WEST VALLEY, UTAH — James Wadsworth and Greg Barrat of Hendricks & Partners represented the undisclosed seller in the disposition of Buena Vista apartment complex. The 79-unit property is located at 4425 S. Christopherson in West Valley. The undisclosed buyer plans to upgrade the property. The transaction price was not released.
GLENDALE, CALIF. — Glendale-based Gate Holdings Inc. has purchased Fifth Street Apartments in Glendale for $1.75 million. The 14-unit property is located at 1401 5th St. The seller was Glendale-based James Slayback Sr. Family Trust. Kevin Hurley of Hendricks & Partners’ Pasadena, Calif., office represented the seller in the transaction.
CLEVELAND — Minnesota-based Dominium Development and Acquisition LLC has purchased Lakeshore Village, a 108-unit apartment community providing low-income housing in Cleveland. The company plans to complete substantial capital improvements to the property by the end of the year. Plans for the project call for the renovation of all of the units, as well as the addition of a community building, with a computer center and gathering space. Upon completion of the project, Lakeshore Village is expected to achieve Enterprise Green Community distinction. The acquisition price for Lakeshore Village was not disclosed.
HARTFORD, CONN. — CB Richard Ellis (CBRE) has brokered the sale of a 436-unit apartment portfolio located in suburban Hartford for $42.7 million. The portfolio consists of Glastonbury Center, a 105-unit community located in Glastonbury; Ribbon Mill, a 104-unit community located in Manchester; Colonial Village, a 104-unit community located in Plainville; and Loomis Manor and Brooksyde, two communities located in West Hartford that total 123 units. The properties consist of garden-style buildings constructed between 1945 and 1965, except for Ribbon Mill, which is a converted mill building originally constructed in 1908. Jeffrey Dunne and Matthew Innes of CB Richard Ellis’ New York Institutional Group, along with Michael Stone of CBRE’s Multi-Housing Group, represented the seller, Equity Residential. The trio also procured the buyer, The Kamson Corporation, and worked with Michael Riccio of the Hartford office of CBRE | Melody to arrange $34.25 million in Freddie Mac financing for the purchase.
NEW YORK CITY — Northside Development has selected Fifield Piaker Elman (FPE) Architects to design the residential redevelopment of three adjacent commercial buildings located at 11-15 Old Fulton St. in the Fulton Ferry Historic District of Brooklyn, New York City. FPE Architect’s design will combine the structures as a single building, as well as include the addition of a fifth floor to the four-story buildings. The project will contain ground-floor retail space, 15 one- and two-bedroom apartments on the second through fourth floors and a penthouse on the fifth floor. The penthouse will connect to the apartments on the fourth floor to create three duplex units, each with its own terrace. The middle building will contain the project’s residential elevator lobby and entrance. Exterior construction will include the restoration of the building’s brick and masonry façade and the moving in of the rear façade. Construction will begin in early 2009 with completion expected in early 2010. The historic buildings were first constructed from 1836 to 1839.
JACKSONVILLE, FLA. — Charlotte, N.C.-based Crescent Resources Multifamily Development Group has completed construction on the 336-unit Circle at Bartram Park, an environmentally friendly apartment complex in Jacksonville. The property is located at 14701 Bartram Park Blvd. near Old St. Augustine Road and I-95. Green features include low-emission paint, a metal roof to repel heat and the use of reclaimed city water for irrigation.
INDIANAPOLIS — The Phoenix and Indianapolis offices of CB Richard Ellis have collaborated in the sale of a 2,103-unit multifamily portfolio located in Indianapolis. Brooklyn, N.Y.-based Hampshire Properties acquired the six-property portfolio from AIMCO for an undisclosed amount. The apartment properties include the 1,381-unit Westlake and the 166-unit Wind Drift located on the west side of the city; as well as the 190-unit Woods Edge, the 126-unit Villa Nova, the 120-unit Spyglass and the 120-unit Riverwood located on the north side of the city. Hampshire Properties has hired locally based Buckingham Cos. and Flaherty & Collins to manage the portfolio. CB Richard Ellis’ Multi-Housing Group represented AIMCO in the transaction.
JOLIET, MORRIS AND CHICAGO, ILL. — New York-based Meridian Capital Group has arranged approximately $10.45 million in loans for four Illinois multifamily properties. In Joliet and Morris, the company has arranged $8.83 million in financing for three apartment communities totaling 237 units. The properties, which are located on Marbel Court in Morris and Larkin Avenue in Joliet, were recently remodeled. Joseph Schwimmer in the Illinois office of Meridian negotiated on behalf of the undisclosed borrower. Financing for all of the properties was based on a 10-year term, with rates ranging from 5.63 percent to 5.79 percent. In Chicago, Meridian has arranged approximately $1.62 million in financing for an apartment community located at 6110 N. Winthrop Ave. The loan for the 37-unit property was based on a 5-year term with a rate of 5.72 percent. Tannie Schnell in Meridian’s Illinois office secured financing for the undisclosed borrower.
NEW YORK CITY — Manhattan, New York City-based Alchemy Properties is advancing construction for Hudson Hill Condominium, a 67-unit residential building currently under construction at 462 W 58th St. in New York City. Upon completion in June, the property will contain a mix of one-, two- and three-bedroom residences that range from 760 to 3,253 square feet in size and range from $805,000 to $2.98 million in price. Many of the homes feature terraces and balconies, and all five of the building’s penthouse units feature rooftop terraces. Building amenities include a 24-hour attended lobby, a video intercom system, a recreation room and an outdoor patio. The project was designed by FXFOWLE ARCHITECTS and is being developed by Alchemy. Sales have commenced for the residences and a model unit has been completed for prospective buyers.
NEW YORK CITY — Meridian Capital Group has arranged $32 million in first-mortgage financing for a 13-story luxury apartment building located at 222 W. 83rd St. in the Upper West Side of Manhattan, New York City. The building comprises 111 apartments and four commercial units. Avi Weinstock of Meridian negotiated the financing on behalf of the undisclosed borrower with a local lender. Terms of the financing include a 5.85 percent fixed interest rate with 5 years of interest-only payments.