LAKEWOOD, COLO. – A 48-unit apartment complex located at 1700-1790 Kendall Street in Lakewood was sold to a local non-profit organization for $2,673,000. The organization funded the transaction through the Neighborhood Stabilization Program (NSP2). It also plans to make significant capital improvements to the property to provide an attractive affordable housing option for low-income families. Joe Hornstein of Pinnacle Real Estate Advisors assisted both the buyer and the seller, a private lender, in this transaction.
CORONA, CALIF. – Wermers Multi-Family Corporation has commenced construction on the 404-unit North Main Apartments in Corona. The architect is Architects Orange and the engineer of record is Fuscoe Engineering. Construction will begin with work underground and on the foundations. North Main Apartments is expected to open in spring 2012.
MINNETONKA, MINN. — NorthMarq Capital has arranged $8 million in first mortgage financing for the 52-unit Oaks Glen Lake Apartments, located at 14414 Stewart Lane in Minnetonka. The property also contains seven commercial tenant units. The 7-year financing has a 30-year amortization schedule and was arranged by James Hoopes of NorthMarq's Minneapolis office through Freddie Mac.
BOGOTA, N.J. — Marcus & Millichap has brokered the $1.08 million sale of 72 East Main Street, an 11-unit multifamily property in Bogota. Marcus & Millichap’s Nat Gambuzza and Lauren Federgreen represented the seller, Bogota Main Street Associates, and procured the buyer, an investor. The property consists of eight one-bedroom units and three two-bedroom units that all have separate entrances.
ATLANTA — The NorSouth Cos. has broken ground on the 121-unit Hearthside Brookleigh, a $15.7 million senior housing community in Atlanta. The facility is considered Phase III of the six-phase, mixed-use development Brookleigh, located near the intersection of Ashford Dunwoody and Johnson Ferry roads in Atlanta. Upon completion, the development will feature Hearthside Brookleigh, a retail village, luxury mid-rise apartments, single-family homes and condominiums. Completion for Phase III is slated for early 2012.
BLUFFTON, S.C. — Colliers International has negotiated the sale of 51 condo units in the 118-unit BridgePoint condominium community located in Bluffton. Seth Clark of the firm's Charleston, S.C., office represented the undisclosed seller. The buyer was Atlanta-based Equity Resource Partners.
KIRKWOOD, MO. — David Garfinkel of NorthMarq Capital's St. Louis, Mo., office has arranged a $25 million mortgage for the 412-unit Kirkwood Bluffs, located at 1157 Timerbrook Dr. in Kirkwood. The 10-year financing has a 25-year amortization schedule and was arranged through AmeriSphere Multifamily Finance.
MONTCLAIR AND UNION CITY, N.J. — Gebroe-Hammer Associates has arranged the sales of two multifamily properties totaling 57 units in Montclair and Union City for a combined $5.67 million. The 29-unit, four-story 28 Gates Ave. multifamily property sold for $3.45 million. Ken Uranowitz and David Jarvis of Gebroe-Hammer had the exclusive listing for the transaction. The 28-unit Union City property sold for $2.22 million.
SAN ANTONIO — Los Angeles-based City National Bank has sold Gardina Court, a 52-unit apartment community located at 1318 Gardina St. in San Antonio. Gardina Court was built in 1966 and renovated in 2000 and 2002. It features a mix of one- and two-bedroom units. Hendricks & Partners’ Mike Miller, Will Caruth and Chris Ross negotiated the transaction on City National Bank’s behalf.
MARINA DEL REY, FLA. — Archstone has acquired the 224-unit Villa Venetia in Marina del Rey for $44.8 million. The buyer plans to complete a $25 million renovation, which will include the addition of European-style kitchen cabinets, stainless steel appliances and slab granite or Caesar stone countertops. Upon completion, the complex will be renamed Archstone Breakwater at Marina del Rey.