LUBBOCK, TEXAS — Marcus & Millichap has brokered the sale of the 124-unit Lubbock Square apartment complex in Lubbock between a court-appointed receiver and an undisclosed buyer. The property, which was built in the mid-'70s, is composed of 15 buildings spread across 5.44 acres of land. The firm's Tommy Lovell arranged the transaction.
MIAMI — Carlisle Development Group has broken ground on the 90-unit Beacon Apartments in Miami's Overtown neighborhood. The $25 million, 13-story project is geared toward low-income residents. Completion is expected in 18 months.
NORTH CHARLESTON, S.C. — McShane Construction Co. will soon start work on the 60-unit West Yard Lofts affordable housing project for The Landmark Group in North Charleston. The 75,982-square-foot property is located at 2375 Noisette Blvd. on the former Charleston Navy Yard, which closed in 1995. Designed by Martin Riley Associates Architects, the property will be part of The Navy Yard at Noisette mixed-use project. Delivery is slated for December.
BOSTON — NAI Hunneman has brokered the sale of a 21-unit apartment building in Boston's Fenway neighborhood for $5.22 million. The price per unit of approximately $248,571 represents a new high for a multifamily property in the Fenway area. Robert Tito, Dan McGee and Gina Barroso, all of NAI Hunneman, represented the seller, 227 Park Drive LLC, and procured the undisclosed buyer. Located at 227 Park Drive, the brick building was constructed in 1920 and renovated in 2005.
LAS VEGAS — George Gekakis Inc. (GGI) and its non-profit sponsor Silver State Housing have opened McKnight Senior Village II, a 77-unit affordable, senior-housing apartment community near downtown Las Vegas. The new 4-story building with 7,742-square-foot clubhouse is open to seniors 55 and older with incomes at 30 to 50 percent of the area median. GGI’s senior-housing project was financed with nearly $14.4 million in tax credits awarded by the Nevada Housing Division, as well as HOME Funds from the City of Las Vegas and Clark County, Nev.
CHICAGO — An undisclosed buyer has acquired an apartment building in Chicago’s Rogers Park neighborhood for $1.57 million. Located at 7514-22 N. Hoyne, the 43-unit property features three studio units, 34 one-bedroom units and six two-bedroom units. Doug Imber and Matt Welke of Essex Realty Group represented the undisclosed seller; Doug Fisher, also of Essex, represented the buyer in the transaction.
NEW YORK CITY — Berkadia Commercial Mortgage has originated $88.45 million in Freddie Mac funds for the refinancing and recapitalization of Parkhill in the New York City borough of Staten Island. Parkhill Apartments is a Section 8 community located at 140-280 Parkhill Ave. It consists of eight six-story buildings on 21 acres. There are 1,121 units in the community, with rents that average $1,200 per month. The loan carries a 10-year term and a 30-year amortization schedule. It also includes earn-out provisions and a subordinate HUD second mortgage. John DiCrocco of Berkadia's New York City office originated the loan on behalf of affiliates of Delshah Capital.
NEW YORK CITY — Massey Knakal Realty Services has brokered a multifamily sale in Mahattan and an industrial sale in Queens. In the first deal, Massey Knakal's Robert Knakal and Guthrie Garvin arranged the sale of a four-story, walk-up building in Manhattan's Upper East Side. The building totals 5,400 square feet and is located at 1128 Third Ave. It contains a Starbucks on the ground floor, a yoga studio on the second floor and market-rate apartments on the top two floors. The property traded for $6.45 million at a 5.52 percent cap rate. In the second deal, Massey Knakal's Swain Weiner represented the seller in the disposition of a vacant warehouse located on 51st Avenue, between 71st and 72nd streets, in the Woodside neighborhood of Queens. The approximately 20,400-square-foot building contains five interior truck bays, a mezzanine office area and refrigerated warehouse space. It traded for $3.99 million.
UNION COUNTY, N.J. — Marcus & Millichap has completed four multifamily sales in Union County totaling more than $8 million. Hampshire Courts, a 54-unit property located at 1106 Park Ave. in Plainfield, traded for $3.65 million. A 29-unit property located at 18-20 and 204 E. Price St. in Linden traded for $2.22 million. A 44-unit property located at 416-424 and 424-435 E. Jersey St. traded for $1.45 million. Finally, an 11-unit property located at 103 Myrtle St. in Roselle traded for $715,000. Nat Gambuzza of Marcus & Millichap's National Multi-Housing Group arranged all four of the deals. Christopher Rizzolo, also of Marcus & Millichap, assisted in the Elizabeth deal.
FLORIDA — Bill Reichel and Peter Filomena of Reichel Realty & Investments have been tapped as receivers for five properties in Florida. Bill Reichel will be in charge of Palm Court Plaza, a 50,000-square-foot office property located in North Palm Beach. Filomena will handle two multifamily properties in Boynton Beach and a third in Fort Lauderdale. He will also be the receiver for Casa Loma Motel in Lake Worth.