EAST ORANGE, N.J. — Gebroe-Hammer Associates has brokered the sale of a distressed multifamily portfolio in East Orange for $10.5 million. The portfolio comprises a mix of units in mid- and high-rise buildings located at 106, 120, 158 and 179 S. Harrison St. All four buildings were constructed in the 1920s. David Oropeza of Gebroe-Hammer represented the seller, which is currently in Chapter 11 bankruptcy. The buyer plans to renovate the units to bring them up to market standards. Oropeza also assisted in the recent sale of 50 units nearby at 10 S. Grove St. and 242 N. Oraton Parkway. He also brokered the $13.35 million sale of 320 distressed units located along South Harrison and Prospect streets.
Multifamily
UNION CITY AND HASBROUCK HEIGHTS, N.J. — Marcus & Millichap has completed two New Jersey sales for a total of $6.2 million. In the first deal, a 47-unit multifamily property located in Union City traded for $3.95 million. Christopher Rizzolo and Nat Gambuzza of Marcus & Millichap's New Jersey office represented the seller, a New York investor, and secured the buyer, a local investor. In the second deal, an 18,608-square-foot office property located on Route 17 in Hasbrouck Heights traded for $2.25 million. David Thurston of Marcus & Millichap's New Jersey office represented the buyer, a local investor.
RADFORD, VA. — DMI Corp. has completed the disposition of Hunter's Ridge Apartments in Radford. An undisclosed buyer acquired the property for $8.35 million. The property is situated on 29.7 acres at One New River Drive. John Duffy and Gardner King of Thalhimer represented the seller in the transaction.
CHICAGO — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has closed two loans totaling $3.3 million in Chicago. The 51-unit Woodlawn Apartments received a $1.29 million loan, which was funded under the Fannie Mae DUS Small Loan product line. The 10-year loans carries a 26-year amortization schedule. Additionally, the 56-unit Drexel Apartments complex received $2.01 million in Fannie Mae DUS Small Loan financing. The 10-year loan amortizes on a 30-year schedule. Michael Jehle of Arbor's Bloomfield HIlls, Mich., office originated the loans.
CHICAGO — Pangea Equities has purchased a 31-unit multifamily property, which is located at 7263 S. Coles Ave. in Chicago's South Shore district. The 95-year-old, 9,698-square-foot building is a three-story plus basement walk-up style apartment building offering one-, two- and three-bedroom units. Chase Bank sold the property for $397,500. Brad Thompson of Millennium Properties R/E brokered the transaction.
AUSTIN AND HOUSTON — Austin-based Seven Hills Commercial has completed renovation services for Post Investment Group's 370-unit University Heights Apartments in Austin and its 496-unit Oaks at Wood Forest Apartments in Houston. The projects included demolition, mold and asbestos abatement, complete unit interior rehabs and entirely new amenity packages. University Heights and Oaks at Wood Forest were financed by Hudson Realty Capital and Texas Capital Bank respectively.
ATLANTA — Behringer Harvard has acquired The Reserve at Lavista Walk, a luxury multifamily property located in Atlanta's Buckhead district. Located at 1155 Lavista Road, the 283-unit property features resort-style lap and lounge swimming pools, a clubhouse, a fitness center, a media center, a game room, an Internet cyber cafe and a business center. Additional amenities include a grill cabana, a courtyard living room featuring cooking and dining areas highlighted by a stone fireplace, and three additional courtyards with formal gardens. The seller and acquisition price were not released.
HICKORY, N.C. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, had funded a $1.99 million loan for Hickory Square Apartments in Hickory. The property offers 108 apartment units. Ronen Abergel of Arbor's New York office originated the 10-year loan, which carries a 30-year amortization schedule. The loan was funded under the Fannie Mae DUS Small Loan product line.
ARIZONA — Hendricks & Partners has closed the sale of the seven-property, 2,759-unit apartment portfolio known as Bethany Kingdom I Arizona in a $133.1 million transaction facilitated through the restructuring of existing CMBS bonds. The Arizona apartment communities consist of the 320-unit Alante at the Islands, the 374-unit Crosswinds and the 460-unit Laguna Village in Chandler; the 395-unit Sienna Springs in Phoenix; the 196-unit Tela Verde in Glendale; and the 582-unit Tuscany Palms and 432-unit Whispering Meadows in Mesa. Hendricks & Partners’ Mark Forrester and Ric Holway spearheaded the marketing of the portfolio, an effort that resulted in more than 1,100 executed confidentiality agreements from buyers worldwide and 181 offers. One of the largest lender-facilitated portfolio apartment sales in the southwestern United States was completed by Hendricks & Partners on behalf of the seller, LaSalle Bank National Association c/o Trigild Inc. of San Diego. The buyer was Standard Portfolios II LLC. The properties averaged 90 percent occupancy at close of escrow.
JEFFERSON, WIS. — Crown Court Properties has acquired Jefferson Oaks West and Jefferson Commons, two apartment communities in Jefferson, for a combined price of $3.05 million. Jefferson Oaks West is located at 622 Collins Road and Jefferson Commons is located at 1009 Meadows Lane. The two properties were combined to form a 64-unit affordable housing project utilizing Federal American Recovery and Reinvestment Act Funds and received an allocation of tax credits under the Section 42 Low Income Housing Tax Credit program, which is administered by Wisconsin Housing and Economic Development Authority. Additionally, the transaction was funded by the United States Department of Agriculture under the Section 515 program. Dan Roseliep and Shane Thomas of Sperry Van Ness represented the seller, Roof Tree Properties, in the transaction.