HOUSTON AND CONROE, TEXAS — A joint venture between New York-based Hudson Realty Capital and Triumph Land & Capital Management has acquired two non-performing loans with a balance of $18 million. The loans are secured by two Houston-area multifamily properties that were immediately foreclosed on by the joint venture. The first property is a 288-unit, Class B property located in Houston; the second is a 228-unit property located in the Conroe. The venture plans to renovate and reposition both properties.
PATERSON, N.J. — Marcus & Millichap has completed the sale of a 32-unit multifamily building located in Paterson for $2.24 million. Thomas McConnell and Kevin McCrann of the company’s New Jersey office represented both undisclosed parties in the transaction. The property traded at a cap rate of 7.7 percent and a price of $70,000 per unit.
BOCA RATON, FLA. — Chicago-based Laramar Group has acquired the 4.7-acre, 160-unit Oceanview Apartments in Boca Raton in a foreclosure process brokered by Apartment Realty Advisors’ Boca Raton office. The new owners will rename the property Villa Oceana Apartments and renovate the two mid-rise buildings, which were constructed in 1967. Planned upgrades include new appliances and granite countertops in every unit, an Internet café, upgraded exercise facilities and a business center.
JERSEY CITY, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a five-story apartment building located at 169-171 Manhattan Ave. in the Jersey Heights neighborhood of Jersey City for $1.9 million. Totaling 33 units, the building contains a mix of 26 one-bedroom units, one two-bedroom and one three-bedroom unit, and five studio units. The property was acquired by River Edge Management LLC, which plans to implement a capital improvements program that will elevate its class category. Benjamin Greenstein of Gebroe-Hammer represented the seller, CEJA Realty Corp., and procured the buyer.
WINCHESTER AND SALEM, MASS. — Boston-based Fantini & Gorga has secured $12.9 million in non-recourse, permanent financing for two HUD-insured senior housing facilities. The first is Aberjona Nursing Center, a 123-bed skilled nursing facility located in Winchester. The second is Grosvenor Park Nursing Center, a 123-bed skilled nursing center located in Salem. Fantini & Gorga procured the financing through its correspondent relationship with Boston-based Eastern Mortgage Capital. The borrower was undisclosed.
TENAFLY, N.J. — JMP Holdings has held the grand opening for The Plaza at Tenafly, a 145-unit condominium property located in Tenafly. Situated on 6 acres, the gated community comprises three four-story, elevator-served buildings and a 4,500-square-foot clubhouse. Individual units are sized up to 2,000 square feet. The clubhouse features amenities such as a game room, a café kitchen, a business center, a media room, a fitness center, an on-site concierge and an outdoor heated pool with a sundeck. The project was designed by Radnor, Pa.-based L&M Design.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Tulsa for $52.95 million. The portfolio includes a 512-unit community located at 4414 S. Garnett Rd., a 440-unit community located at 7324 S. Wheeling Ave., a 384-unit community located at 2102 E. 51st St. and a 216-unit community located at 4404 S. 109th East Ave. Gregory Harris and Chadd Davis of Marcus & Millichap’s Encino, Calif., office, along with David Bohanon of the firm’s Oklahoma City office, represented the seller, Macco Properties, and the buyer, Redfern Family Trust. The buyer acquired the portfolio as part of a 1031 exchange at a price of approximately $34,140 per unit.
LOS ANGELES — Buchanan Street Partners has provided $21.6 million of principal in a joint venture with The Kor Group for the acquisition and renovation of the Pegasus apartment tower in downtown Los Angeles. Located at 612 Flower St., the 250,458-square-foot multifamily/retail property offers 322 residential units and 12,500 square feet of retail space. Current retail tenants include Daily Grill, Rosenaur Wu, Downtown Florist and Café Primo. The partnership plans to upgrade the multifamily portion of the property, which was built in 1949 as the corporate headquarters for Mobil Oil and was converted into apartments in 2003.
NEW YORK CITY — Marcus & Millichap has completed the sale of a four-building multifamily portfolio in New York City for $16.65 million. Located in the Fashion Center and Hell’s Kitchen neighborhoods of Manhattan’s West Side, the portfolio totals 72 rental units. The properties include a five-story building located at 529 W. 48th St.; a five-story building located at 534 W. 50th St.; and two adjacent buildings located at 317 and 319 W. 25th St. The final two properties also include 31,941 square feet of air rights. Peter Von Der Ahe and Joe Koicim of Marcus & Millichap’s Manhattan office represented the locally based seller. Von Der Ahe and Said Boukhalfa of the firm’s Brooklyn office represented the Brooklyn-based buyer. The portfolio traded at a price of $231,250 per unit and a capitalization rate of 4.87 percent.
KENEDY, TEXAS — Hendricks & Partners has brokered the sale of Country Village of Kenedy, a 112-unit apartment community located at 369 Freeny Dr. in Kenedy. The Bank of New York Trust Co., acting as trustee, sold the property to Boerne, Texas-based Calton Investments. Mike Miller and Scott Weems of Hendricks & Partners’ San Antonio office negotiated the transaction. The sale price was not disclosed.