NEW YORK CITY — Marcus & Millichap has brokered the sale of 154 Highland Place, a 20-unit multifamily building located in Brooklyn, New York City. The property sold at a price of $1.57 million, at a 7.08 percent capitalization rate. Cody Liebman and Zachary Felson of Marcus & Millichap’s Brooklyn office represented the seller and secured the buyer in the transaction. Both parties were undisclosed.
SAN JOSE, CALIF. — Kennedy Wilson Multifamily Management Group has partnered with The Guardian Life Insurance Company of America to acquire Avalon at Blossom Hill in San Jose from AvalonBay Communities for $84 million. The property, which will be re-named Saybrook Pointe, features 16 three-story, garden-style buildings offering 90 one-bedroom/one-bath units, 210 two-bedroom/two-bath units and 24 three-bedroom/three-bath units ranging in size from 768 to 1,289 square feet. The community also features a single-story fitness center and office lease facility. The partnership plans to invest $4.5 million to upgrade and revitalize the property. Bill Huberty and Sean Deasy of CB Richard Ellis represented both parties in the transaction.
SHERMAN OAKS, CALIF. — David Harrington and Michael Cain of Marcus & Millichap represented the buyer, an undisclosed partnership, in the acquisition of 4934 Coldwater Canyon Avenue, a 25-unit multifamily property located in Sherman Oaks. An undisclosed seller sold the property for $4 million.
ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a $6.58 million loan for Silerwood Apartments in Arlington. Situated on approximately 7 acres, the property features 196 units; amenities include a swimming pool, a spa, a fitness center, a clubhouse and a sauna. The loan carries a 7-year term with interest-only payments for the first 3 years and a 5.93 percent interest rate. The lender was Fannie Mae; the borrower was not disclosed.
HUNTINGTON BEACH, CALIF. — Gregory Harris and Chad David of Marcus & Millichap’s Encino, Calif., office represented the buyer in the acquisition of 210 18th Street, a 12-unit multifamily property in Huntington Beach. The property, which features two-bedroom flats and townhomes, sold for $4 million. The buyer and seller were not disclosed.
SAN JOSE, CALIF. — PNC ARCS, a PNC Real Estate Finance company, has provided a $9.3 million supplemental loan for Central Park Apartments in San Jose. Built in 1971, the 186-unit property features covered parking, six central laundry facilities, an outdoor pool and a fitness center. The loan was for a 9.25-year term/interest-only for 9 years at a rate of 6.78 percent. The loan was originated by PNC ARCS’ San Francisco office though Fannie Mae.
SAN DIEGO — Curt Ginther has acquired Hillcrest Apartments, a 10-unit apartment building located at 3725 and 3729 4th Ave. in San Diego, for $1.29 million. Constructed in 1936, the two-story property offers 6,040 square feet of rentable space and features nine one-bedroom/one-bath units and one two-bedroom/one-bath unit. Jaisa Bright of Wills Allen Rancho Santa Fe represented the buyer; Merrick Matricardi, Jim Neil and Eric Comer of CB Richard Ellis represented the seller, Dr. Carol Grote-Beyers, in the transaction.
MIDDLETOWN, CONN. — Marcus & Millichap has arranged the sale of a 650-unit, Class A apartment portfolio for $75 million. Located in Middletown, the portfolio comprises Chestnut Hill Apartments and Northwoods Apartments. Chestnut Hill is situated on 29.44 acres at 5 Town Colony Dr.; it contains 314 one- and two-bedroom units in seven three-story buildings. Northwoods is situated on 17.37 acres at 1 Dove Lane; it contains 336 units in five three-story buildings. Both properties feature a clubhouse, a business center, a billiards room, a library, tennis and racquetball courts, an indoor hot tub, a swimming pool and a fitness facility. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Middletown-Oxford LP and Connecticut Colony Associates LP, as well as the buyers, Northwoods Apartment Associates LLC and Chestnut Apartment Associates LLC. The portfolio traded at a price of $115,385 per unit.
NEW YORK CITY — The New 118th Upper Manhattan Portfolio, a collection of 21 walk-up apartment buildings located in the Washington Heights and Central Harlem neighborhoods of New York City, has been sold in a $54 million transaction. Comprising 418,230 rentable square feet, the portfolio contains 500 residential units, five super units and 12 commercial units. The buildings in the portfolio consist of 20 five-story buildings and one six-story building; a majority of the units are presently subject to rent regulation. The buildings include: 234-236 E. 118th St.; 463-467 W. 159th St.; 503-507 W. 176th St.; 531 W. 179th St.; 704 W. 180th St.; 559-561 W. 183rd St.; 507 W. 184th St.; 510-524 W. 184th St.; 515 W. 184th St.; 516-520 W.188th St.; 500 W. 190th St.; 2180-2182 Amsterdam; 283-285 Audubon Ave.; and 70-72 Pinehurst. Robert Knakal, Rob Shapiro and Shimon Shkury of Massey Knakal Realty Services represented both parties in the transaction. The seller was Richard Wasserman, Esq., acting as trustee for the U.S. Bankruptcy Court; the buyer was undisclosed.
LANCASTER, PA. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Quail Run Apartments, a 136-unit multifamily community located in Lancaster, for $7.7 million. Robert Holland of Kislak represented the seller, The Apartment Gallery, as well as the buyer, The Solomon Organization. This marks the third time that Holland has sold the property. It was 98 percent occupied at the time of closing. The new owner plans to install separate utility meters for each unit. Union Center Bank provided acquisition financing for the property.
