BATON ROUGE, LA. — Tapestry Springbrook Apartments LLC recently sold its 200-unit Springbrook Apartments to New Orleans-based Favrot & Shane Cos. for $14.58 million. The property features a clubhouse, fitness center and resort-style pool and will be managed by 1st Lake Properties. David Treppendahl of Re/MAX First Commercial Real Estate represented the seller.
Multifamily
HACKENSACK, LITTLE FERRY AND MIDDLESEX, N.J. — New Jersey-based The Orbach Group has sold three New Jersey residential buildings in a $12 million transaction. Totaling 106 rental units, the three buildings are located at 107 Hudson St. in Hackensack, 440 Liberty St. in Little Ferry and 57 Park Brook Gardens in Middlesex. Occupancy was more than 98 percent at the time of closing, and rents range from $800 to $1,250 per month for the studio, one- and two-bedroom units. The buyer was Fort Lee, N.J.-based Lenox Real Estate Partners. Orbach originally acquired the buildings last year as part of a $45 million, 13-building transaction. The remaining buildings in the portfolio will remain under Orbach’s management.
HOLLYWOOD, CALIF. — The Metropolitan Hollywood, a luxury residential building in Hollywood, has reopened after undergoing an extensive renovation. Located at the corner of Sunset Boulevard and Van Ness, the property features 52 apartment units offering views of the city. The units feature central A/C; full-kitchens with stainless steel, state-of-the-art appliances; granite countertops; soft-loft style/one-bedroom layouts; high ceilings; walk-in closets and bamboo-style flooring. The building features gated property and parking access, a gym with steam showers in both the men’s and women’s locker rooms, a club room with a flat screen television and NFL Sunday Ticket, an evening concierge, ample parking, laundry facilities and an on-site management and maintenance staff.
SAN JOSE, CALIF. — Virtu Investments has purchased Los Gatos Creek Apartments in San Jose for $18 million or approximately $214,000 per unit. Los Gatos Creek Apartments LLC sold the property, with consists of 84 apartment units. Craig Chiappone, Curtis Gardner and Mike Colhoun of Arroyo & Coates represented both parties in the transaction.
BEAVERTON, ORE. — Medford, Ore.-based Smagala-Ferro 2001 Family Trust has acquired Westbrook Apartments in Beaverton for $4.65 million. Located at 17135 SW Heritage Ct., the property offers 48 apartment units. The seller was Beaverton-based SKL Properties LLC. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.
CROFTON, MD. — Martin Fayer of Johnson Capital’s Washington, D.C., office has arranged a loan for the 406-unit Keswick Park Apartments, located at 1623 Parkridge Circle in Crofton, for $55 million. Freddie Mac financed the 7-year loan that comes with an interest rate of 6.11 percent. A 30-year amortization kicks in after the first 4 years. The complex is 95 percent occupied and features a swimming pool, outdoor whirlpool and volleyball and racquetball courts.
ST. LOUIS — Phoenix-based Hendricks & Partners has brokered the sale of Park 44, a multifamily community located at 4426-4444 West Pine Blvd. in St. Louis. Park 44 Ul LP of Northbrook, Ill., has acquired the property from Park 44 LLC / Koch Development Co. of Clayton, Mo. Ken Aston in the St. Louis office of Hendricks & Partners represented the buyer and seller in the transaction. The acquisition price was not disclosed.
LAWRENCE, KAN. — NorthMarq Capital has arranged $3 million in financing for Jacksonville Apartments located at 700 Monterey Way in Lawrence. Financing for the 88-unit multifamily property was based on a 10-year term, with a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its seller/servicer relationship with Freddie Mac. Brent Blake in the Kansas City office of Northmarq Capital arranged the financing.
SHIPPENSBURG, PA. — Marcus & Millichap has brokered the sale of Bard Townhouses, a 173-unit student housing community located at 100 Bard Dr. in Shippensburg, for $19.38 million. Situated on 32.54 acres across the street from Shippensburg University, the community comprises 23 two-story buildings with a mix of two-, three- and four-bedroom units. It was fully occupied at the time of closing. Brian Kelly of Marcus & Millichap’s Indianapolis office and Spencer Yablon of the firm’s Philadelphia office represented the sellers, Shippensburg Townhouses LLC and Shippensburg Townhouses II LLC, which are managed by Pennsylvania-based James Properties. The pair also represented the buyer, Ventures Shippensburg LP. The property traded at a price of $112,023 per unit.
NEW YORK CITY — New York City-based Walter & Samuels has secured $165 million for the refinancing of 15 Madison Square North, a residential condominium conversion project located at 15 E. 26th St. in the Flatiron District of Manhattan, New York City. A majority of the $165 million construction loan will be used by the borrower, Madison Park Owner LLC, to pay off the property’s existing acquisition and construction loans, which are held by Deutsche Bank. The remaining $31 million will be used to complete the conversion of the four remaining residential floors, as well as additional property amenities. David Berley, Steve Forest and Peter Weiss of Walter & Samuels originated the transaction on behalf of the borrower through Wells Fargo. The 15 Madison Square North project will feature 73 one- to five-bedroom residences. In addition, longstanding New York restaurant San Domenico will relocate to the building in 2009 from its previous location in the city’s Central Park South neighborhood; it will carry the new name SD26.