SAN JOSE, CALIF. — A joint venture between Community Preservation Partners (CPP) and Jamboree Housing has purchased the 144-unit Monte Vista Gardens apartments in San Jose for $53 million. The affordable housing community is located at 2601 Nuestra Castillo Court. CPP will invest more than $5.5 million to rehabilitate the community. The acquisition secures a series of tax incentives that will keep 80 percent of the units at affordable levels, while the other 20 percent will remain set by the open market. The rehab will commence in August and conclude next April.
DENVER — A joint venture between Schnitzer West and J.P. Morgan Asset Management will develop Civica Cherry Creek, a boutique office building in Denver. The seven-story building will feature 100,500 square feet of office space and 11,500 square feet of retail atop a four‐story underground parking garage. The developers broke ground this month with a scheduled completion of December 2017. The building will include amenities including a rooftop terrace with outdoor meeting space, private library, concierge services, conference center, outdoor lounge at street level and locker rooms.
GARDEN GROVE, CALIF. — CapRock Partners has purchased two industrial properties in Garden Grove for a total of $9.4 million. The assets are located at 7180 Lampson Ave. and 12570 Industry St. The two properties occupy one parcel and comprise a total of 76,888 square feet. CapRock plans to refurbish both the occupied 39,200-square-foot building on Lampson and the vacant 37,688 square-foot property on Industry. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller, a local investor, in this transaction.
LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.
LAKEWOOD, COLO. — An unnamed buyer has acquired the 12-unit Cedar Creek apartments in Lakewood for $2.3 million. The community is located at 8721- 8761 W. Hampden Ave. Cedar Creek was built in 2007 and 2008. The acquisition equates to $193,833 per unit and $135.29 per square foot. Josh Newell and Connor Knutson represented both the buyer and local seller in this transaction.
BEVERLY, MASS. — Barnat Development has been selected by the Massachusetts Bay Transit Authority (MBTA) to develop a mixed-use, transit-oriented project at 112 Rantoul St. in Beverly. Located adjacent to the Beverly Depot Garage, the project will feature 70 apartment units and more than 3,000 square feet of ground-floor retail space. Additionally, the project will utilize the existing parking in the MBTA garage to serve the new residences and retail. The project’s total capital investment is $20 million, and permitting is expected to occur this fall.
NEW YORK CITY — GFI Realty Services has brokered the sale of two office properties located at 40 W. 38th St. and 144 W. 37th St. in Manhattan’s Garment District. An undisclosed buyer purchased the properties for $37.3 million, or $1,400 per square foot. The properties total approximately 27,000 square feet and include an additional 18,000 square feet of buildable space. Jermaine Pugh of GFI Realty represented the buyer, while Sylvia Spielman, also of GFI Realty, represented the seller in the deal.
NEW YORK CITY — Margules Properties has acquired a multifamily property located at 86-50 77th St. in the Woodhaven section of Queens. Woodhaven Realty sold the 55,000-square-foot building for $12.6 million. Built in 1928, the property features 60 apartment units. Uri Shoshana of Eastern Union arranged acquisition financing for the transaction, while Ronda Rogovin of Eastern Consolidated brokered the deal.
LINDEN, N.J. — Bussel Realty Corp. has negotiated the sale of an industrial facility located at 2401 E. Linden Ave. in Linden. Penwood Real Estate Management acquired the property from 265 Pennsylvania Realty for $9.1 million. The 82,000-square-foot facility features 5,000 square feet of office space, 21-foot clear heights and 10 loading docks, as well as a new paved parking lot, doors and HVAC. Three tenants in the food and pharmaceutical sectors, including Ultimate Foods, occupy the fully stabilized, net-leased building. Jordan Metz of Bussell Realty represented the buyer and seller in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 243 Troy Ave. in the Crown Heights section of Brooklyn. Witnick Real Estate Group acquired the building from Up Realty LLC for $3.7 million, or $370 per square foot. The 10,135-square-foot building features 12 apartments and five retail stores. Lev Mavashev and Jacob Aronov of Alpha Realty brokered the off-market transaction.