NEW YORK CITY — Cushman & Wakefield has brokered the sales of two multifamily properties located in Manhattan. The assets sold for a combined total of $24 million, or $1,132 per square foot, in two all-cash transactions. In the first transaction, D&B Kearney LLC sold a four-story, 5,820-square-foot property at 413 E. 78th St. for $5.7 million. The property features 12 residential units, 10 of which are free market, two rent stabilized and one owner occupied. Brock Emmetsberger and Thomas Gammino Jr. of Cushman & Wakefield brokered the transaction. The name of the buyer was not released. In the second transaction, an undisclosed seller sold a six-story, 15,910-square-foot property located at 328 W. 19th St. in Manhattan’s Chelsea neighborhood to an undisclosed buyer for $18.5 million. The property consists of 24 residential units, of which 21 are free market and three are rent stabilized. The unit mix consists of 21 one-bedroom units, two studios and one two-bedroom apartment. Emmetsberger handled the transaction.
LONG BEACH, N.Y. — Capital One Bank has provided an $18 million, fixed-rate loan to refinance Executive Towers at Lido in Long Beach. The borrower, the Walton Family, will use the seven-year loan, which features a 25-year amortization schedule, to replace an existing loan that was closed in 2010. The 276-unit beachfront apartment consists of two adjacent, seven-story apartment buildings with community amenities, including a pool, sauna, community room and doorman. Robert Akalski of Capital One Bank’s Melville, N.Y., office originated the transaction.
OMAHA, NEB. — NorthMarq Capital has arranged the $12.2 million refinancing of Spaces Apartments. The complex includes 154 units and is located at 501 Park Ave. in Omaha. The transaction was structured with a 10-year term and 30-year amortization schedule. Gary Rifkin of NorthMarq arranged the transaction.
CARLSBAD, CALIF. — Decron Properties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is located at 2262 Avenida Magnifica in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include significant interior upgrades, exterior enhancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management firm’s first acquisition in San Diego. Decron has acquired nearly $300 million worth of properties so far this year.
IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …
PUEBLO, COLO. — A private individual has purchased the 236-unit Landings at Eagleridge Apartments in Pueblo for $28 million. The community is located at 4749 Eagleridge Circle. Landings at Eagleridge was built in two phases. Phase I was completed in 2002, while Phase II was finished in 2008. Ron, Shane and Ryan Spraggins of Commonwealth represented both the buyer and seller, H.E. Whitlock.
BOULDER, COLO. — Cardinal Group Management will manage 9Seventy in Boulder, located on the east side of the University of Colorado at Boulder. The property is comprised of 138 units across five four-story buildings. Beginning in November 2015, 9Seventy will offer studio, one-, two- and three-bedroom apartment homes. The community will have a resident clubroom with kitchen, outdoor grilling area, views overlooking Chautauqua Park and the Flatirons, swimming pool, fitness center, business center, billiards table and guest patio. Cardinal Group Management will now manage more than 11,000 units in 20 states.
DALLAS — After 12 years with Marcus & Millichap, a team of commercial real estate agents has started its own firm, the Vitorino Group. The team aims to build on its track record of retail investment sales throughout Texas and the Southwest, but will expand its business model to include all facets of a commercial real estate firm. Jason Vitorino leads the company, which opened Sept. 28. Vitorino Group also includes Jared Aubrey, Michael Austry, Adam Gottschalk, Anthony Pucciarello, Bryce Gissler and James Mangum. The Vitorino Group also employs a transaction coordinator, financial analyst, marketing coordinators and research analysts.
PASADENA, TEXAS — 29th Street Capital (29SC), a privately held real estate firm, has acquired Casa Palmas, a 308-unit apartment community in the southeast Houston suburb of Pasadena. The transaction closed Sept. 29. 29SC purchased the asset from a Dallas-based investment group on an off-market basis. The asset, built in 1970, has undergone capital upgrades over the last 10 years, including new roofs and siding, as well as improvements to the amenities and interiors. 29SC plans to invest an additional $700,000 ($2,200 per unit) to install black appliances and upgrade plumbing, light fixtures and cabinet hardware. Casa Palmas, located at 3500 Red Bluff Road, is located near Beltway 8 and the Pasadena Freeway.
NEW YORK CITY — Megalith Capital Management and Urban Realty Partners have launched sales for 200 Water Street, a six-story boutique residential building in Brooklyn’s historic DUMBO neighborhood. The property includes 15 gallery-style condominiums featuring two, three or four bedrooms with expansive windows and up to 14-foot high ceilings. Converted from a former 1950s Brillo steel wool factory, 200 Water was designed by Gil Even-Tsur’s Architecture Workshop and Aufgang Architects. The building’s penthouse feature roof decks, terraces and floor-to-ceilings windows. On-site amenities include a fitness center, landscaped garden, bike storage and a doorman.