SMYRNA AND NORCROSS, GA. — Brad Simmel and Shea Campbell of CB Richard Ellis' Atlanta office have brokered two apartment sales on behalf of a national lender totaling $13.67 million. The 386-unit Casa Los Pinos, located on Graves Road in Norcross, has been renamed Pines of Norcross by its new owner, Cortland Partners. The 188-unit Greens at Windy Hill is located on Windy Hill Road in Smyrna.
NEWPORT NEWS, VA. — The Firoozabadi Group of Marcus & Millichap and the Tax Credit Group have arranged the $5.41 million sale of the 132-unit Lexington Commons, located at 14534 Old Courthouse Way in Newport News. Artcraft Management was the seller and Capital Vision Management was the buyer. Ari Firoozabadi, Chris Chadwick, John Mullen and Kyle Tangney of The Firoozabadi Group's Washington, D.C., office, along with the Tax Credit Group's Seattle office, represented both parties in the transaction.
NEW YORK CITY — Stone Street Properties has acquired three multifamily properties in New York City's West Village for a total of $35 million. The three properties at 7 Cornelia St., 11 Cornelia St. and 102 Christopher St. comprise 85 units. The buildings also have retail space that houses tenants like rag & bone, a high-end clothing store. Stone Street Properties' equity partner, Meadow Partners, provided a large portion of equity for the acquisition.
NEW YORK CITY — Massey Knakal has brokered the $2 million sale of a four-family waterfront townhouse at 69 Columbia St. in Brooklyn's Cobble Hill neighborhood in New York City. The five-story building is 7,875 square feet and features three loft-style rental apartments on the first three floors and an owner's duplex on the fourth and fifth floors. Massey Knakal's Ken Freeman exclusively handled the sale of the property, which is located on the Brooklyn Waterfront.
LOS ANGELES — Marcus & Millichap Real Estate Investment Services has sold a 16-unit apartment building located at 1343-1349 N. Martel Ave. in Los Angeles to a limited liability company for $2.5 million. The complex, which contains 12,080 rentable square feet, was built in 1960 and consists of one- and two-bedroom units. Tony Azzi, senior vice president investments in Marcus & Millichap’s West Los Angeles office, listed the property exclusively on behalf of the seller, a private investor. The buyer was represented by Greg Harris and Jeff Benson of Marcus & Millichap’s Encino office.
KENNESAW, GA. — Deutsche Bank Berkshire Mortgage has provided a $22.2 million loan for the acquisition of the 290-unit Barrett Walk, located at 2055 Barrett Lakes Blvd. in Kennesaw. The loan was structured under Freddie Mac's CME program. The property is part of a 1,000-acre master planned development.
BATON ROUGE, LA. — Walker & Dunlop has provided a $14.5 million refinance loan for the 200-unit Spring Brook Apartments in Baton Rouge. The 7-year loan has a 30-year amortization schedule and was arranged through Freddie Mac's Early Rate Lock Process under their CME.
CHICAGO — Chicago-based Essex Realty Group has brokered the $6.7 million sale of a 101-unit mid-rise apartment building, located at 7301 N. Sheridan Rd. in Chicago. Matt Welke and Doug Imber of Essex represented both parties in the transaction. PNC Bank was the seller.
AUSTIN — Marcus & Millichap Real Estate Investment Services has brokered the sale of Mi Casa, a 64-unit multifamily property at 7200 Duval St. in Austin. J. Patrick Burke and Kent Myers represented the seller, a private investor. The units in Mi Casa range from 415 square feet to 1,183 square feet.
TUKWILA, WASH. – Marcus & Millichap has sold the 39-unit Riverton Ridge Apartments for $3.2 million. The complex was built in 1987 and is composed of four three-story buildings. Marc Cunningham, an investment specialist in the firm’s Seattle office, marketed the property exclusively on behalf of the seller, a limited liability company.