RANTOUL, ILL. — Marcus & Millichap Real Estate Investment Services has brokered the sale of the Parkview Rentals located at 1400 Hobson Dr. in Rantoul. The sales price for the 128-unit apartment community was $1.65 million. A Southern California investment group has acquired the 12.78-acre property, which consists of one-, two-, three- and four-bedroom units, from an undisclosed seller. Shaun Buss and Sean Lyons of Marcus & Millichap’s downtown Chicago office represented both parties in the transaction.
LEVITTOWN, PA. — Marcus & Millichap has brokered the sale of Avalon Court Apartments, a 120-unit, garden-style apartment community located in Levittown. Situated on 6 acres on Bristol Oxford Valley Road, the property contains 11 three-story brick buildings. Clark Talone and Ridge MacLaren of Marcus & Millichap’s Philadelphia office represented the seller, Avalon Partners, and procured the buyer, a regionally based partnership. The acquisition price was not disclosed.
PORT ARANSAS, TEXAS — Houston-based architect Meeks + Partners has finished the design for The Palmilla at Port Aransas, a 30-acre luxury condominium community located on Mustang Island at Port Aransas. The project will include four residential buildings with 94 condos over structured parking. The buildings will contain a mix of two- and three-bedroom residences ranging in size from 1,441 to 1,830 square feet. The unit mix also will include eight four-bedroom penthouses averaging 2,584 square feet. The community will contain three levels of recreation amenities, including a game room with billiards, card tables and gaming systems; and Internet café with a coffee bar; a fitness center; and a large deck on the third level. Outdoor amenities include a fully equipped outdoor kitchen, and a resort-style, negative edge pool with tanning decks, poolside cabanas, and tropical landscaping. The project is owned and is being developed by San Antonio-based Koontz McCombs. Groundbreaking is expected to occur in spring 2009.
TYLER, TEXAS — George Smith Partners has arranged $22.3 million in non-recourse, permanent financing for the acquisition of The Cambridge, a 204-unit student housing property located adjacent to the University of Texas at Tyler. Constructed in 2007, the community features amenities such as tanning beds, a fitness center, a pool with a deck area and a computer/study room. Steve Bram and Allison Higgins of George Smith Partners arranged the financing. The loan includes a 5-year term and an interest rate 2.9 percent above LIBOR. The lender and the borrower were not disclosed.
TAMPA, FLA. — John Burpee, T. Sean Lance, Casey Babb and Bill Renje of NAI Tampa Bay’s Multifamily Team brokered the sale of South Florida-based P.I. Holdings No. 1’s 232-unit, Class B Altamonte Apartments to Asset Development & Management Group for $13.7 million. The apartment, located at 8730 N. Himes Ave. in Tampa, sits on 12.64 acres. The sale was coordinated through the developer’s lender, Compass Bank.
HACKENSACK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of The Carlyle, a 13-story apartment tower located in Hackensack, for $23.55 million. Located at 380 Prospect Ave., the property features 128 residences in a mix of one- and two-bedroom units. Building amenities include laundry facilities, a 24-hour doorman, a swimming pool and on-site parking. Occupancy was more than 98 percent at the time of closing. Ken Uranowitz, Greg Pine and Steven Follman of Gebroe-Hammer represented the seller, Hekemian & Co., and procured the buyer, a New Jersey-based investment group.
NASHUA, N.H. — Bedford, N.H.-based Eckman Construction has completed AHEPA 35 Manor, a $4.3 million senior housing project located in Nashua, on behalf of the American Hellenic Educational Progressive Association. Construction consisted of a 38-unit apartment building for low-income elderly and handicapped residents. The building features several units that are handicap accessible. The project was designed by Colchester, Conn.-based Peter W. Argiros Architecture. It was funded through the Section 202 program of the U.S. Department of Housing & Urban Development.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Atrium Village Apartments, a 116-unit senior housing community located near 25th Street and Mitthoeffer in Indianapolis. Lakewood, New Jersey-based TLK Properties has acquired the facility from Indianapolis-based Barrett & Stokely Inc. The property, which consists of two-bedroom, ground-floor units, was listed for $5.9 million. TLK Properties will continue to run Atrium Village as a senior housing facility.
SAN DIEGO — VK Smith Realty LP has acquired Santa Fe Villas, a senior-housing apartment complex in San Diego, from El Presidio Corporation Inc. for $6.5 million. Located at 3912 Albatross St., the 37-unit property offers a mix of 34 one-bedroom/one-bath units and three two-bedroom/two-bath units. Built in 1989, the property features 11 garages, secured underground parking, a community room with kitchen and a player piano. Eric Comer and Jim Neil of CB Richard Ellis represented the seller; Stephen Scola of The Scola Company represented the buyer in the transaction.
ATLANTA — New York City-based The Praedium Group has acquired a six-county, seven-property metro-Atlanta multifamily portfolio for $45 million. The 938 units in Fulton, Henry, DeKalb, Rockdale, Gwinnett and Hall counties comprise 156 buildings, with an average size of 1,041 square feet per unit. Praedium acquired the portfolio through a joint partnership with New York City-based Audubon Communities Management.