MILWAUKEE — River Park Properties LLC and South Shore Park Properties have purchased a multifamily property located at 2803 and 2813 E. Belleview Place in Milwaukee. The 27,448-square-foot property offers 17 apartment units. Brian Gingrass of Commercial Property Associates represented the buyers; Brian Parrish and Samuel Dickman of The Dickman Company/CORFAC International represented the seller, Elliot H. Shafton Family Trust, in the transaction. The acquisition price was not disclosed.
NEW YORK CITY — Massey Knakal Realty Services has arranged the sale of two four-story buildings located at 252-254 Tenth Ave. in Manhattan's West Chelsea neighborhood. The buildings contain a total of four vacant retail spaces and six free-market, floor-through apartments for a total of 7,584 square feet. The Massey Knakal team of Brock Emmetsberger and James Nelson arranged the deal.
LANCASTER, CALIF. — Marcus & Millichap has presided over the $9.5 million trade of the 120-unit Antelope Valley Apartments, a 114,004-square-foot Section 8 complex located at 43460 32nd St. West in Lancaster. Built in 1983 on 8.8 acres, the multifamily property features 106 two-bedroom/one-bath units and 14 three-bedroom/one-and-a-half-bath units. Marcus & Millichap’s Matthew Friedman represented both the buyer and the seller in the transaction.
PHOENIX — Cassidy Turley BRE Commercial has completed the $6.25 million sale of the 125-unit Mission Palm apartments, located at 6131 N. 16th Street in Phoenix. Clear Sky Resolution Properties LP purchased the multifamily complex from Tempe, Ariz.-based Mission Palms LLC. Cassidy Turley BRE Commercial’s David Fogler and Steven Nicoluzakis represented both parties in the transaction.
CHARLOTTE, N.C. — Construction is scheduled to begin next month on the 227-unit, $23 million luxury apartment community Fountains at Mooresville Town Square in Charlotte. The project is the residential component of Mooresville Town Square, a recently opened mixed-use center. Amenities will include a gourmet demonstration kitchen, pool, screening room, billiards, business center and fitness center. Red Mortgage Capital's Charlotte office secured debt financing through FHA's 221(d)(4) market-rate apartment financing program. Samet Corporation is the general contractor and Jones Lang LaSalle will handle construction management. The architect for Fountains of Mooresville Town Square is The Housing Studio; and Design Resource Group is the land planner, engineer and landscape architect.
LOUISVILLE, KY. — The 105-unit, bank owned Oak Run Apartments sold in Louisville for $500,000. The buyer, a local multifamily investor, was represented by David Beach of Louisville-based Housing Associates. The undisclosed seller was represented by Reed Weinberg and Fred Sutterlin of Louisville-based PRG Investments.
BETTENDORF, IOWA — Continental Properties has selected McShane Construction's Southeast Region's office to construction Springs at Bettendorf in Bettendorf. Situated on 18 acres, the 15-building, 357,000-square-foot apartment property offers 316 apartment units ranging from studios to three-bedroom units, hardwood floors, washers/dryers, a swimming pool, a sun deck, a clubhouse with a fitness club and Internet cafe, and a maintenance buildings and car wash. Charlan, Brock & Associates is providing architectural services for the project, which is scheduled for completion in October 2012.
BURLINGTON, VT. — Construction has commenced for a new on-campus student housing community at the University of Vermont in Burlington. Redstone Lofts will provide 403 beds of housing in 144 loft-style units. Local developer Redstone Commercial Group will develop, own and operate the community. It is leasing the land on a long-term basis from the university. Redstone Lofts will be open to upperclassmen and graduate students. Completion is expected in fall 2012.
HOUSTON — Brandon Brown of LMI Capital has arranged $17 million in debt through Fannie Mae for the refinance of three Houston area apartment communities. Each non-recourse loan features a 7-year term. The properties include the 254-unit Braes Hollow Apartments in southwest Houston, the 262-unit Solano Apartments in Webster, and the 244-unit Red Pines Apartments in Pasadena.
LOS ANGELES — Charles Dunn Co. has completed the $4.75 million sale of Russell Manor, a 35-unit apartment community located at 5333 Russell Ave. in the Hollywood district of Los Angeles. Built in 1973, the three-story property consists of 11 two-bedroom/two-bath units and 24 one-bedroom/one-bath apartment homes. Charles Dunn’s Mark Ventre represented the buyer, Hollywood-based ROM Investments, as well as one-half of the selling interest, a private trust, in the all-cash transaction.