COLORADO SPRINGS, COLO. – The 112-unit South Circle Apartments in Colorado Springs has sold to Sequoia Property Partners for $5.4 million. The community has undergone extensive renovations over the past five years. ARA Colorado’s Kevin McKenna and Ken Greene represented the seller, Xebec Realty Partners, in this transaction.
MARGATE, FLA. — Behringer Harvard has acquired a 280-unit multifamily community, located at 5750 Lakeside Dr. in Margate, for $24.4 million. The property will be rebranded as Lakes of Margate and will receive $2.3 million in capital improvements, including upgrades to apartment units. Behringer Harvard has a 92.5 percent ownership interest in Lakes at Margate. Denver-based Grand Peaks Properties acquired a 7.5 percent ownership interest and will assume management of the property.
LEXINGTON, MASS. — NAI Hunneman has brokered the sale of Captain Parker Arms, a 94-unit, 11-building apartment complex in Lexington, Mass. for $20.8 million. David Ross and Gina Barroso of NAI Hunneman's Boston office represented the seller, Captain Parker Arms Apartments and procured the buyer, Avalon Bay VAF Acquisition II.
DENVER – The West Washington Park Portfolio, which consists of 46 apartment units and one retail unit located in four separate buildings throughout Denver, has sold to a local private investor for $3,854,000. The portfolio included 13 units and one retail unit located at 700 East 1stAve.; 12 units at 66 Clarkson Street; 11 units at 65 Ogden Street; and 11 units at 59 Ogden Street. ARA Denver’s Terrance Hunt and Shane Ozment represented the seller, a local private investor, in this transaction.
BELLEVILLE, ILL. — In a joint venture, Cerulean Partners LLC and an entity associated with The Inland Real Estate Group of Companies, has purchased the Atrium of Belleville, a 76-unit senior living community in Belleville, Ill. for $2 million. The Atrium, formerly known as Grand Court, was previously owned by Brookdale Senior Living Inc. Cerulean, based in Chicago, plans to invest $1.5 million in property improvements.
NEW YORK — Marcus & Millichap has arranged the sale of 32-34 Beekman Place, a 17-unit apartment property in New York for approximately $8 million. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a partnership. They also represented the buyer, a private investor. 32 Beekman Place is a five-story building containing nine studios, and 34 Beekman Place is a six-story building consisting of seven studios and a rooftop penthouse.
RIVERVIEW, FLA. — Marcus & Millichap has brokered the $10.2 million sale of the 432-unit Allegro Palm, a condominium community located at 5501 Legacy Crescent Pl. in Riverview. Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a South American investment group, in the transaction and procured the buyer, Legacy Crescent.
CHICAGO — Beech Street Capital LLC has provided $12.9 million in Fannie Mae loans to refinance four properties located within the Rogers Park and Lakeview neighborhoods of Chicago. The transaction was originated by Gershon Friedman of Meridian Capital Group LLC, and was financed by Beech Street Capital. The 10-year-loan has a 30-year amortization schedule. Totaling 230 multifamily units and one commercial space, the portfolio consists of low-rise, brick buildings constructed in the mid-1920s.
QUEENS, N.Y. — Marcus & Millichap Real Estate Investment Services has arranged the $1.7 million sale of a six-unit apartment building, located at 3080 37th St. in Queens, N.Y. Matthew Fotis and Lazarus Apostolidis of Marcus & Millichap's Manhattan office, represented the seller, a private investor. They also represented the buyer, who was undisclosed.
CHICAGO — In a joint venture, Chicago-based Fifield Cos. and national developer Wood Partners have broken ground on K2, a 34-story apartment tower, located at 365 N. Halsted St. in Chicago. The apartment tower will include 496 units and 348 parking spaces. McHugh Construction is the general contractor and Pappageorge/Haymes is the architect for the project, which is scheduled for completion in 2013. Residences at K2 will include studio, one-, two- and three-bedroom apartments.