SPRINGFIELD, N.J. — Joel Schwartz and Avi Oren of Gebroe-Hammer Associates have completed the $1.7 million sale of an 18-unit garden-style apartment complex in Springfield. Located at 45 – 51 Morris Ave., the two-and-half story facility features a mix of one- and two-bedroom apartments, as well as on-site laundry and parking facilities. Planned upgrades include new windows, an enhanced electrical system, new heating and air conditioning and exterior landscaping. The property was sold by an undisclosed seller to Walker Estates, Inc. Legal counsel was provided by Clara Harelik, Esq., of Springfield, and Ray Londa, Esq., of Elizabeth, on behalf of the seller and buyer, respectively.
MARINA, CALIF. — Buena Vista Land Co. has acquired Colonial Manor Apartments, a 44-unit multifamily property located at 3340 Del Monte Blvd. in Marina. Salinas Property Management sold the property for $5 million or $113,600 per unit. The property consists of seven apartment buildings offering 44 two-bedroom units averaging 900 square feet each. Wylie Mitchell and Daniel Vorhies of NAI BT Commercial represented the seller in the deal.
HOLLYWOOD, CALIF. — William Holdings Inc. has completed the disposition of Carlton Way Apartments, a 30-unit multifamily property located at 6021-6029 Carlton Way in Hollywood. 6021 Carlton Way LLC purchased the 23,957-square-foot property for $4.05 million. Built in 1963, the property consists of a mix of three-, two- and one-bedroom units. David Condon of NAI Capital’s West Los Angeles, Calif., office represented the seller in the transaction.
COCOA, FLA. — Beneficial Communities has opened its 120-unit Oak Meadows Apartments in Cocoa. The $11 million affordable housing community was constructed by Watermark Construction and designed by Forum Architecture & Interior Design of Altamonte Springs, Fla. The property features a 2,700-square-foot clubhouse, a playground and two picnic pavilions.
WINTER HAVEN, FLA. — Picerne Construction Corp. has completed the 84-unit Lakeside Terrace affordable senior housing facility in Winter Haven. The three-story property features a two-story clubroom, two libraries, an exercise room and a pool. Lakeside Terrace was designed by Altamonte Springs, Fla.-based Forum Architecture & Interior Design, and Peritus Civil Engineering and KTD Consulting provided engineering work.
LONG ISLAND, N.Y. — The Long Island office of NorthMarq Capital has arranged $77.42 million in first-mortgage financing for a portfolio of Fairhaven Apartments properties located throughout Nassau and Suffolk counties on Long Island. The portfolio totals 1,188 units and includes five apartment communities located in Carle Place, Mineola, Nesconset, Woodbury and Hicksville. The loan carries a 7-year term with a 30-year amortization schedule. The adjustable interest rate has a floor of 4 percent and a lifetime cap of 7.25 percent. NorthMarq’s Charles Cotsalas and Ernest DesRochers arranged the loan on behalf of the undisclosed borrower through Freddie Mac.
ROUND ROCK AND DENTON, TEXAS — Acting as project architect, Altamonte Springs, Fla.-based Forum Architecture & Interior Design has completed two Texas multifamily projects. The first, Colonial Grand at Ashton Oaks, is a 362-unit apartment community located in Round Rock. It contains a mix of one-, two- and three-bedroom units ranging in size from 785 to 1,195 square feet. Amenities include a 6,500-square-foot clubhouse with a fitness center, an Internet café and a resort-style swimming pool. Colonial Properties is the project’s developer. The second project is The Forum at Denton Station, a $45 million student housing community located in Denton. The project consists of 348 units in a mix of one-, two-, three- and four-bedroom residences. Amenities include a 16,000-square-foot clubhouse and recreation building, three volleyball courts and a resort-style pool with a sundeck. Parkland Development Corp. is the project’s developer.
HOUSTON — Moody Rambin Interests Investment Services has brokered the sale of George B. Lindler Apartments, a bank-owned multifamily property located in Houston. The community is situated at 4107 Almeda Genoa Rd. and contains 54 apartments. Jody Czajkoski of Moody Rambin represented the seller, Amegy Bank, N.A.; Czajkoski also represented the buyer, First Almeda Investments. The acquisition price was not disclosed.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged a $4.9 million loan to refinance a Houston multifamily project. The loan carries a 3-year term and a fixed interest rate, and was secured through one of LMI’s correspondent lenders. Jamie Millin of LMI arranged the deal. The borrower and details regarding the property were not disclosed.
SAN DIEGO AND EL CAJON, CALIF. — Apartment Consultants Inc. (ACI) has brokered two multifamily transactions in California totaling $4.04 million. In the first transaction, Avalon 45th Street LLC purchased Avalon Villas Condominiums, a 16-unit residential property located at 4067-79 45th St. in San Diego, from Bay Crest LP for $1.4 million. Dave Plutner of DP Properties represented the buyer; Adam Jacks of (ACI) represented the seller. In the second transaction, Lemon Grove, Calif.-based 1360 Melody LP acquired Melody Apartments, a 20-unit apartment community located at 1360 Melody Lane in El Cajon, from El Cajon-based 3K & J LP for $2.64 million. Norm Root of ACI represented the buyer and seller in the transaction.