NEW YORK CITY — Eastern Consolidated has completed the sale of a two-building residential property located at 634 Hudson St. in the West Village neighborhood of Manhattan, New York City, for $7.25 million. The property consists of a front building containing six apartment units and ground-floor retail space, as well as a rear carriage house that contains the other 14 apartments. A courtyard separates the two buildings. The retail space is leased to Myers of Keswick, an English culinary shop that has occupied the space since 1985. Eastern Consolidated’s Sam Schneider and Daniel Glaser represented the seller, locally based 634 Hudson Street Corp.; Roberto Ortiz, also of Eastern Consolidated, procured the buyer, Westchester, N.Y.-based 634 Street LLC.
ATLANTA — Philadelphia-based Lubert-Adler and Atlanta-based Lane Co. have formed a $250 million joint venture to pursue the purchase of multifamily properties. Initially, the joint venture will purchase distressed properties with an aim to rehabilitate and reposition the acquisitions. The two firms have entered into joint ventures in the past and recently worked together to acquire Atlanta’s Solace on Peachtree Apartments. Targeted properties will be located primarily in the Southeast and Southwest.
LEXINGTON, KY. — Officials from Charlotte, N.C.-based Grandbridge Real Estate Capital’s Nashville office have arranged a $17.66 million refinance for the 240-unit Summit apartment complex. Located on 15 acres in Lexington, each unit features fireplaces, Roman tubs, private balconies and gourmet kitchens. Property amenities include a 24-hour fitness center and an outdoor pool. The loan was funded by Grandbridge and sold to Freddie Mac.
WEST LAFAYETTE, IND. — Massachusetts-based Gross & Cohen Real Estate Investors has purchased The Fairway, a student-housing complex located 1 mile from the Purdue University campus in West Lafayette. The 167-unit apartment community, which is fully occupied, includes 298 beds. In the past 2 years, The Fairway has added three new buildings. Additionally, older units have been rehabbed and the clubhouse and leasing center have been renovated and expanded. Amenities at the property include an exercise center, a tanning bed, a pool and a recreation room. The acquisition price was not disclosed.
CLEVELAND AND WILLOWICK, OHIO — Richmond Heights, Ohio-based Associated Estates Realty Corp. (AEC) has sold Lakeshore Village apartments located in Cleveland, and Bay Club apartments located in the Cleveland suburb of Willowick. The 108-unit Lakeshore Village was owned by a joint venture in which AEC had a 50 percent interest. The property was the last affordable housing community that the company had an ownership interest in. Bay Club apartments, which was developed by an AEC predecessor company, houses 96 market-rate apartments. The sales price of the property reflects a cap rate of 6.8 percent based on a trailing 12-month NOI, after a 3 percent management fee and $500 per unit of capital expenditures. The acquisition price and the buyer for both deals were not disclosed. AEC’s portfolio includes 52 properties totaling 13,192 units in nine states.
ALOHA AND REDMOND, ORE. — Cohen Financial has secured loans totaling $10.33 million for two multifamily properties in Oregon. The properties are Masters Apartments, a 144-unit property located at 4505 SW Masters Loop in Aloha, and Glacier Vista Apartments, a 48-unit community located at 2750 SW Indian Ave. in Redmond. Both properties are currently 100 percent leased. Peter Norrie of Cohen Financial secured the fixed-rate, 70 percent loan-to-value, 10-year loans with 30-year amortization schedules for the undisclosed borrower. The lender was GSE.
EL CAJON, CALIF. — Merrick Matricardi, Eric Comer and Jim Neil of CB Richard Ellis represented Michael Contreras and Vivian Contreras in the purchase of Silver Oaks, a 57-unit apartment complex located at 945 Estes St. in El Cajon, for $4.5 million. The 57-unit property features one- and two-bedroom units ranging in size from 728 to 858 square feet, a swimming pool and spa, a rental office and on-site laundry facilities. The seller, Provident Savings Bank, was self-represented in the transaction.
LAUDERHILL, FLA. — West Palm Beach, Fla.-based Priderock Capital Partners has purchased the 405-unit Villas at Lauderhill apartment complex from New York-based Intervest National Bank for an undisclosed amount. The bank acquired the property through a foreclosure filing in September. Priderock will build a new clubhouse on the property and renovate the units. Hampton Beebe of Apartment Realty Advisors’ Boca Raton, Fla., office brokered the sale.
GREENSBORO, N.C. — On behalf of a limited partnership, Greensboro-based First LandMark – Guardian Management has purchased the 304-unit Woodstream Apartments from an undisclosed seller for $11.5 million. The complex is located at 7 Woodstream Lane in Greensboro and features a tennis court, a pool and a 1-acre pond. Red Mortgage Capital provided $9.36 million in financing as a 9-year fixed-rate mortgage. Jim Jarrell and Brandon Whitesell of Cushman & Wakefield’s Atlanta office represented the seller, and Timothy Hose represented First LandMark in house.
NEW YORK CITY — Meridian Capital Group has secured a $65 million first mortgage for the refinancing of Knickerbocker Plaza, a 578-unit multifamily property located at Second Avenue and East 90th Street in New York City. Developed in 1975 by The DeMatteis Organization, the property is in the process of opting out of the Mitchell-Lama Housing Program. Knickerbocker Plaza also includes retail, office and parking space, including a bank and a pharmacy. Abe Hirsch and Zev Karpel of Meridian’s New York office secured the loan, which include a 5-year term, with a local lender.