NEW YORK CITY — Eastern Consolidated has completed the $16.5 million sale of two contiguous loft apartment buildings located in the financial district in Downtown Manhattan, New York City. Located at 21-23 Peck Slip and 257-261 Water St., the properties contain seven studios, 10 one-bedroom units and the two-bedroom units. The apartments have the potential for conversion to condominium units. Brian Ezratty and Martin Ezratty of Eastern Consolidated represented the seller, Peck Slip Associates, and Charles Castelli represented the undisclosed buyer, an Italian real estate company, in the transaction.
Multifamily
HOUSTON — Meridian Capital Group, a multifamily and commercial real estate mortgage brokerage, has arranged $6.4 million in financing for the SunBlossom Cottages on behalf of the borrower, Stone Mountain Properties. The property, which is located at 10300 Harwin Dr. in Houston, is a two-story, garden-style apartment complex with 253 units. Abe Schonfeld of Meridian Capital Group’s New Jersey office negotiated the 5.5 percent rate over a 10-year term on behalf of the borrower.
NEWPORT NEWS, VA. — An affiliate of Norfolk, Va.-based Harbor Group has acquired Waterman’s Crossing Apartments, a 260-unit complex in Newport News, from Waterman’s Associates, Waterman’s Gardens and Orchard Court Waterman’s LLC for $29.7 million. The apartment community consists of one-, two- and three-bedroom units, and amenities include a swimming pool, tennis and volleyball courts and a fitness center. Andrew Boyer of CB Richard Ellis’ McLean, Va. office and Dan Johnson of its Norfolk office were the sole brokers.
ORLANDO, FLA. — Atlanta-based Williams Asset Management has purchased the Copper Terrace Apartments, a 300-unit luxury garden apartment community in Orlando, for $25 million. The community is situated on 18 acres alongside Kirkman Rd. Kevin Judd and Dan Gasti of Apartment Realty Advisors’ Boca Raton office represented the seller.
ATLANTA, AUSTELL AND DECATUR, GA. — New York-based GEI Capital Resources has acquired three multifamily properties, totaling 994 units, in Georgia from New York-based Sterling American Property. The properties include Park at Bouldercrest, a 438-unit apartment complex located at 26 Bouldercrest Ln. SE in Atlanta; West Chase, a 288-unit complex located at 7200 Six Flags Pkwy. in Austell; and Park on Candler, a 268-unit complex located at 2571 Candler Rd. in Decatur. Sterling was represented in-house by Mel Mayers.
FEDERAL WAY, WASH. — Beverly Hills, Calif.-based FSC Realty LLC has purchased Pheasant Run, a 308-unit apartment community located at 27314 24th Place in Federal Way, for $30.4 million or approximately $99,000 per unit. Built in 1985, the property originally offered 368 units, but the seller, San Diego-based Pacifica Companies, completed successful condominium conversion of 60 units located on the northern section of the property. Kenny Dudunakis of Hendricks & Partners’ Seattle office brokered the transaction.
BEAVERTON, ORE. — GE Real Estate has made equity investments totaling $15.6 million in a joint venture with Guardian Management Acquires to acquire and renovate two apartment communities in Beaverton. The company invested $7.6 million in Westbury, formerly known as San Remo Apartments. Built in 1991, the property offers 260 garden-style units. GE Real Estate also invested $8 million in Wyndam Park, formerly Preston’s Crossing Apartments. The 228-unit property consists of 12 two- and three-story buildings on 15 acres.
LOMBARD AND CHICAGO, ILL. — The Mixed-Use|Residential Group of Palos Hills, Ill.-based Skender Construction has broken ground for two Chicagoland projects. In Lombard, the firm has begun construction for Sunrise of Lombard, a senior living facility comprising two four-story facilities totaling more than 165,000 square feet. The campus will contain 140 assisted and independent living units, as well as a commercial kitchen and below-grade parking that will connect the two buildings. The project, which is being developed by Sunrise Senior Living, is scheduled for completion in March 2009. BeeryRio is providing design services. In Chicago’s Lincoln Park neighborhood, Skender is building an approximately 48,500-square-foot mixed-use development, comprising first-floor retail space, 18 luxury condominium units and underground parking. The project, which is expected to receive LEED certification, broke ground in December, and is expected to be complete in the fall. It is being developed by Terra Firma Co., with Worn Jerabek Architects serving as project architect.
BOYNTON BEACH, FLA. — Tal Frydman of Marcus & Millichap’s Fort Lauderdale, Fla. office has represented Barbara Bodzo in the $4.2 million sale of High Ridge Apartments in Boynton Beach. 2861 South Seacrest Blvd LLC purchased the 64-unit, 8-building property.
BRYAN, TEXAS — GE Real Estate has provided $29.84 million in financing for the purchase of Reveille Ranch Apartments, a student housing complex located at 3645 Wellborn Rd. in Bryan. Jamespoint Management Co. purchased the property, which is located 1 mile north of Texas A&M University. The seller was undisclosed. The garden-style apartment community has 372 units housed in 21 three-story buildings on 25 acres. Jay Wagley and Matt Mattox of CBRE | Melody were the mortgage bankers in the transaction.