NEW YORK CITY — Marcus & Millichap has arranged the sale of a 26-unit multifamily property located at 199 Bay 17th St. in Brooklyn, New York City, for $2.77 million. Matthew Fotis and Dolly Amigon of the firm’s Brooklyn office represented the seller and secured the buyer; both parties were undisclosed. The property traded at a price of $126 per square foot and a 5.25 percent capitalization rate.
NEW YORK CITY — The Community Preservation Corporation and the New York Department of Housing Preservation & Development (HPD) have provided a $4.7 million construction loan for the rehabilitation of three residential buildings located in the Flatbush neighborhood of Brooklyn, New York City. Two of the properties are vacant and the third is partially occupied. They comprise 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd. Once the renovations are complete, the three buildings will provide 25 rental apartments for low-to-moderate income families. The buildings will contain one one-bedroom apartment, 18 two-bedroom apartments and six three-bedroom apartments; rents will range from $1,000 to $1,100 per month. The developer, Nayelli Partners, acquired the properties for $50,000 under HPD’s Third-Party Transfer Program.
LOS ANGELES — Meruelo Maddux Properties Inc. has received an $84 million loan for the construction of a 35-story, high-rise multifamily project, which is located at 717 W. Ninth St. in Los Angeles. The loan will be used to fund the remaining development needs of the project, fund an interest payment reserve and fund a real estate tax and insurance reserve. Located at the intersection of Flower and Ninth streets in downtown Los Angeles, the project will feature 214 luxury apartment homes with resort-style amenities, including a lap pool and whirlpool spa, a fitness facility, a living room/library and an outdoor social area with barbeque grills and fire pits. Additionally, the project is seeking LEED Silver certification. The financing was provided by an affiliate of Canyon Capital Realty Advisors LLC.
TUCSON, ARIZ. — Santa Barbara, Calif.-based Nevins Adams Lewbel Schell (NALS) has acquired Finisterra, a 300-unit apartment complex in Tucson, for $32.5 million. Located at 6795 E. Calle La Paz, the community consists of 21 two-story, garden-style buildings totaling approximately 289,545 square feet. The property features one-, two- and three-bedroom units in five individual floorplans. Community amenities include a clubhouse with kitchen, computer room, heated swimming pool, spa, fitness center and barbeque area. Units feature 9-foot ceilings, air conditioning, dishwashers, disposals, frost-free refrigerators with icemakers, private balconies/patios and washer/dryers. The seller was Tucson-based Finisterrra Community I LLC. Art Wadlund of Hendricks & Partners’ Tucson office brokered the transaction.
ORLANDO, FLA. — Habitat For Humanity Orlando has begun raising money for its $6 million, 58-unit townhome development Staghorn Villas, which is located at the intersection of Staghorn Drive and Silver Star Road in Orlando. The property, which will be partially funded by the Orlando-based companies CHEP USA and HD Supply, will encompass 10 buildings, each housing four to six units. The 3.9-acre development will deliver in the spring of 2011.
TOPEKA, KAN. — Marcus & Millichap Real Estate Investment Services has arranged the sale of Carriage House Apartments, a 282-unit community located near the I-470/I-335 interchange in Topeka. The $6 million property consists of 12 2.5-story buildings situated on an approximately 9.14-acre site. Mission Investors Co. sold the facility for an undisclosed amount. David Gaines and Alex Blagojevich of Marcus & Millichap’s National Multi Housing Group in Chicago represented the seller in the transaction.
NEW LONDON AND GROTON, CONN. — Marcus & Millichap has completed the sale of a two-property, 327-unit multifamily portfolio for $21.65 million. Squire One Apartments is a 171-unit community located at 11 Anthony Rd. in New London. It comprises 11 buildings situated on 8.79 acres. Willow Pond Apartments is a 156-unit community located at 45 South Rd. in Groton. Situated on 10.15 acres, the property consists of six buildings. Both communities feature private patios or balconies, barbecue and picnic facilities, and a recreation area and playground. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Squire One Associates LP and Prescott Square LP, as well as the buyer, Landings Capital & Development. Acquisition financing was placed with Freddie Mac. The portfolio traded at a per-unit price of $66,208.
NEW YORK CITY — New York City-based Eastern Consolidated has brokered the sale of The Century, a portfolio of 15 residential condominiums located in Manhattan, New York City, for $14.25 million. The condos are located at 25 Central Park West, above the fourth floor of the Art Deco building. They total 22,989 square feet. Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Madison Century Realty. Deborah Gutoff, also of Eastern Consolidated, represented the buyer, 25 CPW LLC.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a 6,672-square-foot residential property located at 6834 Forest Ave. in Queens, New York City, for $1.75 million. The building comprises four retail stores on the ground floor and five apartments. Ami Efrati of Itzhaki represented the buyer, Kei Kei Enterprise, and Ohad Meishar, also of Itzhaki, represented the seller, Beth Page Realty. The property traded at a capitalization rate of 6.7 percent.
MONTGOMERY AND DELAWARE COUNTY, PA. — GPX Realty Partners has completed a $3.6 million capital improvements program to its Stillwell Apartment portfolio. The portfolio comprises five multifamily communities located in Pennsylvania’s Montgomery and Delaware counties. They include Concord Court in Aston; Livingstone, Wellington and Oak Terrace in Hatboro; and Longford in Ambler. Improvements included upgraded unit interiors, refreshed building exteriors, new community signage, extensive landscaping, new roofing, parking lot and driveway repairs, and electrical work.