NEW YORK CITY — The Frameworks Group has completed 30 new beachfront condominiums at Bell Shores Condominium, a 78-unit luxury condominium community located in the Rockaway section of Queens, New York City. The single-level and duplex residences contain a mix of two and three bedrooms. They range in size from 967 to 1,897 square feet and feature up to 1,047 square feet of private outdoor space overlooking the Atlantic Ocean. The units are priced from the $500,000s and offer a 15-year tax abatement. Unit amenities include private storage and gated parking, hardwood flooring, high ceilings and walk-in closets. Some units also feature grand fireplaces.
GLENDALE, ARIZ. — N/A Sage Stone -81 LP, an affiliate of Santa Barbara, Calif.-based Nevins Adams Lewbel Schell, has purchased Sage Stone at Arrowhead, a multifamily community located at 6233 W. Behrend Dr. in Glendale. The 308-unit property features two resort-style swimming pools with spas, a clubroom with a kitchen and fireplace, a fitness center and a business center. The individual units feature 9-foot ceilings, crown molding, full-size washers and dryers, recessed lighting, oversized walk-in closets and private patios or balconies. At the time of acquisition, the property was 94 percent occupied. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller, a Midwest-based financial group, in the transaction.
SUNNYVALE, CALIF. — Laguna Niguel, Calif.-based Raintree Partners has acquired its first multifamily property. The firm purchased Trellis Square Apartment Homes, a 204-unit luxury apartment complex in Sunnyvale, for $38.25 million. Located at 963 E. El Camino Real, the property offers one- and two-bedroom units, a fitness center, a spa and a swimming pool. William Huberty and Matthew Holmes of CB Richard Ellis’ San Francisco office represented the seller, an affiliate of Northwestern Mutual, in the transaction. Financing was provided by Fannie Mae through Troy Tegeler and Bethany Bailey of CBRE Capital Markets.
SANFORD, FLA. — A joint venture between Canadian and Florida-based investors has borrowed a $14.05 million loan for the 356-unit Stonebrook Apartment Homes. The apartment complex, which was completed in 2001, is located at 1000 Stonebrook Dr. in Sanford. The 10-year Freddie Mac loan carries a 5.62 percent fixed interest rate and a 30-year amortization. Dennis Jimenez of CB Richard Ellis’ Orlando office secured the loan.
FORT LAUDERDALE, FLA. — A local LLC has sold a 22-unit Fort Lauderdale apartment portfolio to a local private investor for $858,000. The three-property sale included eight units at 800 N.W. 3rd Ave., eight units at 424 N.W. 14th Terrace and six units at 805 N.W. 2nd Ave. Jason Yukins of Marcus & Millichap’s Fort Lauderdale office represented the seller.
JERSEY CITY, N.J. — Groundbreaking has occurred for Margaret S. Herbermann Manor, a new affordable housing project located at the intersection of Secaucus Road and Summit Avenue in the Heights neighborhood of Jersey City. The five-story, elevator-served building will feature 45 units, comprising five low-income units, 10 moderate-income units and 30 workforce housing units. Each unit totals approximately 1,100 square feet and contains two bedrooms. Approximately half of the units are single-level, with the rest consisting of duplex units. In addition, the building will contain one floor of parking and two ground-floor retail spaces. Herbermann Manor will be applying for LEED-Silver certification. It is being developed by Franklin Development Group. Construction financing is being provided by M&T Bank, as well as the New Jersey Housing & Mortgage Financing Agency’s CHOICE program, which encourages the development of for-sale housing in Smart Growth areas throughout the state. Completion is scheduled for spring 2010.
VAN NUYS, CALIF. — Tony Azzi of Marcus & Millichap represented both parties in the disposition and acquisition of a 75-unit apartment property in Van Nuys. Located at 6919-6929 Sepulveda Blvd., the property sold for $5.62 million or $178.55 per square foot. The buyer and seller were not disclosed.
INGLEWOOD, CALIF. — The Los Angeles office of Heery International has been awarded the construction management for Locust Street Senior Center and Housing Complex, which is located one block east of Inglewood’s historic downtown. The 90,000-square-foot senior center will be the first city-owned housing development in Inglewood’s history. The project will feature 58 senior apartments, a three-floor rooftop terrace, a 6,000-square-foot commercial kitchen, and Wi-Fi Internet access for residents and visitors. Kennard Design Group and WWCOT Architects are providing architectural services for the project, which is slated for completion in spring 2011.
MIAMI BEACH, FLA. — A private investor from Miami has sold a 12-unit apartment complex to a Surfside, Fla.-based investor for $775,000. The property is located at 7700 Abbott Ave. in Miami Beach. Eight one-bedroom units and four studio apartments are housed in the complex. Lawrence Usher of Marcus & Millichap’s Miami office represented both parties in the transaction.
HOUSTON — Jamie Mullen of The Woodlands, Texas-based LMI Capital has arranged $4 million in debt for the acquisition of Cedar Branch Apartments in Houston. Located at 1217 Blalock, the 234-unit community features 24 studio, 150 one-bedroom and 60 two-bedroom units. Mullin worked on behalf of the purchaser to secure the financing with one of LMI’s lending sources.