Multifamily

YONKERS, N.Y. — The grand opening has been held for Croton Heights Apartments, a 60-unit affordable housing community located at 193 Ashburton Ave. in Yonkers. The community comprises one-, two- and three-bedroom units, and includes an exercise facility, a community room and on-site parking. It was developed by Richman Group Development Corp. and Landex Development. It is part of the HOPE VI Revitalization Plan that also includes the demolition and redevelopment of the nearby Mulford Gardens public housing community.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Marcus & Millichap has brokered the $13 million sale of Kent Arms Apartments, an 80-unit multifamily property located at 85-02 139th St. in the Briarwood neighborhood of Jamaica, Queens. The six-story apartment building contains one- and two-bedroom units, as well as indoor parking. The property features two commercial spaces, one of which is currently vacant and the other that is leased until 2011. Peter Vassiliou and John Stewart of Marcus & Millichap’s Manhattan office represented the seller, Kent Properties Co., as well as the buyer, 85-02 139th Realty LLC. The property traded at a per unit price of $162,500.

FacebookTwitterLinkedinEmail

SOUTH BOUND BROOK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has arranged the sale of Towne Oaks, a 97-unit multifamily community located at 159 Main St. in South Bound Brook, for $8.77 million. The property contains a mix of studio, one- and two-bedroom units, each of which features an outdoor balcony or patio. Joseph Brecher of GHA represented the buyer, a North New Jersey-based 1031 investor, as well as the seller, The Lightstone Group.

FacebookTwitterLinkedinEmail

CHULA VISTA, CALIF. — Terra Vista Genpar LLC, with R&V Management as the managing member, has purchased Terra Vista at Otay Ranch Condominiums, which is located at 1441 Santa Lucia Rd. in Chula Vista. The $18 million sale consisted of 118,699 rentable square feet, including 111 of the total 168 condominium units in the complex. Montecito Crossings LLC, with Lehman Brothers as the previous managing member, sold the property. The property offers a mix of five floorplans ranging in size from 709 to 1,356 square feet. Community amenities include a resort-style swimming pool, a spa, a state-of-the-art fitness center, a playground, a barbeque area and a clubhouse. Diane Miramontes, Darcy Miramontes and Hunter Combs of Grubb & Ellis|BRE Commercial represented the buyer; Janine Hudson of Land American handled escrow; and Helen Wilson and Susie Restine of LandAmerica served as title representation. Jason Shidler represented First Republic Bank, which provided the financing.

FacebookTwitterLinkedinEmail

SOUTH BEND, IND. — Massachusetts-based Gross & Cohen Real Estate Investors has acquired a student-housing portfolio consisting of 47 properties, which are all located within 1 mile of the University of Notre Dame in South Bend. The 353-bed portfolio has been fully occupied for the last 4 years. The properties were purchased from an undisclosed seller for $13.75 million. Kramer Property Management will remain as the property manager for the portfolio.

FacebookTwitterLinkedinEmail

ST. CHARLES, ILL. — Inland Real Estate Brokerage has arranged the sale of Fox Run apartments located near Route 64 and Randall Road at 145 Walnut Dr. in St. Charles. Kinzie Assets has purchased the 220-unit multifamily community from an undisclosed seller for $12.9 million. The property houses 160 one-bedroom units, 56 two-bedroom units and four three-bedroom units. Amenities at the community include parking, a swimming pool with sun deck, and a balcony or patio on each unit. Rich Artman and Heather Devermann in the Yorkville office of Inland Real Estate Brokerage represented both the buyer and seller in the transaction.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Construction has commenced for the rehabilitation of four affordable housing properties located in the Hunts Point neighborhood of the South Bronx, New York City. Phoenix Estates, formerly known as Hunt’s Point I, comprises 717-719, 739 and 741 Coster St.; and 671 Manida St. The properties total 125 units, split between 19-one bedroom units, 64 two-bedrooms, 32 three-bedrooms and 10 four-bedrooms. Rents range from $725 to $1,330. Renovations, which will be completed without displacing residents, will include new kitchens, new apartment entries and interior doors, new paint, floor repairs, new plumbing fixtures, new window sills and electrical systems upgrades. Improvements to the building will include a cleaning of the exterior brick masonry walls, the repair and finishing of the courtyard rear and side yard wall, the replacement of the building entrance systems, the installation of exterior lighting and a security system, and the replacement of building roofs. The buildings were acquired out of foreclosure by Phoenix Estates LLC, a joint venture between New York ACORN Housing Co. and We Stay/Nos Quedamos, Inc. The Community Preservation Corp., in partnership with the New York City Department of Housing Preservation and Development, is providing a $13.3 million construction loan for …

FacebookTwitterLinkedinEmail

ASHFORD, CONN. — Chozick Realty has completed the sale of Birch Hill Apartments, a 44-unit multifamily community located in Ashford, for $3.85 million, or $87,500 per square foot. Constructed in 1972, the property comprises all two-bedroom, garden-style units, each measuring 856 square feet. Ryan Perkoski of Chozick represented the buyer, Birch Hill Investments LLC, and Tom Boyle, also of Chozick, represented the seller, Birch Hills Apartments LLC. Both parties are regional multifamily investors. Chozick Realty also arranged the previous sale of the property in June 2006.

FacebookTwitterLinkedinEmail

HOUSTON — CB Richard Ellis (CBRE) has brokered the sale of a 384-unit multifamily property located at Two Goodson Dr. in the Greenspoint submarket of Houston. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller, LSF5 Phoenix Crossing LP. The buyer, Ian Hancock, was represented by locally based Lifestyles Unlimited. The acquisition price was not disclosed.

FacebookTwitterLinkedinEmail

NORMAL, ILL. — CB Richard Ellis’ Detroit Multi-Housing Group has brokered the sale of an eight-building student-housing portfolio located near the Illinois State University campus in Normal. The 109-unit portfolio, which houses 390 beds, includes two-, three- and four-bedroom floor plans. All eight properties are situated within 3 blocks of the university’s main campus, and are fully leased through 2009. Both the buyer and seller were not disclosed. Rob Stone in the Detroit office of CB Richard Ellis, in conjunction with Mike Sakich and Bryse Toothaker in the Chicago office of CB Richard Ellis, represented the seller in the disposition. Additional terms of the transaction were not disclosed.

FacebookTwitterLinkedinEmail