NEW YORK CITY — GFI Realty Services has arranged the sale of a pair of five-story, walk-up apartment buildings in Brooklyn’s Prospect Heights neighborhood. CSG Equities acquired the properties, which are located at 218-220 Park Place, for $6.6 million. The buyer plans to convert the buildings, which total 7,300 square feet, into luxury condominiums. Isaac Moskowitz and Yosef Katz of GFI Realty represented the seller, while Sasha Berg, also of GFI Realty, represented the buyer.
ATLANTA — Los Angeles-based sbe and Atlanta-based Trillist Cos. Inc. have partnered to develop the SLS Atlanta Hotel & Residences in Midtown Atlanta. The mixed-use tower will feature 213 hotel room and suites, 56 condominium residences, dining options and meeting spaces. Ranging in size from 1,600 to 4,000 square feet, the residences will feature a mix of two-, three- and four-bedroom units. Trillist and sbe plan to break ground on the tower in early 2017 with completion slated for early 2019. Dakota Development, a subsidiary of sbe, will collaborate with Trillist on the property’s design and concept. SLS Atlanta Hotel & Residences will be situated near the Woodruff Arts Center, High Museum of Art, Midtown Mile and Piedmont Park.
FARMINGTON HILLS, MICH. — Compatriot Capital Inc. has acquired Jonathan Holtzman’s remaining ownership interest in Village Green Holding, a privately held developer, owner and manager of apartment properties headquartered in Farmington Hills. Compatriot Capital and Village Green had been co-owners of the company since 2011. Holtzman stepped down as chairman and CEO but acquired a majority ownership in select apartment communities owned by Village Green. Village Green will retain its name and maintain its property management, acquisition and development business model. Village Green, established in 1919, manages $4.5 billion in real estate assets and approximately 40,000 units at more than 150 properties. Headquartered in Dallas, Texas, Compatriot directs the real estate investment strategy for Sammons Enterprises Inc., a global holding company with assets in excess of $71 billion.
TOLEDO, OHIO — Reichle Klein Group has brokered the sale of an 87-unit apartment property in Toledo for $1.2 million. Devonshire Apartments is a three-building property that is situated on 4.8 acres at 902 Gribbin Lane. Australia-based First Eleven LLC sold the property to an investor based on the East Coast. Walter Plath and Harlan Reichle of the Reichle Klein Group represented the seller in the transaction.
ROSEVILLE, MINN. — Weis Builders has broken ground on Cherrywood Pointe of Roseville at Lexington, a 115-unit senior living community in Roseville, approximately eight miles northeast of Minneapolis. The four-story building, to be located at 2666 Lexington Ave. N., will consist of 85 independent and assisted living units, 24 memory care units and six private care units, which serve as an alternative to traditional nursing home care for those needing higher levels of care on a long- or short-term basis. L&M Associates is designing the 173,145-square-foot community, which is scheduled for completion by July 2017. United Properties will own the facility. Cherrywood Pointe of Roseville at Lexington will feature a dining room, private dining, overnight guest rooms, underground parking, decks and patios, a movie theater, fitness center, hair salon, bistro and group transportation.
LINCOLN PARK AND INKSTER, MICH. — Revere Capital has provided a $4.8 million acquisition loan for two multifamily properties in Southeast Michigan. Cherry Hill Club Apartments is a 154-unit complex in Inkster, approximately 17 miles west of Detroit. Located at 209 Cherry Hill Trail, Cherry Hill Club Apartments features on-site management, extra storage, a clubhouse, laundry facility and a swimming pool. Village Green of Lincoln Park is a 106-unit property, located at 1369 Fort St. in Lincoln Park, approximately 13 miles southwest of Detroit. The community features amenities such as a fitness center with saunas, laundry facility, swimming pool and picnic areas. The undisclosed borrower also utilized 1031 exchange proceeds to buy the apartment properties.
MOBILE, ALA. — Capital One has provided a $6.5 million Fannie Mae acquisition loan for Colony Park Apartments, a 201-unit garden-style community in Mobile. Chad Thomas Hagwood of Capital One originated the 10-year, fixed-rate loan that features three years of interest-only payments followed by a 30-year amortization schedule. Brandon Pate of Hagwood’s Capital One Multifamily Finance team managed the deal. The undisclosed borrower owns 27 multifamily properties totaling more than 4,500 units in Georgia, Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania and South Carolina.
HOUSTON, ANGLETON and SEABROOK, TEXAS — Brandon Brown, Jamie Mullin and Jamie Safier of LMI Capital have placed bridge debt for the acquisition of four separate garden-style apartment complexes in metro Houston. For the first transaction, Mullin procured a $10.5 million, floating-rate loan through a regional bank for a 310-unit asset in west Houston. The terms included an initial 15-month interest-only period, open prepayment structure and a significant rehab component. Working on behalf of the borrower for the second transaction, Safier originated a five-year, fixed-rate loan for a 40-unit asset in Seabrook. The loan equated to 83 percent of the purchase price and included 12 months of interest-only payments and no prepayment restrictions. A portion of the proceeds will be used for minor capital improvements planned at the property. Brown secured the last two bridge financings, the first of which was an $18 million, floating-rate loan for a 900-unit asset in north Houston. The bridge debt featured two years of interest-only payments and a significant rehab component, which will be used to improve the buildings’ exteriors and complete upgrades to the units’ interiors. The final transaction was the financing for a 140-unit complex in Brazoria County that represented 85 percent …
PHOENIXVILLE, PA. — A joint venture between Toll Brothers Apartment Living and The Davies Companies has opened Riverworks, an apartment community located on Main Street in Phoenixville. Located within walking distance to dining, shopping and recreation, the property features 349 units ranging from studio to two-bedroom layouts. Residences feature plank flooring, stainless steel appliance packages, modern kitchens, in-unit washer/dryers, USB charging stations, and exterior patios or balconies on select homes. On-site community amenities include an outdoor pool with sundeck, outdoor fire pit, lounge and grilling areas; residents’ lounge with fireplace and game room; and a fitness center with a rock climbing wall and CrossFit space.
NEWTON, N.J. — Marcus & Millichap has arranged the sale of Brookside Terrace, an apartment complex located on 7.2 acres at 33 Mill St. in Newtown. The property was sold for an undisclosed sum. Built in 1976, the 222-unit HUD property consists of a 10-story high-rise building and townhouses. Andrew Townsend, Ridge MacLaren, Clarke Talone of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released. J.D. Parker of Marcus & Millichap was the firm’s broker of record in New Jersey.