SANDY SPRINGS AND DECATUR, GA. — Atlanta-based Apartment Realty Advisors recently represented the Centerville, Ohio-based Connor Group in two multifamily sales totaling $47 million. The 29.89-acre, 270-unit Glen Lake complex, located at 6901 Glenlake Pkwy. in Sandy Springs, has sold to West Palm Beach, Fla.-based Ceebraid-Signal Corp. Atlanta-based A. Porter Lummus bought the 4.13-acre, 120-unit Orleans at Decatur, located at 2676 Milscott Dr. in Decatur. The two properties are 92 percent and 98 percent occupied, respectively.
ST. LOUIS — Hendricks & Partners has brokered the sale of the Oak Park Village apartment community located at 11185 Sierra Vista Parkway in St. Louis. The 758-unit property was acquired by Oak Park Partners LLC of St. Louis for an undisclosed amount. Sierra Vista LLC of Bingham Farms, Mich., sold the facility. Ken Aston of the St. Louis office of Hendricks & Partners negotiated the transaction.
NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associated has completed the acquisition of an eight-building multifamily portfolio in Newark for $14 million. The properties comprise 256 rental units, and cover a full city block between 624 and 784 Martin Luther King Blvd. David Oropeza and David Jurvis of Gebroe-Hammer represented the buyer, TreeTop Development. Meridian Capital Group arranged the acquisition financing through NY Community Bank and Signature Bank. The seller was undisclosed.
IRVING, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sale of Montego Bay Apartments, a 61-unit multifamily community located in Irving. The community is situated on 2.3 acres, and was fully occupied at the time of closing. Average rents for the community are $559 per month. Brian O’Boyle, Sr.; Brian O’Boyle, Jr.; Chris Epp; Jordan Cortez; and Brian Murphy of ARA’s Dallas office negotiated the transaction on behalf of the seller, Texas-based Montego Management II. The property was acquired by an undisclosed, Denver-based investor.
BIRMINGHAM, ALA. — Needham, Mass.-based Potomac Realty Capital recently arranged a $31 million, 7-year loan for a 507-unit apartment complex in Birmingham. The loan, converted from an acquisition bridge loan, is structured as a Freddie Mac first mortgage.
NEW YORK CITY — Eastern Consolidated has arranged the sale of two apartment buildings located on the Upper West Side of Manhattan, New York City, for $61 million. Located at 201 W. 92nd St. and 200 W. 93rd St., the buildings contain 134 rental apartments and 11 retail stores that total more than 10,000 square feet of space. The property encompasses an entire block of Amsterdam Avenue frontage between 92nd and 93rd streets. The Manhattan-based buyer plans to upgrade and re-tenant the vacant apartments, and lease the eight vacant stores in the buildings. George Moss, Deborah Gutoff and Paul Nigido of Eastern Consolidated represented the seller, a partnership involving Kent Swig of Swig Equities. Brian Ezratty, also of Eastern Consolidated, procured the buyer and negotiated the acquisition financing in a separate transaction with iStar Financial.
NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin has brokered the sale of a 42,000-square-foot development site located along North 3rd Street in the Williamsburg neighborhood of Brooklyn for $22 million. The property consists of a block-long vacant parcel that encompasses the addresses 201 Berry St. to 248 Bedford Ave. The buyer, Henry Wollman of Quadriad Realty Partners, plans to develop the site into approximately 82,000 square feet of residential space with underground parking and a retail component. Joe Nicholas of Kalmon Dolgin represented Wollman, as well as the seller, Wydra Enterprises, in the transaction.
EL PASO, TEXAS — Hendricks & Partners (H&P) has brokered the sale of two El Paso apartment communities. The first is Ryan’s Mill, a 248-unit property located at 601 South Mesa Hills. The second is Spring Park Apartments, a 180-unit property located at 9535 Acer. Centennial, Colo.-based Ryan’s Mill LLP sold Ryan’s Mill, and Centennial-based Spring Park LLP sold Spring Park. Both properties were acquired by San Francisco-based Hamilton Zanze & Co. The transaction was negotiated by Winston Black of H&P’s Colorado Springs, Colo., office; the listing broker was William Doogan of Interurban Cos.
LA CRESCENTA, CALIF. — Emmanuel Ndu of Marcus & Millichap’s Encino, Calif., office represented Larry Rubenstein in the acquisition of Mountain View Townhomes, an 18-unit multifamily property in La Crescenta. Myron Lieberman and Arlene Lieberman sold the property for $3.9 million. Earle Hyman, also of Marcus & Millichap, represented the sellers in the transaction.
MIAMI — Construction will begin by the end of this year on the more than 60,000-square-foot Kallisto, Boston-based Congress Group’s luxury multifamily development located at 120 Ocean Dr. in Miami’s South Beach. Plans call for eight single-floor residences and two penthouses, which range in cost from $4.9 to $13.5 million. Condos are designed with floor-to-ceiling windows and personal exercise rooms, and the property includes a pool, sauna and bar. Delivery is expected in the fourth quarter of 2010.