BAYONNE, N.J. — Weichert Commercial Brokerage has completed the sale of a 12-unit multifamily property, located at 514-516 Kennedy Blvd. in Bayonne. The four-story building totals 13,300 square feet. Weichert’s Aaron Mittleman represented the undisclosed seller. Brian DeCicco of RE/MAX represented the buyer, Astafa Bros. Management. The acquisition price was undisclosed.
NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York Department of Housing Preservation & Development (HPD) have provided $1.69 million in construction in permanent financing for an apartment rehabilitation project in the East Harlem neighborhood of Manhattan, New York City. The property is a five-story rental building, located at 10 E. 132nd St. It presently consists of 15 two-bedroom units, two of which are occupied. Construction will consist of the gut renovation of the building and the conversion of the units into one studio unit and nine larger two-bedroom units. In addition, the building will receive plumbing and electrical upgrades, the installation of new kitchens and bathrooms, a new heating system and the replacement of the roof and joists. Financing for the project comprises a $554,210 construction and permanent loan from CPC and $1.14 million in funds provided by HPD. The borrower is Frederick Brown. During construction, the building’s two tenants will be relocated. Monthly rents for the new units have been set by HPD at $700 for the studio and $1,300 for the two-bedroom units.
HOUSTON — Hendricks & Partners has brokered the sale of Williamstown, a 272-unit, Class C apartment community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan with Hendricks’ Houston office represented the seller, locally based Creekstone Holdings I LLC. Williamstown was acquired by locally based Diep Residential for an undisclosed amount. The purchase was financed by Metro Bank with loan carrying a 7-year term and a 75 percent loan-to-ratio.
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.
