MIAMI — Marcus & Millichap has represented a Miami-based corporation’s sale of a 10-unit apartment building to a local private investor for $430,000. The property is located at 153 N.W. 29th St. in Miami and encompasses eight efficiency units and two one-bedroom/one-bathroom units. Jason Goldfarb of Marcus & Millichap’s Miami office brokered the sale.
OWOSSO AND EVERGREEN TOWNSHIP, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged two loans in Michigan totaling approximately $2.38 million. In Owosso, the company has secured approximately $1.38 million for the 77-unit Corlett Creek Apartments. Corlett Creek Associates LLC was the borrowing entity for the three-building community. Additionally, Bernard Financial Group has arranged $1 million in financing for an industrial/office facility located in Evergreen Township. Wright Plastics Products Co. was the borrowing entity for the 265,808-square-foot building. An undisclosed life insurance company provided financing for both properties. Additional terms of the loans were not disclosed.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered the sale of five mid-rise apartment buildings located in Jersey City for $12.5 million. The buildings contain a total of 150 units and are located at 317-343 Fairmount and 62 Kensington avenues. They contain a mix of one-, two- and three-bedroom units. Occupancy was approximately 80 percent at the time of closing. GHA’s Benjamin Greenstein and Alan Lieberman represented the seller and procured the buyer. Both parties were undisclosed.
ALBANY, N.Y. — Albany-based Omni Development Co. has completed construction of Jared Holt Mews Townhouses, 10 affordable housing units located at the corner of Broad Street and Third Avenue in Albany. The two-story residences feature seven distinct façades, with each residence containing its own private entrance, as well as a patio or deck. United average 1,200 square feet and contain one to five bedrooms. Monthly rents for the townhomes for qualified residents will be $871, and the Albany Housing Authority will offer lease-to-own opportunities in the future. The completion of the Jared Holt Mews Townhouses marks the completion of Phase I of the $22 million revitalization of Albany’s South End. Phase II of the project will add 43 units and will break ground later this year. The first two phase combined will bring 95 new and rehabilitated low-income homes to Morton Avenue, Clinton Street and Broad Street.
PEKIN, ILL. — Marcus & Millichap has arranged the sale of a Westgate Apartments, a 30-unit multifamily property located at 2028-2032 Westgate Dr. in Pekin. An undisclosed buyer has purchased the facility from a private investor for $729,200. Shaun Buss and Sean Lyons in the downtown Chicago office of Marcus & Millichap represented the seller in the transaction.
PLAINFIELD, N.J. — Construction is advancing for The Monarch, a 63-unit residential condominium project located at 400 E. Front St. in Plainfield. Residences at the project average 1,200 square feet, with prices starting at $199,000. In addition, the project will contain a street-level senior citizen and veteran’s center. The property features a courtyard garden and on-site parking, as well as convenient access to New Jersey Transit rail and bus stations. The project is being developed by Maplewood Homebuilders, a subsidiary of P&F Management Co. The completion date was not released.
HOUSTON — Houston-based Midway Cos. has completed construction for Brownstones at CITYCENTRE, part of the residential component of the $500 million CITYCENTRE mixed-use development located in Houston. Brownstones at CITYCENTRE features 35 three-story residences ranging in size from 3,245 to 3,722 square feet. Each home features a two-car garage, covered balconies and an elevator, as well as the choice of two to four bedrooms. The 37-acre CITYCENTRE project is located between Interstate 10W and the Sam Houston Tollway. Upon completion, it will comprise approximately 1.8 million square feet of retail, restaurant, office, residential and hotel space.
LOS ANGELES — Joshua Keimach and Robert Narchi of Marcus & Millichap’s West Los Angeles office represented both parties in the disposition and acquisition of 5704 Fountain Avenue, an apartment complex located in Los Angeles. Built in 1922, the 8-unit property sold for $800,000 or $185.30 per square foot.
ODENTON, MD. — Riverscape LP has received a $9.5 million loan for its 280-unit Riverscape Apartments. The Class A property is located at 2600 Midway Branch Dr. in Odenton. Freddie Mac provided financing, and KeyBank Real Estate Capital secured the loan.
INDIANAPOLIS — Boca Raton, Fla.-based Barry Geller Mortgage & Investments has brokered the sale of Creekwood Apartments located at 2100 Westlane Rd. in Indianapolis. The multifamily community, which is situated on a 54-acre site, houses 518 units. Englewood, N.J.-based MPI Management has purchased the property from St. Louis-based MREF 111 PROPERTIES 11 for $15 million.