SAN DIEGO — Long Beach, Calif.-based LINC Housing Corp. has acquired Arbor Village, a 112-unit multifamily community located at 4900 Logan Ave. in San Diego, for $13.7 million. The two-story, garden-style community features units offering ceiling fans, wall heating, window coverings, standard appliances, walk-in closets and private balconies or patios. The community also offers a private interior courtyard, 164 open parking spaces, a children’s playground and two on-site laundry facilities. Dick Bassett and Steve Huffman of Hendricks & Partners’ San Diego office represented the seller, DLG Arbor Village LLC with Davlyn Investments, General Partner of San Diego, in the transaction.
LAS VEGAS — Snug Harbor, a 64-unit multifamily community, has been sold to Snug Harbor Condominiums Las Vegas LP, with WLA Investments as managing partner, for an undisclosed price. Located at 2780 E. Flamingo Rd., the property offers 69,432 square feet of residential space and 10,433 square feet of retail space. The community features 12 one-bedroom/one-bath units, 36 two-bedroom/two-bath units and 16 three-bedroom/two-bath units offering full-size washer/dryers, fireplaces, large kitchens with fully appointed appliance packages, ceiling fans, oversized roman tubs with spa jets, double-sink vanities in master baths, walk-in closets in master suites, ample storage and private balconies/patios. Additionally, the community offers a swimming pool, a heated spa, a state-of-the-art fitness center, an expanded leasing office, select covered parking spots and landscaped grounds. Joseph Kupiec of Grubb & Ellis|Las Vegas partnered with Diane Miramontes and Darcy Miramontes of Grubb & Ellis|BRE Commercial to represented the seller, AIMCO/RALS LP, in the transaction.
ST. PETERSBURG, FLA. — Michael Regan of Marcus & Millichap’s Tampa, Fla., office has represented two private citizens in the transaction of the 144-unit Gateway Apartments for $8.57 million. The property, located at 2000 N. Gandy Blvd. in St. Petersburg, was 60 percent occupied at the time of purchase.
JEFFERSON, N.J. — Woodbridge, N.J.-based The Kislak Company has arranged the sale of 29 Brady Boulevard, a 12-unit, garden-style apartment community located in Jefferson, for $1.27 million. Recently renovated, the property was fully occupied at the time of closing. Joseph Keenan of Kislak represented the seller, JC Property Management, and Don Baxter, also of Kislak, represented the undisclosed buyer. The community traded at a price of more than $100,000 per unit.
CORPUS CHRISTI, TEXAS — Hendricks & Partners has negotiated the sale of Bay Bluff, a 57-unit multifamily community located at 10333 Compton Rd. in Corpus Christi. Chris Ross and Scott Weems of the company’s San Antonio office represented the seller, Tulsa, Okla.-based EIG Texas Bay Bluff LLC. The buyer, Boerne, Texas-based Texas Bay Bluff LLC, acquired the property for an undisclosed amount.
HOUSTON — Marcus & Millichap has brokered the sale of Shepherd Lofts Apartments, a 12-unit, 12,290-square-foot multifamily property located at 5017 Cornish Dr. in Houston. Constructed in 2005, the community is 100 percent occupied. Brian Janak of Marcus & Millichap listed the property on behalf of the seller, a Houston-based partnership. A private, San Francisco-based investor purchased the property. The acquisition price was not disclosed, but the property listed for $1.61 million.
BEAVERTON, ORE. — Guardian Management LLC, a Pacific Northwest real estate investment and management firm, has acquired Waterhouse Place Apartments for $30 million. Located in Beaverton, the 279-unit property features updated landscaping, a resurfaced spa, new patio doors, and parking and clubhouse upgrades. Guardian plans to invest an additional $3 million, $7,000 per unit, to rehabilitate the property, which was built in 1989. UBS Realty Investors LLC will serve as the equity partner.
ARLINGTON HEIGHTS, ILL. — Brian Properties has completed the sale of approximately 26,000 square feet of commercial condominiums within the Metropolis Theater Building in downtown Arlington Heights. Oakwood Properties LLC has acquired the facility from Banbury Properties LLC for more than $6 million. Tenants at the building include USA Beer Academy, Carlos & Carlos Italian-French Restaurant, and Resource Mortgage Group. Thomas Hellgeth of Brian Properties represented both parties in the transaction.
JERSEY CITY, N.J. — Fisher Development Associates will hold the grand opening next month for Crystal Point, a 42-story residential tower located in Jersey City. Designed by Gruzen Samton LLP, the project will comprise 269 residences in a mix of one- two- and three-bedroom units. Residences will range from 800 to 1,817 square feet, and will feature floor-to-ceiling windows, balconies in most units and views of the Hudson River waterfront from all units. Community amenities will include a spa, a fitness center, a game room, a lounge, a screening room, a concierge, valet parking and a lobby-level restaurant. The building will also include an outdoor deck that contains a lap pool, a hot tub, a barbecue and dining area, fire pits and a children’s play area. Crystal Point will also feature access to the new marina that the city of Jersey City is currently planning. The Marketing Directors is serving as marketing and sales agent for the property.
SOMERSET, N.J. — Chicago-based Wrightwood Capital has provided $6.75 million in acquisition financing for the Somerset Estates apartment community in Somerset. Located at 271 Franklin Blvd., the property contains 395 one-, two- and three-bedroom units in 57 two-story buildings. The borrower, Fieldstone Properties, plans to implement a capital improvements plan, including upgrades to the kitchens and bathrooms, and the conversion of some two-bedroom units into three-bedroom units, in an effort to raise rents to market levels. The loan carries a 5-year term, and was sourced through Emmet Delany of Capital & Venture Resources.