ORANGE AND EAST ORANGE, N.J. — Gebroe-Hammer Associates has completed four multifamily transactions totaling more than $6.75 million. In the first transaction, a 47-unit property located at 466 Highland Ave. in Orange sold for $3.25 million. The seller was 466 Realty Management LLC. In addition, three transactions closed in East Orange. The first was the $1.4 million sale of a 30-unit property at 69 N. Arlington Ave. The second was the $1.2 million sale of 40-unit property at 68-78 Elmwood Ave. The third was the $900,000 sale of a 23-unit property at 38 Winans St. Gebroe-Hammer's David Oropeza led the brokerage teams in each transaction. Gebroe-Hammer's David Jarvis assisted him in the Highland Avenue deal, and Steven Tenenbaum, also of the firm, assisted with the Arlington Avenue deal.
RICHFIELD, MINN. — Daniel Trebil of NorthMarq Capital’s Minneapolis regional office arranged at $7.6 million loan for The Oaks on Pleasant. The 138-unit multifamily property is located in Richfield. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq’s affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender, provided the financing.
NEW YORK CITY — Atlantic Development Group has opened two new apartment buildings in Manhattan. The first is 2 Cooper, a 15-story building located at the intersection of East 4th Street and The Bowery in Cooper Square. Amenities for residents include a 6,500-square-foot, landscaped roof that has an outdoor pool, a bar area and barbecue pits. Other amenities include The Coopers Den, which contains a fitness center, a lounge, a game room and a private screening room. The second building is Port 10, a 13-story, 89-unit community located near High Line Park in Chelsea. Community amenities include a rooftop deck with a bar, barbecue areas and an outdoor cinema; a fitness center; a lounge; and 24-hour concierge service.
NEW YORK CITY — GFI Realty Services has completed the sale of two apartment buildings in Brooklyn's Park Slope neighborhood for $10.71 million. The buildings contain a total of 45 units and are located at 477 3rd St. and 225 13th St. Yanni Simantov and Shulem Paneth of GFI represented the seller, Sheldon Gold. Roni Aboudi, also of GFI, represented the undisclosed buyer.
KINGWOOD, TEXAS — Capital One has sold the 250-unit Harbor View Apartments out of foreclosure to a joint venture between Asset Plus Cos. and investors advised by J.P. Morgan Asset Management for an undisclosed amount. The four-story, Class A complex is located in Kingwood.
LOS ANGELES — California Landmark has broken ground for a 21-unit condo project located along Prosser Avenue on the site of a former utility company parking lot approximately 1 mile south of UCLA in west Los Angeles. Wells Fargo Bank originated the construction loan. California Landmark’s corporate office on Santa Monica Boulevard sits adjacent to the property.
LARGO, FLA. — Colliers Arnold has brokered the sale of 135 developer-owned condos from an undisclosed party to SWFL Gulf Properties for $4.3 million. The 160-room Fountains of Largo is located at 13125 Wilcox Road in Largo. The property, which was built in 1973 and renovated in 2006, spans 16 two-story buildings. The firm's John Stone and Jason Stanton brokered the sale.
ATLANTA — Marquise Investments has purchased the 104-unit Southern Woods apartment complex from Freddie Mac for $1.85 million. The property, which was foreclosed on in May 2009, is located near the Interstate 85 corridor in northeast Atlanta. Currently 98 percent occupied, the complex features a pool, tennis court and gazebo.
NOVATO, CALIF. — Marcus & Millichap has brokered the more than $16.05 million sale of the 88-unit Oak Grove Apartments located at 100-145 Cielo Lane in Novato. Built in 1998, Oak Grove Apartments consists of eight three-story residential buildings, seven enclosed garage buildings and a freestanding fitness center. The unit mix comprises 55 two-bedroom/two-bath apartments and 33 one-bedroom/one-bath units. Marcus & Millichap’s Brad Pennington represented both the seller, a local family partnership, and the buyer, a San Diego-based owner/operator.
SINGER ISLAND, FLA. — Catalfumo Construction has sold more than half of the condominiums in a 242-unit Singer Island property to a joint venture of Lionheart Capital and Elliott Management Corp. for $120 million. The remaining units were already sold for prices ranging from $900,000 to more than $3 million. The 770,000-square-foot property is located at 2700 N. Ocean Drive on 8.8 acres of land. The two-building property features a heated pool, two fitness centers, two theaters, two business centers and two libraries.