WESTMONT, ILL. — Chicago-based Redwood Capital Partners has acquired the Fountains of Stone Crest, a 400-unit apartment complex located at One Fountainhead Drive in Westmont. The 17.35-acre multifamily community consists of 20 two-story buildings. Individual units average 971 square feet in size. Amenities include a 5,300-square-foot clubhouse with a fitness center, a heated outdoor swimming pool, on-site laundry and carports. Redwood purchased the community from Avalon Bay for an undisclosed price, and will retain the acquisition as a rental property.
NEW YORK CITY — Construction is currently underway for NV, a six-story condo building located at 101 N. 5th St. in the Williamsburg neighborhood of Brooklyn, New York City. The building will contain 40 apartments, ranging in size from 670-square-foot, one-bedroom units to 1,440-square-foot, three-bedroom units. Individual units will feature approximately 11-foot high ceilings, as well as private balconies and terraces. The building will feature four outdoor spaces, a 2,000-square-foot courtyard garden with a fire pit, three rooftop terraces, a fitness center and a media lounge. Prices will start at $515,000. NV is being developed by Michael Morton of The Morton Group. Karl Fischer is serving as project architect, and Lessard Design Associates is providing interior design services. Sales and marketing is being handled by The Developers Group.
PORTLAND AND SOUTH PORTLAND, MAINE — Boston-based Fantini & Gorga (F&G) has arranged $9.67 million in permanent financing for two residential properties located in Maine. Tim O’Donnell and Derek Coulombe of F&G secured the loans through a national Fannie Mae DUS lender. In South Portland, F&G secured $5.87 million in acquisition financing for Mill Cove Apartments, a 96-unit property located at the intersection of Mussey and Margaret streets. Situated on 3.4 acres, the property is comprised of 24 two-story buildings. The loan features 2 years of interest-only payments. In Portland, a $3.8 million loan was arranged for The Metropolitan Apartments, an 81-unit property located at 439 Congress St. The five-story building also contains ground-floor retail space. Terms of the financing included 5 years interest-only.
CINCINNATI — Debbie Corson of Apartment Realty Advisors’ Dayton, Ohio, office has brokered the $25.5 million sale of Windsor at Brookstone Village apartments on behalf of Boston-based General Investment & Development. The 276-unit luxury apartment community, which is located in Cincinnati’s east side, was acquired by Centerville, Ohio-based The Connor Group for $92,391 per unit. On-site amenities at the 13-building, two- and three-story residential community include a newly remodeled clubhouse, a resort-style swimming pool and a car care center.
NEW YORK CITY — New Jersey-based The Orbach Group has acquired a 13-building apartment portfolio located in the Clinton neighborhood of Manhattan, New York City, for $70 million. The five-story buildings are located on West 49th Street between Eighth and Ninth avenues, and contain 254 one- and two-bedroom apartments, and two-bedroom duplexes, as well as six fully occupied retail spaces. Occupancies are currently at 98 percent; Orbach will renovate the units as they turn over, adding new stainless steel appliances, marble countertops and oak cabinets to the kitchens. Aaron Jungreis of Rosewood Realty Group represented Orbach in the transaction. The seller was not disclosed.
NEW YORK CITY — Initial occupancies have occurred at Sky House, a 55-story condominium tower located at 11 E. 29th St. in New York City. Developed by New York City-based The Clarett Group, the building features 139 residences starting on the sixth floor of the building. Sky House features 4,000-square-foot, full-floor residences on the 48th and 49th floors; a 3,700-square-foot residence on the 51st floor that contains an outdoor terrace with a 300-square-foot, glass enclosed winter garden; a three-bedroom duplex on the 53rd floor; and a 3,000-square-foot, full-floor penthouse unit on the 55th floor. First occupancies began in the first quarter, and the building is currently 80 percent sold.
ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Hampton Hills, a 144-unit apartment community located at 715 Washington Dr. in Arlington. Peter Hartnett of H&P’s Dallas office represented the seller, Dallas-based Hampton Partnership, as well as the buyer, Oklahoma City-based KHC Land Investments. The acquisition price was not disclosed.
EL CAJON, CALIF. — San Diego-based Pacific Realty Advisors has purchased Pacific Mollison LP, a seven-building apartment community located at 520 S. Mollison Ave. in El Cajon. The 68-unit property sold for $5.8 million. Pacific Realty Advisors plans to remodel the project, including upgrades to the windows, roof, doors and additional structural necessities. The community offers 24 one-bedroom/one-bath units, 32 two-bedroom/two-bath units and 12 three-bedroom/two-bath units. Additionally, the property features a recreation room and 106 parking spaces. The buyer was self-represented in the transaction. The seller was not disclosed.
PHILADELPHIA — Gebroe-Hammer Associates has brokered the sale of Fairmount Terrace Apartments for $15.37 million. Located at 3601 Conshohocken Ave. in the Wynnewood Heights neighborhood of Philadelphia, the property contains 162 studio, one- and two-bedroom units. Community amenities include a swimming pool, gated parking and laundry facilities. Asking rents range from $850 to $1,050. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller, ASI Management. The undisclosed buyer plans to implement a multi-million dollar capital improvements program.
KILLEEN, TEXAS — Marcus & Millichap has completed the sale of a two-property apartment portfolio located in Killeen. The two properties, Casa Grande and La Casa Apartments, total 85 units and are located at the intersection of West Young Street and Lake Road near Fort Hood military base. Norman Eastwood and Tommy Lovell of Marcus & Millichap’s Dallas office represented the seller, a California-based institutional investor. The portfolio was acquired by a Virginia-based private investment trust for an undisclosed amount.