TULSA, OKLA. — Alliant Capital has completed the $4.8 million refinancing of Executive Series, a 133-unit multifamily community located in Tulsa. The loan includes a 10-year term and a 30-year amortization schedule. Yuri Kletsman of Alliant arranged the loan on behalf of the borrower, Executive Series LLC. The lender was not disclosed.
Multifamily
VICTORVILLE, CALIF. — The Housing Authority of San Bernardino County has acquired a $13.3 million bank note for The Andalusia, a new 168-unit multifamily property located at 13520 Third Ave. in Victorville. At the time of acquisition, 128 units were completed with 90 percent occupancy. The buyer plans to complete construction on the remaining 40 units. The property consists of 42 two-story buildings offering two- and three-bedroom units. Other amenities include a clubhouse and a swimming pool. Anton Qiu of TRI Commercial/CORFAC International brokered the deal.
ST. PETERSBURG, FLA. — The design has been completed for Richman Group’s 156-unit Booker Creek Apartments in St. Petersburg. The property will be constructed on a former mobile home park. Amenities include a 4,300-square-foot clubhouse, a pool and a car care center. Altamonte Springs, Fla.-based Forum Architecture & Interior Design provided architecture services.
CORAL GABLES, FLA. — Miami-based JCON Group Corp. has broken ground on the 36-unit rental townhouse development Villa Majorca for Florida East Coast Realty. The property is located at the intersection of Majorca Avenue and Le Jeune Road in Coral Gables. Bellin & Pratt of Coral Gables designed the project.
LOS ANGELES — New Keap Investments has received a $4.64 million loan to refinance its 98-unit Oliver Cromwell apartment complex. The property, which was built in 1927, is located in the Koreatown district of Los Angeles. The 10-year loan carries a 30-year amortization schedule. Yuri Kletsman of Alliant Capital’s New York City office secured the loan.
TEMPLE TERRACE, FLA. — GMC Properties has purchased the 252-unit Doral Oaks apartment complex from AIMCO for $10.7 million. The 266,912-square-foot property, which was built in 1967, is located at 105 Sunnyside Rd. in Temple Terrace. Two swimming pools, a clubhouse, a fitness center and a playground are spread across the site. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa, Fla., office represented the seller.
WEST NEW YORK, N.J. — The Kislak Company has completed the $7.725 million sale of a four-building portfolio consisting of 97 apartments and two retail spaces in West New York. The sale included a 37-unit property at 6611 Broadway, a 17-unit property with one retail space at 5902 Madison St., a 19-unit property with one retail space at 6120 Monroe Place, and a 24-unit property at 6204 – 6210 Palisade Ave. Donald Baxter and Jonathan Greenberg of Kislak represented both parties, private investors, in the transaction. 6611 Broadway is a five-story brick walk-up building with studio and one-bedroom apartments. 5902 Madison Street is a four-story brick walk-up building with studio, one and two bedroom apartments. 6120 Monroe Place and 6204 – 6210 Palisade Avenue are four-story walk-up buildings with one- and two-bedroom apartments. The seller completed a number of utility and other upgrades over the past several years. The buyer's financing was arranged by Elliot Treitel of Meridian Capital. The buyer was represented by Larry Raiss, Esq. of Feinstein Raiss Kelin & Booker of West Orange, New Jersey, and the seller was represented by Jonathan R. Mehl, Esq. of Rutherford, New Jersey.
SPRINGFIELD, N.J. — Joel Schwartz and Avi Oren of Gebroe-Hammer Associates have completed the $1.7 million sale of an 18-unit garden-style apartment complex in Springfield. Located at 45 – 51 Morris Ave., the two-and-half story facility features a mix of one- and two-bedroom apartments, as well as on-site laundry and parking facilities. Planned upgrades include new windows, an enhanced electrical system, new heating and air conditioning and exterior landscaping. The property was sold by an undisclosed seller to Walker Estates, Inc. Legal counsel was provided by Clara Harelik, Esq., of Springfield, and Ray Londa, Esq., of Elizabeth, on behalf of the seller and buyer, respectively.
MARINA, CALIF. — Buena Vista Land Co. has acquired Colonial Manor Apartments, a 44-unit multifamily property located at 3340 Del Monte Blvd. in Marina. Salinas Property Management sold the property for $5 million or $113,600 per unit. The property consists of seven apartment buildings offering 44 two-bedroom units averaging 900 square feet each. Wylie Mitchell and Daniel Vorhies of NAI BT Commercial represented the seller in the deal.
HOLLYWOOD, CALIF. — William Holdings Inc. has completed the disposition of Carlton Way Apartments, a 30-unit multifamily property located at 6021-6029 Carlton Way in Hollywood. 6021 Carlton Way LLC purchased the 23,957-square-foot property for $4.05 million. Built in 1963, the property consists of a mix of three-, two- and one-bedroom units. David Condon of NAI Capital’s West Los Angeles, Calif., office represented the seller in the transaction.