OCEAN CITY, MD. — The Buccini/Pollin Group has opened Rivendell Condominiums, a $60 million, 300,000-square-foot luxury multifamily complex in Ocean City, located on Assawoman Bay between 80th and 81st streets. The community features 88 units, and amenities include an ocean-view courtyard, fitness center and indoor and outdoor pools. Construction began in April 2006 and completed last month.
AUSTIN, TEXAS — Transwestern-Austin has brokered the sale of the Savannah Apartments, a 290-unit complex in Austin. The community is located at the corner of Hart Lane and Far West Boulevard, a few blocks west of North MoPac Expressway. Jeff Rogers and Chris Stutzman of Transwestern-Austin’s Central Texas multifamily group represented the seller, Falcon Southwest. Atlanta-based Lane Strategic Investment, a subsidiary of The Lane Company, purchased the property for an undisclosed price.
SAN DIEGO — San Mateo, Calif.-based G.W. Williams Co. has acquired Montecito Point, a 72-unit apartment community located at 4179 Third Ave. in San Diego. San Diego-based Hillcrest Montecito sold the property for $17.5 million. Built in 1987, the property offers one- and two-bedroom floor plans, a spa, a barbecue, gated/controlled access, underground parking with elevator service and laundry facilities. Steve Huffman of Hendricks & Partners represented both parties in the transaction.
DALY CITY, CALIF. — Walnut Creek, Calif.-based Diablo Wealth Management has purchased Chateau El Camino, an 85-unit apartment community located in Daly City, for $11.8 million. Constructed in 1965, the property features studio, one- and two-bedroom units, a central courtyard and secured parking. David Silver, Nathan Blair and Ken Meislin of Arroyo & Coates represented the undisclosed seller in the transaction; the buyer was self-represented.
DENVER — Newport Beach, Calif.-based WLA Nevada Inc. has purchased Zuni Square, a 131-unit apartment complex located at 2340 W. 76th Ave. in Denver. Zuni Square Partnership sold the property, which was built in 1984, for $7.6 million. Garrette Matlock of Marcus & Millichap listed and sold the property on behalf of the seller.
ARLINGTON AND ROSSLYN, VA. —Donohoe Construction worked as the general contractor on two multifamily projects recently completed in the Washington, D.C. area. In Arlington, Houston-based Camden developed Camden Potomac Yard, a $66 million, 396,000-square-foot apartment building. The project is comprised of 378 units and 12 stories, with an additional 190,400-square-foot parking garage. Amenities include a rooftop pool and spa with adjoining party room and theatre, a fitness room, a public conference room and an internet café. Washington, D.C.-based WDG Architecture was the project architect. Construction began in April 2005 and completed this March. In Rosslyn, Rockville, Md.-based Washington Real Estate Investment Trust developed Bennett Park Apartments, a $64 million, two-building complex. The high-rise building is located at 1601 Clarendon Blvd. and features 224,000 square feet, 15 stories, 178 units and an 110,700-square-foot parking garage. The mid-rise building is located at 1600 Wilson Blvd. and features 62,900 square feet, 9 stories, 46 units and a 29,500-square-foot parking garage. Shared amenities include a fitness room, club/community room and a billiards room. Additionally, the mid-rise features 5,000 square feet of ground-floor retail. Bethesda, Md.-based Architects Collaborative was the project architect. Construction began in August 2004 and completed this March.
NEW ORLEANS — Bill Matone of NorthMarq Capital’s Charlotte, N.C., office has negotiated a $13 million loan for the 400-unit Wind Run Apartments in New Orleans. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its relationship with Freddie Mac.
NEW YORK CITY — Marcus & Millichap has completed the $2.1 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 9 St. Marks Ave., the facility was sold as part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien and Matthew Rosenzweig of Marcus & Millichap represented the undisclosed seller, and Fotis procured the undisclosed buyer in the transaction.
DALLAS — Los Angeles-based Post Investment Group has directed the acquisition of a two-property, 952-unit multifamily portfolio in Dallas. The garden-style, Class B properties were acquired on behalf of one of Post’s institutional investors, Lagovent Real Estate Group. The portfolio includes the 440-unit Wimberley Park and the 512-unit Camelot Village. First mortgage financing was arranged by Wachovia’s Fannie Mae DUS.
NEW YORK CITY — Savanna is currently converting the 1897 Merchant Bank Building at Fifth Avenue and W. 21st St. in Manhattan, New York City, into luxury condominiums. Known as 141 Fifth Avenue, the 14-story building will feature 38 loft condominiums and four penthouse units. The conversion and interior design of the landmark building is being completed by Cetra/Ruddy, and CORE Group Marketing is handling the sales of the facilities, which are more than 85 percent sold. Occupancy is slated for late 2008.
