FORT LAUDERDALE AND HOLLYWOOD, FLA. — Judy Dolan and Steve Hyatt of Berger Commercial Realty Corp. represented the sellers in three separate multifamily transactions in south Florida. In the first transaction, Doran Florida sold three apartment buildings to Glenshee Omega Carleton for $1.6 million. The properties, totaling 32 units, are located at 75 S.W. 10th St., 100 S.W. 10th St. and 100 S.W. 9th St. in Fort Lauderdale. In the second transaction, ECP Properties sold an 18-unit apartment building to DIV USA for $965,000. The 13,202-square-foot property is located at 1607 Arthur St. in Hollywood. Finally, SBC 2010-1 sold a 13-unit apartment building, which is located at 6031 Polk St. in Hollywood, to 6031 Polk Street LLC for $352,000.
CHICAGO — Essex Realty Group has completed the sale of 1953 West Dickens, multifamily property located in Chicago. The property consists of a one-bedroom duplex unit, a two-bedroom duplex unit, one four-bedroom duplex units, a three-bedroom/two-bath unit and a two-bedroom/two-and-a-half-bath coach house. The sales price was approximately $1.27 million. The buyer and seller were not disclosed.
MADISON, WIS. — NorthMarq Capital has arranged $21.1 million in first mortgage financing for Greenbriar Village Apartments in Madison. Located at 238 Randolph St., the property offers 537 apartment units. Financing was based on a 10-year term with a 30-year amortization schedule. David Woida of NorthMarq's Milwaukee office arranged the loan through NorthMarq's seller-service relationship with Freddie Mac. The borrower was not disclosed.
NEW YORK CITY — Beech Street Capital has arranged $20.9 million in Fannie Mae DUS funds for the refinancing of a multifamily community located in Queens, New York City. Crescent Apartments comprises eight four-story buildings located at 2114-2170 Crescent St. in the borough's Astoria neighborhood. It contains a total of 256 units. The loan carries a fixed interest rate, a 10-year term, 9.5 years of yield maintenance and a 30-year amortization schedule on an actual/360 basis. Meridian Capital Group originated the loan.
OAK RIDGE, TENN. — Vikas LLC has purchased McKenzie Acres Apartments, a 100-unit multifamily property located in Oak Ridge. Built in 1969, the fully-occupied property sold for $2.9 million. The property is under a HUD Housing Assistance Payments Section 8 contract, which provides rent and utility subsides for the income-qualified tenants. Steve Goldman and John Dempster of NAI Knoxville represented the Knoxville, Tenn.-based seller in the transaction. Financing for the acquisition was provided by Lebanon, Tenn.-based First Freedom Bank.
NEW YORK CITY — Eastern Consolidated has brokered the $3.1 million sale of an apartment building located in Manhattan's Murray Hill neighborhood. The four-story building is located at 230 E. 32nd St. It contains 16 units, seven of which are rent stabilized. Aliza Avital and Alan Miller of Eastern Consolidated represented the seller, Harry Field Realty, and procured the buyer, Croman Real Estate.
LAS VEGAS — The Siegel Group has purchased the 232-unit Charlestonwood Apartments, located at 2900 E. Charleston Blvd. in Las Vegas, for $3.6 million in an all-cash transaction. Built in the 1980s and foreclosed upon more than 15 months ago, the multifamily complex will be renamed Las Residencias as part of The Siegel Group’s substantial repositioning effort. The 65 percent-occupied property marks the commercial real estate company’s 18th apartment complex purchase in Las Vegas.
TALLAHASSEE, FLA. — Stragetic Capital Partners, through its Stragetic Capital Partners Real Estate Opportunity Fund I, has acquired University Courtyard in Tallahassee. The 96-unit, 384-bed student-housing complex was acquired through a partnership sponsored by Atlanta-based Global Asset Alternatives. The partnership invested approximately $2.1 million of equity and received 10-year Freddie Mac financing originated by Walker & Dunlop. The property was 100 percent occupied at the time of acquisition. Terms of the transaction were not released.
TULSA, OKLA. — The LaSalle Group of Dallas will break ground this week on its first specialized Alzheimer's and Memory Care Assisted Living Community in Oklahoma, Autumn Leaves of Tulsa. Located at 7807 S. Mingo in Tulsa, the project marks the 16th venture of its kind for The LaSalle Group in the past 10 years. Nine Autumn Leaves communities are operating in the Dallas-Fort Worth market, three in the greater Chicago area and one in Houston. Autumn Leaves of Tulsa is scheduled to be completed by fall 2011. The property will feature 38 units and accommodate approximately 46 residents.
CHICAGO — Brinshore Development, Michaels Development Co. and Sinai Community Institute development alliance has selected McShane Construction Co. to construct Park Douglas, a 19-building multifamily property located on Chicago's West Side. The project will offer 137 units throughout 18 three-story buildings located on scattered sites. The market-rate, affordable and subsidized units will be available in one-, two-, three- and four-bedroom floorplans. All completed buildings will be Energy Star certified, including an on-site, single-story management office. Koo and Associates LTD and Pappageorge Haymes Partners are providing architectural services for the project, which is scheduled for completion in December 2011.