NEW YORK CITY — GFI Realty Services has arranged the sale of a six-story, 46-unit apartment building in the Bay Ridge neighborhood of Brooklyn for $12.5 million. The pre-war property, located at 218 74th St., consists of 16 studios, 28 one-bedroom units and a couple of two-bedroom units, all of which are rent-stabilized. Yosef Katz and Natan Safdieh of GFI Realty represented the seller in the transaction, Madeleine Behette, a local investor. Erik Yankelovich, also of GFI, procured the buyer, Meridian Properties. The property is located on a tree-lined block between Ridge Boulevard and 3rd Avenue.
ARLINGTON, TEXAS — NAPA Ventures has sold Parkside Townhomes, a multifamily community in Arlington that features 144 rentable townhome units. The property, which is located within three miles of AT&T Stadium and Globe Life Park, offers two- and three-bedroom units and a pool. Prior to the sale, NAPA invested in capital improvements to the property’s landscaping, parking lots and exterior lighting, as well as the cabinets, countertops and floors of the units. The buyer was not disclosed.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a 5,600-square-foot apartment building located at 20-35 Gates Ave in the Ridgewood neighborhood of Queens. The vacant six-unit building, which was built in 1930, sold for $2.2 million. The sales price equates to $379,000 per unit. Adam Traub and Isaac Shrem of Westbridge Realty represented both the buyer, an active investor in Queens, and the seller, a long-term holder who purchased the property in 1985.
GARLAND, TEXAS — Stream Realty Partners has arranged the sale of a 54,000-square-foot industrial building located at 2601 W. Kingsley Road in the Dallas metro of Garland. Kingsley Industrial LLC sold the property to Snell Motor Co. Inc. for an undisclosed price. Matt Dornak and Ryan Wolcott of Stream Realty Partners brokered the sale.
KINGWOOD, TEXAS — NAI Partners has negotiated an office lease at One Kingwood Place, a 200,000-square-foot office campus located in the northern Houston suburb of Kingwood. Oil and gas firm Valence Operating Co will occupy 12,000 square feet at the campus. Jacob Aldridge, Zach Leger and Rani Jones of NAI Partners represented the landlord in the lease negotiations. Kyle Whitney and Victor Valenzuela of Transwestern represented Valence Operating Co.
GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.
STOCKBRIDGE, GA. — U-Haul Co. has acquired a 324,000-square-foot warehouse located at 471 Eagles Landing Parkway in Stockbridge, roughly 19 miles southeast of downtown Atlanta. Other terms of the deal were not disclosed. U-Haul Mobility & Storage at Eagles Landing will be repurposed to offer 1,800 indoor self-storage units for rent. The facility will include a mix of climate-controlled and non-climate-controlled units and security features. In addition, the warehouse will house a new regional office for U-Haul. The company’s operations will encompass 108,000 square feet, and the remaining 216,000 square feet will be available for lease. The facility will employ approximately 20 people when fully operational, and will feature a sidewalk expansion for customers who arrive by golf cart, an electrical charging station for golf carts and a walking and biking path. In the coming weeks, U-Haul will allocate warehouse space to store more than 300 U-Box portable moving and storage containers and lot space to accommodate 40 U-Haul truck boxes, providing immediate storage solutions for customers while self-storage rooms are under construction. A construction timeline was not disclosed.
DURHAM, N.C. — Audubon Communities has acquired Oak Creek Village, a 500-unit apartment community located at the intersection of Durham-Chapel Hill Boulevard and Garrett Road in Durham. The name of the seller and the sales price were not disclosed. Audubon will invest $4.6 million in capital improvements for the property — originally constructed in 1972 — and rename the community The Garrett. Planned improvements include replacement of the existing leasing office with a new facility that will include a new fitness center and residential lounge, roof replacement, landscape improvements and updates to the pool, playground and other outdoor amenities. Legacy Capital Partners is Audubon’s equity partner on the transaction. Audubon financed the deal with an acquisition and construction loan from PGIM Real Estate Finance. The deal marks Atlanta-based Audubon’s first investment in the North Carolina market and the company’s third deal with Legacy Capital Partners.
CAPE CORAL, FLA. — Studio+ will provide architecture and interior design services for Thrive at Four Mile Cove, a 140-unit seniors housing community in Cape Coral, located on the Gulf of Mexico near Fort Myers. Fortress Ventures is developing the community on 11 acres. Development costs are estimated at $31 million. The community will offer 60 independent living units, 48 assisted living units and 32 memory care units. The project is scheduled for completion in January 2019.
CHICAGO — HFF has arranged a $159.2 million recapitalization of an 11-property industrial portfolio totaling 2.8 million square feet in Georgia, Illinois, Michigan, Minnesota, Ohio, Pennsylvania and Texas. HFF represented the seller, a joint venture between Brennan Investment Group, Arch Street Capital Advisors LLC and Gatehouse Financial Group Limited, as well as the buyer, a new joint venture between Brennan Investment Group and Sidra Capital. Goldman Sachs provided a 10-year loan on behalf of the new owner. The fully leased portfolio, known as USIPA, is triple-net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 square feet. Clear heights range from 17 feet to 34 feet. Claudio Sgobba, Christopher Carroll, Robin Stolberg, Kurt Sarbaugh, Matthew Schoenfeldt and Jules Sherwood of HFF made up the debt and equity placement team.