LOS ANGELES — June Quest One LLC has acquired a 14-unit apartment complex in the Los Angeles submarket of Reseda for $4.4 million. The community is located at 7122 Amigo Ave. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator. It was built in 2013. Robert Stepp and Mark Witksen of Stepp Commercial represented the buyer. The Agency represented the seller, Amigo Properties.
DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $44.3 million sale of a three-property, 736-unit multifamily portfolio in Daytona Beach. The properties include The Barrington, a 288-unit community built in 1974; Sutton Place, a 240-unit complex built in 1975; and Emerald Park, a 208-unit property built in 1985. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller, a private investor based in Illinois, in the transaction. The pair also procured the buyer, an investment firm based in Tampa.
IRVING, TEXAS — Dougherty Mortgage LLC has arranged a $7.4 million Fannie Mae loan for the acquisition of Villa France Apartments, a 134-unit multifamily property located at 1831 W. Pioneer Drive in Irving. The 12-year loan features a 30-year amortization schedule and two years of interest-only payments. The loan was arranged on behalf of Legacy REI Group VF LLC through a partnership with Old Capital Lending.
ATLANTA — Fulton Supply Co., an Atlanta-based distributor of industrial equipment and machinery, has converted its former warehouse in downtown Atlanta’s Castleberry Hills neighborhood into loft-style residences. Situated at 342 Nelson St. S.W. near the new Mercedes-Benz Stadium, Fulton Supply Lofts is a $12 million adaptive reuse project offering 74 one-, two- and three-bedroom lofts and covered deck parking. Fulton Supply moved its operations from the warehouse to Stone Mountain, Ga., after 94 years of occupancy. Rents in the apartment community range from approximately $850 to under $2,500 per month. Construction began on the three-story property in early 2015. The project is currently 70 percent occupied, according to Spring Taylor of Provence Real Estate LLC and leasing director at Fulton Supply Lofts. Lofts average 1,000 square feet per unit and include LED lighting, Energy Star appliances and low-flow plumbing, as well as original architectural features such as iron staircases, floor-to-ceiling windows, exposed brick walls and hardwood floors. Joel Roth, president of Fulton Supply Co., financed and oversaw the conversion with a focus on preserving as much of the warehouse as possible while creating affordable housing.
NELSONVILLE, OHIO — The transformation of the former Nelsonville High School Complex into an affordable housing property is about one-third complete. The $9.6 million redevelopment project undertaken by The Woda Group Inc. saved the historic school from demolition. Located at 189 Fayette St., about 60 miles southeast of Columbus, the complex consists of two adjoining buildings built in 1907 and 1924. The new apartment homes will include 33 one- and two-bedroom units, and feature open concept kitchens, energy-saving appliances and individual heating and cooling. Some apartments will retain original chalkboards and classrooms for closet space. The project is slated for completion this fall.
MOUNT CLEMENS, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Holiday Garden Apartments in Mount Clemens, about 25 miles north of Detroit. The sales price was not disclosed. The 64-unit property is located at 115 N. River Road. J and G Investments purchased the property from Mt. Clemens Properties LLC. Peter Jankowski of Friedman represented both parties in the transaction.
NEW YORK CITY — Bestreich Realty Group has arranged the $11.4 million sale of a six-story mixed-use building in the Williamsburg neighborhood of Brooklyn. The property is located at 66 Graham Ave. and features 30 rent-stabilized apartments and six retail spaces including two clothing stores, a jewelry store, a 99-cent store, a barbershop and a newsstand. The 25,900-square-foot building was built in 1925. Bestreich Realty Group’s Luke Sproviero and Derek Bestreich represented both the buyer, local investor Morris Weinberg, and the seller, father and son clothing moguls Ruby and Victor Azrak, who had owned the building since 1986.
GREENWICH, CONN. — Starwood Capital Group has agreed to acquire Forestar Group Inc., a residential and mixed-use real estate development company, for $605 million. Starwood will acquire all of the outstanding shares of Forestar’s common stock for $14.25 per share in cash. The Forestar Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Forestar’s stockholders. The transaction is expected to close in the third quarter of 2017. “Over the past 18 months Forestar has significantly reduced costs and outstanding debt, exited non-core assets and focused on its core community development business. While executing these key initiatives, the board and management have been evaluating longer term strategic alternatives,” says James Rubright, chairman of the Forestar board. “After conducting a thorough review assisted by highly experienced financial and legal advisors, the board believes that engaging in the transaction with Starwood is the best option to maximize stockholder value.” JMP Securities LLC is serving as financial advisor to Forestar, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Kirkland & Ellis LLP is serving as legal advisor to Starwood. Austin, Texas-based Forestar Group maintains a portfolio of 50 residential and mixed-use …
OXNARD, CALIF. — Integral Senior Living has been selected to manage Laurel Riverpark, a 136-unit independent living community currently under construction in Oxnard, located midway between Los Angeles and Santa Barbara. The Wolff Company, a private equity firm based in Arizona, is developing the property. Pre-leasing is currently open. This will be the third community Integral operates for Wolff. Laurel Riverpark will be located within the larger Riverpark master-planned community, putting it directly adjacent to dining, shopping and entertainment. Integral Senior Living, headquartered in Carlsbad, operates 58 independent living, assisted living and memory care properties throughout California, Arizona, Utah, Idaho, Texas, Colorado, Oregon, Washington, Illinois, Michigan, Missouri, Alabama, Oklahoma, Tennessee, Florida and Indiana.
LONG BEACH, CALIF. — Forward 6th Street Investments LLC has acquired the 24-unit Palmdale Apartments in Long Beach for $3.1 million. The community is located at 845 E. 6th St. It was built in 1924. The property was recently renovated to include hardwood floors and granite countertops in all units. The LLC plans to carry out additional renovations to the exterior common areas, as well as further unit upgrades. Robert Stepp and Michael Toveg of Stepp Commercial represented both the buyer and private seller in this transaction.