WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.
Multifamily
FORT MYERS, FLA. — Developer Aileron Investment Management and general contractor Brooks & Freund have started construction on Channelside, a 325-unit, Class A apartment community in Fort Myers. The property will feature one-, two- and three-bedroom units with each unit offering granite countertops, 42-inch wood cabinets and ceiling heights exceeding nine feet. The community will feature a fitness center, lounge, internet café and game room, resort-style swimming pool, covered outdoor lounge and a dog park. The project is a joint venture partnership between Aileron Capital Management LLC, acting as developer and investor, and Atlantic American Partners as the primary limited partner. The design team includes architects PDS Architecture and Atlas Engineering & Design. The project, which is the first new large-scale apartment development in Fort Myers since 2006, is scheduled for an August 2015 completion.
PHILADELPHIA — Treetop Development LLC has acquired Charter Court at East Falls, a 502-unit high-rise apartment complex located in Philadelphia, for $47.3 million. The transaction represents the Teaneck, N.J.-based real estate company’s first foray into the Philadelphia market. Treetop plans to invest more than $7 million into Charter Court. The company will renovate the vacant properties with high-end finishes, including hardwood flooring, espresso cabinetry with blizzard white countertops and fully renovated bathrooms. Charter Court at East Falls consists of two 11-story high-rise buildings featuring a unit mix of studio, one-, two- and three-bedroom apartment homes.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of two five-story apartment buildings totaling 40 units on Manhattan’s Upper East Side. The buildings are located at 234 East 88th St. and 518 East 88th St. The sale price equates to $300,000 per unit. Peter Von Der Ahe, Joseph Koicim and David Lloyd, all in Marcus & Millichap’s Manhattan office, represented the seller, The Orbach Group LLC. Von Der Ahe, Koicim and Lloyd also represented the buyer, Aimco. Of the 40 total apartments, 33 are one-bedroom units, three are two-bedroom apartments and four are studios.
NEW YORK CITY — Besen & Associates has arranged the $7.6 million sale of 1185 Lebanon Street, a 73,000-square-foot, six-story apartment building located in the Morris Park section of The Bronx. The building includes 75 apartments, seven stores and roof antenna. Amit Doshi of Besen & Associates represented the seller in transaction, while Alex Frants also of Besen & Associates represented the buyer, a local private investor. Constructed in 1928, the property is located on the northwest corner of Morris Park Avenue. Average monthly rent per apartment is $914, with layouts that include 12 two-bedrooms, 54 one-bedrooms and nine studios.
SAN DIEGO — Gardena Gardens Apartments in Encinitas has sold to Stanford Descendent Trust for $3 million. The community is located at 1141-1195 Gardena Road in the San Diego submarket. It was fully occupied at the time of closing. The seller was the Rubalcaba Family Trust. The acquisition was executed as part of a 1031 exchange. The sale was executed by Eric Comer, Jim Neil and Merrick Matricardi of CBRE’s San Diego Multi-Housing investment team.
PUEBLO, COLO. — The 80-unit Aberdeen apartment complex in Pueblo has sold to an unnamed buyer for $2.6 million. The community is located at 900 W. Abriendo Ave. near Pueblo Community College. It was built in 1961. Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team represented both the buyer and unnamed seller in this transaction.
FAIRHOPE, ALA. — Country Place Senior Living has opened its first assisted living property in Fairhope at 8127 Gayfer Road Extension. The 24-suite property, known as Country Place Senior Living of Fairhope, is designed so that every resident’s room is within 150 feet of all the features and amenities, including 24/7 staffing and emergency response systems, housekeeping services, laundry services and life-enrichment programs.
MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
ROSEVILLE, MINN. — Dougherty Mortgage LLC has originated a $6.7 million loan under the HUD 223(f) program for the refinancing of Roseville Seniors in metro Minneapolis. The 127-unit rental property for residents 62 and older, as well as disabled residents, is located in Roseville. Dougherty's Minneapolis office arranged the 35-year, self-amortizing loan for Good Neighbor Senior Apartments Limited Partnership LLLP.