NEW BRAUNFELS, TEXAS — Cotton Crossing LLC has sold the 118-unit Cotton Crossing apartment complex to I&R Partners for an undisclosed amount. The property is located at 705 Village Way in New Braunfels. Built in 2003, Cotton Crossing contains a pool, a spa and a fitness center. Scott Weems and Will Caruth of Hendricks & Partners' San Antonio office represented the seller.
PLANT CITY, FLA. — A special servicer has sold the 81-unit Caribbean Park Apartments to Caribbean Apartments LLC for an undisclosed amount. Located at 1601 E. Alabama St. in Plant City, the property was about to go into foreclosure and was traded by way of a short sale. John Burpee and T. Sean Lance of NAI Tampa Bay brokered the transaction.
MIAMI — Dencity Development has purchased a 19-unit apartment complex in Miami from a private party for an undisclosed amount. The property is located at 1100 SW 2nd Ave. in the city's Brickell area. John Crotty of Colliers International South Florida represented the seller in the transaction.
UNION CITY AND NORTH BERGEN, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties for a total of $1.26 million. The first property was a 14-unit building located at 201 37th St. in Union City. The second property was an 11-unit building located at 1108 7th St. Gebroe-Hammer's Greg Pine and Scott Callahan represented the seller, IAK LLC, and procured both undisclosed buyers.
NASHVILLE, TENN. — Olympus Property has purchased the 452-unit Overlook apartment complex from DRA Advisors. The Nashville property was listed at $26.2 million and was sold below replacement cost. Sean Henry, Derrick Bloom and Vince Lefler of Apartment Realty Advisors represented the seller. ARA Finance provided funding for the sale.
BETHESDA, MD. — Bainbridge Cos. and Restis Group will break ground this fall on a 200-unit apartment complex in downtown Bethesda. National Real Estate Advisors will provide additional equity for the project. Initial occupancy is slated for fall 2012.
DETROIT — DP Precise LLC has acquired the Greenfield Portfolio, a 151-unit REO apartment portfolio located in Detroit. The portfolio consists of three properties located along Greenfield Road and built in 1963. Westfield Apartments offers 56 units, including 48 one-bedroom and eight two-bedroom units; Greenview Apartments features 33 one-bedroom units; and Harvard House offers 62 units, including one studio, 56 one-bedroom units and five two-bedroom units. Bank of America N.A. sold the property for an undisclosed price. Mark Rohr and Eric Taylor of Hendricks & Partners’ Michigan office represented the seller in the transaction.
NEW YORK CITY — GFI Realty Services has completed the sale of a walk-up apartment building in Brooklyn for $1.25 million. The four-story property contains 16 units and is located at 2574 Bedford Ave. GFI's Shulem Paneth represented both undisclosed parties in the deal. The new owner plans to upgrade the units and install security systems throughout the building.
NORTH LAS VEGAS, NEV. — Marcus & Millichap has negotiated the $9.5 million sale of 157 units at Palmilla, a townhome property located at 5850 Palmilla Street in North Las Vegas. Developed in 2006-2007, the 244,000-square-foot multifamily property sits adjacent to the master-planned community of Aliante. Marcus & Millichap's Michael LaBar and Evan Griffith represented the seller, a receiver for a large financial institution, of the 90 percent-leased property. The sale represents 157 out of Palmilla’s 300 total units.
OREGON, OHIO — Cambridge Realty Capital Cos. has closed on an $11.6 million, FHA-insured loan for the refinancing of Orchard Villa I, a 164-bed skilled-care nursing facility in Oregon. Cambridge Realty Capital Ltd. of Illinois arranged the fully amortized, 34-year term loan for the undisclosed property owners. The loan was funded using the HUD Section 232 pursuant to Section 223(a)(7) Lean program, which is used to refinance existing HUD loans.