FORT COLLINS, COLO. — Hendricks & Partners has completed the sale of Rams Park, a 48-unit apartment community located at 2226 W. Elizabeth St. in Fort Collins. Lakewood, Colo.-based Rams Park Venture LLC acquired the property for $7 million. John Laratta of Hendricks & Partners’ Denver office represented the seller, Fort Collins-based Rams Park LLC, in the transaction.
Multifamily
OCEANSIDE, CALIF. — Glenn L Goldman Trust has acquired Garrison West Apartments, a 46-unit apartment complex located at 455 Garrison St. in Oceanside, for $5.5 million. Situated on a 2.19-acre site, the property features 30 two-bedroom townhouse units and 16 one-bedroom units. Ray Adams of Grubb & Ellis|BRE Commercial represented the buyer; Todd Clarke of American Apartment Advisors Inc. and Ed Engle of Asset Management Services represented the seller, James and Karen Watkins. The buyer purchased the property as a replacement property in a reverse exchange.
PORTAGE, IND. — The Indianapolis and Chicago offices of CB Richard Ellis (CBRE) have negotiated the sale of Lake Pointe Apartments, a 192-unit multifamily community located in Portage. CBRE represented the seller, Pedcor Investments, in the transaction; the property was acquired by Elad National Properties. The acquisition price was not disclosed, but the property was listed at $19.8 million.
HAWTHORNE, N.J. — The Kislak Company has completed the $11 million sale of 144 Diamond Bridge Avenue and 644 Lafayette Avenue, both multifamily properties in Hawthorne. The garden-style apartment complexes contain a total of 83 units. Amenities include laundry facilities and parking. Both properties were fully occupied upon closing of the sale. Jonathan Greenberg of The Kislak Company and attorney Louis Herzog of Feinstein, Raiss, Kelin & Booker represented the undisclosed seller. The buyer plans to upgrade the units.
MESA, ARIZ. — Hendricks & Partners has brokered the sale of Lindsay Palms apartment community in Mesa. Property Growth Fund V LLC of Beverly Hills, Calif., acquired the property for $11.85 million from Lindsay Palms LLC of Longmont, Colo. The 132-unit complex, located at 2855 E. Broadway Rd., is composed of two- and three-story buildings featuring a mix of one-, two- and three-bedroom floor plans. It is situated on 6.1 acres near Superstition Freeway and the Loop 202 Freeway. Chuck LaBenz of Hendricks & Partners’ Phoenix office represented the seller.
TUCSON, ARIZ. — RCMG Real Estate Advisors has acquired Broadway Gardens, a 184-unit apartment community located at 8880 E. Broadway Blvd. in Tucson, for $8.2 million. Bob Kaplan of PICOR Commercial Real Estate Services represented the buyer; Paul Ash Management Company represented the seller, ACDM Limited Partnership, in the transaction.
FORT LAUDERDALE, FLA. — Avery Klann and Richard Donnellan of Apartment Realty Advisors has secured equity capital and mezzanine debt for Altman Development Co. for the development of Satori, a 279-unit, ultra-luxury, mid-rise apartment community in Fort Lauderdale. Satori will offer resort-style living with high-end amenities. Upon completion, the four-building development will include 13,000 square feet of retail space fronting Sunrise Boulevard.
MANHEIM TOWNSHIP, PA. — The Solomon Organization has purchased Belair Townhomes, a residential townhouse community in Manheim Township. The 208-unit community is the second apartment community the Solomon Organization has acquired this year. Located at 590 Candlewyck Rd. and situated on 32 acres, Belair features a two-, three- or four-bedroom layout. Amenities include newly renovated kitchens with brand-name appliances, full-size washer/dryers, central air conditioning and private entrances. A lower-level recreation room is also included in many residences. The seller and sale price were undisclosed.
HOUSTON — Marcus & Millichap has negotiated the sale of Chez Orleans Apartments, a 23-unit multifamily community located at 7065 Bellfort in Houston. The property was built in 1864 and spans a total of 21,120 square feet. Robert Su and Gannon Baird of Marcus & Millichap’s Houston office represented the buyer and secured the seller in the transaction. A Texas-based investor acquired the property.
AURORA, COLO. — The joint venture of Boston Capital Real Estate Partners and Embrey Partners, a San Antonio-based developer, is developing Saddle Rock East Apartments in Aurora, Colo. The Class A, garden-style community will consist of 17 two- and three-story buildings that will feature 134 one-bedroom units, 94 two-bedroom units and 35 three-bedroom units. Property amenities will include a community center, a swimming pool, a business center, a cyber café and an exercise facility. The property will be located along E-470, which connects Interstate 25 and Interstate 70.