NEW YORK CITY — Massey Knakal has brokered the $11.22 million sale of 333 Ovington, Ave., a six-story, 119 rental unit elevator apartment building located between Third and Fourth Avenues in Brooklyn’s Bay Ridge neighborhood in New York City. The price equates to 9x GRM, $121 per square foot, $94.3k per unit, and a 6 percent capitalization rate. Landon McGaw of Massey Knakal handled the listing along with colleague Stephen Palmese. The buyer and seller were undisclosed.
LODI, N.J. — Marcus & Millichap has brokered the sale of Manorview Apartments in Lodi. The 21-unit property, which also contains one office space property, was sold for $2.2 million. Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. Manorview Apartments was built on Main Street in 1950. It features a lot size of .24 acres, and a rentable square footage of 17,850 square feet.
VENICE, CALIF. — Kevin Sabin and Lev Galitzin of Sperry Van Ness represented the seller in the disposition of The Venice Rose, an apartment complex located at 15 Rose Ave. in Venice. An undisclosed out-of-state buyer acquired the property for $3.8 million or $348 per square foot. Originally built in 1908 by Abbot Kinney, the property features 13 single units, nine one-bedroom/one-bath units and two two-bedroom/one-bath units. The building also features a rooftop deck with ocean views, huge balconies/patios and hardwood flooring.
HAYWARD, CALIF. — Mariner Health Care (GranCare Inc.) has acquired Hayward Hills Health Care Center, a 74,000-square-foot, 72-bed skilled nursing facility in Hayward. Located at 1768 B St., the property sold for $3.5 million. David Stolte of NAI Capital represented the buyer; Jay Hagglund of NAI BT Commercial represented the undisclosed seller in the transaction.
LEHIGH ACRES, FLA. — Coconut Grove, Fla.-based Carlisle Development Group has opened its 100-unit Heron Pond II Apartments senior living complex. Located at 8421 Heron Pond Dr. in Lehigh Acres, the $14 million complex contains 60 one-bedroom units and 40 two-bedroom units. Residents benefit from on-site health fairs, free medical testing and seminars on financial counseling. The two-story property includes two community clubhouses, a pool, a fitness center, a barber shop and a library. Each unit features roll-in shower stalls, grab bars and scald-control faucets.
MIAMI — J. Jeffrey Robertson of NorthMarq Capital’s Miami office has arranged a $20 million loan for the 424-unit Broadwater Apartments. The complex is located at 15000 S.W. 104th St. in Miami. The 10-year loan carries a 30-year amortization and was financed by Freddie Mac.
NEW BRITAIN, CONN. — NorthMarq Capital has brokered the acquisition of Pebblebrook Apartments, a 486-unit multifamily community located in New Britain and arranged its acquisition financing. The property was purchased for $28.64 million and is secured by a $23.59 million loan. The financing carries a 10-year term with a 30-year amortization schedule and 1 year of interest-only payments. Robert Ranieri of NorthMarq’s Capital Services Group East and J. Jeffrey Robertson of the firm’s Miami regional office arranged the transaction and financing. The lender was Freddie Mac.
GREENVILLE, N.C. — John Edwards of Arbor Commercial Funding’s Boston office has secured a $3.44 million loan for the 72-unit Melbourne Park 3 Apartments in Greenville. The 10-year loan carries a 6.10 percent interest rate and a 30-year amortization. The loan was financed through the Fannie Mae DUS program.
JERSEY CITY, N.J. – Construction has been completed on Crystal Point, a 269-unit multifamily facility in Jersey City. Developed by Fisher Development Associates, the 42-story waterfront condominium community features one-, two- and three-bedroom residences ranging from 800 to 1,817 square feet. Designed by architectural firm Gruzen Samton, the building features a distinctive, crystalline-style glass exterior that allows for each unit to have water views. Amenities include the Crystal Spa, a yoga/aerobics room, a fitness center, a lounge with a catering kitchen and flat screen televisions, a game room with billiard and poker tables, a children’s playroom and a screening room within the Crystal Club. Other amenities include a lap pool, a hot tub, private cabanas and lounge chair seating, as well as a BBQ and dining area and fire pits with accompanying seating. The full-service building will also offer a professional concierge, and valet parking, while a lobby level restaurant will serve residents and the community at large. Residents will also benefit from free on-site parking. Prices start at the mid-$400,000s. The Marketing Directors is the exclusive marketing and sales agent for the property.
NEW YORK CITY — Marcus & Millichap has completed the $6.08 million sale of three properties in the Bronx in New York City. Marco Lala, Dave Raciti and Jack Lala of Marcus & Millichap’s Manhattan office exclusively represented the sellers and the buyers. The first property in the sale is 250 McLean Ave., a 36-unit multifamily building with eight studios, 20 one-bedroom units and eight two-bedroom apartments. The six-story, 30,328-square-foot building sold for $3.4 million. Situated between Carol Avenue and Coyle Place, the building features 10 garages and 18 parking spots and is within close proximity of downtown Yonkers and Riverdale. The second property is a 25-unit multifamily building with 16 one-bedroom units and nine two-bedroom apartments located at 2307 Beaumont Ave. The 20,920-square-foot, 5-story walk-up was sold for $1.6375 million. And the third property was 245 East Mosholu Pkwy. North, a 50-foot by 160-foot lot with approved and delivered plans for an 11-story apartment building with 29 one-bedroom units, five two-bedroom units and one studio apartment. The investor, Promesa Systems Inc., a not-for-profit Bronx real estate organization, received 100 percent financing from the New York City Affordable Housing Acquisition Loan Fund. The 34,250-square-foot lot sold for $1.05 million.
