NEW BRUNSWICK, N.J. — Marcus & Millichap has completed the sale of a 22-unit apartment building, located on Livingston Avenue in New Brunswick, for $2.2 million. The garden-style building was constructed in 1969. Maz Radwan of Marcus & Millichap’s New Jersey office represented the seller, Norwood Apartments LLC, as well as the buyer, a locally based investor. The property traded at a per-unit price of $100,000.
ARLINGTON, TEXAS — A joint venture between Baltimore-based Alex. Brown Realty (ABR) and Dallas-based Price Realty Corp. has acquired Hunters Point Apartments, a 272-unit, garden-style apartment community located in Arlington. The gated complex features a clubhouse, a business center, a fitness center, two pools, one tennis court and 487 surface parking spaces. The joint venture plans to continue a renovation plan initiated by the seller; ABR and Price will invest approximately $4,200 per unit over the next 2 years for interior renovations. ABR Chesapeake Fund III, a real estate investment fund sponsored by ABR, provided $5.9 million in equity to the venture for the purchase. Price will serve as the property management team for Hunters Point. The ABR and Price joint venture will also assume the property’s existing first mortgage loan with Bank of America. The fixed-rate, interest-only loan matures in May 2015.
RICHARDSON, TEXAS — A joint venture between Dallas-based companies Winston Capital Corp. and L&B Realty Advisors, and Lansing, Mich.-based Municipal Employees Retirement System of Michigan, has procured $47.35 million in construction financing for Brick Row, a 500-unit multifamily community located in Richardson. Scheduled for completion in mid-2010, Brick Row will contain the residential units and 16,000 square feet of ground-floor retail space situated around two central parking structures in a park-like setting. The project is part of a larger master-planned community that will include townhomes, condominiums, retail space and a public park. The financing was arranged for the joint venture by Andy Scott of the Dallas office of Holliday Fenoglio Fowler. The lender is a three-bank syndication led by Colonial Bank, a division of Montgomery, Ala.-based Colonial BancGroup. The other two banks were Dallas-based Texas Capital Bank and San Antonio-based Broadway Bank. The loan carries a 3-year term.
AUSTIN, TEXAS — Marcus & Millichap has negotiated the sale of 305 Place Apartments, a 32-unit multifamily community located at 305 W. 35th St. in Austin. The community is located near the campus of the University of Texas. Todd Sherrer of Marcus & Millichap’s Austin office listed the property on behalf of the seller, and Steve Hollingsworth, also with the firm’s Austin office, secured the locally based buyer. The acquisition price was undisclosed.
GLENDORA, CALIF. — Burbank, Calif.-based Gangi Development Co. has completed the development of Vermont Avenue Lofts, a $14.2 million project located at 130 N. Vermont Ave. in Glendora. The project features 26 for-sale single-story flats and two-story loft condominiums and 6,000 square feet of for-sale retail/office space. Additionally, the development features a walking paseo accented by water features and large concrete planters. The project was designed by Mark Gangi of Gangi Development and Stefanos Polyzoides of Pasadena, Calif.-based Moule and Polyzoides Architects and Urbanists. Construction financing was provided by Wells Fargo Bank.
WASHINGTON, D.C. — Lowe Enterprises recently completed The V Apartments at CityVista, a 244-unit complex located in the 843,000-square-foot Washington, D.C., development, CityVista. The complex features amenities such as a fitness center and a library. Retailers already complete in the mixed-use project include Safeway, Results The Gym, 5th Street Hardware, Chevy Chase Bank and the Busboys and Poets restaurant. CityVista also encompasses a 441-unit condominium property and a 1-acre private park. Michael Marshall Architecture designed The V Apartments, which marks the final phase of the $240 million mixed-use project.
ST. LOUIS — Phoenix-based Hendricks & Partners has represented both parties in the sale of Clara, a multifamily community located at 308-314 Clara Ave. in St. Louis. Chicago-based Clara Properties LLC has acquired the 36-unit property from Clayton, Mo.-based MIRP/DeBaliviere II Phase Two LLC. The buyer has plans to perform various unit and common area updates at the apartment community. Ken Aston, Paul Cunningham and Steve Pearl in the St. Louis office of Hendricks & Partners represented both parties in the transaction. The acquisition price was not disclosed.
FERN PARK, FLA. — Shelton Granade of CB Richard Ellis’ Orlando office has represented an undisclosed seller in its sale of the 352-unit Magnolia Grove apartment complex to an undisclosed buyer for $16.7 million. The property, which was built in 1972, is located at 2174 Sharp Court in Fern Park.
TAKOMA PARK, MD. — The Montgomery Housing Partnership is finishing construction on its $14.5 million Takoma Park Preservation project, consisting of 75 affordable housing units in three Takoma Park apartment complexes. In 2005, residents of these apartments were in danger of being priced out of their homes, so the housing partnership purchased the buildings and outfitted them with new plumbing and electrical systems, new kitchens and bathrooms and energy-efficient features. The newly-renovated Merrimac Gardens, The Crossroads at Flower and Sligo View Apartments opened to residents this month.
PORT CHARLOTTE, FLA. —Marcus and Millichap has represented an undisclosed LLC in the sale of the 24,490-square-foot Courtyards of Horizon to a Port Charlotte-based doctor for $2.9 million. The senior housing facility, located at 2644 Rampart Blvd. in Port Charlotte, opened in 1989 and is licensed for 50 beds. The property was renovated in 2005 to fix damage brought on by Hurricane Charlie.