SEATTLE — Wrightwood Capital has provided a $7.5 million loan to Myron Lieberman for the acquisition of Campus View Apartments, which is located at 4322 7th Ave. in Seattle. Built in 1986, the five-story, more than 28,000-square-foot student-housing property features 40 two- and three-bedroom units surrounding an open courtyard. The building also offers a central elevator, ample parking and laundry facilities. Myron Lieberman plans to redevelop the building into a luxury student-housing facility. Renovations include the addition of a common outdoor living area with barbeques, lounges and dining areas, and individual unit upgrades, including kitchen and bathroom renovations and new appliances and carpeting. Allison Higgins and Steve Bram of George Smith Partners arranged the financing.
TRENTON, N.J. — Woodbridge, N.J.-based The Kislak Company has arranged the sale of Grand Court Villas, a 63-unit luxury apartment community located at 507 Grand Street in the Chambersburg neighborhood of Trenton, for $6.15 million. The four-story historic apartment building, which was formerly a cigar factory constructed in the 1800s, was redeveloped in 1986 into luxury apartments. Building amenities include indoor parking, a gym, two laundry rooms on each floor and elevator access. It contains a mix of one- and two-bedroom units, which includes spiral staircases in duplex units, as well as terraces and 14-foot ceiling heights in top-floor units. The property was 92 percent occupied at the time of closing. Joni Sweetwood of Kislak represented the seller, Grand Street Realty Association, and Barry Waisbrod, also of Kislak, represented the buyer, Grand Court Villas LLC.
HOUSTON — Marcus & Millichap has arranged the sale of Oak Forest Apartments in Houston. Located at 4300 Rosslyn, the property totals 20,451 square feet and was fully occupied at the time of closing. Sheri Carey of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. It was acquired by an Encino, Calif.-based investor. The acquisition price was not disclosed, but the property listed for $1.25 million.
HOUSTON AND CONROE, TEXAS — A joint venture between New York-based Hudson Realty Capital and Triumph Land & Capital Management has acquired two non-performing loans with a balance of $18 million. The loans are secured by two Houston-area multifamily properties that were immediately foreclosed on by the joint venture. The first property is a 288-unit, Class B property located in Houston; the second is a 228-unit property located in the Conroe. The venture plans to renovate and reposition both properties.
PATERSON, N.J. — Marcus & Millichap has completed the sale of a 32-unit multifamily building located in Paterson for $2.24 million. Thomas McConnell and Kevin McCrann of the company’s New Jersey office represented both undisclosed parties in the transaction. The property traded at a cap rate of 7.7 percent and a price of $70,000 per unit.
BOCA RATON, FLA. — Chicago-based Laramar Group has acquired the 4.7-acre, 160-unit Oceanview Apartments in Boca Raton in a foreclosure process brokered by Apartment Realty Advisors’ Boca Raton office. The new owners will rename the property Villa Oceana Apartments and renovate the two mid-rise buildings, which were constructed in 1967. Planned upgrades include new appliances and granite countertops in every unit, an Internet café, upgraded exercise facilities and a business center.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a five-story apartment building located at 169-171 Manhattan Ave. in the Jersey Heights neighborhood of Jersey City for $1.9 million. Totaling 33 units, the building contains a mix of 26 one-bedroom units, one two-bedroom and one three-bedroom unit, and five studio units. The property was acquired by River Edge Management LLC, which plans to implement a capital improvements program that will elevate its class category. Benjamin Greenstein of Gebroe-Hammer represented the seller, CEJA Realty Corp., and procured the buyer.
WINCHESTER AND SALEM, MASS. — Boston-based Fantini & Gorga has secured $12.9 million in non-recourse, permanent financing for two HUD-insured senior housing facilities. The first is Aberjona Nursing Center, a 123-bed skilled nursing facility located in Winchester. The second is Grosvenor Park Nursing Center, a 123-bed skilled nursing center located in Salem. Fantini & Gorga procured the financing through its correspondent relationship with Boston-based Eastern Mortgage Capital. The borrower was undisclosed.
TENAFLY, N.J. — JMP Holdings has held the grand opening for The Plaza at Tenafly, a 145-unit condominium property located in Tenafly. Situated on 6 acres, the gated community comprises three four-story, elevator-served buildings and a 4,500-square-foot clubhouse. Individual units are sized up to 2,000 square feet. The clubhouse features amenities such as a game room, a café kitchen, a business center, a media room, a fitness center, an on-site concierge and an outdoor heated pool with a sundeck. The project was designed by Radnor, Pa.-based L&M Design.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Tulsa for $52.95 million. The portfolio includes a 512-unit community located at 4414 S. Garnett Rd., a 440-unit community located at 7324 S. Wheeling Ave., a 384-unit community located at 2102 E. 51st St. and a 216-unit community located at 4404 S. 109th East Ave. Gregory Harris and Chadd Davis of Marcus & Millichap’s Encino, Calif., office, along with David Bohanon of the firm’s Oklahoma City office, represented the seller, Macco Properties, and the buyer, Redfern Family Trust. The buyer acquired the portfolio as part of a 1031 exchange at a price of approximately $34,140 per unit.