NEW YORK CITY — GFI Realty Services has brokered the sale of two multifamily buildings located in the Bronx, New York City, for $16.7 million. The properties are located at 2197-2199 Cruger Ave. and 2198 Cruger Ave. Both buildings total six stories and are elevator-served. They contain a total of 149 apartments and three professional office suites. Matthew Sparks and Shlomo Antebi of GFI represented both parties in the transaction. The properties traded at a 5 percent capitalization rate.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Acadia Place Apartments, a 140-unit multifamily community located in San Antonio. The community was constructed in 1985 and is situated at 4550 Lavender Lane. Ryan Epstein and Moses Siller of Marcus & Millichap’s San Antonio office represented the seller and the buyer, both undisclosed limited liability companies. The acquisition price was also not disclosed.
KENNEWICK, WASH. — KeyBank Real Estate Capital has provided an $11.8 million Fannie Mae Multifamily Affordable Housing loan to ICG Properties. The loan is for Heatherstone Apartments, a 455-unit low-income housing, tax-credit apartment complex in Kennewick.
PHOENIX — Scottsdale, Ariz.-based MC Companies recently closed on the acquisition of Wickertree Apartments in Phoenix. The 226-unit multifamily property sold for an undisclosed price. The acquisition brings the company’s management portfolio total to 6,472 units. Additional information regarding the transaction was not disclosed.
ATLANTA — GFI Capital Resources Group has purchased the 288-unit Clairmont apartment complex from an undisclosed party for $17 million. Located in Atlanta, the property spans 11 acres and is 94 percent occupied. Apartment amenities include two pools, a fitness center and a business center. The buyer plans to renovate the apartment’s exterior.
MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.
MIDDLETOWN, R.I. — Fantini & Gorga has arranged for a $7.2 million first mortgage for the East Bay Village Apartments, a 240-unit complex located in Middletown. The apartment community is located at 969 W. Main Road (Route 114), approximately 2 miles north of Downtown Newport. The property includes a total of 10 three-story buildings with 240 studio, one- and two-bedroom units. The units include all electric kitchens, intercom entry systems, walk-in closets, air conditioning, ceiling fans, breakfast bars, garbage disposals and cable TV/high-speed Internet hook-ups. Some complex amenities include on-site management, a pool, laundry facilities in each building, free storage areas, a tennis court, a volleyball court and extensively landscaped grounds. The borrower, Middletown Associates, is owned and managed by affiliates of Picerne Investment Corporation.
HARTFORD, CONN. — Arbor Commercial Funding has secured a $905,500 loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Mansfield Apartments, a 60-unit complex in Hartford. The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent. The loan was originated by John Edwards of Arbor’s full-service Boston lending office.
AUSTIN, TEXAS — Austin WH Apartments has purchased the 288-unit Woodland Heights apartment complex from an undisclosed buyer for an undisclosed amount. Located at 8312 IH-35 North in Austin, the property was sold in lieu of foreclosure. Woodland Heights was renovated a few years ago, and the buyer is planning further updates to the exterior and interior. Houston Income Properties’ Bishale Patel and Forrest Bass represented the buyer; Ellen Muskin and George Deuillet of Hendricks & Partners’ Austin office represented the seller.