MONTCLAIR, CALIF. — Hendricks & Partners (H&P) has brokered the sale of Cambridge Park, a 165-unit apartment community located at 9200 Monte Vista Ave. in Montclair, for $29.25 million. Situated on 8.24 acres, the townhouse-style community comprises 22 two-story buildings in a mix of two- and three-bedroom units. Residences average 1,096 square feet, and some include direct access, two-car garages. Joe Leon of the H&P’s Newport Beach office and Paul Runkle the firm’s Inland Empire office represented the seller, San Mateo, Calif.-based Montclair 8-B C/O Acacia Capita Corp. The property was acquired by Beverly Hills, Calif.-based K-W Properties, Inc. C/O Kennedy Wilson.
DUBLIN, OHIO — Marcus & Millichap has brokered the sale of Sawmill Ridge, a 192-unit multifamily community located at 6564 Millridge Circle in Dublin. An undisclosed buyer has acquired the facility for $11.95 million. The 144,480-square-foot community consists of 12 two-story buildings situated on approximately 15.3 acres. Sawmill Ridge houses a mix of one- and two-bedroom units. Derek Kinnear in Marcus & Millichap’s Cincinnati office, as well as William Klopfer and Adam Schlosser in the firm’s Columbus, Ohio, office, represented the seller in the transaction. The buyer was represented in the transaction by Matthew Brown of Marcus & Millichap’s Columbus, Ohio office.
MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services is building the 30,430-square-foot Fox Meadows supportive living facility, which will be located on South Marshall Avenue in McLeansboro. The $4 million facility will include 41 studio and one-bedroom apartments for adults aged 65 and older. With a central full-service kitchen and dining room at the property, each individual unit features a kitchenette. The building, which is slated for completion in November, was designed by Sugar Grove, Ill.-based Gleason Architects. Upon completion, Blair Minton and Associates Inc. will manage Fox Meadows.
JERSEY CITY, N.J., AND NEW CASTLE, DEL. — KeyBank Real Estate Capital has arranged two multifamily loans totaling $47.6 million. The first loan totals $33.8 million and will finance the pre-stabilization of Cliffs at Jersey City, a Class A, mid-rise property located in Jersey City, The loan carries a 5-year term with interest-only payments. The borrower is Brass Works Urban Renewal Co., and the lender is Fannie Mae. The second loan totals $13.8 million and will be used primarily to finance the acquisition of Hampton Walk, a Class B, garden-style property located in New Castle. Loan proceeds will also be used to renovate the units, as well as finance the purchase of an additional property in the area. The borrower is KGL Holdings Hampton Walk LLC, and the lender is Fannie Mae. Terms of the financing were not disclosed.
AUSTIN, TEXAS — A partnership between Chicago-based Strategic Capital Partners and Austin-based Belco Equities has acquired Hampton Apartments, a 308-unit, distressed multifamily property located at the interchange of Interstate 35 and Wells Branch Parkway in Austin. The property was damaged by fire in 2006, and will be rebuilt and re-tenanted by the joint venture. The seller and the acquisition price were not disclosed.
BOULDER, COLO. — Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap have brokered the $22.85 million sale of Uptown Broadway, a 116-unit apartment community in Boulder. Located at 4590 13th St., the 100,940-square-foot property consists of 10 three-story buildings with 15 unique floorplans, including one- and two-bedroom flats, townhomes and lofts. The buyer and seller were not disclosed.
EL CAJON, CALIF. — Timothy C. Buege and Rocio del Pilar Buege, on behalf of the Buege Family Trust of El Cajon, has acquired Casa Miguel for $3.22 million. Located at 570 S. Mollison Ave. in El Cajon, the property offers 28 units. The seller was Li Tang and Zhi Gao, trustees of the Tang/Gao Family Trust dated 10/27/2005, Song Ma and Fong Xu of San Jose, Calif. Steve Huffman of Hendricks & partners’ San Diego office represented the buyer; Rod Taylor represented the seller in the transaction.
ATLANTA — The Atlanta-based firms Regent Partners and Urban Realty Partners have completed vertical construction on their 219-unit The Brookwood condominiums, located at 1829 Peachtree Rd. in Atlanta. The property, which will be finished next year, is being constructed to LEED standards and features 1 acre of green space, an array of sidewalks and underground power lines. Sustainable construction practices included recycling 86 percent of the construction debris and installing a cistern to capture water for irrigation. The development will also include a pool, gazebo, clubhouse, gardens and an outdoor summer kitchen. Two and three-bedroom floor plans range in size from 1,200 to 2,900 square feet.
NEW YORK CITY — Construction is advancing for L haus, an 11-story residential condominium tower located in the Long Island City neighborhood of Queens, New York City. Upon completion in early 2009, the project will comprise 122 one-, two- and three-bedroom units ranging in size from 675 to 1,800 square feet. Additionally, two-bedroom convertibles, and two- and three bedroom duplexes and penthouses will be available. Prices range from $500,000 to more than $1.5 million, and residents benefit from a 15-year, 421-A tax abatement. Community amenities include 10,000 square feet of outdoor space with a lawn, a water feature, tables and a grill; a rooftop terrace; a common room with a catering kitchen; a fitness center and yoga room; and a media room with a big-screen TV and seating for 16. Prudential Douglas Elliman is the marketing and sales agent. The project is being developed by The Stahl Organization.
HOUSTON — Chicago-based Adams LaSalle Realty has acquired The Lodge at Baybrook Apartments, a 322-unit, Class A multifamily property located in the Clear Lake submarket of Houston. Situated on 13.7 acres of land, the community comprises 12 two- and three-story buildings. Amenities include a clubhouse, a swimming pool and spa, a fitness center, a surround sound theater, and a game room with billiards tables, televisions and bar seating. The property was acquired by the multifamily arm of Adams LaSalle from MBS-Baybrook, Ltd. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller. The acquisition price was not disclosed.