OAKLAND AND CONCORD, CALIF. — Kevin Turner and Nolan Jones of Marcus & Millichap’s Oakland office represented both undisclosed parties in the sale and acquisition of a 39-unit multifamily community. Located at 2833 High St. in Oakland, the 31,720-square-foot property sold for $2.9 million. The community features a full-length patio, gated parking and on-site laundry facilities. In a separate transaction, Jason Snyder and Marc Guillion, also of Marcus & Millichap’s Oakland office, represented the undisclosed buyer in the acquisition of Woodstone Apartments, a 20-unit multifamily community in Concord. The 18,778-square-foot property sold for $2.3 million. The community offers a swimming pool, on-site laundry facilities, 20 carports and 10 additional open parking spaces. The property is located at 4819 Clayton Road. The seller was not disclosed.
LANCASTER, PA. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Ambassador Apartments, a 68-unit multifamily community located in Lancaster, for $3.4 million. The property comprises four three-story, brick buildings; occupancy was at 95 percent at the time of closing. Robert Holland of Kislak represented the seller, Sentry Realty, and Janet Bortz, also of Kislak, represented the New Jersey-based buyer. The buyer also owns Lancaster Court, an adjacent, 88-unit apartment complex.
AUSTIN, TEXAS —Hendricks & Partners (H&P) has completed the sale of two Austin apartment communities. The first property, Princeton, is a 90-unit community located at 4411 Airport Blvd. Princeton is situated on approximately 2.75 acres, and it contains an average unit size of 814 square feet. The property was remodeled in 2007. The second property, Stony Creek, is a 132-unit community located at 4911 Manchaca Rd. It comprises two- and three-story, garden-style buildings situated on approximately 5.9 acres. Unit sizes range from 481 to 917 square feet. Ellen Muskin and George Deuillet III of H&P’s Austin office represented the seller, San Antonio Alternative Housing Corporation No. 4. The properties were acquired by Santa Barbara, Calif.-based M3 Multifamily. The acquisition price was not disclosed.
WEBSTER, TEXAS — Capmark Finance has arranged $9.45 million in acquisition financing for El Dorado Ranch, a 324-unit apartment community located at 265 El Dorado Blvd. in Webster. Situated on 9.7 acres, the community comprises 21 two-story, garden-style buildings. The property was 95 percent occupied at the time of closing. Brant Smith of Capmark’s Houston office originated the financing on behalf of the borrower, El Dorado Ranch LLC, which is an affiliate of Houston-based Concierge Asset Management. Terms of the loan include a 6.11 percent fixed interest rate, a 5-year term and a 30-year amortization schedule. The lender was Freddie Mac.
REDONDO BEACH, CALIF. — Bascom Group and Rockpoint Group LLC have completed the disposition of The Waterfront, a 161-unit beachfront multifamily community in Redondo Beach. A private investor acquired the property for $49 million, which represents $304,348 per unit or $392 per square foot. Located at 211 Yacht Club Way, the 125,050-square-foot community features a swimming pool, a spa, a state-of-the-art fitness center and a clubroom, as well as a private beach for residents. Additionally, the property features a 10,000-square-foot restaurant, which is operated by The Chart House. Greg Harris and Ron Harris of Marcus & Millichap represented the seller in the transaction.
NEW BRUNSWICK, N.J. — Marcus & Millichap has completed the sale of a 22-unit apartment building, located on Livingston Avenue in New Brunswick, for $2.2 million. The garden-style building was constructed in 1969. Maz Radwan of Marcus & Millichap’s New Jersey office represented the seller, Norwood Apartments LLC, as well as the buyer, a locally based investor. The property traded at a per-unit price of $100,000.
ARLINGTON, TEXAS — A joint venture between Baltimore-based Alex. Brown Realty (ABR) and Dallas-based Price Realty Corp. has acquired Hunters Point Apartments, a 272-unit, garden-style apartment community located in Arlington. The gated complex features a clubhouse, a business center, a fitness center, two pools, one tennis court and 487 surface parking spaces. The joint venture plans to continue a renovation plan initiated by the seller; ABR and Price will invest approximately $4,200 per unit over the next 2 years for interior renovations. ABR Chesapeake Fund III, a real estate investment fund sponsored by ABR, provided $5.9 million in equity to the venture for the purchase. Price will serve as the property management team for Hunters Point. The ABR and Price joint venture will also assume the property’s existing first mortgage loan with Bank of America. The fixed-rate, interest-only loan matures in May 2015.
RICHARDSON, TEXAS — A joint venture between Dallas-based companies Winston Capital Corp. and L&B Realty Advisors, and Lansing, Mich.-based Municipal Employees Retirement System of Michigan, has procured $47.35 million in construction financing for Brick Row, a 500-unit multifamily community located in Richardson. Scheduled for completion in mid-2010, Brick Row will contain the residential units and 16,000 square feet of ground-floor retail space situated around two central parking structures in a park-like setting. The project is part of a larger master-planned community that will include townhomes, condominiums, retail space and a public park. The financing was arranged for the joint venture by Andy Scott of the Dallas office of Holliday Fenoglio Fowler. The lender is a three-bank syndication led by Colonial Bank, a division of Montgomery, Ala.-based Colonial BancGroup. The other two banks were Dallas-based Texas Capital Bank and San Antonio-based Broadway Bank. The loan carries a 3-year term.
AUSTIN, TEXAS — Marcus & Millichap has negotiated the sale of 305 Place Apartments, a 32-unit multifamily community located at 305 W. 35th St. in Austin. The community is located near the campus of the University of Texas. Todd Sherrer of Marcus & Millichap’s Austin office listed the property on behalf of the seller, and Steve Hollingsworth, also with the firm’s Austin office, secured the locally based buyer. The acquisition price was undisclosed.
GLENDORA, CALIF. — Burbank, Calif.-based Gangi Development Co. has completed the development of Vermont Avenue Lofts, a $14.2 million project located at 130 N. Vermont Ave. in Glendora. The project features 26 for-sale single-story flats and two-story loft condominiums and 6,000 square feet of for-sale retail/office space. Additionally, the development features a walking paseo accented by water features and large concrete planters. The project was designed by Mark Gangi of Gangi Development and Stefanos Polyzoides of Pasadena, Calif.-based Moule and Polyzoides Architects and Urbanists. Construction financing was provided by Wells Fargo Bank.