NEW JERSEY — A joint venture between Vantage Properties and Angelo, Gordon & Co. have purchased AIG's 2,200-unit Central New Jersey multifamily portfolio for $241.5 million. It contains six properties located in Plainsboro, Neptune, Long Branch, Matawan and South River.
Multifamily
BRONX, N.Y. — Sierra Realty Corp. has acquired a three-building portfolio of multifamily properties in the Bronx for $15.5 million through affiliate entities Miles Sherman, LLC, Coltrane Hoe, LLC and Thelonius GC, LLC. The buildings include the 76-unit 1515 Grand Concourse, the 46-unit 1136 Sherman Ave. and the 53-unit 1052 Hoe Ave. Mortgage financing of $11.62 million was obtained through Bridgehampton National Bank. Stuart Stein of SBS Associates represented the seller.
NEW YORK CITY — Ava Property Group has sold a 20-unit apartment building located at 527 West 48th St. in New York City to Ranger Management for $3.82 million. Christoffer Brodhead of New York City-based Massey Knakal was the sole broker in the transaction.
HOUSTON — McCann Realty Partners, LLC has acquired Estancia at Shadowlake apartments in the Alief/Westchase submarket of metropolitan Houston. The 324-unit, garden-style multifamily community was built in 2005 and will be managed by Pegasus Residential, LLC. Wells Fargo Multifamily Capital originated a 7-year Freddie Mac fixed-rate loan with a rate of 4.42 percent for the acquisition.
BLOOMINGTON, IND. — Champaign, Ill.-based Regency Associates has acquires two student housing communities located near the campus of Indiana University in Bloomington from Kensington Realty Associates. The two properties, Hoosier Court and Hoosier Court at Henderson, are both located approximately one mile from campus and contain a total of 644 beds. CB Richard Ellis' Indianapolis-Cincinnati Multi-Housing Group and National Student Housing Group represented Kensington in the deal. The acquisition price was not released.
LOS ANGELES — Charles Dunn Company has completed the sale of an 18-unit multifamily property in Los Angeles for $4.42 million. The property, located at 817 Wilcox Ave., was built in 2004. Charles Dunn's Michel Hibbert represented the buyer, 821 Wilcox Avenue, LLC. KW Commercial's David Meir represented the seller, 813 Wilcox LLC.
NORTH HOLLYWOOD, CALIF. — Hendricks & Partners has sold the 48-unit NoHo Morrison Lofts in North Hollywood to an unnamed buyer for $8.85 million. It was purchased at a sub-5-percent cap rate with upside in the rents. The seller, Province Group, INC/Legacy Homes at Palisades, LLC, was represented by Hendricks & Partners' Melinda Russell.
CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.
OLATHE, KAN. — Steadfast Income REIT has acquired an apartment community in the Kansas City suburb of Olathe for $11.22 million. Clarion Park Apartments was constructed in 1994 and consists of 220 garden-style and townhome units. Residences average 950 square feet and occupancy was in the high-90 percent range at the time of closing. Amenities include a playground, a sports court and a fitness trail. The seller's name was not disclosed.
HOBOKEN, N.J. — Meridian Capital Group has secured a 7-year, $33 million mortgage to refinance the 105-unit Hudson Square South in Hoboken. David Cohen and Russ Drebin of the firm's Iselin, N.J., office negotiated the financing through a local savings bank.