LAFAYETTE, IND. — Marcus & Millichap has arranged the $2.35 million sale of the 32-unit Armory Loft Student Housing Apartments and the 3-unit Griffith Triplex, both located in Lafayette. Scott Harris of the firm's Oak Brook, Ill., office and Colin Atkinson of the firm's Indianapolis office represented the seller, a private investor. Harris procured the buyer, a limited liability company.
HOUSTON — Strategic Capital Partners has partnered with Houston-based American Realty Investors (ARI) to acquire Spring Meadows, a 304-unit multifamily complex in Houston. The partnership invested around $3.1 million of equity and received a bridge loan for the approximately $2.8 million renovation. ARI owns two properties neighboring Spring Meadows.
LAS VEGAS – NAI Capital has sold the 113-unit Palm Hills Apartments in Las Vegas to 3 D Investments for an undisclosed sum. The 113,797-square-foot complex resides at 4770 E. Owens Ave. Tom Papoulias, executive vice president with NAI Capital’s Commerce, Calif., office, and DeLonne Valens, senior vice president with the firm's West Los Angeles office, represented both the buyer and the seller, Palm Hills Apartments LP.
LAKE WORTH, FLA. — ARA has arranged the $9.3 million sale of the 218-unit Esperanza Apartments, located in Lake Worth. Avery Klann and Hampton Beebe of ARA's Boca Raton, Fla., office represented the Chicago-based Wateron Associates, the seller, in the transaction. Newton, Mass.-based Robbins Property Associates was the buyer.
WESTMONT, ILL. — Marcus & Millichap has arranged the $1.77 million sale of a 23-unit apartment complex, located at 110 North Cass Avenue Apartments in Westmont. Ryan Engle and Andrean Angelov of the firm's Oak Brook, Ill., office represented the seller, a private investor, and procured the buyer.
SHREWSBURY, MASS. — New York-based Home Properties has purchased The Commons at Haynes Farm apartment community in Shrewsbury for $40.5 million. Travis D’Amato of CB Richard Ellis/New England represented General Electric and John M. Corcoran and Co. in selling the property and he procured Home Properties. The Commons is currently 97 percent leased and is comprised of 10 buildings and 302 apartment units.
NEW YORK CITY — GFI Realty Services Inc. represented both the buyer and seller in the $1.5 million sale of 189-03 Henderson Ave., a two-story apartment building in the Jamaica section of Queens. The property consists of 22 garden-style units totaling approximately 26,028 square feet. Yanni Simantov of GFI represented the buyer and Yosef Katz and Sholmo Antebi, both of GFI, represented the seller in the transaction.
LAS VEGAS – NAI Sauter Companies has sold the 305-unit Rancho Alvarado multifamily complex in Las Vegas to Las Vegas Alvarado Apartments, LLC, for $7.3 million. The seller was Blue Valley Apartments. NAI's Patrick Sauter brokered this all-cash transaction, which closed escrow in less than 10 days.
NORTH LAUDERDALE, FLA. — Atlanta-based ARA has arranged the $26.4 million sale of the 224-unit Lakeview Cove, located on Cypress Creek Road in North Lauderdale. Hampton Beebe and Avery Klann of ARA represented New York City-based Lexin Capital, the seller. Chicago-based Waterton Associates was the buyer. The acquisition was financed with Fannie Mae debt through ARA's debt platform, ARA Finance.
WEST PALM BEACH, FLA. — Fort Lauderdale, Fla.-based Berger Commercial Realty Corp. has brokered the $6.76 million sale of a 21.49-acre multifamily parcel located at 715 Hank Aaron Dr. in West Palm Beach. BankFirst of South Dakota took the title to the land in August 2009 after winning a $44.8 million foreclosure against Hallandale Beach-based developer SWP Palm Beach. The property was approved for 620 condominiums, 57 townhouses and 20,000 square feet of retail but construction never began. Reese Stigliano of Berger represented the seller, BankFirst of South Dakota. The Buyer was West Palm Beach-based Aaron Drive Holdings. Development plans and a timetable for construction are unknown.