HUNTINGTON BEACH, CALIF. — Gregory Harris and Chad David of Marcus & Millichap’s Encino, Calif., office represented the buyer in the acquisition of 210 18th Street, a 12-unit multifamily property in Huntington Beach. The property, which features two-bedroom flats and townhomes, sold for $4 million. The buyer and seller were not disclosed.
SAN JOSE, CALIF. — PNC ARCS, a PNC Real Estate Finance company, has provided a $9.3 million supplemental loan for Central Park Apartments in San Jose. Built in 1971, the 186-unit property features covered parking, six central laundry facilities, an outdoor pool and a fitness center. The loan was for a 9.25-year term/interest-only for 9 years at a rate of 6.78 percent. The loan was originated by PNC ARCS’ San Francisco office though Fannie Mae.
SAN DIEGO — Curt Ginther has acquired Hillcrest Apartments, a 10-unit apartment building located at 3725 and 3729 4th Ave. in San Diego, for $1.29 million. Constructed in 1936, the two-story property offers 6,040 square feet of rentable space and features nine one-bedroom/one-bath units and one two-bedroom/one-bath unit. Jaisa Bright of Wills Allen Rancho Santa Fe represented the buyer; Merrick Matricardi, Jim Neil and Eric Comer of CB Richard Ellis represented the seller, Dr. Carol Grote-Beyers, in the transaction.
MIDDLETOWN, CONN. — Marcus & Millichap has arranged the sale of a 650-unit, Class A apartment portfolio for $75 million. Located in Middletown, the portfolio comprises Chestnut Hill Apartments and Northwoods Apartments. Chestnut Hill is situated on 29.44 acres at 5 Town Colony Dr.; it contains 314 one- and two-bedroom units in seven three-story buildings. Northwoods is situated on 17.37 acres at 1 Dove Lane; it contains 336 units in five three-story buildings. Both properties feature a clubhouse, a business center, a billiards room, a library, tennis and racquetball courts, an indoor hot tub, a swimming pool and a fitness facility. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Middletown-Oxford LP and Connecticut Colony Associates LP, as well as the buyers, Northwoods Apartment Associates LLC and Chestnut Apartment Associates LLC. The portfolio traded at a price of $115,385 per unit.
NEW YORK CITY — The New 118th Upper Manhattan Portfolio, a collection of 21 walk-up apartment buildings located in the Washington Heights and Central Harlem neighborhoods of New York City, has been sold in a $54 million transaction. Comprising 418,230 rentable square feet, the portfolio contains 500 residential units, five super units and 12 commercial units. The buildings in the portfolio consist of 20 five-story buildings and one six-story building; a majority of the units are presently subject to rent regulation. The buildings include: 234-236 E. 118th St.; 463-467 W. 159th St.; 503-507 W. 176th St.; 531 W. 179th St.; 704 W. 180th St.; 559-561 W. 183rd St.; 507 W. 184th St.; 510-524 W. 184th St.; 515 W. 184th St.; 516-520 W.188th St.; 500 W. 190th St.; 2180-2182 Amsterdam; 283-285 Audubon Ave.; and 70-72 Pinehurst. Robert Knakal, Rob Shapiro and Shimon Shkury of Massey Knakal Realty Services represented both parties in the transaction. The seller was Richard Wasserman, Esq., acting as trustee for the U.S. Bankruptcy Court; the buyer was undisclosed.
LANCASTER, PA. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Quail Run Apartments, a 136-unit multifamily community located in Lancaster, for $7.7 million. Robert Holland of Kislak represented the seller, The Apartment Gallery, as well as the buyer, The Solomon Organization. This marks the third time that Holland has sold the property. It was 98 percent occupied at the time of closing. The new owner plans to install separate utility meters for each unit. Union Center Bank provided acquisition financing for the property.
LOS ANGELES — New York-based The Related Companies has acquired a 308-unit senior-living building, which is located at 740 S. Olive St. in Los Angeles, for $56.5 million. Related plans to continue to operate the property as affordable housing for low-income seniors and to invest $9 million in a renovation/upgrade program for the building. Originally built in 1922 and rebuilt in 1979, the property offers 33 studios and 276 one-bedroom/one-bath units with monthly rents ranging from $980 to $1,083. Property amenities include security-card access, a spacious lobby with a furnished waiting area, lounge/dining area, a meeting room, a leasing office, a landscaped rooftop deck with shuffle board court, an open-air courtyard, laundry facilities and gated subterranean parking. Kitty Wallace of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
THE WOODLANDS, TEXAS — Houston-based Bridgewood Property Co. has acquired a 2.66-acre land parcel, located at the corner of Grogan’s Mill Road and Lake Robbins Drive in The Woodlands, for the development of a senior residential community. The Village of The Woodlands will total approximately 250,000 square feet, and contain 188 independent and assisted living units. Building amenities include a dining room that overlooks The Woodlands Waterway, a living room, a library, a bridge room, a theater, a fitness center with an indoor swimming pool, a billiards room, a computer room and landscaped courtyards. Residences will come in a mix of studio, one-bedroom, one-bedroom plus study and two-bedroom units. All units will contain full kitchens, individual climate controls, and washers and dryers. Construction is slated to begin next spring, with completion expected by fall 2010.
MIAMI — Carlisle Development Group and Carrfour Supportive Housing have completed renovations to the Royalton, located at 131 S.E. 1st St. in Miami, turning the historic hotel into a 100-unit apartment complex. The property, which was built in 1923 and cost $18.5 million to renovate, will accommodate formerly-homeless citizens with fully-furnished apartments. Monthly rents range from $167 to $622 based on income. Amenities include wireless Internet, a computer lab and laundry facilities.
VILLA RICA, GA. — Damon Reed of Capmark’s Birmingham, Ala., office has arranged a $4.8 million fixed-rate loan for the acquisition of the 96-unit Arbor Bend Apartments. The complex, located at 200 Industrial Blvd. in Villa Rica, comprises six two-story buildings and features a swimming pool and a clubhouse. Capmark’s 7-year loan comes with a fixed interest rate during the first 6 years of the loan and a 30-year amortization schedule. The property is currently 95 percent occupied.