NEW YORK CITY — Zachary Felson of Marcus & Millichap has brokered the $5.3 million sale of a portfolio of five multifamily buildings in the Bedford-Stuyvesant area of Brooklyn, New York City. The portfolio contains a total of 62 units and comprises 257 Quincy St., 308 Stuyvesant Ave., 570 Jefferson Ave., 788 Madison St., and 790 Madison St. Felson represented the undisclosed seller and procured the undisclosed buyer in the transaction.
WESTLAKE VILLAGE, CALIF. — IMT REIT Capital LLC has purchased Townhomes at Westlake Village, which is located at 601 Hampshire Rd. in Westlake Village. Wilshire Equities sold the 253-unit property for $68.5 million. The buyer plans to invest $3 million in upgrades to the 37-year-old community. Dean Zander of Hendricks & Partners’ Los Angeles office represented both parties in the transaction.
WINTER HAVEN, FLA. — Philadelphia-based Mills Development Co. is building a $10 million, 181-unit independent living retirement community in Winter Haven, located at the intersection of Cypress Gardens Boulevard and Ninth Street S.E. Cuhaci & Peterson is the project architect. Construction is slated to begin later this year.
FORT PIERCE, FLA. — Dale and Roni Zaletel of Birmingham, Ala.-based Senior Management Solutions have acquired Broadmoor Assisted Living, a 32-unit, 55-bed assisted living and Alzheimer’s community in Fort Pierce, from Christopher Lundstrom of Perfect Healthcare, for $3 million. Krone Weidler of Marcus & Millichap’s Tampa, Fla., office represented both parties in the transaction.
WASHINGTON, D.C. — The development partnership of Canyon-Johnson Urban Funds and Donatellis Development has secured a $53 million construction loan for Park Place, a seven-story, 161-unit multifamily and townhome community in the Columbia Heights/Petworth suburb of Washington, D.C., from Citi Community Capital. The development will feature units averaging 860 square feet with one or two bedrooms and 16,000 square feet of community-serving retail. The project will be located directly above the Georgia Avenue/Petworth Metro Station. The general contractor is S.E. Foster, a subsidiary of The Paradigm Companies, and the architect is Torti Gallas and Partners. Construction is slated for completion next July.
CHICAGO — Northbrook, Ill.-based Essex Realty Group has brokered the sale of a 66-unit multifamily building, located at 4840 North Linder in Chicago’s Jefferson Park neighborhood, for $7.7 million. The mid-rise property contains 38 one-bedroom and 28 two-bedroom units. Jacob Fenton of Essex represented the buyer; David Goss and Jon Morgan, also of Essex, represented the seller. Both parties were undisclosed.
FORT WORTH, TEXAS, AND RALEIGH, N.C. — Capmark Finance has originated $42.1 million in fixed-rate, permanent financing for the acquisition of two multifamily properties. The first, Enclave on Golden Triangle, spans 273 units at 5001 Golden Triangle Blvd. in Fort Worth. The property, which was built in 2007, comprises 29 two-story buildings. The second property, Six Forks Station, is located in Raleigh. Grubb & Ellis Investors was the borrower in both transactions.
HAMPTON ROADS, VA. — The Department of Defense (DoD) will build Homeport Hampton Roads, a six-story, 755-unit naval enlisted housing structure in Hampton Roads. The multifamily community will feature indoor and outdoor swimming pools, a community center, a softball field, two tennis courts, a volleyball court and two half basketball courts. Construction began early this year and is projected to complete in 26 months. Tompkins Builders, a subsidiary of Turner Construction Co., is the general contractor. The developer is Hunt Building Co., and the project architect is Lessard Group. DoD is also building military housing in San Diego.
NEW YORK CITY — Vornado Realty Trust is converting 40 East 66th St. into new, luxury condominium units. Located along Madison Avenue’s Golden mile, the newly converted facility will feature three-bedroom residences of approximately 2,450 square feet. Amenities include a children’s playroom, a fitness center and a 24-hour doorman. CetraRuddy is the architect for the project and sales and marketing is being overseen by Iva Spitzer of Corcoran Sunshine Marketing Group.
NEWTOWN SQUARE, PA. — GMH Communities Trust has sold its former military housing division, GMH Military Housing, to Balfour Beatty. The UK-based firm purchased the division for $350 million. Now managed under the name Balfour Beatty Communities, the business will continue to focus on providing housing for U.S. military personnel and their families throughout the U.S.