LOS ANGELES AND HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sales of three Los Angeles-area multifamily properties for a total of approximately $5.8 million. First, the firm completed the sale of a 24-unit apartment building, located at 7621-7627 South Broadway, for $1.9 million. Josh Cohen and Tom Watkins of Marcus & Millichap’s Long Beach, Calif., office represented both undisclosed parties in the transaction. Nate Bascom, also of the Long Beach office, provided additional assistance on the buyer side. Cohen & Watkins also represented both sides in the disposition of a 12-unit apartment building located at 4214 S. Hoover Street in Los Angeles. Both parties were undisclosed. The property traded at a price of $672,000, or $154 per square foot. Finally, Marcus & Millichap’s Long Beach office brokered the sale of a 15-unit apartment building, located at 1401-1407 Havenhurst Dr. in West Hollywood, for $3.3 million. Marcus & Millichap’s Steve Soqui represented the seller, while Brendan Erickson, also with the firm, represented the buyer. In addition, Michael Derk with Marcus & Millichap’s Capital Markets group secured acquisition financing for the property in the amount of $2.15 million.
LOS ANGELES — Meridian Capital Group has arranged a total of $7.18 million in financing for four Southern California multifamily properties. First, Alex Katz of Meridian’s Los Angeles office secured a $5.15 million loan for two properties, totaling 58 units, at 1707-1759 Calle Jules in Vista and 1337 North Broadway in Escondido. Terms of the loan include a 5.78 percent fixed rate, non-recourse, and a 10-year term. Additionally, Ben Grossman, also of Meridian’s Los Angeles office, secured $2.03 million for 16 multifamily units located at 5414 Fountain Ave. in Hollywood and 14 Ozone Ave. in Venice Beach. Meridian originated the loan on behalf of Monem Corp. Terms of the loan include a 5.5 percent fixed interest rate and a 10-year term. The borrowers in both transactions were undisclosed.
ATLANTA — Atlanta-based Isakson Living is eyeing a 2009 groundbreaking on its 266-unit Peachtree Hills Place retirement community. The $200 million project spans 23.3 acres on Peachtree Hills Avenue in Atlanta. The development includes a 58,000-square-foot clubhouse and a 15,000-square-foot fitness center with a pool. Delivery is expected in 2011.
ST. LOUIS — Ken Aston and Paul Cunningham of the St. Louis office of Hendricks & Partners have arranged the sale of a 40-unit apartment community located at 5386-5390 Pershing Ave. in St. Louis. Locally based Rack Holdings LLC purchased the property from MIRP/DeBaliviere II. The cost of the sale was not disclosed.
WORCESTER, MASS. — Arbor Commercial Funding has arranged $2.68 million in Fannie Mae DUS financing for Franklin Street, a 55-unit multifamily property located in Worcester. John Kelly of Arbor’s Boston office originated the loan, which includes a 10-year term, a 30-year amortization schedule and a 6.15 percent interest rate. The borrower was not disclosed. Arbor Commercial Funding is a wholly owned subsidiary of Arbor Commercial Mortgage.
WINTER PARK, FLA. — Winter Park-based Cobalt Capital has secured $11.3 million in equity for the 360-unit Coventry Park apartment community. The $45.21 million property, located at the intersection of Interstate 95 and J. Turner Boulevard in Winter Park, is expected to deliver in the first quarter of 2010. Winter Park-based Epoch Properties is developing the complex. Planned amenities include a clubhouse, a pool, an indoor basketball court and a theater.
MIAMI — Marcus & Millichap has represented a Miami-based corporation’s sale of a 10-unit apartment building to a local private investor for $430,000. The property is located at 153 N.W. 29th St. in Miami and encompasses eight efficiency units and two one-bedroom/one-bathroom units. Jason Goldfarb of Marcus & Millichap’s Miami office brokered the sale.
OWOSSO AND EVERGREEN TOWNSHIP, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged two loans in Michigan totaling approximately $2.38 million. In Owosso, the company has secured approximately $1.38 million for the 77-unit Corlett Creek Apartments. Corlett Creek Associates LLC was the borrowing entity for the three-building community. Additionally, Bernard Financial Group has arranged $1 million in financing for an industrial/office facility located in Evergreen Township. Wright Plastics Products Co. was the borrowing entity for the 265,808-square-foot building. An undisclosed life insurance company provided financing for both properties. Additional terms of the loans were not disclosed.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has brokered the sale of five mid-rise apartment buildings located in Jersey City for $12.5 million. The buildings contain a total of 150 units and are located at 317-343 Fairmount and 62 Kensington avenues. They contain a mix of one-, two- and three-bedroom units. Occupancy was approximately 80 percent at the time of closing. GHA’s Benjamin Greenstein and Alan Lieberman represented the seller and procured the buyer. Both parties were undisclosed.
ALBANY, N.Y. — Albany-based Omni Development Co. has completed construction of Jared Holt Mews Townhouses, 10 affordable housing units located at the corner of Broad Street and Third Avenue in Albany. The two-story residences feature seven distinct façades, with each residence containing its own private entrance, as well as a patio or deck. United average 1,200 square feet and contain one to five bedrooms. Monthly rents for the townhomes for qualified residents will be $871, and the Albany Housing Authority will offer lease-to-own opportunities in the future. The completion of the Jared Holt Mews Townhouses marks the completion of Phase I of the $22 million revitalization of Albany’s South End. Phase II of the project will add 43 units and will break ground later this year. The first two phase combined will bring 95 new and rehabilitated low-income homes to Morton Avenue, Clinton Street and Broad Street.