courtyard.
JERSEY CITY, N.J. — Marcus & Millichap has completed the sale a six-unit apartment property located in Jersey City. The facility, built in 1900, features 5,100 rentable square feet with three-one bedroom and three-two bedroom units. The property recently underwent renovations that included a new roof, all new electric and new furnace/boilers. Declan Devlin of Marcus & Millichap’s New Jersey office, represented the seller, an undisclosed private investor, and procured the buyer, an undisclosed local investor. The sales price was $420,000.
VIRGINIA BEACH, VA. — An affiliate of Norfolk, Va.-based Harbor Group International has purchased the 288-unit Woodshire Apartments from an affiliate of Denver-based AIMCO for $22.1 million. Located on South Budding Avenue in Virginia Beach, the property includes a swimming pool, a clubhouse and a fitness center. Woodshire is currently 95 percent occupied. Cushman & Wakefield of Virginia’s Drew White brokered the deal.
EWING, N.J. — The grand opening will be held this weekend for The Jefferson, 235-unit residential condominium project located in Ewing. Developed by Iselin, N.J.-based American Properties Realty, The Jefferson comprises 10 three-story buildings. All of the units contain two bedrooms and include up to 1,635 square feet of living space. Prices start at $209,990. Amenities at the Jefferson include a 3,500-square-foot clubhouse with a fitness center, a clubroom, a meeting room, a library, a conference room and a business center. Other amenities include an outdoor pool, a playground and a bocce court. Phase I of the project, consisting of 49 homes, is more than 40 percent sold and the first residents are expected to move in this summer. The clubhouse opened in March. At the grand opening, three model units will be unveiled, which were designed by Atlanta-based Design Environments, the same interior architect that designed the clubhouse.
ROCHESTER, N.Y. — NorthMarq Capital has arranged $4.6 million in first-mortgage financing for Creek Hill Apartments, a 126-unit multifamily property located in Rochester. The loan includes a 5-year term and a 20-year amortization schedule. It was arranged by Sam Berns of NorthMarq’s Upstate New York regional office on behalf of the undisclosed borrower. The lender was a regional bank.
GALVESTON, TEXAS — Sperry Van Ness has brokered the foreclosure sale of The Club of the Isle, a 248-unit luxury multifamily community located in Galveston. The Class A property is situated on more than 15 acres at 3433 Cove View Blvd. on Galveston Island. It comprises three four-story wood frame and concrete stilt buildings with parking garages on the ground floor. The community features one-, two- and three-bedroom units, and three-bedroom townhome units. Monthly rents range from $765 to $1,395. Amenities include gated access, swimming pools and a spa, a billiard room, a massage room, a volleyball court a clubhouse, a fitness center, a playground, a 16-hole chip and putt course and a business center. Occupancy was 80 percent at the time of sale. Kitty Wallace represented the sellers, Bank of America and Wachovia, and the buyer, Illinois-based Marquette Cos. The Club of the Isle was built in 2005 as an apartment community, but a local investor acquired it in 2006 and proceeded to sell some of the units as condominiums. As the residential market deteriorated, the owner started leasing units prior to the foreclosure. The new owner plans to operate the community as apartments in the near-term.
BRADENTON, FLA. — CORE Construction of Florida has completed the 109-unit Lake House at Waters Edge assisted living facility in Bradenton. Developed by Florida Christian Homes Senior Housing Inc. West Bradenton, the $14 million property includes a more than 200-seat restaurant. Lake House encompasses one and two-bedroom units ranging from 600 square feet to 1,100 square feet.