SEATTLE — McQuaid Commercial Real Estate has closed the $2.3 million sale of the 22-unit Arbor Heights Apartments located at 625 N. 130th Street in Seattle. Michael McQuaid represented the seller, a local limited-liability company; Greg Deer, the buyer, bought Arbor Heights as the up-leg of a 1031 exchange.
Multifamily
CLEARWATER, FLA. — Waters Edge Clearwater and REDUS Clearwater Bluff have purchased the 153-unit Water's Edge condominium building from an affiliate of Concierge Asset Management for an undisclosed price. The 26-story property is located at 331 Cleveland St. in Clearwater. Amenities include a pool, a spa and a fitness center.
WORCESTER, MASS. — Arbor Commercial Funding has arranged $1.68 million in Fannie Mae DUS funds for the acquisition of William Street Apartments, a 30-unit community located in Worcester. The loan carries a 10-year term, a 30-year amortization schedule and a 6.09 percent interest rate. Edward Petti of Arbor's New York City office originated the loan. The borrower's name was not released.
NEW BRAUNFELS, TEXAS — Cotton Crossing LLC has sold the 118-unit Cotton Crossing apartment complex to I&R Partners for an undisclosed amount. The property is located at 705 Village Way in New Braunfels. Built in 2003, Cotton Crossing contains a pool, a spa and a fitness center. Scott Weems and Will Caruth of Hendricks & Partners' San Antonio office represented the seller.
PLANT CITY, FLA. — A special servicer has sold the 81-unit Caribbean Park Apartments to Caribbean Apartments LLC for an undisclosed amount. Located at 1601 E. Alabama St. in Plant City, the property was about to go into foreclosure and was traded by way of a short sale. John Burpee and T. Sean Lance of NAI Tampa Bay brokered the transaction.
MIAMI — Dencity Development has purchased a 19-unit apartment complex in Miami from a private party for an undisclosed amount. The property is located at 1100 SW 2nd Ave. in the city's Brickell area. John Crotty of Colliers International South Florida represented the seller in the transaction.
UNION CITY AND NORTH BERGEN, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties for a total of $1.26 million. The first property was a 14-unit building located at 201 37th St. in Union City. The second property was an 11-unit building located at 1108 7th St. Gebroe-Hammer's Greg Pine and Scott Callahan represented the seller, IAK LLC, and procured both undisclosed buyers.
NASHVILLE, TENN. — Olympus Property has purchased the 452-unit Overlook apartment complex from DRA Advisors. The Nashville property was listed at $26.2 million and was sold below replacement cost. Sean Henry, Derrick Bloom and Vince Lefler of Apartment Realty Advisors represented the seller. ARA Finance provided funding for the sale.
BETHESDA, MD. — Bainbridge Cos. and Restis Group will break ground this fall on a 200-unit apartment complex in downtown Bethesda. National Real Estate Advisors will provide additional equity for the project. Initial occupancy is slated for fall 2012.
DETROIT — DP Precise LLC has acquired the Greenfield Portfolio, a 151-unit REO apartment portfolio located in Detroit. The portfolio consists of three properties located along Greenfield Road and built in 1963. Westfield Apartments offers 56 units, including 48 one-bedroom and eight two-bedroom units; Greenview Apartments features 33 one-bedroom units; and Harvard House offers 62 units, including one studio, 56 one-bedroom units and five two-bedroom units. Bank of America N.A. sold the property for an undisclosed price. Mark Rohr and Eric Taylor of Hendricks & Partners’ Michigan office represented the seller in the transaction.