NEW YORK CITY — The grand opening has been held for Banana Kelly Place, a 58-unit affordable housing community located at 830 Fox St. in the Longwood neighborhood of the South Bronx, New York City. The $14 million project was developed by the locally based Banana Kelly Community Improvement Association and CPC Resources, the for-profit development arm of The Community Preservation Corp. The seven-story building comprises 18 one-bedroom and 39 two-bedroom apartments, plus a superintendent’s unit; 18 of the units have been set aside for formerly homeless families. Rents range from $585 for a one-bedroom apartment to $867 for a two-bedroom apartment; the units are available only to those earning 60 percent or less of HUD income limits. In addition to the residences, the building includes 5,200 square feet of ground-floor space for a future child-care facility.
Multifamily
DALLAS — Marcus & Millichap has brokered the sale of Wyndham Court Apartments, a bank-owned apartment community located near the intersection of East Lover’s Lane and Northwest Highway in Dallas. Constructed in 2005, the Class C community contains 147 units. It has undergone significant capital improvements since 2005, with much of the maintenance still not completed as of closing. The buyer, a private, California-based investor, plans to extensively rehab the property. Nick Fluellen of Marcus & Millichap’s Dallas office and Scott Harris of the firm’s Chicago office listed the property on behalf of the seller, Charlotte-based Bank of America. Will Jarnagin and Michael Ware, also of Marcus & Millichap’s Dallas office, represented the buyer. The acquisition price was not disclosed.
ROSEVILLE, CALIF. — Kenneth Blomsterberg and Jesse Nickerman of Marcus & Millichap’s Sacramento, Calif., office represented the seller and buyer in the transaction of Venu at Galleria in Roseville. Located at 301 Gibson Dr., the apartment community consists of 26 two- and three-story buildings offering a mix of 223 studio, one-, two- and three-bedroom units. Community amenities include a resort-style swimming pool and spa, a fitness center, a lounge, a business center, an interactive game room/movie theater, personal concierge services and an in-house spa. The property was sold at a low 5 percent cap rate. Terms of the transaction were not released.
NORTH LAS VEGAS, NEV. — Alliance Residential Company has opened Broadstone Sonata in North Las Vegas. Located at Craig Road and Lamb Boulevard, the property features 312 apartment units. Additionally, the property features a resort-style pool and spa, several tot lots, an open sports field, circuit training exercise trails with multiple fitness stations, a dog park, a multimedia athletic club with free weights and extensive cardio equipment, a clubhouse with demonstration cooking kitchen, a Wii lounge and a multimedia cyber café with plasma televisions and Wi-Fi internet access. Broadstone Sonata is Alliance Residential’s fourth new Broadstone development in the Las Vegas Valley.
LONG BRANCH AND RED BANK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered two separate multifamily sales for a total of more than $25 million. The two properties include Lloyd Manor, a 70-unit, garden-style apartment community located at 376 West End Ave. in Long Branch, and Colony House, a 68-unit, high-rise apartment building located at 122 N. Riverside Ave. in Red Bank. Lloyd Manor comprises 15 two-story buildings that include 40 two-bedroom and 30 three-bedroom units. It was fully occupied at the time of closing. The seven-story Colony House building contains a mix of 6 studio units, 22 one-bedroom units, 35 two-bedroom units, two three-bedroom units and three penthouses. Steven Follman of GHA represented both parties in the transaction. Lloyd Manor was sold by Lloyd Manor Associates LLC to a private, New Jersey-based investment group. Colony House was sold by Colony Realty Associates in a 1031 exchange to Park Ridge LLC.
ALLENTOWN, PA. — Woodbridge, N.J.-based The Kislak Company has negotiated the sale of Wynnewood Greens Apartments, a 206-unit, garden-style community located in Allentown, for approximately $12 million. The two-and-a-half story property contains a mix of one-, two- and three-bedroom units; it was 95 percent occupied at the time of closing. Robert Holland of Kislak represented the seller, Hicksville, N.Y.-based Camelot Partners, and the buyer, Wynnewood Real Estate LP. The buyer plans to make substantial capital improvements to the property. Sovereign Bank provided acquisition financing for the transaction.
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of Arbors Apartments, a 100-unit multifamily community located in Greenville. Constructed in 1972, the community is situated on more than 7 acres. John Barker of Marcus & Millichap’s Dallas office listed the property on behalf of the seller, a Texas-based limited partnership. Barker also brought the buyer, a Dallas-area private investor, to the table. The purchase price was not disclosed, but the acquisition financing was arranged through Bank of America.
NEW YORK CITY — Urban Residential has topped out construction for Linden78, a residential building located in 230 W. 78th St. on the Upper West Side of Manhattan, New York City. The building features two residences per floor, as well as full-floor penthouses. Unit amenities include 9- to 11-foot ceilings, 5-inch wide plank oak flooring and pre-wiring for a Cytexone home automation system; penthouse units also boast views of Central Park. Four homes currently remain for sale; they contain three and four bedrooms and ranged from 1,995 to 3,006 square feet. The project is being developed by Urban Residential and was designed by Handel Architects. Corcoran Sunshine Marketing Group is acting as exclusive marketing and sales agent. The completion date was not released.
BALTIMORE — Greenbelt, Md.-based The Bozzuto Group has commenced construction on The Fitzgerald, a mixed-use property featuring 280 apartments and 14,000 square feet of retail, after obtaining $75 million in financing. Bozzuto and its joint venture partners — Gould Property Co., The New York State Teachers’ Retirement System (NYSTRS) and a former Baltimore Raven football player — secured a $52 million construction loan from Bank of America and $23 million in equity from the NYSTRS. The property is located on 4.6 acres in the heart of Baltimore’s cultural district and is expected to deliver in 2010.
FORT LAUDERDALE, FLA. — Altman Development is developing the 279-unit Satori, a luxury apartment community spanning 5.7 acres at 1111 E. Sunrise Blvd in Fort Lauderdale. The project will include 12,149 square feet of retail space and will be built using environmentally-friendly features. Completion of the first phase, which consists of 57 units, is planned for March 2009, and the entire project should deliver late next year.