ARLINGTON, VA. — A partnership between Cornerstone Real Estate Advisers and Kettler has sold the 326-unit Metropolitan at Pentagon Row multifamily complex to Equity Residential for nearly $100 million. The property, located at 1401 S. Joyce St. in Arlington, is currently 95 percent occupied. Apartment amenities include a rooftop lounge equipped with a kitchen, a rooftop swimming pool, a cyber cafe, a business center and a fitness center. Dave Nachison and Alan Davis of Holliday Fenoglio Fowler’s Washington, D.C., office represented the seller.
WAUKEGAN, ILL. — A limited liability company organized by Colorado-based Monarch Investment and Management Group has acquired Northgate Apartments in Waukegan. The 363-unit REO property sold for $22 million or $60,606 per unit. Located at 2330 N. Samson Way, the 348,930-square-foot property features 15 one-bedroom/one-bath units, 45 large one-bedroom/one-bath units, 108 two-bedroom/one-bath units, 90 large two-bedroom/two-bath units, 90 extra-large two-bedroom/two-bath units and 15 three-bedroom/two-bath units. Additionally, the community features a clubhouse, a fitness center, a playground, a swimming pool and a tennis court. Scott Harris of Marcus & Millichap represented the seller, an East Coast-based lender, in the transaction.
CARROLLTON, TEXAS — Arizona-based MC Cos. has acquired Saddle Creek Apartments, a workforce housing community located in the Dallas suburb of Carrollton. The Class B, garden-style property contains 238 units. MC purchased the community from Equity Residential. Acquisition financing was arranged by PNC ARCS through the Federal Home Loan Mortgage Corp. The acquisition price was not disclosed.
LOS ANGELES — Charles Dunn Co. has brokered the $4.52 million sale of a 29-unit, bank-owned luxury apartment property at 700-704 N. Hill and 709-711 N. Yale streets in Los Angeles. The property is currently vacant and slated for completion in spring 2010. Charles Dunn’s Michel Hibbert represented both the seller, Gateway Business Bank, and the buyer, Super A Logistics Services LLC.
BRADENTON, FLA. — CB Richard Ellis has brokered the sale of the 226-unit Manatee Woods multifamily complex between two undisclosed parties for an undisclosed amount. Located in Bradenton, the 16-year-old property is 92 percent occupied. Shelton Granade, Luke Wickham, Jim Bobbitt and John Selby of CB Richard Ellis represented the seller.
PHOENIX — Colliers International has brokered the $47.8 million acquisition of San Melia, a 488-unit luxury apartment community located at 14435 S. 49th St. in Phoenix. Built by Mark Taylor in 1998, San Melia features amenities such as a resort-style swimming pool with sand beaches, two sand volleyball courts, two basketball courts, tennis courts, two spas, a luxurious clubhouse, a state-of-the-art fitness center and garage parking. Colliers’ Cindy Cooke and Brad Cooke represented the buyer, Investment Property Associates LLC, and Apartment Realty Advisors’ Brad Goff and Bret Zinn represented the seller, TIAA-CREF.
CUTLER BAY, FLA. — East Ridge Retirement Village Inc. is redeveloping 125,000 square feet of the 78-acre East Ridge Retirement Village. The property is located at 19301 SW 87th Ave. in Cutler Bay. The old space will be demolished and replaced by 334,000 square feet of high-tech independent and assisted-living facilities. The project is being designed to LEED standards.
RICHMOND, VA. — The 46-unit Pine Court Apartments, located on the edge of the Virginia Commonwealth University campus in Richmond, has received a $3.57 million loan. The 10-year loan carries a 30-year amortization and a 5.79 percent interest rate. Walker & Dunlop secured the financing.
MINNEAPOLIS — Construction is underway for Mill District City Apartments, a $25 million multifamily project located in Minneapolis’ Mill District/Washington Street corridor. Situated at the corner of Portland and Washington avenues, the five-story building will feature 175 luxury apartments, a 3,500-square-foot specialty market, a business center, a fitness center, an indoor/outdoor pool and a 14,000-square-foot private park. The property is owned by a joint venture between Holtzman Interests and Avgeris & Associates, and Village Green is developing it. Frana Cos. is serving as general contractor for the project, which was designed by Boarman Kroos Vogel Group. Project partners include the City of Minneapolis, U.S. Bank, Western Bank and Metropolitan Capital Bank. Completion is slated for early spring 2011.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of a residential building and an adjacent development site located in Harlem, New York City, for $21.92 million. The first part of the transaction consists of a six-story, 120-unit affordable housing building that is situated on Fifth Avenue between West 116th and 117th streets. The second component of the deal is an approximately 44,402-square-foot, L-shaped lot that takes up the remainder of the block. The buyer, L&M Equities, plans to continue to operate the residential building as affordable housing. Plans for lot call for a building between 180,000 and 260,000 square feet in size. Shimon Shkury and Tom Donovan of Massey Knakal represented the seller, Metrovest Equities.