UNIVERSITY PLACE, WASH. — Brandon Grishman of Marcus & Millichap has brokered the sales of two multifamily properties in University Place. In the first transaction, an undisclosed buyer acquired WestWind Apartments, a 32-unit multifamily property located at 7623 27th St. W. The six-building property sold for $2.72 million. The community’s units feature washers/dryers, refrigerators, dishwashers, ranges and large decks or patios. The seller was not disclosed. In the second transaction, the 22-unit Windsor Square Apartments sold for $1.29 million to an undisclosed buyer. Located at 7703 27th St. W., the three-building property offers units with refrigerators, ranges and decks/patios. The seller was undisclosed.
DALLAS — The grand opening has been held for Mercantile Place on Main, a multifamily redevelopment project located in Dallas. The project is owned by Forest City Residential Group, a subsidiary of Forest City Enterprises. It consists of the redevelopment of the Mercantile Block, which encompassed nine buildings in downtown Dallas. The site, now christened Mercantile Place on Main, consists of three high-rise residential towers. The Mercantile National Bank Building was redeveloped into The Merc, a 31-story residential tower that opened to residents in March 2008. The second tower is The Element, a 15-story tower that opened in January 2009. The final building is The Wilson, a former office building and department store that now contains 143 luxury loft apartments. Each building features one- and two-bedroom units, as well as penthouses. Community amenities include a 1,750-square-foot fitness center, a private screening rooms, a sports lounge with a gaming room, and the Cabana Lounge. An elevated pool area features a swimming pool, a spa deck, a sun deck with an outdoor kitchen/grilling area, bar-style seating, tables and chairs situated within groves of trees, gardens and wood decks. In addition, a French restaurant named Jean Michel’s will open this fall at the …
LAS VEGAS — Contractor George Gekakis has begun construction of the 77-unit McKnight Senior Village II, the second phase of the 110-unit senior-living development. The property is located at 651 McKnight St. in Las Vegas. The new units will be housed in a four-story building on 2.14 acres of land. Amenities will include a 7,000-square-foot clubhouse, fitness center, craft room, health club and a full kitchen. McKnight Senior Village is being constructed to EnergyStar specifications. Delivery is slated for 2010.
CALIFORNIA — Alex J. Katz and Shana Klisanin of Meridian Capital Group’s Los Angeles office have secured a more than $27 million loan for an 11-property multifamily portfolio. The apartment complexes, which encompass 395 units, are located in Southern California. The non-recourse loan carries a 5.6 percent fixed interest rate for 10 years.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of a five-story, walk-up apartment building, located at 59 Morton St. in the Greenwich Village neighborhood of Manhattan, New York City. The property traded for $3.7 million. It totals 6,680 square feet and contains two rent-stabilized units, one rent-controlled unit, and a vacant parlor and third floor. Massey Knakal’s John Ciraulo and James Nelson negotiated the transaction between the two undisclosed parties.
VALLEY VILLAGE, CALIF. — Jeffrey Louks of Marcus & Millichap and Vince Norris of Hendricks & Partners represented the undisclosed seller in the disposition of a 54-unit apartment complex in Valley Village. Located at 5717 Laurel Canyon Blvd., the property sold for $9.75 million. The buyer was not disclosed.
WASHINGTON, D.C. — Locally-based Urban Investment Partners (UIP) has completed its full-building renovation of The Shelby, a 24-unit luxury apartment building, which is located at 1706 T St. N.W. in the Dupont Circle-Adams Morgan neighborhood of Washington, D.C. UIP acquired the property through its $60 million Washington Residential Fund II in 2007 and completed a $2 million rehabilitation on the building, which was formerly The Absecon. The revitalized property now features granite countertops, stainless steel appliances, concealed television and Internet wiring, central HVAC and a boutique hotel-style resident lobby, as well as monitored access and video security cameras.
NEW YORK CITY — New York City-based Massey Knakal Realty Services has brokered the sale of four contiguous apartment buildings, located at 526-546 E. 82nd St. in New York City, for $15.5 million. The six-story, walk-up buildings contain 106 residential units and one commercial unit. The units are a mix of market rate and rent controlled; they include 88 two-bedroom units, 17 one-bedroom units and one studio. Massey Knakal’s Tom Gammino and Paul Massey negotiated the transaction. Both parties were undisclosed. The properties traded at a 6.8 percent capitalization rate.
NORTH HOLLYWOOD, CALIF. — H K Properties has purchased a 24-unit apartment complex, which is located at 12717-33 Barbara Ann St. in North Hollywood, for $3.2 million or $133,333 per unit. The 23,232-square-foot property offers 12 two-bedroom/one-bath units, 12 three-bedroom/one-and-a-half bath units, balconies, patios, on-site laundry facilities and vaulted ceilings. The seller was Trion Properties LLC. Rick Raymundo of Marcus & Millichap represented both parties in the transaction.
RINCON, GA. — The Southeast regional office of Rosemont, Ill.-based McShane Construction Co. has completed Continental Properties Co.’s 352-unit The Springs at Effingham apartment complex. The 430,000-square-foot property spans 32 acres at 617 Towne Park West Dr. in Rincon. Complex amenities include a pool and a clubhouse with a business center, conference facility, kitchen and multi-purpose room. MSA Architects designed the property, which encompasses 22 16-unit buildings.