NEW YORK CITY — GFI Realty Services has completed the sale of a six-story, 36-unit apartment building located at 329 W. 101st St. in Manhattan, New York City, for $8 million. Shulem Paneth of GFI represented the seller, and Yosef Katz, also of GFI, represented the buyer. Both parties were undisclosed.
LUBBOCK, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $9.9 million loan for the refinancing of Sagewood Apartments, a 355-unit multifamily community located in Lubbock. Constructed in 1984 and expanded in 1998, the property is situated at 5917 67th St. Occupancy was 90 percent at the time of closing. The loan, which was procured through Freddie Mac, carries a 10-year term and a 5.79 percent, fixed interest rate. Mona Carlton of HFF arranged the financing through the buyer, McDougal Cos.
ROSEVILLE, CALIF. — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sale of the 612-unit Slate Creek at Johnson Ranch, a multifamily property located off of Roseville Parkway in Roseville. Completed in 1989, Slate Creek at Johnson Ranch offers one-, two- and three-bedroom floor plans and features three resort-style swimming pools, two fully equipped fitness centers, a resident activity and business center, picnic areas with BBQ grills, and tennis and basketball courts. ARA’s Mark Leary, Curtis Gardner and Nate Oleson represented the private owner in its disposition of the property to San Francisco-based Prime Group.
HUMBLE, TEXAS — Dominium Development & Acquisition has purchased Humble Memorial Gardens, a 75-unit affordable senior housing property located in Humble. The property was first built in 2005. Dominium's subsidiary Dominium Management Services will manage the facility. The seller's name and the acquisition price were not disclosed.
BERKELEY HEIGHTS, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of the 14-unit affordable housing component of Villas on the Park, a residential condominium community located at 25-51 Springholm Drive in Berkeley Heights. The units include 12 two-bedroom residences and two three-bedroom residences, each of which include two parking spaces. At the time of closing, all units were occupied. They will remain affordable housing until 2026. The purchase price was $1.35 million. Jeffrey Squires of Kislak represented the seller, the original condominium developer. Jonathan Greenberg, also of Kislak, represented the buyer, a private investor.
BAYONNE, N.J. — Trammell Crow has opened the second building at Alexan CityView, a waterfront luxury residential community located in Bayonne. The building features one-, two- and three-bedroom residences with rents starting at $1,595 as well as townhome units starting at $3,265. Initial occupancy for the new units is slated for April. Amenities at Alexan CityView include a 9,000-square-foot clubhouse that features wireless Internet access, a fitness center with an indoor basketball court, a business center and a media lounge. Other amenities include an outdoor heated pool with a sundeck, 24-hour virtual concierge service, a dog park and an enclosed parking garage. The project is seeking LEED for Homes – Silver certification. More than 160 leases have been signed so far. The community is being managed and leased by Kettler Management.
TULSA, OKLA., AND NORTH RICHLAND HILLS, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged two loans totaling $22.63 million for two multifamily communities. The first property, Lakeside Place, is a 210-unit apartment complex located in Tulsa. The second property, The Venue at Hometown, is a multi-use property located in North Richland Hills that consists of 189 apartments and 46,000 square feet of ground-floor retail space. The Lakeside Place loan carries a 5.63 percent interest rate. The Venue at Hometown loan carries a 5.75 percent interest rate. Both loans feature fixed interest rates, 10-year terms and 30-year amortization schedules. The lender for both transactions was Alliant Capital, which utilized the Fannie Mae DUS program. MCA's Todd McNeill secured the Lakeside Place loan, and Hook Harmeling, also of MCA, secured the Hometown loan.
COLORADO SPRINGS, COLO. — Atlanta-based Apartment Realty Advisors (ARA) has handled Corman Leigh’s $19 million sale of the 240-unit Bellaire Ranch apartment community, located near the front gate of Fort Carson in southeast Colorado Springs, to Denver-based Capital Real Estate. Built in 2003 and the only Class A apartment community in its submarket, Bellaire Ranch was 98.3 percent occupied at the time of the sale. ARA’s Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller in the transaction.
ORLANDO, FLA. — BRI 1827 Mosaic has purchased 248 units in the 451-unit Mosaic at Millenia condominium complex from an undisclosed seller for $14.8 million. The 7-year-old property, which is 97 percent leased, is located at 3705 Conroy Road in Orlando. When the complex was converted from apartments to condominiums in 2006, units were selling for $240,000 to $285,000; BRI's purchase price translates to $59,677 per unit. Bob Dockerty and Chris Caveglia of Dockerty Romer & Co. brokered the sale.
WASHINGTON, D.C. — Wells Fargo & Co. has provided $15 million in financing for the greening of 98 affordable housing units in the three-property Jasper29T development in Washington. More than $8 million will be provided in the form of a Low Income Housing Tax Credit; the company is also providing a $4.8 million construction loan and $2.82 million in Freddie Mac Forward Commitment financing. The project includes new HVAC units, upgraded insulation and the installation of low-flow fixtures and EnergyStar appliances.
