PLAINSBORO, N.J. — Gebroe-Hammer Associates has brokered the sale of Deer Creek Apartments in Plainsboro for $26.4 million. The 288-unit community is located at 305 Deer Creek Drive. It consists of 24 buildings with a mix of one- and two-bedroom units with rents ranging from $900 to $1,400. Community amenities include an outdoor pool, sports courts and walking paths. Joseph Brecher of Gebroe-Hammer procured the buyer, The Orbach Group, and negotiated the off-market deal with the seller, AIMCO.
NEW YORK AND BREWERTON, N.Y. — Arbor Commercial Funding has arranged a total of $25.69 million in Fannie Mae DUS financing for two New York multifamily deals. In the first transaction, Edward Petti originated $21.81 million for the Hilltop Portfolio, an eight-building, 317-unit multifamily complex located in New York City. The loan carries a 6.5-year term, a 30-year amortization schedule and a 5.41 percent interest rate. In addition, Arbor's Ronen Abergel originated $3.88 million for Lakepointe Apartments, a 72-unit community located in Brewerton. The loan carries a 10-year term, a 30-year amortization schedule and a 5.75 percent interest rate. The borrowers in both transactions were not disclosed.
ST. LOUIS — Circusdome LLC has purchased Brighton, a multifamily property in St. Louis, for an undisclosed price. The property, which is located at 2730 Glyndebourne Drive, offers 201 apartment units. The seller was Blue Valley Apartments Inc. Ken Aston, Paul Cunningham and Andrea Kendrick of Hendricks & Partners’ St. Louis office represented both parties in the transaction.
MAINESBURG, PA. — Education Realty Trust (ERT) has been selected to develop a multi-phase student housing project on the campus of Mansfield University of Pennsylvania in Mainesburg. Allen & O'Hara Development Co., a wholly owned subsidiary of ERT, will develop a multi-phase student housing community containing approximately 640 beds. The first phase of the project will consist of two four-story buildings that will also feature 20,000 square feet of common space in the form of multi-purpose rooms, classrooms and other facilities. The project is also seeking LEED certification. WTW Architects will design the project and Massaro Corp. will serve as general contractor. Groundbreaking will occur upon the execution of final definitive agreements and the ability to secure financing for the project.
SAN DIEGO — Marcus & Millichap has brokered the $3.3 million sale of The Old City Hall Building, a 12-unit multifamily property located at 433 G Street in the Gaslamp Quarter in downtown San Diego. Consisting of 12 lofts ranging in size from 868 to 1,818 square feet, The Old City Hall Building is the oldest remaining structure in the historic district. Marcus & Millichap’s Chris Zorbas represented the seller in the transaction.
NEW YORK CITY — TF Cornerstone has opened 505W37, an 835-unit rental apartment community located in Manhattan, New York City. The community is located at the intersection of 10th Avenue and 37th Street in the borough's Hudson Yards neighborhood. It consists of two glass towers containing studio through two-bedroom units. Amenities include rooftop decks on each building, two landscaped courtyards, a second floor terrace, a fitness center, a catering kitchen and a clubroom. Rents start at $1,821 for a studio apartment, $2,533 for a one-bedroom apartment and $3,706 for a two-bedroom apartment. The project architect was Handel Architects. 505W37 is TF Cornerstone's second residential community in Hudson Yards; the first is 455W37, which is fully occupied.
NEW YORK CITY — Massey Knakal Realty Services has brokered two multifamily sales in New York City. In the first transaction, Swain Weiner of Massey Knakal negotiated the sale of a six-story building located at 37-05 90th Street in Jackson Heights, Queens, for $8.34 million. The building contains 49 residential units and seven retail spaces. In the second transaction, Massey Knakal's Michael DeCheser negotiated the sale of a five-story building located at 217 E. Houston St. on the Lower East Side of Manhattan for $5.27 million. The building contains eight residential units and a ground-floor commercial unit that is occupied by the Mercury Lounge. The buyers and sellers in both transactions were not disclosed.
HOUSTON AND BAYTOWN, TEXAS — New York City-based American Mortgage Acceptance Co. has sold two Texas apartment complexes totaling 389 units to AMSI Tex Properties of Overland, Kansas. The sale includes Quay Bay – Quay Point, located at 3925 Arlington Square Drive in Houston, and Oaks of Baytown, located at 2011 Ward Road in Baytown. Hendricks & Partners' Mike Miller represented the seller. The sale price was not released.
OAKLAND, CALIF. — BRIDGE Housing Corp.’s Ironhorse at Central Station, a 99-unit affordable apartment community located in west Oakland's Central Station neighborhood, has opened. Featuring numerous sustainable building and landscaping components, the development contains a mix of one-, two- and three-bedroom homes affordable to individuals and families with annual incomes ranging from $18,000 to $50,000. Designed by David Baker + Partners and constructed by J.H. Fitzmaurice Inc., Ironhorse at Central Station is part of a reintegration of approximately 29 acres of abandoned former industrial land into the surrounding residential neighborhood.
ALTAMONTE SPRINGS, FLA. — Emerson International has completed the development of Emerson Plaza II, a 64-unit luxury apartment complex in Altamonte Springs. The 12-story tower, which overlooks Cranes Roost Park, includes two rooftop penthouses. Additional features include a recreation center, a pool and spa, and a fitness center.
