ELIZABETH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has recently completed three multifamily transactions totaling 105 units in Elizabeth. In the most recent transaction, Gebroe-Hammer’s Stephen Tragash brokered the sale of 204 Westfield Avenue, a 21-unit apartment property, to an undisclosed buyer for $1.55 million. In the second transaction, the 62-unit multifamily property at 516 Cherry St. sold in an all-cash transaction for $4.8 million. Joel Schwartz of Gebroe-Hammer represented the private buyer in the transaction. Finally, Tragash and Schwartz represented the sellers in the disposition of a 22-unit residential property located at 511 North Ave. The mid-rise building sold to an undisclosed buyer for $1.54 million.
RALEIGH, N.C. — North Carolina State University is in the midst of a 10-year project that will transform its on-campus fraternity and sorority houses. As part of a five-phase plan known as Greek Village, the current 1960s-era houses will be demolished and replaced with updated structures. Twenty new chapter houses will be built. NC State will also construct a 206-bed townhome and apartment community for the Greek organizations that do not need a full chapter house. The townhome and apartment community is scheduled for a fall 2013 completion. Phase I of the Greek Village project is currently under way, and vertical construction will begin in the next 8 to 10 months for the first four chapter houses. The $104 million project is anticipated to be complete by 2020.
JERSEY CITY, N.J. — Marcus & Millichap has arranges the sale of a nine-unit apartment building located in Jersey City for $595,000. The property was vacant at the time of closing. Maz Radwan, Steven Matovski and Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a private investor. The trio also secured the buyer, a New Jersey-based investor/developer.
HOUSTON — Holliday Fenoglio Fowler has secured a $25.9 million loan for Sawyer Heights Lofts, a Class A apartment complex in Houston. The 326-unit property is located on 5 acres at 2424 Sawyer Heights St. The Freddie Mac loan carries a 10-year, fixed-rate term. HFF's Scott Galloway, Matthew Kafka and Robert Wooten arranged the loan.
TUSCALOOSA, ALA. — Capstone Village Inc. has sold the 159-unit Capstone Village retirement community to a private party for an undisclosed price. The property, which was completed in 2006, is located on 24 acres on the University of Alabama campus in Tuscaloosa. Capstone Village encompasses 22 independent living homes, a 29-unit health center and 108 apartments. CLW Health Care Services Group represented the seller.
LOS ANGELES — Hendricks & Partners has closed the $12.8 million sale of the 56-unit Terraces at the Grove, a luxury apartment complex located in the Beverly Grove area of Los Angeles. Built in 1985, the property offers a mix of one- and two-bedroom units. Hendricks & Partners’ Robin Ossenbeck and Karoline Sauls represented the undisclosed seller in the disposition of the property to west L.A. private investors.
TYSONS CORNER, VA. — Behringer Harvard has purchased The Lofts at Park Crest, which consists of a 131-unit apartment complex and a 66,600-square-foot Harris Teeter, from a private party for an undisclosed price. Located at 8210 Crestwood Heights Drive in Tysons Corner, the 2-year-old property sits on 2.7 acres of land. Complex features include a 3,000-square-foot athletic club and a rooftop pool.
WASHINGTON, D.C. — ICG Properties, Castleton Holdings and Capella Hotels and Resorts will begin developing the 48-unit Capella Georgetown hotel in January 2011. The property, which will be located on 31st Street in the Georgetown area of Washington, is set for delivery in January 2012. Construction will involve the redevelopment of an existing five-story commercial building.
PHILADELPHIA — Dranoff Properties has held the grand opening for 777 South Broad, a new rental multifamily community located in Philadelphia's Hawthorne neighborhood. The five-story building features 146,000 one- and two-bedroom loft units as well as 18,000 square feet of ground-floor commercial space. Amenities include a rooftop deck, a clubroom, a fitness center, a conference center and a residents-only bar. The project is applying for LEED-certification, with sustainable features that include high-efficiency HVAC systems, a reflective roof, sustainable and low-emitting interior materials, and low-flow fixtures. The project architect was JKR Partners.
ORLANDO, FLA. — The Fisher Auction Co. and Cushman & Wakefield have completed the $25.9 million bankruptcy sale of 165 condominium units and 8,000 square feet of retail space to an undisclosed buyer. The 375-unit Vue at Lake Eola is located in downtown Orlando. Nine prospective buyers participated in the auction, which had a minimum bid of $20 million.