NEW YORK CITY — An eight-unit apartment building, located at 158 Garfield Pl. in Brooklyn, has been purchased for $1.62 million. Jakub Nowak of Marcus & Millichap's Brooklyn office and Matthew Fotis of the firm's Manhattan office represented both parties in the transaction.
NEW YORK CITY — GFI Realty Services has brokered the $1 million sale of the 10,757-square-foot 162 Linden Blvd., a 4-story walk up apartment building in Brooklyn. The property features six residential units and three stores. Shlomo Antebi and Yaniv Simantov of GFI brokered the transaction.
PHOENIX – The 224-unit Fountain Oaks apartment community in Phoenix has sold to Summit Equity Investments for $8.3 million. The property, located at 1225 N. 40th Street, was built in 1983 and consists of about 158,814 square feet. Summit Equity represented itself in this transaction. Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office represented the seller.
MURPHY — Love Funding has closed a $9.22 million construction loan for the 75,510-square-foot Orchard Park of Murphy, an assisted living center under development in Murphy. Joshua Hausfeld of Love Funding secured the loan with a a 40-year term through the U.S. Department of Housing and Urban Development (HUD) on behalf of the owners, McFarlin Group and Caddis Partners. The 84-bed community is slated to open in mid-2012.
EAST HAVEN, CONN. — Marcus & Millichap has brokered the $9.6 million sale of the 214-unit Trolley Park Apartments, located at 500-512 Main St. in East Haven. Steve Witten and Victor Nolletti of Marcus & Millichap's New Haven, Conn., office represented both the buyer, 512-520 Main Street LLC, and the seller, Trolley Park, LLC, in the transaction.
BOCA RATON, FLA. — NorthMarq Capital has arranged a $5.2 million acquisition loan, on behalf of BG Camino Apartments, for the 102-unit Camino Palms & Camino Woods, located in Boca Raton. Robert Ranieri of NorthMarq's White Plains, N.Y., office closed the loan, which has a 7-year term and a 30-year amortization schedule, through Freddie Mac.
CLARENDON HILLS, ILL. — Marcus & Millichap has brokered the $2.1 million sale of a 34-unit multifamily property, located at 285 N. Richmond Ave. in Clarendon Hills. Ryan Engle and Andrean Angelov of Marcus & Millichap's Oak Brook, Ill., office represented the seller, a private investor, in the transaction. Eric Bell of Marcus & Millichap's Chicago office represented the buyer, also a private investor.
OMAHA, NEB. — Omaha-based Seldin Co. has completed site preparation and underground utilities for the 132-unit Montclair Village Apartments, located on an in-fill site one block south of 129th Street and West Center Road in Omaha. Completion of the first 24 apartments and clubhouse is slated for March 2012.
TAMPA, FLA. — A joint venture between Tampa-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has acquired the 224-unit Marbrisa Apartments, located at 4949 Marbrisa Dr. in Tampa, Fla., from Equity Residential for $15.5 million. Jamie May of Institutional Property Advisors' Tampa office represented the seller in the transaction.
CONWAY, S.C. — Gilbane Development Co. has broken ground on the 396-bed The Cove, a 170,000-square-foot student housing development for Coastal Carolina University (CCU) in Conway. The apartment complex is slated for an August 2012 completion. The Cove will be within walking distance of CCU's campus and will feature a resort-style pool, clubhouse, volleyball court, fitness center, game room, outdoor plaza, tanning beds and cyber cafe.
