FORT MYERS, FLA. — MAS Group has sold the 180-unit Bay Breeze Villas apartment complex to DeBartolo Development for $13.57 million. The property, located off Iona Road in Fort Myers, is a converted condominium project that was purchased for a discount to replacement cost. Bay Breeze spans 201,196 square feet and was built around a 9-acre lake. Jamie May and Matt Mitchell of Marcus & Millichap represented the seller.
CORAL GABLES, FLA. — The 36-unit Villa Majorca luxury multifamily community, which is currently under construction in Coral Gables, has opened its leasing office in anticipation of a July completion date. Florida East Coast Realty is developing the property. Features include a rooftop garden with a Jacuzzi, a clubroom and a fitness room. Units are equipped with Energy Star appliances, private balconies and emergency communication systems.
CHICAGO — Bickerdike Redevelopment Corp. has completed the development of Rosa Parks Apartments, which is located within the Humbolt Park neighborhood of Chicago. The property consists of 94 affordable rental units in eight buildings, which were constructed on lots that were formerly vacant. Designed to earn LEED Silver certification, the project features green elements including solar panels, geothermal heating and cooling systems, a vegetated roof and a variety of other green and sustainable elements. Pioneer Engineering & Environmental Services served as the environmental and geotechnical engineering consultant on the project.
ROSEVILLE, MINN. — Local multifamily investor Tom Thul has acquired Roseville Arms Apartments, a 22,000-square-foot multifamily complex located at 160 and 170 Elmer St. in Roseville. The complex features 34 one-bedroom units and is currently 92 percent occupied. JTHC Properties sold the property for $1.75 million or $51,529 per unit. Lance Steiger and Scott Pollock of NorthMarq’s investment sales team represented the seller in the transaction.
NEW YORK CITY — The ribbon cutting ceremony has been held for Tapestry, a new apartment building located at the corner of 124th Street and Second Avenue in East Harlem. The 12-story building contains 185 mixed-income residences. Rents for the studio to three-bedroom units range from $1,950 to $3,750. The project is also applying for LEED – Gold certification. The developers of Tapestry are Jonathan Rose Cos. and Lettire Construction Corp.
MIAMI — Carlisle Development Group will hold a groundbreaking party Wednesday for the 467-unit Brownsville Transit Village affordable housing community. The $100 million, in-fill property, located at 5200 NW 27th Ave. in Miami, will be built in five phases on 5.8 acres. The property will be designed to achieve LEED certification; amenities will include a community center, a computer lab and an exercise room.
CHICAGO — Essex Realty Group has brokered the sale of a six-building real estate portfolio in the Auburn Gresham neighborhood of Chicago. The portfolio consists of 16 apartment units and three commercial storefronts at 1735-39 West 79th Street; 18 units at 8001 South Marshfield; 17 units at 1704 West 77th Street; 15 units at 1717 West 77th Street; 17 units at 1738 West 77th Street; and 16 units at 1815 West 77th Street. Don Fisher and Jon Morgan of Essex represented the undisclosed seller; Morgan and David Goss, also of Essex, represented the undisclosed buyer. The acquisition price was $2 million.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the $3.5 million sale of the 21-unit Magnolia Court Apartments located at 527-537 North Magnolia Ave. in Anaheim. The brokerage firm’s Greg Bassirpou represented a limited-liability company in its sale of the multifamily property to a Washington-based 1031-exchange investor.
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.
