GIG HARBOR, WASH. — Larry Corkins of Marcus & Millichap’s Seattle office represented an undisclosed bank/financial institution in the disposition of 58 apartment units at Harbor Glen, a 62-unit residential community located at 2215 47th St. N.W. in Gig Harbor. The property sold for $2.74 million. The asset was being converted into condominiums, with four of the original 62 units sold and currently owned by other parties. Approximately 23 units have been converted to condo quality with the balance being in various stages of completion. Approximately 10 units are capable of being rented. Marcus & Millichap’s Tax Credit Group represented the undisclosed buyer in the acquisition.
KENT, WASH. — San Francisco-based JB Matteson has formed an alliance with Los Angeles-based Griffin Capital Corp. JB Matteson has been engaged as real estate advisor and asset manager for the acquisition, finance and asset management of multifamily properties in the Western United States, while Griffin has engaged JB Matteson for multifamily investments. The alliance recently purchased Waterford at the Lakes, a 344-unit apartment community located in Kent. Griffin purchased the property for $32.45 million. JB Matteson managed the acquisition and coordinated the Fannie Mae financing. Additionally, JB Matteson will provide asset and construction management services for the investment.
NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of Oliver Place Apartments, a 58-unit multifamily community located in Newark, for $2.95 million. Oliver Place is a five-story, mid-rise building situated at 469 Elizabeth Ave. in the city’s Weequahic Park neighborhood. It contains a mix of one-, two- and three-bedroom units, and occupancy was 95 percent at the time of closing. Gebroe-Hammer’s David Jarvis represented the seller, Elizabeth Avenue Associates Corp., and procured the buyer, 469 Associates LLC.
GARLAND, TEXAS — Denver-based Metro Wing LLC has acquired the 59-unit Kent Apartments out of foreclosure. The community is located on West Walnut Street in Garland. Its condition had deteriorated significantly over the years and Metro Wing is attempting to remedy that by launching a significant capital improvements program. Deferred maintenance from the previous owner will be completed, improvements will be made and the apartment will be repositioned to attract family-oriented tenants. The construction timetable was not released.
BURBANK, CALIF. — The Burbank Housing Corp. has completed the renovation of Peyton Grismer, a 70-unit multifamily community located at 1801-1815 Grismer Ave. and 1729-1735 Elliot Dr. in Burbank. The affordable housing development’s key feature is the Activity and Family Resource Center, which promotes lifelong learning and integration skills through extra-curricular education programs for residents. The revitalized buildings consist of 70 units featuring large closet spaces, kitchen and bathroom upgrades, central HVAC, ENERGY STAR appliances, water conservation fixtures and an on-site laundry facility.
LOS ANGELES — A partnership between Beverly Hills, Calif.-based Kennedy Wilson, Guardian Life Insurance Company of America and LeFrak Organization has purchased the remaining 149 units in The Mercury, a 22-story luxury condominium tower located at the corner of Wilshire Boulevard and Western Avenue in Los Angeles. The tower offers 16 one- and two-bedroom floorplans averaging 1,062 square feet. The residences feature 9- to 10-foot ceilings, granite slab counters, stainless steel kitchen appliances, bamboo floors and Bosch washers and dryers. Additionally, the property features a resort-style swimming pool, a spa, a state-of-the-art fitness center, a fire pit, an even lawn, barbecue areas and seating coves. Vince Norris of Hendricks & Partners represented the buyer and the seller, Forest City Residential West, in the transaction. The acquisition price was not disclosed.
LOS ANGELES AND ANAHEIM, CALIF. — Marcus & Millichap has completed the sales of two apartment communities in California for a total consideration of $4.65 million. In the first transaction, Robert Leveen represented the seller in the disposition of Nicolet Riviera, a 30-unit community located at 3848 Nicolet Ave. in Los Angeles. Constructed in 1957, the property sold for $1.95 million or $77.83 per square foot. Tony Azzi, also of Marcus & Millichap, represented the undisclosed buyer in the transaction. In the second transaction, Ira Virden and Tyler Leeson of Marcus & Millichap represented the undisclosed seller in the $2.7 million sale of Savanna Apartments, an 18-unit multifamily community located at 3515 W. Savanna St. in Anaheim. Leeson also represented the undisclosed buyer in the transaction.
SAN DIEGO — San Diego Youth and Community Services has acquired a 10-unit multifamily property, which is located at 101-119 Fir St. in San Diego. Duluth, Minn.-based Vanstrom sold the property for $1.15 million. Built in 1955, the property offers six one-bedroom/one-bath units and four studio units. Kevin Sweeney represented the buyer; Chuck Hoffman of Apartment Consultants Inc. represented the seller in the transaction.
BATON ROUGE, LA. — Irvine, Calif.-based Thompson National Properties represented Delaware Statutory Trust investors in the acquisition of the 276-unit Millennium Town Center apartment complex from an undisclosed seller for an undisclosed price. The luxury multifamily property is spread across 11 buildings at 6810 Jefferson Highway in Baton Rouge.
NASHVILLE, TENN. — Freeman Webb Investments has acquired the 156-unit Arbors at Southern Hills Apartments from TRB Arbors for $3.95 million. The property is located at 371 Wallace Rd. in Nashville. Freeman had previously purchased the property in 1992 for $2.5 million and sold it in 2006 for $6.6 million. TRB Arbors had originally listed Southern Hills for $9.3 million. Steve Massey of CB Richard Ellis’ Nashville office and William Kirkland of The Kirkland Company in Brentwood, Tenn., brokered the transaction.