OSSINING, N.Y. — Cushman & Wakefield (C&W) has brokered the sale of Claremont Gardens Apartments, a 183-unit community located in Ossining, for $14 million. Built in 1976 as affordable housing, the community was converted to market-rate housing in 2007. C&W's Metropolitan Area Capital Markets Group — including brokers Brian Whitmer, Andrew Merin, David Bernhaut and Gary Gabriel — represented the seller, Claremont Gardens Associates, and procured the undisclosed buyer.
NEW YORK CITY — Marcus & Millichap has brokered the sale of The East 89th Street Package, a 39-unit multifamily portfolio located in New York City's Upper East Side. The portfolio contains two properties located at 233 and 302 E. 89th St. An Upper Manhattan family owner purchased the portfolio from a private investor for $6.68 million, which equates to a 5.4 percent cap rate. The Marcus & Millichap team of Peter Von Der Ahe, Joe Koicim and David Lloyd represented both parties.
PARSIPPANY, N.J. — Commercial Mortgage Capital has arranged a $5 million loan for the refinancing of a 400-unit apartment community located in Parsippany. The loan, which was provided by Aegon USA, carries a 10-year term and a fixed interest rate. The borrower's name was not released.
COLLEGE STATION — New York City-based investment firm Vesper Holdings has entered the College Station market with the purchase of two off-campus student housing communities. Campus View and Campus View East are located within one mile of Texas A&M University. The properties feature a total of 62 two-story buildings containing 867 beds in a mix of 478 one- through four-bedroom units. Amenities for both communities include multiple swimming pools; a fitness center; volleyball, basketball and tennis courts; a business center; game rooms; and picnic and grilling areas. Occupancy was 98 percent at the time of closing. The seller's name was not released in the off-market deal. KeyBank assisted Vesper in arranging acquisition financing through Fannie Mae. In the near-term, Vesper plans to complete a $1.5 million capital improvements plan that will include units and clubhouse renovations, exterior property improvements and technology upgrades.
SEATTLE — Marcus & Millichap has presided over the $1.06 million trade of a 10-unit apartment property, located at 5241 15th Ave. NE in Seattle. Constructed in 1926, the multifamily property has an updated electrical system and roof. Marcus & Millichap’s Dan Swanson represented both the limited-liability-company buyer and the private-investor seller in the transaction.
TALLAHASSEE, FLA. — The 277-unit Palms of Apalachee, located at 2855 Apalachee Pkwy. in Tallahassee, and 228-unit Palms of Magnolia, located at 1112 South Magnolia Dr. in Tallahassee, were sold for $6.7 million to Aspen Square Management. John W. Stone and Jason T. Stanton of Colliers International's Tampa Bay office and W. Hayes Swann and Huston Green of Colliers International's Atlanta office represented the seller. Palms of Magnolia's seller is Worthington Apartments Limited Partnership and Palms of Apalachee's seller is Las Palmas Apartments, each a Georgia Limited Partnership. The buyer was not represented in the transaction.
TAMPA, FLA. — A Fla.-based private investor sold the 32-unit, Class B garden apartment property Hyde Park Pointe in Tampa for $1.9 million, or $59,375 a unit, to an undisclosed limited liability company. Both parties were represented by Casey Babb and Luis Baez of Marcus & Millichap's Tampa office.
CHICAGO — Essex Realty Group has brokered the $6 million sale of 6610 and 6628 North Sheridan in Chicago. The combined 124-unit apartment buildings offer 34 studio units, 74 one-bedroom units and 16 two-bedroom units. Doug Fisher and Matt Welke of Essex brokered the transaction. The buyer and seller were not disclosed.
CLEARWATER, FLA. — The 299-unit, 306,361-square-foot Cielo at Bradenton Apartments, located at 6904 Manatee Ave., in Clearwater, was sold by Cielo Apartments to Aspen Square Management for $12 million. The lender-owned Cielo at Bradenton Apartments is currently 92 percent occupied. John W. Stone and Jason T. Stanton of Colliers International in Tampa Bay, Fla., office represented the seller in the all-cash transaction. Broker information for the buyer was not released.
CHICAGO — Chicago-based Waterton Residential, on behalf of Waterton Residential Property Fund XI, has acquired a portion of Mondial River West, a 15-story, 141-unit residential property in Chicago. Waterton purchased 124 of the studio, one-, two-, three- and four-bedroom units, with plans to rent the units. Additionally, Waterton plans to furnish the rooftop deck to provide residents an outdoor entertainment area. The property features a community rooms, balconies on all units and indoor parking. Mondial River West was originally developed by Citta Development Group in 2009. Waterton Residential Property Fund XI is a $500 million discretionary multifamily investment fund. Terms of the transaction were not disclosed.
