DURHAM, N.C. — Chapel Hill, N.C.-based Great House has sold the 24-unit Birchwood Apartments to Rougemont, N.C.-based Cagle Apartments for $1.17 million. The complex sits on 1.05 acres of land at 2918 Chapel Hill Rd. in Durham. The property, which was built in 1990, consists entirely of one-bedroom units and is currently 100 percent occupied. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the firm’s Derrick Minor represented the buyer.
CAMBRIDGE, MASS. — Jones Lang LaSalle has completed NorthPoint Residences, two residential condominium towers located within the NorthPoint master-planned community in Cambridge. The buildings comprise 1 Earhart Way, which rises eight floors and contains 99 one-bedroom lofts, and 2 Earhart Way, a 12-story building that contains 230 one- to three-bedroom flats and duplexes. The former building also contains one level of underground parking and the latter building contains two levels of underground parking. The community includes an interior courtyard with a bamboo garden. The 1 Earhart Way building was designed by CBT Architects; 2 Earhart Way was designed by Architects Alliance. The project is being developed by Pan Am Systems.
WEBSTER AND PINELLAS PARK, N.Y. — NorthMarq Capital has arranged two loans in New York totaling approximately $25 million. NorthMarq’s Upstate New York office secured approximately $18 million in first-mortgage financing for Webster Manor Apartments, a 308-unit multifamily community located in Webster. Sam Berns of NorthMarq originated the loan, which carries a 7-year term and a 30-year amortization schedule. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. Additionally, NorthMarq’s New York Metro office arranged $7 million in first-mortgage financing for a 46,817-square-foot Wal-Mart located in Pinellas Park. Craig Bjornsund of NorthMarq, along with Carl Amorosino of Estreich & Co., secured the loan, which also carries a 7-year term and a 30-year amortization schedule. The borrowers in both transactions were undisclosed.
NORTH HOLLYWOOD, CALIF. — Los Angeles-based IPX has acquired Otsego Villas, a 40-unit apartment community located at 11109 Otsego St. in North Hollywood. Beverly Hills, Calif.-based Otsego Villas LLC sold the property for $7.7 million. Melinda Russell of Hendricks & Partners’ Los Angeles office represented both parties in the transaction.
OCEANSIDE, CALIF. — In an all-cash transaction, Pelican Cove Business Holdings LLC has acquired Pelican Cove Apartments in Oceanside for $4.6 million. The 24-unit property, which is located at 707-09 Eaton St., offers mostly two-bedroom units with garages, lagoon views, and a pool, paddle tennis and patio area. Will Creagan of Southwest Equity Partners represented the buyer; Ray Adams of Grubb & Ellis|BRE Commercial represented the seller, Glenn Goldman Family Trust, in the transaction.
ATLANTA — Dayton, Ohio-based The Connor Group has purchased the 357-unit Northlake apartment complex from an undisclosed seller for $42 million. The complex is located at 3421 Northlake Parkway in Atlanta. Property amenities include a fitness center, a pool and meditation gardens.
BOYNTON BEACH, FLA. — William Johnson of NorthMarq Capital’s Boca Raton, Fla., office has arranged a $30 million first mortgage for the 319-unit Gateway Club Apartments. The property is located at 3930 Max Place in Boynton Beach. Financing for the 7-year loan was provided by Freddie Mac. The loan comes with a 30-year amortization schedule.
SALINE, MICH. — Hendricks & Partners has brokered the sale of Riveroaks, a 294-unit multifamily community located at 801 Valley Circle Dr. in Saline. Michigan-based Riveroaks Apartment Holdings LLC has purchased the complex from Bank of America for $9 million. The buyer is planning an extensive improvement program for the property, and has signed a short-term management contract with Buckingham Management. The improvement project is expected to begin in early February, with renovated interiors completed by the spring. Rick Vidrio, Kevin Dillon, Rick Brace, Andrew Bayster and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has completed the sale of a two-building residential property located at 634 Hudson St. in the West Village neighborhood of Manhattan, New York City, for $7.25 million. The property consists of a front building containing six apartment units and ground-floor retail space, as well as a rear carriage house that contains the other 14 apartments. A courtyard separates the two buildings. The retail space is leased to Myers of Keswick, an English culinary shop that has occupied the space since 1985. Eastern Consolidated’s Sam Schneider and Daniel Glaser represented the seller, locally based 634 Hudson Street Corp.; Roberto Ortiz, also of Eastern Consolidated, procured the buyer, Westchester, N.Y.-based 634 Street LLC.
ATLANTA — Philadelphia-based Lubert-Adler and Atlanta-based Lane Co. have formed a $250 million joint venture to pursue the purchase of multifamily properties. Initially, the joint venture will purchase distressed properties with an aim to rehabilitate and reposition the acquisitions. The two firms have entered into joint ventures in the past and recently worked together to acquire Atlanta’s Solace on Peachtree Apartments. Targeted properties will be located primarily in the Southeast and Southwest.
