NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided $442,000 in funding for a vacant, three-story residential building located in the East Tremont neighborhood of the Bronx, New York City. Situated at 1688 Webster Ave., the property was recently renovated as part of the HPD’s Neighborhood Homes Program, which transfers city-owned properties to sponsors for rehabilitation and sale to new owners who live in a single unit and rent out the other units at an affordable rate. For this project, Bronx Shepherds Restoration Corp. renovated the property and sold it to 1688 Webster Realty LLC. Jeffrey Brown, the principal of 1688 Webster Realty LLC, will occupy one of the units on the top two floors and will rent out the remaining units. The building’s ground-floor commercial space will be leased to Joshua & Caleb Ministries. CPC provided a $320,949 permanent loan and HPD provided $126,667 in grant financing for the project.
Multifamily
HOUSTON — Brandon Brown of The Woodlands, Texas-based LMI Capital has arranged approximately $3.92 million in permanent debt for the acquisition of Aspen Ridge Apartments, a 256-unit multifamily project in Houston. LMI worked on behalf of the buyer to secure the fixed-rate financing with one of the company’s lending sources.
COSTA MESA, CALIF. — Boston-based Berkshire Property Advisors LLC has acquired Glo, a 201-unit multifamily apartment community located in downtown Los Angeles, for $47.5 million or $236,318 per unit. The property was acquired from a joint venture between Vancouver, Wash.-based Holland Partners and other equity partners. Located at 1050 Wilshire Blvd., the 353-unit property consists of two five-story buildings connected by a sky bridge. Glo offers studio, one-, two- and three-bedroom units with an average unit size of 1,010 square feet. Each apartment features stainless steel appliances, granite kitchen countertops, central air and heating, and a full-size washer/dryer. The community also features two landscaped plazas, a pool area with Jacuzzi and private cabanas, a clubhouse, a two-story fitness center and a soundproof screening area. Additionally, Glo features 8,453 square feet of ground-level retail space, which is currently anchored by a Starbucks Coffee. The West Coast office of Chicago-based Moran & Company brokered the transaction.
NEWBERG, ORE. — Newberg-based ABM Properties LLC has acquired Mt. View Duplex Homes, which is located at 1907 N. College St. in Newberg. The Estate of Donald K Saxton sold the 16-unit property for $1.12 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
SEATTLE — GVA Kidder Mathews has brokered the sale of two multifamily properties in Seattle. In the first transaction, Trimark XVI LLC and Trimark University Housing LLC purchased a 15,740-square-foot multifamily property, which is located at 5219 Brooklyn Ave. N.E., from D&F Housing LLC for $4.63 million. In the second transaction, Royal Manor LLC completed the disposition of a 12,659-square-foot multifamily property, which is located at 1519 NE 50th St., to Trimark XVI LLC and Trimark University Housing LLC for $4.8 million. Mark McAlister and Marty Leith of GVA Kidder Mathews represented all parties in the two transactions.
RANCHO CUCAMONGA, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, a 236-unit multifamily community in Rancho Cucamonga. Located at 111201 5th St., the property features one-, two- and three-bedroom units, a swimming pool, a fitness center and a clubhouse. At the time of acquisition, the property was 94 percent leased. Whit Wilcox of HFF placed the 7-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp.
HOLLYWOOD, FLA. — Two Florida-based private investors have sold the 19-unit Hilton House Apartments to an undisclosed Fort Lauderdale, Fla.-based LLC for $920,975. The property, located at 1855 Adams St. in Hollywood, is composed of 10 one-bedroom units and 9 two-bedroom units. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the buyer and the seller.
DANVERS, MASS. — Construction is nearing completion on two new residence halls at Lesley University in Danvers. The two facilities, which are located at the corner of Massachusetts Avenue and Wendell Street, are slated to house a total of 98 residential students. One building is a five-story residence hall with retail space on the front of the first floor. The second building is a three-story wood frame residence hall. The residences are being constructed by William A. Berry & and Son, Inc. Construction is slated for completion in August.
RANCHO CUCAMONGA, CALIF. — Holliday Fenoglio Fowler (HFF) has secured a $22.1 million refinancing with Freddie Mac for Fairway Palms Apartments, a 236-unit multifamily community in Rancho Cucamonga. Located at 111201 5th St., the property features one-, two- and three-bedroom units, a swimming pool, a fitness center and a clubhouse. At the time of acquisition, the property was 94 percent leased. Whit Wilcox of HFF placed the 7-year, adjustable-rate loan with the Federal Home Loan Mortgage Corp.
EL CAJON, CALIF. — San Diego-based Adnan Barbat and Khalida Barbat have purchased 1083 South Mollison Avenue in El Cajon. The 11-unit apartment community sold for $1.2 million. Built in 1978, the property consists of studio and one-bedroom/one-bath units. Chad Barmwell of Hendricks & Partners represented the seller, Escondido, Calif.-based Paul Bundy Jr. and Sigrid Bundy, in the transaction.