VAN NUYS, CALIF. – The 30-unit Parkwood Meadowsin Van Nuys has sold to JB Valley Enterprises for $2.59 million. The community was built in 1959 and is located at 15425 Vanowen Street. This was an all-cash, REO transaction. The seller, MS Kearny CT 1 LLC, was represented by Mark McDonald, Dean Zander and Vince Norris of Hendricks & Partners’ West LosAngeles office.
ANN ARBOR, MICH. — Traver Ridge Apartments II LLC has purchased Ironwood Place, a 100-unit apartment property at 2395 Leslie Circle in Ann Arbor. The buyer plans to merge the property with the adjacent 210-unit Traver Ridge, which it also owns, and operate the two properties as a single entity under the Traver Ridge name. The property is situated a few blocks away from the University of Michigan's North Campus. Rick Vidrio and Rick Brace of the Michigan office of Hendricks & Partners represented the seller, Ironwood Place Associates Limited Partnership by First Venture Development Co., in the deal.
NEW YORK CITY — New York City-based Hudson Realty Capital has arranged a $5.4 million bridge and construction loan for an apartment building in Brooklyn. The borrower, a developer and multifamily operator, used the funds to purchase the property and complete construction of the building. The 24-unit complex is located in Prospect Heights, a Brooklyn submarket. The New York City's Department of Buildings halted construction on the building in 2006 when a work-stop order was placed against the original developer.
SHERMAN OAKS, CALIF. – A 2.37-acre lot of land in Sherman Oaks has sold to IMT Capital for $4,275,000. The property, located on Magnolia Boulevard just west of Van Nuys Boulevard, is zoned for a combination of single-family homes and multifamily dwellings. Both the buyer and the seller, a private family trust, were represented by Clark and William Everitt of The Everitt Group.
SPARTANBURG, S.C. — A joint venture between New York City-based The Praedium Group and Chartwell Holdings has acquired the 496-unit Haven at Oak Forest and the 204-unit Haven at North Town in Spartanburg, for $36.9 million. Haven at Oak Forest is located at 200 Health Ln., and Haven at North Town is located at 458 N. Church St. Amenities at both properties include a swimming pool, clubhouse with full Wi-Fi access, a fitness center, playground, nature walking trails, community car wash and grilling areas. Blake Oakland of ARA's Charlotte, N.C., office represented the seller in the transaction.
PENSACOLA, FLA. — A 356-unit multifamily portfolio, which contains six properties located in Pensacola, has sold for $4.5 million. The properties include the 40-unit Aspen Village, the 36-unit Crow Road, the 96-unit Dogwood Place, the 18-unit Guidy Lane, the 34-unit Myrtle Grove Villas and the 132-unit Wellington Arms. Clint Hale of Jacksonville, Fla.-based Just Multifamily represented Amvestar Capital, the buyer, in the all-cash transaction. Gerald Smith and Geoff Harlan of Orlando, Fla.-based Smith Equities Real Estate Investment Advisors represented the seller, Wellington Arms Properties, which had foreclosed on the properties in 2009.
BOSTON — 491 Huntington Realty Trust has purchased a 24-unit apartment building in Boston's Hyde Park neighborhood for $2.7 million. The 22,320-square-foot property is fully occupied and located at 491-495 Huntington Ave. Robert Tito and Dan McGree of NAI Hunneman represented the seller, Kingsley Brightwood LLC, in the transaction. They also procured the buyer.
NEW CASTLE COUNTY, DEL. — King of Prussia, Pa.-based Bolis Properties has agreed to sell the 220-unit Colony at Glasgow project to an undisclosed builder. The Colony at Glasgow is a mixed-use residential development in New Castle County. The community will include a mix of single-family lots and townhomes. Bolis has also agreed to sell its Appleview Apartment project to an undisclosed buyer. The 200-unit project will include a clubhouse and walking trails in East Brandywine Township, Pa.
AMHERST, MASS. — Love Funding has arranged a 6.5 million loan for the refinancing of Brandywine at Amherst Apartments, a 180-unit complex in Amherst. Laura Saull-Smith of Love Funding's Washington office arranged the loan through the U.S. Department of Housing and Urban Development's 223(a)(7) loan program. The complex was built in 1973 and has been refinanced by Love Funding twice before to secure a lower interest rate.
PLANO — Atlanta-based Cortland Partners has acquired the 368-unit La Jolla on Park, a multifamily community located at 1201 E. Park Blvd. in Plano. The property consists of 23 buildings sitting on 21 acres and is 99 percent occupied. The buyer plans to upgrade the interiors and exteriors of the property.