Multifamily

NEW YORK CITY — Construction is complete for 580 Carroll by Enrique Norton, a five-story, 17-unit residential condominium building located in Brooklyn's Park Slope neighborhood. The condos are a mix of one-, two- and three-bedroom units that range from 744 to 1,400 square feet in size. Prices start at $540,000. Amenities at 580 Carroll include a private 3,500-square-foot garden and an onsite parking garage. Black House Development Co. was the developer for the project and Enrique Norton's TENARQUITECTOS was the project architect. Brown Harris Stevens SELECT is serving as leasing and marketing agent.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Meltzer/Mandl has been selected to design an affordable housing project in the Hunts Point neighborhood of the Bronx. The eight-story building will be located at 920 Westchester Ave. It will contain 108 two- and three-bedroom apartments, 11,000 square feet of ground-floor retail space, a small medical/ambulatory space and a below-grade parking garage. The project will also be applying for LEED certification. Construction is expected to begin later this year and be complete by 2012. Westrock Development is the developer.

FacebookTwitterLinkedinEmail

RANCHO PALOS VERDES, CALIF. — Marcus & Millichap has brokered the more than $22.8 million sale of The Madison, a 90-unit luxury apartment building located at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes. The 118,874-square foot property features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. Marcus & Millichap’s Ron Harris represented both the Phoenix-based buyer, Alliance Residential, and the seller, a Northern California-based investment group, in the transaction.

FacebookTwitterLinkedinEmail

TACOMA, WASH. — Gramor Development Washington has purchased the 53-unit Pine Villa Townhomes in Tacoma. Completed in 2009, the multifamily complex was originally intended to offer for-sale units, but was foreclosed on by Venture Bank, which was then subsequently closed by the FDIC. Afterwards, First Citizen’s Bank of North Carolina acquired Venture’s assets, including the 69,479-square-foot, 16-building Pine Villa Townhomes, which consists of 2-, 3- and 4-bedroom floor plans.

FacebookTwitterLinkedinEmail

LAKEWOOD, COLO. — Apartment Realty Advisors has brokered the $1.35 million sale of a 34-unit multifamily property located at 1205-1225 Yukon Street in Lakewood. Built in 1961 and 90 percent occupied at the time of the sale, Twin Arms Apartments is situated within 300 yards of a future light-rail station. ARA’s Shane Ozment and Terrance Hunt represented the un-named seller in the transaction.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Eastern Consolidated has brokered the sale of two elevator-served apartment buildings located in Manhattan's East Village neighborhood for $10.15 million. The six-story buildings are located at 409 and 411-413 W. Sixth St. They contain a total of 48 units, which comprise 17 free-market units, 29 rent-stabilized units and two rent-controlled units. The properties had been recently renovated. Ronda Rogovin and Inbal Himelblau, both of Eastern Consolidated, represented the seller, 409-411 Sixth Street LLC, and the buyer, July 15 Real Estate LLC.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Sioni & Partners has completed the sale of a six-story, elevator-served apartment building in the Bronx for $3.75 million. The property is located at 1860 Billingsley Terrace. It contains 58 residences in a mix of one-, two- and three-bedrooms. Moses Sioni of Sioni & Partners brokered the deal between the seller, Terrace Arms Corp., and the buyer, The Morgan Group. The property traded for an 8 percent capitalization rate.

FacebookTwitterLinkedinEmail

MISSOURI CITY, TEXAS — The LaSalle Group will break ground May 12 on the Autumn Leaves at Riverstone assisted living facility. Located at 20313 S. University Blvd. in Missouri City, the property will focus on caring for patients stricken by Alzheimer's and other diseases that impair memory. Constant Care Management Co. will oversee day-to-day operations of the property once construction is completed.

FacebookTwitterLinkedinEmail

DALLAS — Xaevin LLC will break ground this summer on the 3-acre White Rock Crossing townhome complex in the Old Lake Highlands neighborhood of Dallas. The property will be based on the concept of co-housing in which homeowners share community land and common facilities. AndersonSargentCustom Builders will construct the house to green standards.

FacebookTwitterLinkedinEmail