Multifamily

NORTH HOLLYWOOD, CALIF. — Lee & Associates has sold a 15-unit apartment building to a local apartment building investor for $2,450,000. Located at 5253-59 Cartwright Ave., the property attracted six bidders before it was sold. It netted one of the highest sales prices per square foot that the North Hollywood submarket has seen since 2007, according to Lee & Associates. Jeff McGuire, senior vice president, special assets and a principal at Lee & Associates’ Los Angeles North-Ventura office, represented both the buyer and the seller.

DENVER— The Lynd Company has acquired the luxury residences development project at 1891 Curtis Avenue, which is directly above the Ritz-Carlton, Denver. The development includes five floors and 25 high-end, multi-room suites that are being crafted from existing hotel rooms that were previously slated to become The Ritz-Carlton Residences. The Lynd Company partnered with J.P. Morgan Asset Management for the all-cash acquisition. The project was proposed to the real estate investment and management firm by DeLay Development Company and Concord Partners.

UNION CITY and FRESNO, CA — Arbor Commercial Funding has closed two California-based loans totaling $28.3 million. The loans were obtained under the Fannie Mae DUSLoan and Fannie Mae DUSSmall Loan product lines. The first was for the 250-unit Greenhaven Apartments in Union City for $26.3 million. This is a 10-year acquisition loan with a 30-year amortization schedule. The second was for the 48-unit Lions Gate Apartments in Fresno for $2 million. This is a 10-year refinance loan with a 30-year amortization schedule. The loans were originated by Jay Porterfield, a vice president in Arbor’s Plano, TX-based lending office.