CHICAGO — Chicago-based Ascendance Partners has acquired a three-story, 15,024-square-foot apartment building located at 4014-4016 South King Dr. in the Grand Boulevard neighborhood of Chicago’s South Side. The company plans to implement a $1 million capital improvements program to renovate the currently vacant building. Ascendance will convert the building’s 17 units into eight 1,800-square-foot units. The units will include amenities such as hardwood floors, stainless steel appliances, washers and dryers, granite countertops and audio system wiring. The acquisition price was undisclosed.
Multifamily
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JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Eastside Garden and Eastside Village, a 96-unit multifamily property located at 1212 E. 1st St. and 1230 E. 7th St. in Jacksonville, for $2.41 million. The Section 8 housing property was renovated between 2001 and 2003. Tal Frydman of Marcus & Millichap’s Ft. Lauderdale, Fla., office and Patrick Skinner of the firm’s Orlando, Fla., office listed the property on behalf of the seller, Eastside Garden Apartments, Ltd., and represented the buyer, Eastside Apartments LLC.
CHESTERFIELD, MO. — The St. Louis office of Hendricks & Partners has completed the sale of Village Green, a 252-unit apartment community located at 14441 Village Green Pkwy. in Chesterfield. The property comprises 15 three-story buildings on 22.34 acres, and features a clubhouse, indoor and outdoor swimming pools, a fitness center, tennis courts, and a business center. Ken Aston of Hendricks represented the seller, St. Louis-based Village Apartments LLC, as well as the buyer, St. Louis-based Mills Village Green LLC. The acquisition price was not disclosed.
CHICAGO — Chicago-based Newcastle Ltd. has acquired a three-story multifamily building, located at 2200 N. Clark St. in the Lincoln Park neighborhood of Chicago, for $8 million. The 29,546-square-foot building features 28 loft-style apartments and six commercial spaces. The property was acquired by Newcastle on behalf of the firm’s $500 million investment platform. Kiser Group represented the undisclosed seller.
WILMINGTON, DEL. — Woodbridge, N.J.-based The Kislak Company has completed the $9.3 million sale of Lea Boulevard Apartments and Greenbank Manor Apartments in Wilmington. Prima Management acquired the properties from Greenbank Manor Partnership and Lea Apartments Partnership. Lea Boulevard Apartments, located at 60 – 610 W. Lea Blvd., features 82 units. Greenbank Manor Apartments, located at 221 Greenbank Rd., features 64 units in a garden-style building. Matthew Weilheimer and Jacob Friedman of Kislak represented both parties in the transaction.
DALLAS — Encino, California-based Marcus & Millichap Real Estate Investment Services has completed the sale of Buckner Manor apartments in Dallas. The 82-unit property, which is located at 2722 S. Buckner Blvd., was sold for $1.58 million to a Texas-based private buyer. Al Silva of Marcus & Millichap Real Estate Investment Services’ Fort Worth office represented the undisclosed seller in the transaction.
ARLINGTON, TEXAS — Hendricks & Partners has finalized the sale of Northridge apartments, located at 2011 Lincoln Dr. in Arlington. The property, which includes 126 units and amenities such as a swimming pool and a tennis court, was purchased by Miami-based King Landing Apartments VIII. Mike Burch of Hendricks & Partners represented the seller, Bakersfield, California-based State Road Northridge, LP, in the transaction.
EL CAJON, CALIF. — Vickie Winters of Dwinn-Shaffer & Co. has arranged $14.5 million in first mortgage financing and a $2 million accounts receivable line of credit for Eldorado Care Center in El Cajon. Located at 510 E. Washington Ave., the 256-bed skilled/sub-acute care facility offers six one-bedroom units, 65 two-bedroom units, 40 three-bed wards, a 37-bed sub-acute care unit and a 35-bed secured unit, which provides dementia/behavioral rehab services.
RICHMOND HEIGHTS, OHIO — Marcus & Millichap has completed the sale of Richmond Park, a 736-unit multifamily community located at 444 Richmond Park East in Richmond Heights, for $25.64 million, or $34,838 per unit. The community comprises four six-story buildings and two parking garages on 36.46 acres, and features an outdoor and indoor swimming pool, on-site laundry facilities, fitness centers, controlled access, elevators, and balconies and patios for individual units. Jim Walsh of Marcus & Millichap’s downtown Chicago office, Gary Cooper of the firm’s Cleveland office and Matthew Friedman of the firm’s Encino, Calif., office represented the buyer and seller, both of whom are private Cleveland-based investors.