NEW YORK CITY — Massey Knakal Realty Services has negotiated the $2.65 million sale of 39 cooperative units within a 54-unit residential building located in the Bronx, New York City. The units comprise four studios, 24 one-bedroom units and 11 two-bedroom units. The six-story residential building was constructed in 1950 and is situated at 3250 Netherland Ave. Karl Brumback and Paul Smadbeck of Massey Knakal were the sole brokers in the deal. The property traded for 6.8 percent.
LOS ANGELES — Marcus & Millichap has brokered the $1.9 million sale of 1973 S. Bedford St., a 16-unit apartment property located in west Los Angeles. The firm’s Earle Hyman represented both the buyer and the seller.
CHICAGO — The Chicago and Boston offices of Holliday Fenoglio Fowler (HFF) have arranged $100 million in financing for a 1,617-unit, four-property multifamily portfolio. The financing includes a 10-year, $23.7 million loan for The Gates of Carlson Center, a 435-unit property located at 300 Carlson Parkway in Minnetonka, Minn.; a 7-year, $27.48 million loan for Fountain View on the Plaza, a 396-unit community located at 4800 Oak St. in Kansas City, Mo.; a 7-year, $17.7 million loan for the 486-unit Villages of Bogey Hills, located at 2200 Lake Ct. in St. Charles, Mo.; and a 10-year, $31.05 million loan for Jefferson at Dedham Station, a 300-unit property located at 1000 Presidents Way in Dedham, Mass. Mike Kavanau and Fred Wittmann of HFF arranged the financing through Freddie Mac for the borrower, RREEF.
YONKERS, N.Y. — Houlihan-Parnes Realtors has brokered the sale of a 102-unit apartment property located in Yonkers. The property consists of two six-story, elevator-served buildings that are located at 40, 40A, 50 and 50A Locust Hills Ave. White Plains, N.Y.-based Houlihan-Parnes negotiated the sale of the property, which was acquired in an arms-length transaction by a Westchester, N.Y.-based holding company.
PASADENA, CALIF. — Hendricks & Partners has brokered the more than $3 million sale of an 18-unit apartment community, located at 260-264 Alpine St. in Pasadena. Hendricks & Partners’ Kevin Hurley and Kevin Lutz represented the seller, 260 & 264 Alpine LLC of Huntington Beach, Calif. The buyer was Aphrodite Akopiantz and Patricia Cavender of Sierra Madre, Calif.
ROCKVILLE CENTRE, N.Y. — Omni Housing Development has completed the $33 million renovation of Rockville Centre Apartments in Rockville Centre. The community was constructed in 1968 and is Long Island's first low-income housing complex. Renovations consisted of roof replacements, new kitchens, new baths, energy-efficient insulation, new windows and new heating systems. Funding for the project was provided in part by the New York State Division of Housing & Community Renewal, including more than $4 million in Public Housing Modernization funding, a Low Income Housing Tax Credit allocation and the awarding of Section 8 vouchers for 120 units. Additional funding for the project was provided by a Nassau County Industrial Development Agency bond, a Nassau County HOME grant and the Rockville Centre Housing Authority.
HOUSTON — Hendricks & Partners (H&P) has completed the sale of Chateau Village, a 150-unit apartment community located at 3815 Fuqua St. in Houston. Chateau Village is a HUD/HAP property and is the last of a three-property portfolio to sell. The buyer, Plymouth, Minn.-based Houston Leased Housing Associates I LP, received Section 142 Low-Income Housing Tax Credits as well as a grant from the City of Houston, and it plans to apply the funds toward the purchase of the property and its rehabilitation. Kevin McCarthy and Jeff Eisenhardt of H&P's Houston office represented the seller, Keswick, Va.-based Commercial Partners Exchange dba Chateau Village Apartments, Ltd. The acquisition price was not disclosed.
TORRANCE, CALIF. — Marcus & Millichap has handled the $28.1 million court-appointed receiver’s sale of the 152-unit Hampton at South Bay, a luxury multifamily apartment property located at 20707 Anza Ave. in Torrance. The buyer is a Los Angeles-based private investor. Marcus & Millichap’s Greg Harris and Ron Harris represented the receiver, Michael Fiorina of Los Angeles-based Total Cos.
DENVER — Pinnacle Real Estate Advisors LLC has brokered the $2.45 million sale of the 39-unit Lincoln Street Apartments, located at 6 Lincoln St. in the West Washington Park neighborhood of Denver. Built in 1964, the complex had only three vacancies at the time of sale. Pinnacle’s Bobby Hutchinson and Joe Hornstein represented the seller, BPMA Apartments LLC, and Greg Price of Marcus & Millichap represented the buyer, 6 Lincoln LLC.
SHILOH, ILL. — Metro Asset Group and Shiloh-based J2K Development have broken ground for the development of Cedarhurst of Shiloh Assisted Living Community, which will be located at 429 S. Main St. in Shiloh. The three-story facility will offer 87 studio and one-bedroom apartments and an attached 20,000-square-foot, single-story memory care wing. Additionally, the center will feature a nurse call station, multiple gathering and living rooms, craft and activity spaces, a library, a wellness center, a fitness room, a full service beauty and barber shop, resident laundry rooms and private and common dining areas. IMPACT Strategies is serving as general contractor for the project, which is slated for completion in September 2010.
