SANFORD, FLA. — A joint venture between Canadian and Florida-based investors has borrowed a $14.05 million loan for the 356-unit Stonebrook Apartment Homes. The apartment complex, which was completed in 2001, is located at 1000 Stonebrook Dr. in Sanford. The 10-year Freddie Mac loan carries a 5.62 percent fixed interest rate and a 30-year amortization. Dennis Jimenez of CB Richard Ellis’ Orlando office secured the loan.
FORT LAUDERDALE, FLA. — A local LLC has sold a 22-unit Fort Lauderdale apartment portfolio to a local private investor for $858,000. The three-property sale included eight units at 800 N.W. 3rd Ave., eight units at 424 N.W. 14th Terrace and six units at 805 N.W. 2nd Ave. Jason Yukins of Marcus & Millichap’s Fort Lauderdale office represented the seller.
JERSEY CITY, N.J. — Groundbreaking has occurred for Margaret S. Herbermann Manor, a new affordable housing project located at the intersection of Secaucus Road and Summit Avenue in the Heights neighborhood of Jersey City. The five-story, elevator-served building will feature 45 units, comprising five low-income units, 10 moderate-income units and 30 workforce housing units. Each unit totals approximately 1,100 square feet and contains two bedrooms. Approximately half of the units are single-level, with the rest consisting of duplex units. In addition, the building will contain one floor of parking and two ground-floor retail spaces. Herbermann Manor will be applying for LEED-Silver certification. It is being developed by Franklin Development Group. Construction financing is being provided by M&T Bank, as well as the New Jersey Housing & Mortgage Financing Agency’s CHOICE program, which encourages the development of for-sale housing in Smart Growth areas throughout the state. Completion is scheduled for spring 2010.
INGLEWOOD, CALIF. — The Los Angeles office of Heery International has been awarded the construction management for Locust Street Senior Center and Housing Complex, which is located one block east of Inglewood’s historic downtown. The 90,000-square-foot senior center will be the first city-owned housing development in Inglewood’s history. The project will feature 58 senior apartments, a three-floor rooftop terrace, a 6,000-square-foot commercial kitchen, and Wi-Fi Internet access for residents and visitors. Kennard Design Group and WWCOT Architects are providing architectural services for the project, which is slated for completion in spring 2011.
VAN NUYS, CALIF. — Tony Azzi of Marcus & Millichap represented both parties in the disposition and acquisition of a 75-unit apartment property in Van Nuys. Located at 6919-6929 Sepulveda Blvd., the property sold for $5.62 million or $178.55 per square foot. The buyer and seller were not disclosed.
MIAMI BEACH, FLA. — A private investor from Miami has sold a 12-unit apartment complex to a Surfside, Fla.-based investor for $775,000. The property is located at 7700 Abbott Ave. in Miami Beach. Eight one-bedroom units and four studio apartments are housed in the complex. Lawrence Usher of Marcus & Millichap’s Miami office represented both parties in the transaction.
HOUSTON — Jamie Mullen of The Woodlands, Texas-based LMI Capital has arranged $4 million in debt for the acquisition of Cedar Branch Apartments in Houston. Located at 1217 Blalock, the 234-unit community features 24 studio, 150 one-bedroom and 60 two-bedroom units. Mullin worked on behalf of the purchaser to secure the financing with one of LMI’s lending sources.
ORANGE COUNTY, CALIF. — The Northwestern Mutual Life Insurance Co. has completed the disposition of three multifamily properties located in Orange County. The properties, which total 1,368 units, sold for a total consideration of $201 million. In the first transaction, Newport Beach, Calif.-based Pacific Coast Management acquired Aventine @ Aliso Viejo, a 386-unit luxury apartment community located at 22501 Chase in Aliso Viejo, Calif., for $56.2 million. In the second transaction, Walnut Creek, Calif.-based Sequoia Equities has purchased Alize @ Aliso Viejo, a 484-unit rental property located at 2 Enterprise St. in Aliso Viejo, for $75 million. In the third transaction, Newport Beach-based Stoneridge Capital Partners acquired Avila @ Rancho Santa Margarita, a 498-unit community located at 22751 El Prado Ave. in Rancho Santa Margarita, Calif., for $70 million. Joe Leon and Dean Zander of Hendricks & Partners, along with Ray Eldridge and Kevin Mulhern of CB Richard Ellis, brokered the transactions.
BEVERLY HILLS, CALIF. — Laurus Corp. has acquired a one-acre development site, which is located at the intersection of North Palm Drive and Civic Center Drive in the Platinum Triangle area of Beverly Hills. The property has entitlements to build 35 luxury condominiums in two adjacent buildings. Current project plans include two five-story buildings featuring units ranging in size from 2,000 to 3,400 square feet. The units will feature unique designs, top-of-the-line furnishing and high quality amenities. 432 Beverly Hills LLC was formed as an investment vehicle to acquire the property by a group of equity partners.
NEW YORK CITY — Marcus & Millichap has completed the $4.95 million sale of 1969 Amsterdam Avenue, a 35-unit apartment facility in Manhattan, New York City. The six-story property was built in 1920 and is located on Amsterdam Avenue between 157th Street and 158th Street. The sales price represents $229.42 per square foot and a 6.98 percent cap rate on the property’s net operating income. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office, represented the seller, an undisclosed private investor, and the buyer, a limited liability company.