HARTFORD, CONN. — Chozick Realty has arranged the sale of 51 Imlay Street, a 30-unit, garden-style apartment community located in Hartford, for $1.17 million. The community was fully leased at the time of closing. Ryan Perkoski of Chozick represented the buyer, Imlay Hartford LLC. Paul Sciarra and Dick Buckley of Prudential Connecticut Realty represented the seller, Lord Commons Apartments LLC.
Multifamily
SAN MARCOS — A joint venture between URDANG, the real estate investment manager of BNY Mellon Asset Management, and Falcon Southwest has acquired The Palazzo, a 300-unit, Class A multifamily community in San Marcos. Located at 1011 Wonder World Dr., the property is visible from Interstate 35. The joint venture will focus on improving property operations, addressing deferred maintenance and implementing a moderate renovation program. URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P., a closed-end private real estate fund managed by Urdang Capital Management. The property was purchased from a private seller.
DENVER — Pinnacle Real Estate Advisors has orchestrated the $1.11 million sale of the Wolf Londoner Building, a 17-unit apartment property located at 2401-2415 Stout Street and 805-817 24th Street near the revitalized Curtis Park Neighborhood in Denver. Constructed in 1916 and fully renovated in 1984, the multifamily structure consists of an office/studio unit, a loft, 11 one-bedroom/one-bath units, two one-bedroom/one-bath large units and two two-bedroom/one-bath units. Pinnacle’s Jeff Johnson and Matt Ritter assisted the buyer in the transaction, and the brokerage firm’s Kyle Malnati assisted the seller.
NEW YORK CITY — Pace University has entered into an agreement for the development of new student housing at 180 Broadway near the school's main Manhattan campus. The school is partnering with a joint venture between SL Green Realty Corp., Jeff Sutton and Harel Insurance & Finance to develop a 24-story building. Upon completion in 2013, Pace University will acquire a long-term ground lease condominium interest for 20 floors of the building, which will contain 600 beds of student housing. The joint venture will control the lower four floors, which will contain retail space. The new student housing will replace leased dormitory facilities Pace operates in Brooklyn Heights. Law firm Stroock & Stroock & Lavan represented Pace University in the transaction.
DALLAS AND HOUSTON — An affiliate of San Antonio-based USAA Real Estate Co. has entered into a joint venture agreement with Gables Residential to develop Class A multifamily properties at urban infill sites as well as purchase an interest in several of Gables' best-in-class stabilized properties. The development and acquisitions have the capacity to equal more than $400 million of Class A multifamily assets. Two of the first three stabilized properties under development include Gables Fairmount, which will comprise 333 apartments in Dallas' Uptown neighborhood, and Gables Bering, which will consist of 306 apartments and 11,200 square feet of retail space in Houston.
SAN ANTONIO — Memphis, Tenn.-based Mid-America Apartment Communities, an apartment-only REIT, has acquired the 340-unit Alamo Ranch apartment community, located in the Westover Hills corridor of northwest San Antonio. Completed in 2009, Alamo Ranch is part of a newly developed mixed-use, master-planned community with more than 900,000 square feet of retail and restaurant space, anchored by JC Penney and Lowe's Home Improvement Warehouse. Amenities at the gated Alamo Ranch include nine-foot ceilings, attached garages and a resort-style pool.
ADDISON — Tom Burns, Jay Gunn and Tom Warren of Hendricks & Partners' Dallas office have represented Frisco-based Hall Financial Group in its sale of a three-property apartment portfolio totaling 628 units in Addison. Bent Tree Brook, located at 4820 Westgrove Dr., Bent Tree Fountains, located at 16400 Ledgemont Ln., and Bent Tree Oaks, located at 4815 Westgrove Dr., have been sold to a joint venture between Crossbeam Capital and Concierge Asset Management. The buyers plan to invest $5.9 million to upgrade the properties.
LOS ANGELES — Marcus & Millichap has brokered the nearly $5.47 million sale of a 68-unit apartment property located in the North Hills area of Los Angeles. The brokerage firm’s Jeff Louks represented the limited-liability-company seller in the transaction.
MARIETTA, GA. — Atlanta-based Cortland Partners has purchased Highland Court, an apartment community located on Allgood Road in Marietta. The 152-unit property was acquired from a Florida-based bank, which foreclosed on the property last year, for $2.6 million. Cortland plans to invest $800,000 in the property for improvements. The property offers two- and three-bedroom townhomes. Planned renovations include new roofs, exterior paint, landscaping, signage and utility repairs. The acquisition was financed by Douglasville, Ga.-based MetroBank.
NEW YORK CITY — First Market Properties has acquired a non-performing loan portfolio. The portfolio contains 25 mortgages secured by multifamily communities located in Brooklyn, Queens and the Bronx. First Market acquired the portfolio for $11.53 million at a discount of approximately 35 percent on the current unpaid principal.