SHIPPENSBURG, PA. — Marcus & Millichap has brokered the sale of Bard Townhouses, a 173-unit student housing community located at 100 Bard Dr. in Shippensburg, for $19.38 million. Situated on 32.54 acres across the street from Shippensburg University, the community comprises 23 two-story buildings with a mix of two-, three- and four-bedroom units. It was fully occupied at the time of closing. Brian Kelly of Marcus & Millichap’s Indianapolis office and Spencer Yablon of the firm’s Philadelphia office represented the sellers, Shippensburg Townhouses LLC and Shippensburg Townhouses II LLC, which are managed by Pennsylvania-based James Properties. The pair also represented the buyer, Ventures Shippensburg LP. The property traded at a price of $112,023 per unit.
NEW YORK CITY — New York City-based Walter & Samuels has secured $165 million for the refinancing of 15 Madison Square North, a residential condominium conversion project located at 15 E. 26th St. in the Flatiron District of Manhattan, New York City. A majority of the $165 million construction loan will be used by the borrower, Madison Park Owner LLC, to pay off the property’s existing acquisition and construction loans, which are held by Deutsche Bank. The remaining $31 million will be used to complete the conversion of the four remaining residential floors, as well as additional property amenities. David Berley, Steve Forest and Peter Weiss of Walter & Samuels originated the transaction on behalf of the borrower through Wells Fargo. The 15 Madison Square North project will feature 73 one- to five-bedroom residences. In addition, longstanding New York restaurant San Domenico will relocate to the building in 2009 from its previous location in the city’s Central Park South neighborhood; it will carry the new name SD26.
SEATTLE — Seattle-based Cielo Azule LLC has purchased The Sidney, a 128-unit multifamily community located in downtown Seattle, for $40.75 million or approximately $424 per square foot. The property features apartments with 9-foot ceilings, open floor plans, full-size, stackable washer/dryers, balconies, bay windows, walk-in closets, kitchen pantries and electric fireplaces in select units. The community also offers a clubroom with lounge and kitchen, an indoor spa, a 24-hour fitness center, 146 parking spaces, a car wash area, a recycling center, bicycle storage and 7,976 square feet of retail space. Jeffrey Williams of Moran & Co.’s Pacific Northwest office brokered the transaction. The seller was Wallfour Realty Company Inc.
HYATTSVILLE, MD. — Washington, D.C.-based Federal Capital Partners has acquired the 242-unit Toldeo Plaza from an undisclosed seller through a subsidiary of the firm’s private equity fund for $18 million. The property encompasses 22 three-story buildings on 10 acres near The Mall at Prince George’s in Hyattsville. Federal Capital plans to start an $8.5 million renovation project immediately.
MUSKEGON, MICH. — New York City-based Meridian Capital Group has arranged $2.7 million in financing for the Beverly Hills Apartments located at 415 Mitzi Dr. in Muskegon. The 138-unit apartment community houses 12 three-story buildings. Financing was based on a 10-year term mortgage at a rate of 5.88 percent. David Lesser in the New Jersey office of Meridian Capital Group negotiated on behalf of the borrower, Dodgson Southwell Properties.
WAYNE, PA. — Philadelphia-based Razak Co. has completed Pembroke North, a three-building, 54-unit residential condominium project located in the Philadelphia suburb of Wayne. The community features one-, two- and three-bedroom residences ranging in size from 1,273 to 2,632 square feet. Prices range from $500,000 to more than $1 million. The project has also registered for LEED certification; sustainable features include windows designed to maximize natural light, energy-efficient appliances, sustainable building materials, and geothermal heating and cooling systems. Pembroke North was designed by Philadelphia architect Robert Venturi.
HUMBLE, TEXAS — A joint venture between Dallas-based Seneca Investments and Irvine, Calif.-based Passco Development Cos. has begun development for Stoneleigh on Kenswick, a 318-unit, Class A multifamily community located at 19800 Kenswick Dr. in Humble. Residences will be contained within two- and three-story buildings; community amenities will include a fully equipped clubhouse, a fitness center, a recreation area and a resort-style pool. The community is also located adjacent to a 275-acre nature preserve, which provides hiking, biking, canoeing and other outdoor activities. The joint venture acquired the 15-acre land parcel the community is being built on from The Fred and Mabel R. Parks Foundation in an approximately $2.19 million transaction. McDade, Smith, Gould, Johnston, Mason & Co. represented the partnership in the transaction; the seller was represented by Betz Cos. The construction timetable for Stoneleigh on Kenswick was not released.
SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of Ye Olde Colony Apartments, an 88-unit multifamily community located at 1631 Aquarena Springs Dr. in San Marcos. The property contains 70,126 rentable square feet, and is located less than 1 mile from the campus of Texas State University. Todd Sherrer of Marcus & Millichap’s Austin, Texas, office listed the property on behalf of the undisclosed seller. An out-of-state investor acquired the property for an undisclosed amount; the buyer was represented by Marcus & Millichap’s Kansas City, Missouri, office.
RENO, NEV. — Ryan DeMar, Kenneth Blomsterberg and Dylan Mattole of Marcus & Millichap represented the seller, a North Carolina-based private partnership, in the disposition of Bristle Point, a 224-unit multifamily community in Reno. Located at 2050 Longley Lane, the 213,256-square-foot property sold for $23 million or $102,679 per unit. The property features a mix of one-, two- and three-bedroom units, a swimming pool, a spa, a fitness center, 9-foot and cathedral ceilings, fireplaces and bay windows. Marcus & Millichap also represented the buyer, a private Reno-based owner/operator, in the transaction.
SAN FRANCISCO — Michael Stoneman and Tai Dunson of iCap’s San Francisco office has arranged $3.9 million in financing for the acquisition of a multifamily property, which is located at 240 Cumberland St. in San Francisco’s Liberty Heights neighborhood. The property offers 23 one-bedroom units and seven studio units. The acquisition price of the property was $5.8 million or $193,000 per unit. The loan was priced at a 5.25 percent variable rate on a 12 MTA index using a 1.15x DSC ratio. The borrower and financer were not disclosed.