YPSILANTI, MICH., AND ST. LOUIS — Hendricks & Partners (H&P) has arranged the sales of two Midwest apartment communities. In Ypsilanti, the firm brokered the sale of West Ridge, located at 1926 Washtenaw Rd., for $1.28 million. The 86-unit community was 30 percent occupied at the time of closing. The buyer, Detroit-based WR-YPSI-86, is planning extensive renovations to the property as part of a re-tenanting effort. The seller, Atlanta-based TriTex Westridge, was represented by Kevin Dillion of H&P’s Detroit office. In St. Louis, the company arranged the sale of Grandview Heights, a 68-unit apartment community located at 3024 Kossuth Ave. The buyer, Chesterfield, Mo.-based ZAZ Properties, plans to continue a capital improvement program set into place by the seller, Dallas-based LSF5 Grandview, which includes the renovation of 10 to 15 vacant units. Ken Aston and Paul Cunningham of H&P’s St. Louis office represented the seller. The property, which was lender-owned, sold at a 10.86 percent cap rate on current rents and an 11.54 percent rate on market rents. The sale price was undisclosed.
Multifamily
LEWISTON, MAINE — Debbie Orloff of NorthMarq Capital’s Boston office has arranged $5.8 million in construction financing for The Bluffs Apartments in Lewiston. The Bluffs will contain 65 two-bedroom townhouse style apartments encompassed within 11 buildings. The loan was arranged by NorthMarq on behalf of the borrower, Randall Road Associates, and was funded by Commerce Bank & Trust Co.
BELLEVUE, WASH. — Seattle-based Northwest Townhomes LLC has purchased Caribbean Apartments, a 20-unit apartment community located at 312 101st Ave. in Bellevue’s Meydenbauer neighborhood. Seattle-based Caribbean Alliance Investments sold the property for $5.3 million. The buyer plans to redevelop the 35,148-square-foot lot into 24 townhome units. Josh Blake of Hendricks & Partners’ Seattle office brokered the transaction.
CHARLOTTE, N.C. — Newton, Mass.-based Northland Investment Corp. has purchased River Birch Phase II Apartments, a 184-unit, 25-acre complex in Charlotte, from St.Louis-based The Michelson Organization, for an undisclosed amount. Community amenities include a resort-style swimming pool, volleyball court, business center and 24-hour fitness facility. Blake Okland of Apartment Realty Advisors’ Charlotte office was the sole broker in the transaction.
GREENVILLE AND ROCK HILL, S.C. — Charlotte, N.C.-based Carolina Holdco has purchased two apartment communities, Grandeagle and Stones Crossing, in Greenville and Rock Hill, for a total of $10.5 million. Atlanta-based Churchill East sold Grandeagle Apartments in Greenville to Carolina Holdco, for $3.8 million. The multifamily community features 152 garden-style multifamily units. Carolina Holdco acquired Stones Crossing in Rock Hill, a 160-unit, 14-acre garden-style complex, from Stones Crossing LP, an affiliate of Nashville, Tenn.-based Carter-Haston Real Estate, for $6.7 million. Jordan McCarley of Southeast Apartment Partners’ Charlotte office was the sole broker in both transactions.
NEW YORK CITY — SJP Residential Properties is constructing Platinum, a 220-unit condominium building situated on Eighth Avenue and 46th St. in Manhattan, New York City. Designed by Costas Kondylis, the multifamily property features a unique lobby with a floating island of granite surrounded by a moat of moving water, as well as a 26-foot long fireplace and a video art wall of 15 plasma screens. The building, which is currently more than 70 percent sold, is set for occupancy this summer.
NEW YORK CITY — Developer Leviev Fulton Club is currently converting a 10-story office building into a 163-unit condominium building, District. Located at 111 Fulton St. in Manhattan, New York City, the building features residences ranging from one-bedroom units to 2,200-square-foot penthouses. Prices for the District’s units range from $515,000 to $3.4 million. Leviev Fulton Club is developing the multifamily project in a partnership with Rotem Rosen of Africa Israel Properties & Development USA and Joseph Klaynberg of Wonder Works Construction.
BELLEVUE, WASH. — Seattle-based Security Properties Inc. has acquired Highcroft I & Highcroft II, a 194-unit apartment community located at 1501 145th Pl. SE and 14000 and 14020 SE 13th Pl. in Bellevue, Wash. An undisclosed seller sold the property for $28.75 million. Kenny Dundunakis of Hendricks & Partners’ Seattle office brokered the transaction.
JACKSONVILLE, FLA. — Milwaukee, Wis.-based Northwestern Mutual has completed the $8.5 million renovation of Villas of St. John, a 257-unit, four-story apartment complex in Jacksonville. The property is located on the St. John’s River, at the intersection of Riverside Avenue and Margaret Street. Orlando, Fla.-based Leffler & Heaney was the general contractor.
CARY AND GRAYSLAKE, ILL. — The Lake Bluff, Ill., office of Inland Real Estate Sales has arranged the sale of two Illinois apartment communities for $11.1 million. In Cary, the company sold Oak Knoll Apartments, a four-building, 97-unit community located at 100 Sunset Dr., for $6.2 million. The community comprises 57 one-bedroom, 35 two-bedroom, four three-bedroom and one studio unit. Amenities include individual balconies or patios and an outdoor pool. Richard Kehoe and John Hanson of Inland represented the undisclosed seller; the buyer was also undisclosed. In Grayslake, Kehoe and Hanson represented both undisclosed parties in the $4.9 million sale of Grayslake Apartments, located at 325 Neville Dr. The property contains 70 one-bedroom units that each measure 650 square feet.