TOPEKA, KAN. — Marcus & Millichap Real Estate Investment Services has arranged the sale of Carriage House Apartments, a 282-unit community located near the I-470/I-335 interchange in Topeka. The $6 million property consists of 12 2.5-story buildings situated on an approximately 9.14-acre site. Mission Investors Co. sold the facility for an undisclosed amount. David Gaines and Alex Blagojevich of Marcus & Millichap’s National Multi Housing Group in Chicago represented the seller in the transaction.
NEW LONDON AND GROTON, CONN. — Marcus & Millichap has completed the sale of a two-property, 327-unit multifamily portfolio for $21.65 million. Squire One Apartments is a 171-unit community located at 11 Anthony Rd. in New London. It comprises 11 buildings situated on 8.79 acres. Willow Pond Apartments is a 156-unit community located at 45 South Rd. in Groton. Situated on 10.15 acres, the property consists of six buildings. Both communities feature private patios or balconies, barbecue and picnic facilities, and a recreation area and playground. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Squire One Associates LP and Prescott Square LP, as well as the buyer, Landings Capital & Development. Acquisition financing was placed with Freddie Mac. The portfolio traded at a per-unit price of $66,208.
NEW YORK CITY — New York City-based Eastern Consolidated has brokered the sale of The Century, a portfolio of 15 residential condominiums located in Manhattan, New York City, for $14.25 million. The condos are located at 25 Central Park West, above the fourth floor of the Art Deco building. They total 22,989 square feet. Eric Anton and Ronald Solarz of Eastern Consolidated represented the seller, Madison Century Realty. Deborah Gutoff, also of Eastern Consolidated, represented the buyer, 25 CPW LLC.
NEW YORK CITY — New York City-based Itzhaki Properties has negotiated the sale of a 6,672-square-foot residential property located at 6834 Forest Ave. in Queens, New York City, for $1.75 million. The building comprises four retail stores on the ground floor and five apartments. Ami Efrati of Itzhaki represented the buyer, Kei Kei Enterprise, and Ohad Meishar, also of Itzhaki, represented the seller, Beth Page Realty. The property traded at a capitalization rate of 6.7 percent.
MONTGOMERY AND DELAWARE COUNTY, PA. — GPX Realty Partners has completed a $3.6 million capital improvements program to its Stillwell Apartment portfolio. The portfolio comprises five multifamily communities located in Pennsylvania’s Montgomery and Delaware counties. They include Concord Court in Aston; Livingstone, Wellington and Oak Terrace in Hatboro; and Longford in Ambler. Improvements included upgraded unit interiors, refreshed building exteriors, new community signage, extensive landscaping, new roofing, parking lot and driveway repairs, and electrical work.
AMARILLO, TEXAS — Los Angeles-based Post Investment Group has acquired Foxfire Apartments, a 328-unit multifamily property located at 4101 W. 45th St. in Amarillo. Situated on 13.9 acres, the community comprises 41 two-story buildings. Post acquired it out of foreclosure from CW Capital Asset Management, and plans to stabilize and reposition the property, which had an occupancy rate of less than 40 percent at the time of closing. Unit interiors will be renovated and upgraded, exterior improvements will be made and the property will be re-branded. Post’s joint venture partner in the acquisition is a Los Angeles-based private asset management company. Financing for the capital improvements plan is being provided by Chicago-based Wrightwood Capital.
CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC will break ground on its $20 million, 196-unit Phillips Swift Creek, located on the corner of Old Apex Road and West Chatham Street in Cary, in the third quarter of this year. Amenities on the 13.2-acre site include a 5,200-square-foot clubhouse, a pool and 2 acres of walking trails. Raleigh, N.C.-based Stewart Engineering’s Ryan Hambleton helped develop the site, and Ken Kite and James Anderson of Atlanta-based The Preston Partnership provided design services.
O’FALLON, MO. — Hendricks & Partners has arranged the sale of Vinings at Bordeaux, a 93-unit apartment community located at 611 Vinings Blvd. in O’Fallon. The Vinings of Bordeaux LLC of St. Louis sold the property to Carter-Haston Holdings LLC of Nashville, Tenn., for an undisclosed amount. Ken Aston and Steve Pearl in the St. Louis office of Hendricks & Partners represented both parties in the transaction.
MIDDLETON, WIS. — Patrick Gallagher and Gordy Welch on the investment team at Siegel-Gallagher, ONCOR International, have brokered the sale of Sunrise Heights Apartments, which is located at 5405 Century Ave. in Middleton. The 192-unit community was acquired for more than $8 million. Both the buyer and seller of the facility were not disclosed.
ROCKVILLE CENTRE, N.Y. — Phase I has been completed for the $33 million renovation of Rockville Centre Apartments, a 154-unit, low-income apartment property located at 160 N. Centre Ave. in Rockville Centre. The community contains a mix of studio, one-, two-, three- and four-bedroom units in nine buildings. Two of the buildings were completed in the first phase — the roofs were replaced; new kitchens, baths and energy-efficient insulation were installed; and the windows and heating systems were replaced. Completion of all five phases is expected by September 2009. The renovation is being undertaken by Albany, N.Y.-based Omni Housing Development.