CANOGA PARK, CALIF. — Paul Kenworthy of the West Los Angeles office of Charles Dunn, a partner of GVA Worldwide, has brokered the sell and acquisition of a 19-unit apartment building, which is located at 7037 Alabama Ave. in Canoga Park. Saswata Sen purchased the 17,324-square-foot property for $2.85 million. The seller was Khougaz Trust. At the time of acquisition, the property was 100 percent occupied. Kenworthy represented both parties in the transaction.
Multifamily
ATLANTA — Steven D. Bell & Co. has purchased Bennington Towers, a 17-story, 236-unit multifamily building in Atlanta, for $35.6 million. The property is located near the intersection of Peachtree and Peachtree Battle roads. The apartments will undergo a $5 million renovation.
DETROIT — Vanguard Community Development Corp. has broken ground for the development of Cameron Court Senior Village Apartments, a 48-unit affordable senior housing community located at the intersection of Cameron and Hague streets in Detroit’s North End neighborhood. The independent living community will contain a mix of one- and two-bedroom units. Vanguard received a $1 million construction loan and $7.9 million in low-income housing credit equity from the Detroit Local Initiatives Support Corp. Completion is scheduled for March 2009.
CHARLOTTE, N.C. — Chicago-based MCL Companies has broken ground on The Vue, a $143 million, 53-story condominium tower in Charlotte. The tower will feature 1 million square feet and include 409 studio, one-, two- and three-bedroom units, along with penthouses. Amenities include a business center, conference rooms, health club, cyber café and a media room. Dunn Southeast d.b.a. R.J. Griffin Company is the general contractor, and the project architect is St. Louis-based FS Architecture. The Vue will be located at the northwest corner of Fifth and Pine streets and is scheduled for completion in early 2011.
CHESTER AND RICHMOND, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has purchased two multifamily communities in Chester and Richmond, respectively, from The Bogese Companies, for $75 million. River Forest Luxury Apartment Homes is a 240-unit property located in Chester at 5701 Quiet Pine Circle. The Belvedere Apartments is a 296-unit property located in Richmond at 11900 Bellaverde Circle. Both properties feature a business center, 24-hour fitness facility, clubhouse and resort-style swimming pool. River Forest is a part of a 100-acre mixed-use project under development by The Bogese Companies, and The Belvedere is a part of a 30-acre project being developed by Bogese. Drew White of Cushman & Wakefield’s Washington, D.C. office represented the seller in the transaction.
BEAVERTON, ORE. — Portland, Ore.-based Larch Properties LLC has acquired Cambridge Park, an apartment community located at 17250-17260 SW Heritage Ct. in Beaverton. The 24-unit community sold for $2.29 million. Beaverton-based SKL Properties LLC sold the property. Grayson Pounder of Hendricks & Partners’ Portland office represented both parties in the transaction.
DENVER — Englewood, Colo.-based Triad Properties Limited has acquired Cherry Tree Apartments, which is located at 1969, 1975 and 1995 S. Decatur St. in Denver. The 49-unit property sold for $2.25 million or $45,918 per unit. Built in 1981 and 1987, the community was 97 percent occupied at the time of acquisition. Erik Robinson and Frank Farrell of Hendricks & Partners’ Denver office represented the seller, Denver-based Colorado Housing and Finance Authority, in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a 31-unit apartment building, located at 1120 E. 82nd St. in Chicago, for $1.17 million. The property also features 60 parking spaces. John Olar of Marcus & Millichap’s Chicago Downtown office represented both undisclosed parties in the sale.
ST. LOUIS — Hendricks & Partners (H&P) has brokered the sale of Parcade, a 42-unit apartment community located at 4394 W. Pine Blvd. in St. Louis. Paul Cunningham of H&P’s St. Louis office represented the seller, Sunland, Calif.-based Damian Loftus, as well as the locally based buyer. The property closed at 94 percent of list price, at a 7.38 percent capitalization rate.
PHILADELPHIA — GPX Realty Partners has acquired Fairmount Terrace Apartments in Philadelphia from ASI Management for $15.37 million. The 162-unit complex, located at 3601 Conshohocken Ave., features studio units and one-, and two-bedroom units. GPX plans a multi-million renovation to the exterior and interior common areas, complex amenities and individual units. GPX was represented in-house by Matt Lukof, and Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction.