COFFEYVILLE, KAN. — Minneapolis-based Dominium Development & Acquisition has held the grand reopening of Dale Apartments, located in Coffeyville. Originally built in 1924 as a hotel, the apartment building underwent a $2.7 million renovation. Improvements to its 47 units included new cabinets and countertops, new appliances, new entry doors, new light fixtures and new flooring. Additional construction consisted of a new community room with a full kitchen, a new exercise room, a media room, new vending and mail areas, an improved outdoor patio area with new landscaping and sitting areas, a new laundry room and a new library.
NEW YORK CITY — Ground was recently broken for a new 103-unit affordable housing project in the Brownsville section of Brooklyn in New York City. Situated on land that fronts Watkins Street between Newport and Lott Avenue, the new community will consist of 13 four-story apartment buildings comprised of 35 one-bedroom, 57 two-bedroom, and 11 three-bedroom units with an additional unit set aside for the superintendent. There will also be on-site laundry facilities, outdoor recreation space and 22 on-site parking spaces. The development arm of The Community Preservation Corporation, CPC Resources, will oversee all aspects of the development and construction of the project until the apartments are fully leased at which point East Brooklyn Congregation will assume control. The New York City Housing Development Corporation (HDC) will finance the construction of the Watkins Street buildings by issuing $14.5 million in tax-exempt bonds and lending $5.9 million in low-interest subsidy from its corporate reserves. The total development cost is projected to be $28.5 million. In addition to HDC financing, Housing Preservation and Development will provide $6.3 million in City Capital and HOME funds subsidy through the Low Income Rental Program. During construction, the bonds will be backed by a letter of …
KELSO, WASH. — Grayson Pounder of Hendricks & Partners represented the seller, Corvallis, Ore.-based Jesse L. Coombs, in the disposition of Cowlitz River Duplexes. Located at 1420 Pacific Ave. N. in Kelso, the 26-unit property sold for $1.2 million. The buyer was Tualatin, Ore.-based David L. Nelson.
MONTEBELLO AND GLENDALE, CALIF. — Marcus & Millichap has brokered the sales of two multifamily properties in California. In the first transaction, an undisclosed buyer acquired The Greenwood Avenue Apartments in Montebello for $1.2 million. Located at 1324 S. Greenwood Ave., the seven-unit property features six three-bedroom/two-bath units and a four-bedroom/two-bath unit. Kevin Struve and Eric Chen of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, The Alameda Apartments in Glendale sold for $1.7 million or $186.31 per square foot. Located at 1119 Alameda Ave., the 9,288-square-foot property features 1,160-square-foot two-bedroom/two-bath units. Alan Krueger and Struve of Marcus & Millichap represented the seller in the transaction. Details of the buyer and seller were not released.
SAN FRANCISCO — Wells Fargo & Co. has closed an approximately $289 million Freddie Mac Portfolio for Simpson Housing LLP. The borrower will use the Freddie Mac Conventional Cash Purchase Program to refinance an 11-property multifamily portfolio. The 3,664-unit portfolio includes properties in Arizona, Colorado, New Mexico, Oregon, Washington, Texas and Virginia. The loan features a 7-year variable rate pool and 10+1- and 11+1-year fixed rate pools. Phil Morse and Chris Lubic of Wells Fargo Multifamily Capital in Mclean, Va., originated the transaction, which was a referral from John McKinney and Jeff Spratt of Wells Fargo Real Estate Banking Group.
TAMPA, FLA. — Connecticut General Life Insurance Co. has secured an $18.5 million loan for its 383-unit Mallory Square Apartments. The 3-year-old property is located at 11306 Mallory Square Dr. in Tampa. The adjustable-rate loan carries a 7-year term. Elliott Throne of Holliday Fenoglio Fowler’s Coral Gables, Fla., office and Fred Wittmann of the company’s Boston office secured the loan.
MARATHON AND TAVERNIER, FLA. — Southport, Conn.-based Summit Development has purchased two marina properties in the Florida Keys from Sun Vest Communities. Summit acquired the Sombrero Resort and Marina — which encompasses 124 condominiums, eight villas and a 54-slip marina — for an undisclosed price. Located at 19 Sombrero Blvd. in Marathon, the property also includes a full-service restaurant, tennis courts and a poolside tiki bar. The company also purchased the 130-slip Mangrove Marina, located at 200 Florida Ave. in Tavernier. Summit plans to renovate both properties. Funding for the purchase was obtained from Orion Bank.
SEABROOK, TEXAS — Seatree Properties, Ltd., has secured a $5.8 million loan from Freddie Mac to completely pay off the existing loan on Seatree Apartments in Seabrook. Whitaker Johnson with the Dallas office of Holliday Fenoglio Fowler arranged the refinancing for the 220-unit apartment community on behalf of Seatree Properties. Located approximately 20 miles southwest of downtown Houston at 2800 Nasa Parkway, the garden-style complex was renovated in 2006 and offers five floor plans. The borrower is an affiliate of Hall Financial Group, Ltd.
WEST SACRAMENTO, CALIF., AND AURORA, COLO. — Marcus & Millichap has brokered the sales of two multifamily properties in California and Colorado. In the first transaction, an undisclosed buyer purchased a 12-unit multifamily property, which is located at 2334-2336 Michigan Blvd. in West Sacramento, for $810,000. Marc Guillon and Jesse Nickerman of Marcus & Millichap represented the undisclosed seller in the transaction. In the second transaction, Clayton Primm of Marcus & Millichap represented both parties in the sale and acquisition of an eight-unit multifamily property in Aurora. Located at 9504 E. 17th Ave., the property sold for $325,000.
DALLAS — Manhattan Beach, Calif.-based Main Street Partners & Associates has acquired Ridgegate Apartments for $6.05 million. The Class C multifamily community is located at 9737 Forest Lane in Dallas and contains 270 units. The undisclosed seller was represented by Sam Pettigrew of locally based The Cantrell Company. Acquisition financing was provided by Fannie Mae. Main Street Partners retained JBlue Real Estate Services to manage the property, as well as oversee its planned renovation.