CHICAGO — Marcus & Millichap has arranged the $667,500 sale of a six-unit apartment property in Chicago's Andersonville neighborhood. The property, constructed in 1912, is located at 1516-1518 West Victoria St. Kyle Stengle and Kevin Schnell of Marcus & Millichap represented the buyer, a personal trust, in the transaction.
WEEHAWKEN, N.J. — Lennar Urban has broken ground on a 74-unit condominium building on Weehawken's Hudson River waterfront. The building will be the first of five condominium properties Lennar has planned for the site, which will be named The Avenue Collection. Amenities will include a grand salon with fireplace, concierge, guest suites and a sauna with steam showers. The condominiums will be part of Port Imperial, the 200-acre, $2 billion master-planned community that stretches for two miles along the Hudson River. Prices will start at $700,000 and the building is scheduled for occupancy in the fall of 2014.
MELROSE AND MALDEN, MASS. — Oak Grove Village, a 550-unit luxury apartment community in both Melrose and Malden. The 16-acre neighborhood is located at the edge of Pine Banks Park and features courtyards, walking paths and pedestrian-friendly streets. Amenities include a clubhouse resort-style pool and a parking garage. The property is also adjacent to MBTA's Orange Line Oak Grove Station with service to Boston in less than 15 minutes. Simon Butler and Biria St. John of CBRE Group – N.E. Partners LP represented both parties in the transaction.
ROUND ROCK — HFF has arranged $27 million in refinancing for the 384-unit City North at Sunrise Ranch, a Class A multifamily complex located at 2800 Sunrise Road in Round Rock. The community is 93 percent occupied and features a swimming pool, fitness center, clubhouse and billiards room. Douglas Opalka, Charles Halladay and Robert Wooten of HFF arranged the loan through Freddie Mac's Program Plus Seller/Servicer program on behalf of the borrowers, McShane Development Co. and Arsenal Real Estate.
LOS ANGELES – The Alexam, an 18-unit multifamily property in Los Angeles has sold to an individual/personal trust for $3.4 million. It is located at 724 South Berendo Street. Neema Ahadian of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a limited liability company, in this transaction.
DECATUR, GA. — Grandbridge Real Estate Capital has arranged $7.5 million in first mortgage financing for the 250-unit Valley Place Apartments, a garden-style multifamily property located in Decatur. Alan Tapie of Grandbridge secured the two-year, non-recourse loan with interest-only payments through NorthStar Realty Finance.
ORANGEBURG, S.C. — Capital Advisors has secured $4.35 million in refinancing for the 240-bed Campus Corner Apartments, a student housing community located at 1100-1200 Campus Drive in Orangeburg. The property serves South Carolina State University and Calflin University. Cooper Willis of Capital Advisors arranged the 10-year loan with a 25-year amortization schedule through Cantor Fitzgerald on behalf of Orangeburg Student Housing LLC.
HOPKINTON, MASS. — Construction is under way on a $45 million apartment community in Hopkinton, known as Alta Legacy Farms. The 240-unit development is part of the Legacy Farms project, a 730-acre suburban community consisting of 700 single-family homes. One-bedroom units will range from 722 to 1,000 square feet, while two-bedroom units will measure 1,200 square feet. Amenities will include a billiard room, coffee bar, theater and fitness center. The project team includes Wood Partners, the developer; Legacy, the general contractor; and Cube3 Studios, the project architect.
MEDIA, PA. — Beech Street Capital has arranged a $9.9 million HUD 232/223 (a)(7) loan to refinance Sterling Healthcare and Rehabilitation Center, a 164-bed skilled nursing facility in Media. Joshua Rosen of Beech Street originated the 31-year loan. The center was build in the 1950s and has continually been upgraded by the owner. The property is 93 percent occupied.
SALISBURY, MD. — Tryko Partners has acquired the 151-unit Pine Bluff Village, an affordable housing community located at 1514 Riverside Drive in Salisbury, from AIMCO for $7.2 million. The property includes a commercial kitchen that serves lunch and dinner, an on-site beauty/barber shop, laundry facilities, an exercise room and a picnic and patio area.