LOS ANGELES – A 39-unit apartment complex in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It was fully occupied at the time of sale. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed seller.
PORT ARTHUR, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.1 million interest-only acquisition loan for a 226-unit apartment complex in Port Arthur. Michael Laurencelle and Jonathan Vollinger of MMCC’s Austin office arranged the financing. Mark Diebold of MMCC’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Diebold also secured the buyer, another limited liability company. The property was built in two phases in 1968 and 1972 and underwent a $2 million renovation in 2013. The complex was 78 percent occupied at the time of sale.
CULVER CITY, CALIF. – A 28-unit apartment complex in Culver City has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. Robert Narchi of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story mixed-use building located at 183-187 Avenue C in Manhattan’s Alphabet City neighborhood. Darwin Management sold the 24,534-square-foot building to Nader Shalom, a private investor, for $18.4 million. Built in 1910, the property features 43 residential units and three commercial units, which are occupied by Cafetico, a dry cleaner and a bodega. Additionally, the building features 1,090 square feet of air rights. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the deal.
INDIANAPOLIS — Milhaus Construction LLC has opened Phase I of Circa, a new Chatham-Arch historic district apartment development in Indianapolis. The $31 million project was built on the site of the former Mitchel & Scott Machine Co. at 617 N. College Ave. Circa includes 265 units, which consist of a mix of studios, one-, two- and three- bedroom units in five new apartment buildings. Three of the buildings are four stories high with private tuck-under parking garages. The other two buildings are five stories and include first floor open-air parking garages. Rents range from $900 to $2,500 per month. Construction on Phase II began earlier this summer on a half-acre site just north of Phase I. The four-story building will feature 29 apartments and 1,000 square feet of ground floor commercial space. Construction is expected to be complete by early summer of 2015. Milhaus Management LLC will manage the property. Milhaus Construction built the project. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Regions Bank provided the construction loan.
SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.
CHARLESTON, S.C. — The Kalikow Group plans to start construction soon on The Apartments at Shade Tree, a 248-unit garden-style apartment community at the entrance of Shade Tree, a 355-acre master-planned development in Charleston. The asset will be located on a 9.2-acre site at 2947 Maybank Highway on Johns Island. The Kalikow Group has formed a joint venture with EYC Cos. for the project. The apartment community will feature a fitness center, clubhouse, pool, business center, playground, dog park, walking trails and access to community parks and retail outparcels. The Apartments at Shade Tree will be the first multifamily development in the Johns Island area since 2005.
OMAHA, NEB. — Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, has acquired five apartment communities for $64.3 million. The properties include Meadow Walk Apartments in Arkansas City, Kan.; Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; and Pryor Creek Apartments in Pryor, Okla. The company plans to invest an additional $3.4 million for capital improvements to the communities, which feature a combined total of 1,028 apartment homes. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 communities representing 11,380 units in 13 states.
DALLAS — Greystone has provided a $19.5 million bridge loan for the acquisition of two apartment complexes in Dallas. JD Stettin of Greystone’s New York office originated the loan. The interest-only bridge loan for the properties, known as Vineyards and Villa Jolla, includes a two-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest more than $5 million in capital improvements for both properties for interior and exterior upgrades. Presidium will pursue long-term HUD financing through Greystone.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Lakeside, a 192-unit apartment complex in Arlington. Bard Hoover, Nick Fluellen, Will Balthrope and Drew Kile of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, Madera Residential. Fluellen, Hoover, Balthrope and Kile also procured the 1031-exchange buyer, The Lighthouse Group. Fannie Mae provided the loan assumption. Lakeside is located at 2500 Brown Blvd. near Highway 360 and I-30. The property was built in 1979 and includes one- and two-bedroom floor plans with an average unit size of 858 square feet.
