NEW YORK CITY — Jones Lang LaSalle (JLL) has completed the sale of The Wimbledon, a 230-unit apartment tower located at 200 E. 82nd St. on the Upper East Side of Manhattan, New York City, for $150.35 million. Located near Central Park, the 28-story building contains 6,203 square feet of ground-floor retail space, which is fully occupied by Citibank. The transaction was handled by Jubeen Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville of JLL. JP Morgan Investment Management purchased the building from P&H Associates.
MOUNTAIN VIEW AND CAMPBELL, CALIF. — Craig Chiappone and Mike Colhoun of Arroyo & Coates represented the Larkspur Woods LLC and San Marino II LP in the disposition of a two-property, 60-unit multifamily portfolio for $11.9 million. A private individual acquired the two properties, Carmel Court Apartments in Campbell and Larkspur Woods Apartments in Mountain View, as part of a 1031 exchange. Ryan Wagner, also of Arroyo & Coates, represented the buyer in the transactions.
COLORADO SPRINGS, COLO. — NBS Real Estate Capital has closed a $5 million preferred-equity investment in the entity purchasing the Sagebrook Apartments, a 314-unit multifamily complex in Colorado Springs. Located within the Briargate master-planned community, the property was constructed in 2001. Along with a senior mortgage from Freddie Mac and equity from a fund sponsored by the Griffis Group of Denver, the preferred equity will be used for the acquisition and renovation of the property. NBS Real Estate Capital, on behalf of Morrison Street series of funds, invests in direct value-added equity transactions and secondary financings including mezzanine debt, bridge loans and preferred equity.
MILWAUKEE — Milwaukee-based developer Wangard Partners has broken ground on the 1824 East Park Place apartments located 4 blocks south of the University of Wisconsin-Milwaukee. The four-story community, which is slated for completion in July 2009, includes 51 three-bedroom units and 10 two-bedroom units. Amenities at the facility include one underground level of heated and secured parking, fully furnished rental units, and a workout room. Plunkett Raysich Architects designed the facility; Altius Building Co. is acting as general contractor for the project.
MESQUITE, TEXAS — PNC ARCS has secured $7.37 million in financing for Town Centre Village Apartments, a 188-unit multifamily community located in Mesquite. Situated on more than 8 acres, the property includes a lobby with gathering areas, leasing and management offices, a kitchen, a pool room, a laundry room and an outdoor swimming pool. The loan carries a 7-year term with a 30-year amortization schedule, a 6.05 percent interest rate, and is interest-only for the first 3 years. The loan was originated by the Dallas office of PNC through Fannie Mae. The borrower was undisclosed.
HOUSTON — Alliant Capital has secured a $7.15 million loan for the refinancing of West Brook Apartments in Houston. The 148-unit, garden-style community comprises eight, three-story buildings. Terms of the financing include a 10-year term with a 30-year amortization schedule. The transaction was handled by Alliant’s Tucson, Arizona, office. Both parties were undisclosed.
OAKLAND, CALIF. — Baltimore-based Alex. Brown Realty Inc. (ABR) has partnered with Oakland-based Horizon Management Group to purchase Fiesta Garden Apartments, an apartment complex located in Oakland. The 54-unit community includes 11 two- and three-story buildings clustered around an interior courtyard. The joint venture plans to complete the interior and exterior renovation plan that was initiated by the previous owner. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $2.3 million to the venture. Nathan Prouty of NorthMarq Capital arranged the debt and equity capital for the transaction.
MILWAUKIE, ORE. — Beaverton, Ore.-based SKL Properties LLC has purchased Forest Creek, an apartment community in Milwaukie. Located at 12730 SE McLoughlin Blvd., the 36-unit complex sold for $2.75 million. The seller was Lake Oswego, Ore.-based Shields Family L.L.C. II. Grayson Pounder of Hendricks & Partner’s Portland, Ore., office represented both parties in the transaction.
ST. LOUIS — Developer Blue Urban and architecture and interior design firm Rosemann & Associates have completed the $14 million historic renovation of the G.W. Lofts located at 2615 Washington Ave. in St. Louis. The property, which was constructed using a Miami art deco color scheme, houses 60 rental units within six buildings. The community features 28 two-bedroom and 32 one-bedroom units ranging in size from 877 square feet to 1,241 square feet. HBD Construction served as the general contractor.
ROCKFORD AND SPRINGFIELD, ILL. — The Chicago office of Irvine, Calif.-based Sperry Van Ness has brokered the $10.5 million sale of two multifamily communities in Illinois. An out-of-state investor — in conjunction with two Illinois limited liability companies — has acquired the Briargate Apartments located at 5411 E. State St. in Rockford. The $8.3 million property, which contains 144 two-bedroom apartments, was acquired in a 1031 exchange transaction. Jim Sears, Dennis Arndt and Reid Bennett of Sperry Van Ness represented both parties in the transaction. Additionally, a local investor has acquired the St. Nicholas Apartments located at 400 E. Jefferson St. in Springfield. The community, which was listed for $2.5 million, was converted from a historic hotel into a 90-unit apartment facility with additional commercial space. Sears, Arndt and Jack Fisher of Sperry Van Ness represented both parties in the transaction.