Multifamily

WATERBURY, CONN. — The Multi-Housing Team of CB Richard Ellis (CBRE) has brokered the sale of six multifamily properties located in the greater Waterbury area for $36.4 million. The portfolio totals 723 units, and the properties all contain HUD financing and/or subsidies. They consist of: Southwood Apartments, a 168-unit property located at 933 Rubber Ave. in Naugatuck; Prospect Towers, a 151-unit community located at 34 Prospect St. in Waterbury; Exchange Place Towers, a 150-unit property located at 44 Center St. in Waterbury; Flanders West, a 145-unit property located at 1 and 3 Darling St. in Southington; and Countryside I and II, two communities located at 12 Wolf Hill Rd. in Wolcott that total 55 and 54 units, respectively. Michael Stone and Jessa Kurzman of CBRE represented the seller, Creative Management & Realty Co., and procured the undisclosed buyer in each transaction.

MONTCLAIR, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has completed the sale of 31 The Crescent, a three-story, walk-up apartment building located in Montclair, for $2.35 million. The property is composed of 14 two-bedroom units containing more than 1,100 square feet of living space each, as well as a screened-in porch. The community was fully occupied at the time of closing. The buyer was 507 Grand Street Associates LP, which completed the acquisition through a 1031 exchange. Ken Uranowitz and David Jarvis of Gebroe-Hammer represented the seller Shelane Montclair LLC. Uranowitz also represented the previous owner of 31 The Crescent when it was sold to Shelane Montclair LLC in 1995.

UNION CITY, N.J. — Rocha Construction & Development is advancing construction for Altessa, a 15-story residential condominium building located in Union City. The property will feature 100 residences in a mix of one-, two- and three-bedroom units, which will range in size from 812 to more than 1,400 square feet. Prices will start at $310,000. Each unit will come with an on-site, secured parking space, and some of the units will include outdoor patios. Building amenities include a landscaped rooftop deck that features scenic views of the New York City skyline, an elevated outdoor pool and a running track. Other amenities include a fitness center and a lounge with a flat-screen television. The units will go on sale in early 2009. The completion date for the project was not disclosed.