VALLEY PARK, MO. — Hendricks & Partners (H&P) has brokered the sale of Park Commons, a 174-unit apartment community located at 600 Park Commons Ct. in Valley Park. The garden-style community contains a mix of one- and two-bedroom units, with individual units averaging 1,004 square feet. Unit amenities include patios and balconies, as well as wood-burning fireplaces. Community amenities include a pool with a cabana, barbecue and picnic areas, a 24-hour fitness center, a private clubroom and a business center. Ken Aston of H&P’s St. Louis office represented the sellers, St. Louis-based Park Commons LLC and Five-O-One LLC, as well as the buyer, St. Louis-based Park Commons Apartments #100 LLC. The acquisition price was not disclosed.
ROSELLE PARK, N.J. — The Kislak Company has completed the $1.85 million sale of 22 Westfield Ave. in Roselle Park. The 17-unit multifamily facility was purchased by Warinanco Gardens from Esquire Realty in an all-cash transaction. Jeffrey Squires of Kislak represented both parties in the disposition.
WACO AND SAN ANTONIO, TEXAS — CB Richard Ellis (CBRE) Detroit multi-housing group has closed the sale of two Texas student housing properties to White Plains, N.Y.-based Woodlark Capital LLC. Champaign, Ill.-based Royal Properties sold the properties for an estimated $60 million. The Outpost, a 543-bed apartment complex in Waco, comprises six buildings totaling 224,577 square feet. The 12.51-acre property is located off Interstate 35 near Baylor University. The Reserve is a 753-bed complex that spans eight buildings. The 288,168-square-foot property sits on 33 acres near the University of Texas-Austin campus in San Antonio. Rob Stone of CBRE Detroit represented both the buyer and the seller.
NEW YORK CITY — Joseph Koicim of Marcus & Millichap’s Manhattan office has completed the $1.03 million sale of an 11-unit multifamily building in the Morris Heights section of the Bronx. The property, located at 1917 Andrews Ave. S. between West Burnside Avenue and W. 197th St., features all large three-bedroom apartments and totals 12,500 square feet. Koicim represented the undisclosed buyer, a local Bronx landlord, and the undisclosed seller, a private investor.
MIDLAND, ODESSA AND LONGVIEW, TEXAS — Arbor Commercial Funding LLC (Arbor), a subsidiary of Arbor Commercial Mortgage LLC, has arranged approximately $130.6 million in financing for the acquisition of a 21-property multifamily portfolio in Texas. The properties, known as the Midland/Odessa Portfolio, house a total of 3,128 units located in Midland, Odessa and Longview. The 10-year loan was originated by Jay Porterfield of Arbor’s Plano, Texas, office through Fannie Mae. The borrower was undisclosed.
HOUSTON — Hendricks & Partners has finalized the sale of Winkler Villa, a multifamily property located at 123 Winkler Dr. in Houston. Cal State Investment LP/Bluestone Apartments LLC purchased the 135-unit property from Winkler Ltd. for an undisclosed amount. Jeff Eisenhardt of Hendricks & Partners’ Houston office represented the seller in the transaction.
FALLS CHURCH, VA. Waterford Development has opened Spectrum, a 283,726-square-foot, 189-unit condominium complex in Falls Church, located along Route 7. The project consists of 220,000 square feet of residential space, 31,726 square feet of ground level retail and 32,000 square feet of office space. The seven-story building is comprised of one- and two-bedroom residences, two-story lofts and penthouses. The property features a clubroom, private dining/conference room, business center and movie theater. Tenants include Not Your Average Joe s restaurant and For Eyes, an optical provider. Construction began in winter 2005.
NANTUCKET, MASS. — Ted Sidel and Brian Sheehan of EagleBridge Capital have arranged $40.6 million in financing for the construction of the Residences at Point Breeze in Nantucket. The luxury condominium hotel will feature a mix of 32 one- and two-bedroom residences and six cottages with floor plans up to 2,176 square feet. The borrower was undisclosed.
NEW YORK CITY — SSJ Development has broken ground on a multifamily waterfront development in the Sheepshead Bay area of Brooklyn, New York City. The Riviera Suites at Sheepshead Bay, located at 2433 Knapp St., will feature 18 loft-style one- and two-bedroom units. The facility is set to feature a waterfront promenade, green building materials and 24-hour security. Designed by Gregory Ginert, construction is slated for completion in 12 months.
AUSTIN AND LUBBOCK, TEXAS — Apartment Realty Advisors (ARA) has completed a trio of sales for multifamily properties located in Austin and Lubbock. Ridgeview Apartments, which is located at 8600 Brodie Ln. in Austin, is a 167-unit property situated within 18 buildings. Meridian Park and Willow Hill, both located in Lubbock, comprise 639 units total and are part of a larger portfolio. Patton Jones, Jerry Lamm and David Mitchell of ARA represented the seller, Camden Property Trust, in the Ridgeview Apartments transaction. Brian O’Boyle, Jordan Cortez and Mike Girard of ARA’s Dallas office represented both parties in the Meridian Park and Willow Hill transaction.