WALDORF, MD. — Osval & Associates LLC has acquired JSB Apartments, a 48-unit apartment property in Waldorf, for $4.8 million. The property is located at 2165 Crane Highway along a major commercial corridor. Josh Feldman and Peggy Brooks Smith of Marcus & Millichap represented the buyer in the transaction.
HOLLYWOOD, CALIF. – A 23-unit apartment building that is located at 1347 North Alta Vista Blvd. in Hollywood has sold to an individual/personal trust for $2 million. The courtyard-style apartment complex was built in 1951. Earle Hyman of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also an individual/personal trust, in this transaction.
WICHITA, KAN. — Wichita State University is building a new $60 million residence hall for approximately 770 students. A new 400-seat dining hall will be attached to the residence hall. The project will be paid for by revenue bonds. Housing revenues will be used over a period of time to repay the bonds. The residence hall will be complete by fall 2014 for, primarily, first-year students. EdR was selected as the development partner. The lead design architect is Page Southerland Page, which is working with local architects Howard and Helmer and MKEC Engineers. Dondlinger & Sons Construction and Farha Construction are the construction team under EdR.
SOUTH ORANGE, N.J. — EEA Industries LLC and SWH Residential Partners LLC broke ground Thursday on The Gateway, a luxury apartment community located at 9 W. South Orange Ave. in South Orange. Upon completion, The Gateway will include 57 one- and two-bedroom residences, as well as a virtual concierge and approximately 9,100 square feet of retail space. River Drive Construction is serving as construction manager for the project, which was designed by architectural firm Jarmel Kizel.
NEW YORK CITY — Massey Knakal has arranged the sale of four apartments in Manhattan’s East Village for $29 million, or $1,044 per square foot. The five-story, walk-up buildings are located at 195, 199, 201, and 203 E. 4th St. between Avenues A and B. The buyer and seller information was not disclosed. The building includes a combined total of 46 apartments and 27,770 square feet. Ownership has recently renovated all of the buildings’ common areas, installed a coin-operated laundry room, upgraded the electric and installed a new intercom system. The owners are also in the process of creating private backyards for many of the lower rear floor units.
DALLAS — The Faulkner Design Group has finished the penthouse suites of the 24-story 1400 Hi Line, a luxury high-rise multifamily property located in Dallas' Design District. The property has 300,000 square feet of living space and features an outdoor fire pit, salt water infinity-edge pool, a skyline lounge and a 3,000-square-foot fitness center. Faulkner Design also updated the property's public areas with a new color palette and design motif. The property has been operational since last summer.
PHOENIX – The Avalon Hills condominiums in Phoenix has sold to BH Properties for $5.6 million. The community is located at 3535 West Tierra Buena Lane. It contains 348 units, although only 250 were acquired by BH Properties. Both the buyer and the seller, Michael Carmel (trustee), were represented by Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team.
COSTA MESA, CALIF. – The 21-unit Orange Elden apartments in Costa Mesa has sold to an investment group for $5.2 million. The community is located at 2151 Orange Ave. Peter M. Hauser and Steven C. Brombal ofHendricks-Berkadia’s Newport Beach office represented both the buyer and the seller, CTF6-Elden, LLC, in this transaction.
RIVIERA BEACH AND JACKSONVILLE, FLA. — Oak Grove Capital has arranged two HUD 223(f) loans totaling $37.1 million for the Cornerstone Group, which will use the funds to refinance two affordable housing communities in Florida. Each of the two fixed-rate loans carries a 35-year term and amortization period. The properties include Indian Trace Apartments, a 330-unit property in Riviera Beach; and Mission Pointe Apartments, a 338-unit complex in Jacksonville. Amenities at the communities include a fitness center, car wash and outdoor pool.
MORRISTOWN, N.J. — Dallas-based Mill Creek Residential Trust has broken ground on the 268-unit first phase of Latitude, a luxury apartment development in Morristown. The building’s cost has not been disclosed. The 258,300-square-foot first phase will include studio and one-, two- and three-bedroom apartments and a 350-space parking garage incorporated into the structure. The project’s location, at Early Street and Speedwell Avenue, is walking distance from downtown Morristown. Apartments will feature nine-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), washers and dryers, granite countertops and energy-efficient, stainless-steel appliances. Initial occupancy for Latitude is planned for next year.