NEW YORK CITY — GFI Realty Services has arranged the sale of two walk-up residential buildings located in the Bronx, New York City, for $2.48 million. The five-story buildings are located at 1151 and 1155 E. 165th St. Each building is fully occupied and is comprised of three-bedroom apartments. Colin Rowen of GFI represented the undisclosed seller; Michael Kerwin, also of GFI, represented the buyer, a local investor. The property traded at a value of more than $112,000 per unit.
PLANTATION, FLA. — Construction has commenced on Miami-based American Land Ventures’ two building, 251-unit Residences at the Fountains, located on S.W. 78th Street in Plantation. The project features townhomes and apartments built on top of a 365-space parking garage and will also include retail and office space on the ground floor. Fort Lauderdale, Fla.-based Stiles Construction Co. will provide contracting services, with an expected delivery date of fall 2010.
ST. PETERSBURG, FLA. — John Burpee of NAI Tampa Bay has represented a St. Petersburg-based real estate investor in his sale of the 90-unit Woodland Oaks Apartments to a Canadian investor for $5.22 million. Purchase of the property, which is located at 4201 49th St. North in St. Petersburg, was aided by Coldwell Banker.
YPSILANTI, MICH. — Sterling American Property Inc., in a joint venture with Minneapolis-based Timberland Partners, has acquired the Hunt Club, a 440-unit apartment community located at 4685 Hunt Club Dr. in Ypsilanti. Sterling American Property has acquired the facility from Denver-based Apartment Investment and Management Co. for an undisclosed amount. Situated near Ann Arbor, Mich., the 390,000-square-foot complex consists of one- and two-bedroom units. Amenities at the facility include an outdoor swimming pool, sand volleyball, fitness center and indoor spa. Sterling has plans to invest approximately $3 million for capital improvement projects aimed at enhancing the property. Timberland Partners will manage the property, which will be renamed The Hamptons of Cloverlane. Tyler Anderson and Sean Cunningham of CB Richard Ellis’ Phoenix office represented the seller in the transaction.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a five-story residential building, located at 424 W. 57th St. in New York City, for $5.41 million. The elevator-served building contains 20 units totaling 9,310 square feet. Also included in the sale was an additional 5,798 square feet of air rights. Donna Padula of Itzhaki represented the seller, Lee Family of California, and the buyer, Michael Sacchetti.
AUSTIN, TEXAS — The grand opening has been held for Bridges On The Park, a six-story residential condominium development located at the intersection of South Lamar Boulevard and Riverside Drive in Austin. The property features 104 condominium units, along with 9,065 square feet of ground floor retail space. The retail portion of the project is fully occupied, with a tenant roster that includes Viva Day Spa, Bows + Arrows, Lift, Hill Country Running Co. and W3LL. Michele Gary and Parker Estes of The Weitzman Group served as leasing agents for the retail portion of the project. Bridges On The Park was developed by CLB Partners.
HOUSTON — The Woodlands, Texas-based LMI Capital has secured two Houston multifamily loans totaling $29.62 million. The first is a $21.8 million loan secured by 7979 Westheimer Apartments, a 459-unit property. The loan carries a 7-year fixed rate, a 30-year amortization schedule and 3 years of interest-only payments, and will contribute to the refinancing of the property. Jamie Mullin of LMI arranged the funding on behalf of the borrower with the lender, Column Guaranteed. Additional, LMI arranged $7.82 million in acquisition financing for the 256-unit Waters at Kirkwood Apartments. Brandon Brown of LMI arranged the loan on behalf of Waters Partners LLC. The lender is Greystone Servicing Corp. Terms of the financing were not disclosed.
CARDIFF BY THE SEA, CALIF. — Property West has purchased Cardiff by the Sea Apartment Homes, a 300-unit multifamily community located at 2170 Carol View Dr. in Cardiff by the Sea, for $71 million. Situated on a 21.86-acre site, the 284,360-square-foot property offers one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Additionally, the community features two swimming pools, three spas, two tennis courts and a fitness center. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented the buyer and the seller, Essex Property Trust, in the transaction.
NEW YORK CITY — Construction has topped out for 34 Leonard, a residential building located at the corner of Leonard Street and West Broadway in the Tribeca neighborhood of Manhattan, New York City. The building will feature 16 loft-style residences with industrial-scale windows, 10-foot ceilings and open layouts. Building amenities will include a hand-crafted, climate-controlled wine cellar; a landscaped roof deck with a grill and bar/prep area; a sunbathing area with an outdoor shower; a fitness center; a pet spa; and a 24-hour doorman. The $45 million project is being developed by R Squared Real Estate Partners.
IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.
