NEW YORK CITY — Thor Equities has acquired a residential building located at 98 Morningside Ave. in Harlem for an undisclosed price. Situated near Columbia University’s campus in Morningside Heights, the seven-story building features 48 rental units. Additional details of the acquisition were not released.
SANTA MARIA, CALIF. – The 128-unit Carmen Apartments in Santa Maria has sold to an unnamed buyer for $15.6 million. The community is located at 201 Carmen Lane. It was built in 1976. Santa Maria is about 30 miles south of San Luis Obispo and about 70 miles north of Santa Barbara. The buyer was represented by Jeff Louks and Matt Ziegler of Marcus & Millichap’s Encino office. Ziegler also represented the unnamed seller.
RENO, NEV. – A 206-unit apartment building in Reno has sold to M3 Multifamily LLC for $15 million. The Element Apartments is located near Meadowood Regional Mall. It is also near notable employers like Nevada Energy, Microsoft Licensing and Intuit Reno. The seller, FPA Multifamily, was represented by CBRE’s Aiman Noursoultanova.
NEW YORK CITY — Eastern Consolidated had brokered the sale of a vacant commercial building, located at 117-119 West 21st St. in the Chelsea/Flatiron district. The Amirian Group acquired the property for $28.5 million. The buyer plans to redevelop the four-story commercial building, which has 38,612 square feet of buildable space, into a residential building featuring one townhouse triplex unit, six full-floor units and two duplex penthouses. Amenities for the new development will include a doorman, storage and five on-site parking spots. Brian Ezratty of Eastern Consolidated represented the seller and procured the buyer in the deal. Manish Majithia of Eastern Consolidated facilitated the equity for the buyer. Richard Horowitz of Cooper Horowitz brokered the acquisition and construction financing. Andrew Albstein and Rob Loshiavo of Goldberg, Weprin, Finkel, Goldstein were the attorneys for the seller, while Matt Kasindorf and David Moss of Meister Seelig & Fein served as legal counsel for The Amirian Group.
PHOENIX — The P.B. Bell Companies has acquired The Boulevard, a 294-unit apartment community in north Phoenix, for $33.5 million. The community is located near Bell Road and 7th Street. The Boulevard was built in 1994. P.B. Bell plans to invest about $2 million in improvements to the property, which will include updates to the interior living areas and exterior common areas, as well as to the clubhouse, pool area, leasing office and outdoor common areas. Enhancements will also be made to the unit’s cabinets, lighting, flooring and countertops. The seller was Slavin Residential. The transaction was executed by CBRE’s Sean Cunningham and Tyler Anderson. Jim Pierson and Keaton Merrell of Legacy Capital Advisors also arranged a $26.8-million, non-recourse acquisition loan with Freddie Mac.
SAN DIEGO – The 16-unit Helix Manor Townhomes in the San Diego submarket of La Mesa has sold to Munther and Jawan Jarjes Gorial for $2.8 million. The community is located at 4261 Lowell Street. The buyers were represented by Peter Scepanovic and Corey McHenry of Colliers International’s Multifamily Advisory Group. The seller, Victor M. Garcia, was represented by Lucila Garcia of Re/Max United.
LANCASTER, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.2 million in financing for Muirwood Apartments, a 256-unit multifamily property in Lancaster. The 20-year loan includes a 20-year amortization schedule and a 4.3 percent fixed interest rate. Noah Juran of MMCC’s Cincinnati office arranged the loan for the undisclosed borrower. Michael Barron, Joshua Wintermute and Dan Burkons of Marcus & Millichap’s Cleveland office, and Richard Lattro and Jordan Marshall in the firm’s Columbus office, facilitated the transaction.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $23.1 million Fannie Mae loan for Lakeshore Pearl, a multifamily apartment complex located in Austin. The 230-unit, mid-rise apartment complex was built in 2013. Chris Black of Key’s commercial mortgage group arranged the financing, which was used to acquire the property, for the undisclosed borrower.
AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Anderson Oaks Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a California-based investor, in the transaction. An undisclosed buyer purchased the property. Anderson Oaks is located at 9219 Anderson Mill Road in northwest Austin. Renovations were made to 24 units at the property. Amenities at the community include a swimming pool, a management office and business center and an on-site laundry facility. Arbor Property Management of Austin will continue to manage the property.
HOUSTON — LMI Capital has arranged loans for three properties in Houston. In the first transaction, Brandon Brown of LMI Capital arranged $4.3 million in debt for the refinance of two Class A, boutique multifamily assets in the Spring Branch submarket. The 10-year, fixed-rate loans both loans feature 4 percent interest rates and 30-year amortization schedules. In the second transaction, Brown arranged $8.4 million in debt for the refinance of a 124-unit seniors housing complex in Missouri City. The 10-year, fixed-rate CMBS loan will provide cash out proceeds to the client. The loan represented a 75 percent loan-to-value ratio and included a 30-year amortization schedule. In the third transaction, Jamie Stein of LMI Capital arranged $6.5 million in financing for a garden-style apartment complex in the Spring Branch submarket. Stein secured a 10-year, fixed-rate loan inclusive of a capital improvements component with a CMBS lender. The mortgage includes three years of interest-only payments.
