BEAVERTON, ORE. — Portland, Ore.-based Larch Properties LLC has acquired Cambridge Park, an apartment community located at 17250-17260 SW Heritage Ct. in Beaverton. The 24-unit community sold for $2.29 million. Beaverton-based SKL Properties LLC sold the property. Grayson Pounder of Hendricks & Partners’ Portland office represented both parties in the transaction.
DENVER — Englewood, Colo.-based Triad Properties Limited has acquired Cherry Tree Apartments, which is located at 1969, 1975 and 1995 S. Decatur St. in Denver. The 49-unit property sold for $2.25 million or $45,918 per unit. Built in 1981 and 1987, the community was 97 percent occupied at the time of acquisition. Erik Robinson and Frank Farrell of Hendricks & Partners’ Denver office represented the seller, Denver-based Colorado Housing and Finance Authority, in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a 31-unit apartment building, located at 1120 E. 82nd St. in Chicago, for $1.17 million. The property also features 60 parking spaces. John Olar of Marcus & Millichap’s Chicago Downtown office represented both undisclosed parties in the sale.
ST. LOUIS — Hendricks & Partners (H&P) has brokered the sale of Parcade, a 42-unit apartment community located at 4394 W. Pine Blvd. in St. Louis. Paul Cunningham of H&P’s St. Louis office represented the seller, Sunland, Calif.-based Damian Loftus, as well as the locally based buyer. The property closed at 94 percent of list price, at a 7.38 percent capitalization rate.
PHILADELPHIA — GPX Realty Partners has acquired Fairmount Terrace Apartments in Philadelphia from ASI Management for $15.37 million. The 162-unit complex, located at 3601 Conshohocken Ave., features studio units and one-, and two-bedroom units. GPX plans a multi-million renovation to the exterior and interior common areas, complex amenities and individual units. GPX was represented in-house by Matt Lukof, and Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented the seller in the transaction.
NEW YORK CITY — Construction on The Absolute, a 35-unit boutique condominium in the Clinton Hill neighborhood in Brooklyn, New York City, is underway. Located at 111 Steuben St., the facility will feature 684-square-foot one-bedrooms and 1,877-square-foot three-bedroom units. The residences start at $410,000. The building is scheduled for completion spring 2008.
NEW YORK CITY — A $157 million loan has been secured for Two Northside Piers, a residential development in Brooklyn, New York City. The 30-story facility will feature 270 studios, one-, two- and three-bedroom units. The facility is being developed by Toll Brothers City Living, RD Management and L&M Development Partners. The loan was funded by Citibank.
BELLEVUE, WASH. — San Francisco-based CP II Somerset LLC (Carmel Partners Inc.) has purchased Somerset Green Townhomes, a 101-unit apartment complex located 4200-4261 129th Pl. E in Bellevue. Seattle-based Somerset Green Townhouses Associates LLC sold the property for $24 million or $237,624 per unit.
WILLOUGHBY HILLS, OHIO — KeyBank Real Estate Capital has secured $12.5 million in permanent mortgage financing for The Village at Pine Ridge, a recently completed, 162-unit townhome community located in the Cleveland suburb of Willoughby Hills. The borrower in the transaction was Pine Ridge Valley Apartments East LLC; the lender was Freddie Mac. The terms of the loan were not disclosed.
NEW YORK CITY — Red Stone Partners has closed a $74 million tax-exempt financing and a $35 million direct equity placement for the preservation and rehabilitation of Linden Plaza, a low-income multifamily facility in Brooklyn, New York City. The facility contains five high-rise buildings with 1,527 rental units. The borrower, The DeMatteis Organization, plans to utilize approximately $52 million to renovate the property. Funding was provided by Wachovia Multifamily Capital and Freddie Mac. Red Stone provided first loss mezzanine credit enhancement and arranged for the direct placement of $35 million in tax credit equity with a single investor. The NYC Housing Development Corporation issued tax-exempt multifamily housing bonds for the facility.