Multifamily

NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a walk-up apartment building in Brooklyn's Carroll Gardens neighborhood for $2.44 million. The four-story buildings, which is located at 111 4th Place, contains 11 residential units, including five studios, five one-bedroom units and one two-bedroom unit. Massey Knakal's Ken Freeman and Joseph Sitt arranged the deal between both undisclosed parties.

NEW BRUNSWICK, PERTH AMBOY AND JERSEY CITY, N.J. — Marcus & Millichap's New Jersey office has completed the sales of three New Jersey apartment buildings for a total of $2.7 million. The first transaction involved a seven-unit building located at 40-42 Easton Ave. that traded for $1.15 million. The second deal included an 11-unit property located at 216 Madison Ave. in Perth Amboy that traded for $675,000. Maz Radwan of Marcus & Millichap represented the sellers as well as the buyers, all local parties. Radwan also partnered with Marcus & Millichap's Steven Matovski to sell a two-building, 12-unit property located at 161 Congress St. and 175 South St. in Jersey City. The property traded for $887,000. Matovski procured the buyer, a local apartment operator. The seller was a local private investor.

NEW YORK CITY — Richman Group Development Corp. has commenced construction for two affordable housing projects in New York City's Central Harlem neighborhood. The Balton will be located at the corner of St. Nicholas Avenue and West 127th Street. It will consist of a 12-story wing and a six-story wing containing 156 studio, one-, two- and three-bedroom units. The other project, Douglass Park, will be an eight-story building located at the corner of Frederick Douglass Boulevard and West 128th Street. It will contain 70 one-, two- and three-bedroom units. Amenities at both communities will include fitness centers, resident lounges, outdoor courtyards, bicycle storage and laundry facilities. The buildings will also contain 15,000 square feet of ground-floor retail space. Upon completion, which is expected in 2011, Richman Property Services will serve as property manager. Richman Group has previously developed residential projects in Harlem, including The Hamilton and The Langston, both on 145th Street.

STOUGHTON, MASS. — CB Richard Ellis (CBRE) Investors has formed a joint venture with Wood Partners for the development of a new multifamily community in the Boston suburb of Stoughton. Alta at Indian Woods will be located at the intersection of Route 138 and Stagecoach Road. Construction will include three four-story buildings containing 154 garden-style units. Property amenities will include a clubhouse, a swimming pool with a sundeck, a fitness center and a clubroom. Site work for the project is already complete. CBRE Investors is developing the community on behalf of its CBRE Strategic Partners U.S. Opportunity 5 fund.