NEW YORK CITY — Massey Knakal has brokered the sale of a walk-up apartment building in Long Island City, Queens, for $3.3 million. The five-story building is located at 36-52 35th St. It contains 29 residences in a mix of 14 one-bedroom units, 14 two-bedroom units and one three-bedroom unit. All of the units except for one are rent stabilized, and one unit is currently vacant. The property traded at a 6 percent cap rate. Massey Knakal's Al Holloman and Evan Daniel represented the seller. Both parties were undisclosed.
NEW YORK CITY — Mortgage Equicap has arranged a $13 million bridge loan and preferred equity investment for a condominium project in Manhattan's Tribeca neighborhood. The financing is being used to facilitate the conversion of a 30,000-square-foot rental building into luxury condominiums. The borrower and lender's names were not released.
HOUSTON — Ascension Commercial Real Estate has purchased Tierra Del Sol Apartments from a private party for an undisclosed amount. The 270-unit multifamily property is located on 10 acres at 8000 Cook Road in Houston. The buyer plans to undertake major property renovations. Tierra Del Sol features two swimming pools, a playground and a clubhouse.
HARRISBURG AND READING, PA. — The Kislak Company has completed the sales of two Pennsylvania apartment buildings for a total of $10.68 million. The first transaction involved the $7.03 million sale of Walnut Crossing, a 134-unit, garden-style property located in Harrisburg. The property was 92 percent occupied at closing. The buyer assumed an existing $5.1 million mortgage from Freddie Mac. The second transaction involved the $3.65 million sale of Berkshire Towers, a 90-unit, high-rise building located in Reading. The property was 95 percent occupied at closing. Acquisition financing for this deal was provided by PNC Wealth Management. Robert Holland of The Kislak Company represented both parties in each transaction.
BRISTOL, CONN. — Brookside Apartments, a 78-unit apartment property located in Bristol, has been sold in a $6.2 million deal. Built in 1961 and extensively remodeled in 2003, the community contains 12 one-bedroom units, 41 two-bedroom units and 25 three-bedroom units. Residences range in size from 750 to 1,350 square feet. Rick Chozick of Chozick Realty represented the seller, CT Bristol Limited. Bartram & Cochran represented the buyer, Bristol Brookside LLC.
SOMERSET AND GREENSBURG, PA. — UMH Properties has acquired two Pennsylvania manufactured housing communities for a total of $13.2 million. The first community, Sunny Acres, is a 53-acre, 207-site property located in Somerset. The second property is Suburban Estates, a 35-acre, 200-site property located in Greensburg. The seller's name was not released.
AUSTIN, TEXAS — Los Angeles-based Post Investment Group has purchased the 370-unit University Heights apartment complex from GCCFC 2005-GG5 for an undisclosed amount. The property, located at 2000 and 2101 Burton Drive in Austin, features a business center, a fitness center, two pools and sports courts. New York-based Hudson Realty Capital provided funding for the purchase. Hendricks & Partners' Ellen Muskin and George Deuillet, III, represented the seller.
ANDERSON, S.C. — Seneca Hotel Group has purchased a 55-room Country Inn & Suites from a national loan servicing organization for an undisclosed amount. The property is located at the intersection of Interstate 85 and Highway 76 in Anderson. The property was built in 2001 and was renovated in 2009. David Mumford and Burton Brooks of Mumford Co. arranged the transaction.
WASHINGTON, D.C. — Ari Firoozabadi of Marcus & Millichap has brokered the sale of a 37-unit apartment complex between two private parties for $3.3 million. The property is located at 2517 Mozart Place in Washington. JP Morgan Chase provided a 15-year loan for the purchase at 65 percent loan-to-value and a 6.2 percent interest rate.
CHICAGO — Located at 222 W. Erie St. in Chicago's River North District, the 26-story Flair Tower recently celebrated its grand opening. Developed by a joint venture between McCaffery Interests, RREEF and The Taxman Corporation, the high-rise building features 198 luxury apartments and 9,500 square feet of retail space. The property offers a landscaped pool deck with an outdoor fireplace, a dog run, a Jacuzzi, a Club Room, a Billiards Room, a lobby with a fireplace and a 24-hour concierge service. The residential portion features a range of floorplans, including convertibles and three-bedroom penthouses. Apartment units feature granite kitchens, stainless steel appliances, private balconies, floor-to-ceiling windows and customizable accent wall colors. Designed by Antunovich Associates and constructed by W.E. O'Neil Construction Co., the tower is poised to be the first LEED-certified building the River North submarket. Green elements include locally produced and recycled building materials, water-efficient plumbing fixtures, low VOC-emitting paints and sealants, and landscaped roof terraces. McCaffery will serve as a third-party management company for the property.