Multifamily

Marcus & Millichap Brokers $3.9M Sale of Apartment Building in Brooklyn

by Amy Works September 1, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building, located at 608 Fifth Ave. in Brooklyn. The seven-unit multifamily property sold for $3.9 million. The buyer plans to renovate and modernize the property, which features bay windows, private outdoor patios, wrap-around garden space and a private garage. Derek Bestreich, Lucien Sproviero and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and secured the buyer, a limited liability company, in the transaction.

September 1, 2015

Midwest Missouri Multifamily Ohio Retail

Gershman Commercial Brokers Two Property Sales in Ohio, Missouri

by Amy Works September 1, 2015

HILLIARD, OHIO, AND ST. LOUIS — Gershman Commercial Real Estate has brokered two sales totaling 5,126 square feet in Ohio and Missouri. In the first transaction, Ohio Lube LLC, doing business as Ohio Jiff LLC (Hemco Properties LLC), sold a 2,618-square-foot retail property, located at 3840 Main St. in Hilliard, to Davis & Meyer Ltd. for an undisclosed price. Stephen Symsack and Roger Zigler of Gershman Commercial represented the seller in the transaction. In the second deal, Brian Levine and Jaime Levin acquired 2,508 square feet of multifamily space, located at 4173 Humphrey St. in St. Louis. William Allemann sold the property for an undisclosed price. Lily Seymour of Gershman Commercial represented the seller in the transaction. Additional details of the transactions were not released.

September 1, 2015

California Multifamily Western

The Tides Apartments in La Jolla Sells for $8.5M

by Nellie Day August 31, 2015

SAN DIEGO — The Tides Apartments, a 30-unit apartment community in the San Diego submarket of La Jolla, has sold to LJ Tides LLC for $8.5 million. The community is located at 7431 La Jolla Blvd. It was built in 1968. The buyer plans to renovate the property. Peter Scepanovic, Corey McHenry and Victor Krebs of Colliers represented the seller, Zwack Trust.

August 31, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis August 31, 2015

FORT WORTH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 248-unit apartment community on Hulen Drive in Fort Worth. Will Balthrope, Drew Kile and Al Silva of Marcus & Millichap advised the seller and procured the buyer, an investment consortium organized by LumaCorp Inc., in the transaction. Southern Oaks was completed in 1983 and features 15 different one- and two-bedroom floor plans totaling 188,512 rentable square feet. The apartment community is located in southwest Fort Worth, seven miles from Near Southside Medical District.

August 31, 2015

Mixed-Use Multifamily New York Northeast Retail

Treetop Development Sells 12-Building Multifamily Portfolio for $35M

by Amy Works August 31, 2015

NEW YORK CITY — Treetop Development has completed the sale of a 12-building multifamily portfolio located in Manhattan’s Morningside Heights neighborhood. The portfolio consists of five-story, walk-up apartment buildings featuring a total of 123 residential units and four commercial spaces. Novel Property Ventures acquired the assets for $35 million. The properties include 222 St. Nicholas Ave.; 2268 and 2500 Frederick Douglass Blvd.; 262 W. 115th St.; and 234-262 W. 122nd St. Steven Vegh of Westwood Realty Associates served as broker for both parties in the transaction. Teaneck, N.J.-based Treetop Development originally purchased the properties in 2013 for $22 million.

August 31, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Arranges $1.3M Sale of Land Parcel in Brooklyn

by Amy Works August 31, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.

August 31, 2015

Illinois Midwest Multifamily

Castle Lanterra Properties to Rebrand Chicago Apartment Community

by Amy Works August 31, 2015

CHICAGO — New York City-based Castle Lanterra Properties (CLP) is renovating and rebranding a 424-unit apartment community in southwest Chicago. CLP has a $3 million upgrade and renovation program planned for the eight-building property, which has been renamed Midpointe Apartments. Upgrades include addressing deferred maintenance, roof replacement, new elevators and renovations to the property’s amenities, as well as individual unit renovations. Additionally, CLP has replaced lighting throughout the property with energy-efficient LED lighting. CLP acquired the property, formerly known as Southgate Apartments, in 2014.

August 31, 2015

Loans Multifamily Texas

Q10 KDH Arranges Loan for Apartment Complex in Metro Dallas

by Haisten Willis August 28, 2015

DALLAS — Q10 KDH Vice President Larry Peters has arranged financing for a suburban apartment complex in Dallas. The Class A property offers amenities including a fitness center, walking trails, a pool with wood burning rock fireplace, attached garages and elevators. The property is 95 percent occupied with a tenant mix of 80 percent seniors. Q10 Kinghorn, Driver, Hough & Co. is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.

August 28, 2015

Maryland Multifamily Southeast

Gables Residential Completes Luxury Apartment Community in Metro D.C.

by John Nelson August 28, 2015

ROCKVILLE, MD. — Atlanta-based Gables Residential has completed Gables Upper Rock, a four-building, 551-unit upscale apartment community in Rockville, a Maryland suburb of Washington, D.C. Located at 40 Upper Rock Circle near I-270, the apartment community is the residential component of Rockville’s Upper Rock District, a mixed-use development that includes office space and will eventually house retailers. Gables Upper Rock features two community swimming pools, a lounge, grilling stations, 20-foot outdoor movie screen, fitness center, club room with a bar, foosball and billiards, a cyber cafe, bocce ball court, Zen garden, private meeting room and an onsite dog park and dog grooming station.

August 28, 2015

Loans Multifamily New York Northeast Student Housing

Love Funding Closes $14.3M Loan to Rehabilitate Senior Apartment Community in New York

by Amy Works August 28, 2015

SPARKILL, N.Y. — Love Funding has closed a $14.3 million loan for the rehabilitation of Thorpe Village, a senior apartment community in Sparkill. Built in 1981, Thorpe Village consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract. The rehabilitation will include replacing windows, improving insulation and installing new kitchen flooring, cabinetry, appliances and energy-efficient boilers and water heaters. Bruce Gerhart of Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The non-recourse nature of the program enables borrowers to secure low-rate financing for up to 40 years for the new construction or substantial rehabilitation of apartment housing for moderate-income families, the elderly and the handicapped.

August 28, 2015

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