NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the $700,000 sale of an 8-unit apartment building in Brooklyn. The property is located at 248 Stockholm St. Erik Lundberg of Marcus & Millichap's Brooklyn office represented the seller, a private investor. He also represented the buyer, a private investor.
NEW YORK CITY — Madison Realty Capital has closed a $14.5 million bridge loan for a 90,000-square-foot condominium construction project in Kew Gardens.The project includes 52 residential units, an 8,224-square-foot community center and a 52-space parking garage. The financing provided by MRC enables the borrower to recapitalize and complete the project.
GRAND PRAIRIE — The 164-unit Lexington Apartments, located at 201 W. Tarrant Rd. in Grand Prairie, has been sold. The property is currently 90 percent occupied. Sam Pettigrew of Dallas-based The Cantrell Company & Partners represented the buyer, Lexington Prairie LP, and the seller in the transaction.
CITRUS HEIGHTS, CALIF. – The 124-unit Antelope Woods Apartments in Citrus Heights has received $7,260,000 in financing. The refinance loan includes a seven-year term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. It was written to a 75 percent loan-to-value with a 1.43x debt-service coverage ratio. The property was built in 1986 and is situated on more than five acres. Financing was provided by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
SANTA MONICA, CALIF. — A six-unit apartment building located at 1247 Berkeley Street in Santa Monica has sold to a private investor for $1,975,000. The community was built in 1961 and contains 8,990 rentable square feet. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
ATLANTA — Atlanta-based Tempo Properties has sold the 1,188-unit Tempo Portfolio, which includes 12 properties located on Buford Highway NE and Lenox Road NE in Atlanta, for $35.75 million. Included in the properties are the 135-unit Cabana Apartments; the 64-unit Cross Keys Apartments; the 154-unit Hallmark Apartments; the 111-unit Parkway Apartments; the 128-unit Tempo 2000 Apartments; the 158-unit Continental Apartments; the 135-unit Dover Station Apartments; the 72-unit Majestic I; the 62-unit Majestic II; the 60-unit Monaco Apartments; and the 108-unit Montego Apartments. Paul Vetter and Andrew Mays of Marcus & Millichap's Atlanta office represented the seller in the transaction and procured the buyer, a Yakina, Wash.-based national real estate company.
ST. LOUIS, MO. — Centerline Capital Group has arranged an $11.4 million Fannie Mae loan to refinance the Woodchase Apartments in St. Louis. Built in 1984, the property includes 17 two- and three-story residential buildings and a single-story office. The property has a total of 186 units. The 10-year loan has a 30-year amortization schedule. The borrower is Woodchase Village LLC.
WATCHUNG, NORTH PLAINSFIELD, N.J. — Windsor at Crystal Ridge, a Class A apartment complex in Watchung and North Plainfield has sold for $63 million. The 334-unit complex is located on 25 acres at 1 Crystal Ridge Dr. of Route 22. The property has 15 three-story buildings with one-, two- and three-bedroom units. Amenities include a clubhouse, fitness center and indoor basketball court. Jose Cruz, Andrew Scandalios, Kevin O'Hearn, Jeffrey Julien and Steve Simonelli of HFF represented the seller, GID Investment Advisors LLC, in the transaction. They also procured the buyer, AvalonBay Communities.
NEW YORK CITY — The Watchtower Bible and Tract Society of New York Inc. has sold 161 Columbia Heights, between Clark and Pierrepont streets, for $3 million. Built in 1988, the apartment property contains more than 7,000 square feet. Bob Knakal and Stephen Palmese of Massey Knakal represented the seller and undisclosed buyer in the transaction.
DALLAS — Hendricks & Partners has arranged the sale of the 360-unit Cliff Park Village, a multifamily property located at 220 E. Overton Rd. in Dallas. The property has recently undergone capital improvements. Peter Hartnett of Hendricks & Partners' Dallas office represented the seller, BACM 2007-2 Cliff Park Apartments LLC, in the transaction. The seller is managed by San Francisco-based Helios AMC LLC. The buyer was New Orleans-based 220 Overton Apts. Dallas LLC.