CHICAGO — Essex Realty Group has arranged the sale of 1509-1513 W. Fullerton, a mixed-use, 20-unit multifamily property located in the Lincoln Park neighborhood of Chicago. The property contains three retail spaces, a one-bedroom unit, three two-bedroom units, two three-bedroom units and one four-bedroom unit. Doug Imber and Jacob Fenton of Essex represented the seller in the approximately $2.66 million transaction. Both the buyer and seller were not disclosed.
CHATHAM, N.J. — Marcus & Millichap has arranged the sale of a 31-unit apartment community located in Chatham for $4.8 million. Kevin McCrann and Tom McConnell of Marcus & Millichap’s New Jersey office represented the seller, BP Enterprises, as well as the buyer, Quad Realty. The property traded at a capitalization rate of 5.8 percent.
CORPUS CHRISTI AND SAN ANTONIO, TEXAS — Capmark Finance has secured a total of $42.82 million in financing for four Texas multifamily properties. In Corpus Christi, Scott Bryant of Capmark’s Austin office originated $25.12 million in acquisition financing for a three-property portfolio. Totaling 682 units, the portfolio consists of The Shores Apartments, The Yardarm Apartments and Kingston Port Apartments. The loan carries a 10-year term with a fixed rate and an 80 percent loan-to-value ratio. Capmark originated the financing on behalf of Newport Beach, Calif.-based DMT Investments through Freddie Mac. In San Antonio, Bryan Leonard of Capmark’s San Antonio office originated $17.7 million for the refinancing of Quarry Townhomes, a 13-building multifamily community located at 250 Treeline Park. The floating-rate loan features a 7-year term with interest-only payments for the first 3 years, and payments for the rest of the term based on a 30-year amortization schedule. The borrower was Redhills Quarry LP and the lender was Freddie Mac.
PHOENIX — Brookside Properties LLC has purchased Brookside, a 203-unit multifamily community located at 6131 W. Thomas Rd. in Phoenix, for $10.3 million or approximately $50,739 per unit. The 137,400-square-foot property features a mix of studio, one- and two-bedroom units with walk-in closets, balconies or patios, and ceiling fans. The property also features two swimming pools with spas, a children’s playground, reserved covered parking and two laundry facilities. Richard Butler of Marcus & Millichap represented the buyer; Alon Shnitzer, also of Marcus & Millichap, represented the seller, Brookside-Premier LLC, in the transaction.
OAKLAND, CALIF. — Concord, Calif.-based Alameda Apts LP has acquired 6116 Telegraph Avenue in Oakland. The 17-unit apartment community sold for approximately $2 million. Palo Alto, Calif.-based 6116 Telegraph Avenue Associates sold the property. Martin Higgins of Hendricks & Partners’ San Francisco office represented the buyer in the transaction.
EAST ORANGE, N.J. — Gebroe-Hammer Associates had completed the sale of New Grove Manor, a 205-bed skilled nursing facility and rehabilitation center located at 101 N. Grove St. in East Orange, for $3.1 million. The property was formerly a luxury hotel, until it was sold to the current seller and converted into a long-term and sub-acute care facility. David Oropeza of Gebroe-Hammer represented the seller, a family-owned investment group, and procured the buyer, 55 Holding LLC.
TAMPA AND BRANDON, FLA.; AND BILOXI, MISS. — Cushman & Wakefield’s Florida Apartment Brokerage Services has arranged the sale of three multifamily communities in the Southeast. The company has arranged the $21.13 million sale of two apartment communities in Tampa and Brandon to one buyer, Blackhawk Realty Advisors. Hidden Lake, which is located at 2701 W. Waters Ave. in Tampa, is a 199,860-square-foot facility featuring 267 one- and two-bedroom units. Amenities at Hidden Lake include two swimming pools, a racquetball court and a car-care center. Sun Lake, which is located at 1212 Askew Dr. in Brandon, is a 100,180-square-foot community featuring 88 one-, two- and three-bedroom apartments. The seller, Apartment Investment and Management Co., was represented by Byron Moger and Luis Elorza of Cushman &Wakefield. Additionally, on behalf of National Commercial Ventures, Moger and Elorza of Cushman & Wakefield have also arranged the $22 million sale of Oak Grove apartments located at 248 Debuys Rd. in Biloxi. The 274,568-square-foot community, which is situated 6 miles from Gulfport-Biloxi International Airport, includes 244 one-, two- and three-bedroom units. JL Real Ventures purchased the property that features a swimming pool, fitness center and covered parking.
ATLANTA — The 307-unit Post Alexander apartment community, located at 3410 Alexander Rd. NE in Buckhead, recently opened. The five-story 396,728-square-foot facility is situated atop a two-level, 530-space parking garage. Amenities at the community include two courtyards, a pool and a grill area. Atlanta-based Cooper Carry designed the project for Post Properties. Interior features of the one-, two- and three-bedroom apartments include granite countertops, stainless steel appliances and hardwoods in select units. The cost of completion was not disclosed.
.NEW YORK CITY — Construction is advancing for 34 Leonard Street, a 16-unit condominium building located in the Tribeca neighborhood of Manhattan, New York City. The project features 16 loft-style residences in a mix of one-, two- and three-bedroom units. Residences range from 1,541 to 2,792 square feet. The penthouse unit totals 3,086 square feet with a 2,215-square-foot wraparound terrace and two fireplaces. Building amenities include a landscaped rooftop deck with a grill, a bar prep area and a sunbathing area with an outdoor shower; a pet spa; a climate-controlled wine cellar; and a 24-hour doorman. Completion is expected later this year. The project was designed by Beyer Blinder Belle.
NEW YORK — Needham, Mass.-based Potomac Realty Capital has arranged a $20 million bridge loan for the conversion of a seven-property military housing portfolio into market-rate apartment communities. The portfolio, which was constructed in 1987, consists of seven, Class B military housing communities located near Fort Drum in Upstate New York. The borrower plans to use the proceeds to acquire the portfolio and undertake a $2 million renovation program. Terms of the loan were not disclosed.
