NEWPORT BEACH, CALIF. — Sierra Madre, Calif.-based Richter ET, AL has purchased Newport Terrace, a 49-unit multifamily community in Newport Beach. Located at 1401-1409 Superior Ave., the property sold for $11.3 million or $230,612 per unit. Constructed in 1963-1974 and renovated in 2003, the community consists of seven two- and three-story buildings offering 22 one-bedroom/one-bath units, 25 two-bedroom townhome units and two three-bedroom/two-bath units. Common-area amenities include a pool, a spa, community barbeques, garages, a fitness center and a business center/leasing office. Steven Brombal of Hendricks & Partners’ Newport Beach office represented the seller, Laguna Hills, Calif.-based Newport Terrace LP, in the transaction.
WINDSOR, CONN. — Chozick Realty has completed the sale of Williamsburg Apartments, a 140-unit multifamily community located in Windsor, for $19.22 million. Situated on 15.72 acres at 250 Bloomfield Ave., the property comprises 10 buildings in a mix of 32 one-bedroom units and 108 two-bedroom units. Property amenities include a clubhouse and a swimming pool. The community is 98 percent occupied. Rick Chozick of Chozick Realty represented the seller, Williamsburg Associates, as well as the buyer, Windsor Castle.
NEW YORK CITY — Corus Bank has secured a $27.5 million construction loan for Irving Place, an 11-story luxury condominium building located in the Gramercy Park neighborhood of Manhattan, New York City. The project will comprise 9 residential units totaling approximately 31,000 square feet of residential space. The borrower was Madison Equities. Terms of the loan were not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Asbury Park Apartments, a 228,452-square-foot multifamily community located in Houston. Situated on 10 acres of land at 6200 W. Tidwell Rd., the property had a 90 percent occupancy rate at the time of closing. Robert Su of Marcus & Millichap’s Houston office represented the seller, a Charlotte, N.C.-based company. Asbury Park was acquired by a Phoenix-based investor.
ARLINGTON HEIGHTS, ILL. — Arlington Heights, Ill.-based Brian Properties has brokered the sale of approximately 26,000 square feet of mixed-use commercial condominiums within the Metropolis Theater Building in Arlington Heights. Banbury Properties LLC sold the condos to Oakwood Properties LLC for approximately $6 million. Tenants within the building include Labatt USA Beer Academy, Carlos & Carlos Italian-French Restaurant, and Resource Mortgage Group. Thomas Hellgeth of Brian Properties represented both parties in the transaction.
BOSTON — Boston-based Fantini & Gorga has arranged $59.7 million in debt and preferred equity placement for 50 West Broadway, a 139-unit, transit-oriented multifamily project located in Boston. The rental apartment community will be located at the site of the former Cardinal Cushing Central High School; it will consist of 139 residential units, street-front retail space and structured parking. Buildings will range in height from two to six stories, and two courtyards will provide more than 9,000 square feet of open space. Twenty percent of the units will be positioned as affordable housing. A joint venture between John M. Corcoran & Co. (JMC) and The Brennan Group is developing the project. JMC will also be responsible for the leasing and management of the building. John Moriarty Associates will serve as general contractor. VMY Vitols Architects and Arrowstreet are serving as project architects. Completion is expected in the fourth quarter of 2009.
BLOOMSBURG, PA. — Marcus & Millichap has completed the sale of Warhurst Apartments, a 16-unit student housing community located in Bloomsburg, for $1.35 million. The property comprises four buildings, and was fully occupied at the time of closing. Joseph Elia of Marcus & Millichap’s Philadelphia office represented the undisclosed sellers; Hadjer Ahner and Christine Gordon of Keller Williams represented the buyer, Souderton, Pa.-based The Greystone Organization.
LOS ANGELES — Beverly Hills, Calif.-based StarPoint Properties has completed the disposition of an 83-unit apartment building in Los Angeles for $17.3 million. NF Hawaiian Gardens LP purchased the property, which is located in the heart of Koreatown at 737 S. Kingley Dr. The property recently underwent a $1 million renovation program, which included upgrading the exterior and common areas, as well as the lobby area, leasing office, pool and gym.
BOULDER CITY, NEV. — M&M Boulder City Apartments LLC, a group of metropolitan Detroit real estate investors, has acquired two apartment projects totaling 106 units in Boulder City for $7.8 million. The projects include Casa De Alicia, a 50-unit, 39,009-square-foot Class-B apartment complex; and M&M II, a 56-unit, 35,024-square-foot property. The properties offer one-, two- and three-bedroom units ranging in size from 617 to 944 square feet. The investment group included principals of Broder & Sachse Real Estate Services Inc. and members of M Group Inc.; both companies are based in Birmingham, Mich.
TAMPA, FLA. — CLW Health Care Services represented Coastal Community Retirement Corporation in the $55.6 million sale of Marsh’s Edge in St. Simon’s Island, Ga. The 75-acre retirement community is comprised of 30 cottage homes, a 52-unit health care center and more than 100 individual apartments.