NEW YORK CITY — Marcus & Millichap has brokered the sale of a 27-unit multifamily property, located at 32-34 W. 68th St. on the Upper East Side of Manhattan, New York City, for $12.22 million. The property consists of two five-story buildings, as well as 3,313 square feet of developable air rights. Peter Von Der Ahe and Christopher Sjurset of Marcus & Millichap’s Manhattan office represented both undisclosed parties in the transaction. The property traded for a price of $452,593 per unit and $902 per square foot.
NEW YORK CITY — Kamali Organization is advancing construction of The Classic at Kew Gardens, a six-story residential condominium building located in the Kew Gardens neighborhood of Queens, New York City. The building comprises 52 two- and three-bedroom residences, and features a fitness center, a children’s playroom, an indoor garage, and a social lounge with a catering kitchen, a dining room, a game table, and a plasma TV. Individual units range from 574 to 1,385 square feet, and feature luxury finishes and outdoor areas. Prices begin in the mid-$300,000s. Initial occupancies are expected this fall.
BOCA RATON, FLA. — Kapital Development dba CityClub Residences has announced plans to build a prototype of a new high-end senior living development located at 855 South Federal Highway, across from the Boca Raton Resort & Club, in Boca Raton. Residents at the 10-story, Mizner-inspired landmark building will have a 24/7 voice-to-voice emergency call system, 24/7 access to the Mayo Clinic for medical advice via a toll-free number and available examining rooms for visiting physicians. Floor plans for the 168 residences range from approximately 1,000 to 4,800 square feet of space, with prices from approximately $500,000 to $3.5 million penthouses. Amenities at the CityClub Residences include a day spa and salon, classrooms, restaurants, a theater, valet parking, Mercedes-Benz scheduled transportation, overnight guest suites and a cocktail lounge.
WAKE FOREST, N.C. — Colliers Pinkard has arranged the sale of Heritage Village Apartments, a 228-unit multifamily community located within the 2,000-acre Heritage Wake Forest mixed-use development in Wake Forest. The newly constructed community was acquired by Weinstein Properties for $23 million, or approximately $109,000 per unit. The owner, Oakland Heritage Multifamily LLC, was represented by David Finger, Stephen Weiss, Philip Iglehart and Jay Wellschlager of Colliers Pinkard.
PATERSON, N.J. — Mercury Development Group is nearing completion for Silk City Lofts, a 48-unit residential loft building located at 175 Broadway in Paterson. The project comprises the conversion of a five-story former silk mill into residences. Building amenities include 11-foot windows, on-site parking, natural oak flooring, granite countertops, a fitness center and a lobby concierge. Completion is scheduled for this summer. Ridgewood, N.J.-based Poskanzer Skott Architects served as project architect for the redevelopment.
LEWISTON, N.Y. — Buffalo, N.Y.-based The Rose Hill Group (RHG) has arranged $3.66 million in construction financing for Legacy at Lewiston, a 120-unit multifamily community located in the Niagara Falls, N.Y., suburb of Lewiston. The project will comprise 40 for-sale condominiums and 80 for-rent apartments on approximately 23 acres. Thomas Grzebinski of RHG arranged the financing for the undisclosed borrower through a regional bank. Construction for the project is set to begin this month.
PHOENIX — Alliance Residential Co. plans to develop a 240-unit luxury rental community in the heart of the Camelback Corridor in Phoenix. Located at the intersection of 16th Street and Campbell, the $36 million project will feature one- and two-bedroom apartment homes with loft-style floor plans, hardwood floors, center-island kitchens with granite countertops, spiral staircases and state-of-the-art amenities. The community will feature a 2,700-square-foot fully equipped clubhouse/social lounge, a wireless cyber café with coffee bar, a 2,300-square-foot fully equipped fitness center and a resort-style pool. Completion and occupancy are slated for fall 2009. The company acquired the 4.14-acre land site in May for $5 million.
SCOTTSDALE, ARIZ. — Scottsdale-based Belleview at McCormick Ranch LLLP has acquired McCormick Place North and McCormick Place South in Scottsdale for $21.85 million. Located at 8250 E. Via Paseo Del Norte and 7350 N. Via Paseo Del Sur, the adjoining properties offer a total of 230 units. The communities offer a mix of studio, one- and two-bedroom units with ceiling fans, patios and vaulted ceilings. Community amenities include two large clubhouses, an exercise facility, two pools and Jacuzzis, an on-site putting green and covered parking. Brent Long and Greg Thielen of Hendricks & Partners represented the seller, Corona del Mar, Calif.-based McCormick Place LP, in the transaction. Financing for the transaction was obtained through Eric Inabinet of Capital Advisory Group.
ATLANTA — Beverly Hill, Calif.-based ExchangePoint Properties has completed a tenant-in-common transaction for Cameron Brook Apartments, a 440-unit multifamily facility located at 4659 Dawson Blvd. in Atlanta. ExchangePoint, which acquired the property 5 months ago for $26.2 million, has sold the complex to 35 TIC investors for an undisclosed amount. A $3 million renovation program is planned for the property, which houses a variety of one-, two- and three-bedroom units.
NEW CASTLE, DEL. — Marcus & Millichap has brokered the sale of Hampton Walk, a 370-unit multifamily community located at 1627 New Jersey Ave. in New Castle, for $17.25 million, at a price of $46,622 per unit. Situated on 16.65 acres, Hampton Walk comprises 133 one-bedroom units and 237 two-bedroom units in 94 two-story buildings. Donald MacLaren and Clark Talone of the Philadelphia office of Marcus & Millichap represented the seller, MPI Hampton Walk LLC. The property was acquired by Evergreen Realty.