NEW YORK CITY — Marcus & Millichap has arranged the $8.6 million sale of a five-story, 144-unit apartment building, located at 330-332 W. 51st St. in New York City. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap's Manhattan office represented the seller, a limited liability company. They also secured the buyer, a developer.
NEW YORK CITY — A six-story, 51,914-square-foot apartment building has sold for $5.1 million in the Flatbush section of Brooklyn. The 59-unit property is located at 130 Lenox Road. Yosef Katz of GFI Realty Services represented the seller, Patrick James. Erik Yankelovich of GFI represented the buyer, a local Brooklyn investor. The buyer plans to rehab the property and renovate the apartments.
WESTWOOD, CALIF. – A nine-unit apartment building in the Los Angeles submarket of Westwood has sold to TSI Property Management, LLC for $2.37 million. It closed at a 5.1 percent cap rate. The property was built in 1991. TSI was represented by Kimberly Roberts Stepp with Charles Dunn Company. The property was listed and sold by The Soroudi Group at Charles Dunn Company. The seller, GSR Apartments, LLC, was represented by Hamid Soroudi.
PINEVILLE, LA. — Mount Pleasant, S.C.-based Humanities Foundation has broken ground on the $6.6 million, 56-unit Arbor Hill, an affordable seniors housing development located on Shamrock Drive in Pineville. Bank of America, Alliant Capital and the City of Pineville provided financing for the project. Pinkerton & Laws is the general contractor for the development, Miller & Martin is the architect and Monceaux Buller & Associates is the civil engineer. Completion is slated for December 2012.
CASSELBERRY AND PORT ORANGE, FLA. — A joint venture between GoldOller Real Estate and a New York-based private investment firm has purchased a two-property multifamily portfolio totaling 632 units for $37.9 million. The properties include the 336-unit Reflections Apartments, located at 100 Reflections Cir. in Casselberry, and the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented Denver-based Apartment Investment and Management Co., the seller, in the transaction. The buyer has plans to complete capital improvements, including upgraded fitness centers, redesigned clubhouses and the addition of a business center.
ELIZABETHTOWN, KY. — Love Funding has closed an $8.15 million construction-to-permanent loan for the 100-unit Tunnel Hill Apartments, located on Tunnel Hill Road in Elizabethtown. Tammy Tate of Love Funding's Knoxville, Tenn., office arranged the 40-year permanent loan with a low fixed-interest rate for the duration of construction through the FHA's 221(d) loan insurance program.
NEW YORK CITY — A six-story apartment building has sold for $4.6 million at 351 Saint Nicholas Ave. in New York City. The 35,212-square-foot property includes 36 units. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap's Manhattan office represented the seller, a limited liability company, in the transaction. They also represented the buyer, a limited liability company.
AUSTIN — Atlanta-based Apartment Realty Advisors has arranged the sale of the 367-unit, 1,026-bed Jefferson 26, a Class A student housing property located at the University of Texas – Austin's West Campus. The property was 97 percent occupied at the time of the sale and features a clubhouse, pool, spa, fitness center, tanning beds, a rooftop garden and a game room. Patton Jones, Chris Bancroft and Chris Epp of ARA's Austin office represented the seller, Jefferson at West Campus LP, in the transaction. Austin-based American Campus Communities was the buyer.
DALLAS — NorthMarq Capital has arranged $36.5 million in first mortgage financing for a Class A apartment complex, which has more than 500 units, in Dallas. Michael Elmore of NorthMarq's Los Angeles office and Paul Brighton of the firm's Dallas office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's Capped ARM program.
LAS VEGAS – The 316-unit Mayan Plaza in Las Vegas has received $11.6 million in first-mortgage refinancing. The community is located at 1700 Alta Drive. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ory Schwartz and Tom Powell, who work out of NorthMarq’s Los Angeles and Nevada offices, respectively. The loan was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.
