NEWPORT BEACH, CALIF. — Michael Lawrence and Joseph Berkson of Marcus & Millichap’s Newport Beach office represented the undisclosed seller in the disposition of Las Casitas Garden Apartments in Newport Beach. A Northern California-based private investor purchased the 52-unit property for $10.55 million or $202,885 per unit. Located at 20102 Southwest Birch St., the 45,938-square-foot property consists of five two-story buildings. Community amenities include a swimming pool with sundeck, ample parking, on-site laundry facilities and a well-equipped fitness center. Kevin Struve and Eric Chen of Marcus & Millichap’s Ontario, Calif., office represented the seller in the transaction.
FREEHOLD, N.J. — The East Rutherford, N.J., office of Cushman & Wakefield has negotiated the sale of a 25,000-square-foot office condominium within Pond View Professional Park in Freehold. Situated on 12.2 acres at 1011 W. Main St., Pond View comprises two 25,000-square-foot, two-story office buildings and one 50,000-square-foot, two-story building. Condos within the project are designed for medical or professional office uses, and the project is located less than a quarter-mile from CentraState Hospital. Advanced Orthopedic Sports Medicine Institute was the buyer of the office condo, which is located on the entire first floor of the larger building. It marks the first sale within the project. Pond View Professional Park is owned by a joint venture between Pyramid Property Partners, Hampshire Real Estate Companies and Triad Development. Cushman & Wakefield is marketing the property, with individual units available for sale or lease.
NEW YORK CITY — The Bronx/Manhattan, New York City, office of Community Preservation Corporation (CPC), in partnership with the New York City Department of Housing Preservation (HPD), has financed $15.9 million in construction loans for three Harlem affordable housing project. CPC and HPD are providing a $9.2 million loan for the rehabilitation of two seven-story buildings located at 3603-3605 Broadway in the borough’s Hamilton Heights neighborhood. The properties will be reconfigured to include 24 one-bedroom units and 13 two-bedroom units. A $4.5 million construction loan is being provided to Malcolm Shabazz Development Corp. for the renovation of a six-story building located at 2512 Adam Clayton Powell Blvd. After construction is complete, the buildings will comprise 15 limited equity co-ops — made up of two studios, six one-bedroom, four two-bedroom and three three-bedroom units — as well as two commercial spaces. Finally, a $2.2 million loan will provide for the rehabilitation of a five-story building located at 131 E. 101st St. The building currently contains 10 rental units, which will be converted into co-ops upon completion.
VISTA, CALIF. — Steve Huffman of Hendricks & Partners’ San Diego office has brokered two separate multifamily complex sales in Vista. In the first transaction, Encinitas, Calif.-based Las Terrazas Apartment Homes LP acquired Las Terrazas, an 82-unit apartment complex located at 1440 Oak Dr., for $9.74 million. Beverly Hills, Calif.-based KW/WDC Vista LLC sold the property. The property offers a variety of one- and two-bedroom floorplans ranging in size from 757 to 984 square feet. In the second transaction, KW/WDC Vista LLC sold Bougainvillea, an 82-unit multifamily property located at 1466 Bonair Rd., for $10.51 million. Built in 1977, the property offers 900-square-foot two-bedroom/one-and-one-half bathroom floorplans. The buyer was Encinitas-based Bougainvillea Apartment Homes LP.
KATY, TEXAS — Houston-based Live Oak Capital has structured acquisition and development financing for The Providence at Grand Parkway Apartments, a 250-unit, independent living, senior community located at 22801 Franz Rd. in Katy. The age-restricted community will feature 36 bungalow-style units averaging 886 square feet, in addition to the other apartment units. Property amenities include a 10,000-square-foot amenities center that features a central dining room, a game room, a coffee bar, a fitness center, a theater, a business center, a library, a salon, a spiritual center and a sundries store. Other amenities include a swimming pool, a 2-acre lake and walking paths. Jim Kirkpatrick and Tip Strickland of Live Oak Capital secured a $16.2 million senior loan through Charlotte, N.C.-based Bank of America and $4.5 million in equity through Washington, D.C.-based Perseus Realty Partners. The financing includes 95 percent loan-to-value ratio. The borrower is Providence Grand Parkway, Ltd., an entity led by the project’s developer, Houston-based Blazer Building. The project is being designed by Houston-based Mucasey & Associates. Construction is slated to begin this month.
VIRGINIA BEACH, VA. — Boston Capital Finance recently closed a permanent loan for the 174-unit Ocean Gate Apartments, located near the Norfolk Virginia Beach Expressway in Virginia Beach, for $10.4 million. The 15.33-acre complex encompasses 20 two-story buildings. Apartment amenities include a swimming pool, fitness center and two playgrounds.
NEW YORK CITY — Meltzer/Mandl Architects has completed the design for a seven-building residential project located at 781-791 DeKalb Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The four-story, townhome-style buildings will each contain seven residences in a mix of studio, one-bedroom, two-bedroom and duplex units. Building amenities include hardwood floors, and low-e windows and glass doors. First-floor units in the rear of the buildings will have direct access to landscaped outdoor space and below-level recreation space, while residences above them will contain balconies overlooking the area. Top-floor units will have access to an outdoor terrace. Construction is slated to begin in early 2009. YME Construction is serving as general contractor.
PATERSON, N.J. — Livingston, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of an 18-unit garden-apartment property, located at 122-132 N. 7th St. in Paterson, for $1.47 million. The two-story building is composed of 14 one-bedroom units and four two-bedroom units. It was fully occupied at the time of closing. Jay Lombardo and Michael Petrak of GHA represented the seller, a private investor, and procured the buyer, 122-132 North 7th Street LLC. The property traded at a price of $82,000 per unit.
AVON, COLO. — Dallas-based JMJ Holdings has completed the development of The Gates Residences, which is located at the entry to Beaver Creek Resort in Avon. The property features 49 luxury condominiums and various upscale amenities, including private drivers, an on-site concierge, ski valet, heated indoor pool and outdoor therapy pools, steam rooms and daily continental breakfast. Additionally, the property offers a private lounge with a fully equipped bar, library and meeting room, a state-of-the-art fitness facility, underground parking and an outdoor gathering deck, which overlooks Beaver Creek. The Gates Residences offers two-, three- and four-bedroom residences and penthouses ranging in price from $975,000 to $2.435 million. CFC Construction served as general contractor. Western Seasons Management Company is providing on-site management for the property.
HOUSTON — Dallas-based Faulkner Design Group has completed the interior design and planning for The Village at Gleannloch, a continuing care retirement community located at the intersection of Spring Cypress Road and Interstate 249 in Houston. The project will include more than 130 independent living apartments and cottages, as well as 80 units for assisted living, skilled care and memory support specialization. Amenities for the project include a fitness center, an arts studio, a salon and spa, a 100-seat chapel, outdoor patio areas, a swimming pool, a library and business center, and a café. The senior housing facility is one component of the Gleannloch Farms master-planned community. Other components include a variety of residential housing options, a lakeside aquatic and athletic complex, an equestrian center, a championship golf course, hiking and biking trails, and schools.