LODI, N.J., AND ALDAN, PA. — Marcus & Millichap has completed two multifamily sales. In Lodi, the firm’s New Jersey office brokered the sale of a 24-unit apartment property for $2.7 million. Marcus & Millichap’s Kevin McCrann and Thomas McConnell represented the seller, a private investor whose family built the property and has operated it for three generations. In Aldan, Marcus & Millichap’s Philadelphia office brokered the $1.47 million sale of the Maryland Avenue Apartments, a 30-unit property located at 78 W. Maryland Ave. The property contains a mix of one- and two-bedroom units, and it was approximately 97 percent occupied at the time of sale. Mark Wolff of Marcus & Millichap represented the seller, a local partnership, and procured the buyer, another local partnership.
Multifamily
SAN DIEGO — Coronado Isle Townhomes LLC has purchased Bankers Hill Apartments, a 10-unit apartment building located at 2234-2244 Brant St. in San Diego’s Bankers Hill district. The property is 90 percent complete with approximately $700,000 worth of improvement needed before occupancy. The 13,286-square-foot building offers two one-bedroom units and eight two-bedroom units averaging 1,327 square feet. Merrick Matricardi, Eric Comer and Jim Neil of CB Richard Ellis represented the buyer; the seller, East West Bank, was self-represented.
CHICAGO — Chicago-based Essex Realty Group has negotiated the sale of three Chicago multifamily buildings for $3.15 million. The buildings are located at 1157-1159 W. Webster Ave. and 2149-53 N. Racine Ave.; they include two multifamily buildings and a two-story buildings with apartments above commercial space. Jim Darrow of Essex was the sole broker in the transaction. The buyer and seller were not disclosed.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided $442,000 in funding for a vacant, three-story residential building located in the East Tremont neighborhood of the Bronx, New York City. Situated at 1688 Webster Ave., the property was recently renovated as part of the HPD’s Neighborhood Homes Program, which transfers city-owned properties to sponsors for rehabilitation and sale to new owners who live in a single unit and rent out the other units at an affordable rate. For this project, Bronx Shepherds Restoration Corp. renovated the property and sold it to 1688 Webster Realty LLC. Jeffrey Brown, the principal of 1688 Webster Realty LLC, will occupy one of the units on the top two floors and will rent out the remaining units. The building’s ground-floor commercial space will be leased to Joshua & Caleb Ministries. CPC provided a $320,949 permanent loan and HPD provided $126,667 in grant financing for the project.
HOUSTON — Brandon Brown of The Woodlands, Texas-based LMI Capital has arranged approximately $3.92 million in permanent debt for the acquisition of Aspen Ridge Apartments, a 256-unit multifamily project in Houston. LMI worked on behalf of the buyer to secure the fixed-rate financing with one of the company’s lending sources.
COSTA MESA, CALIF. — Boston-based Berkshire Property Advisors LLC has acquired Glo, a 201-unit multifamily apartment community located in downtown Los Angeles, for $47.5 million or $236,318 per unit. The property was acquired from a joint venture between Vancouver, Wash.-based Holland Partners and other equity partners. Located at 1050 Wilshire Blvd., the 353-unit property consists of two five-story buildings connected by a sky bridge. Glo offers studio, one-, two- and three-bedroom units with an average unit size of 1,010 square feet. Each apartment features stainless steel appliances, granite kitchen countertops, central air and heating, and a full-size washer/dryer. The community also features two landscaped plazas, a pool area with Jacuzzi and private cabanas, a clubhouse, a two-story fitness center and a soundproof screening area. Additionally, Glo features 8,453 square feet of ground-level retail space, which is currently anchored by a Starbucks Coffee. The West Coast office of Chicago-based Moran & Company brokered the transaction.
NEWBERG, ORE. — Newberg-based ABM Properties LLC has acquired Mt. View Duplex Homes, which is located at 1907 N. College St. in Newberg. The Estate of Donald K Saxton sold the 16-unit property for $1.12 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
SEATTLE — GVA Kidder Mathews has brokered the sale of two multifamily properties in Seattle. In the first transaction, Trimark XVI LLC and Trimark University Housing LLC purchased a 15,740-square-foot multifamily property, which is located at 5219 Brooklyn Ave. N.E., from D&F Housing LLC for $4.63 million. In the second transaction, Royal Manor LLC completed the disposition of a 12,659-square-foot multifamily property, which is located at 1519 NE 50th St., to Trimark XVI LLC and Trimark University Housing LLC for $4.8 million. Mark McAlister and Marty Leith of GVA Kidder Mathews represented all parties in the two transactions.
RANCHO CUCAMONGA, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, a 236-unit multifamily community in Rancho Cucamonga. Located at 111201 5th St., the property features one-, two- and three-bedroom units, a swimming pool, a fitness center and a clubhouse. At the time of acquisition, the property was 94 percent leased. Whit Wilcox of HFF placed the 7-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp.
HOLLYWOOD, FLA. — Two Florida-based private investors have sold the 19-unit Hilton House Apartments to an undisclosed Fort Lauderdale, Fla.-based LLC for $920,975. The property, located at 1855 Adams St. in Hollywood, is composed of 10 one-bedroom units and 9 two-bedroom units. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the buyer and the seller.