NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 331 E. 89th St. in Manhattan’s Upper East Side. ACNY Developers Inc. acquired the property from E-Wei Tao for $7.3 million, or $862 per square foot. The five-story, 8,500-square-foot building features 11 residential units divided into eight free-market and two rent-stabilized units and one rent-controlled unit. The property also features approximately 1,567 square feet of remaining development rights. Thomas Gammino and Brett Weisblum of Cushman & Wakefield brokered the transaction.
EUGENE, ORE. — Park Place Eugene LLC has purchased the 24-unit Park Place Apartments in Eugene for $4.2 million. The community is located at 877 E. Park St. It is situated less than two miles from the University of Oregon campus.
NORWALK, CONN. — Marcus & Millichap has brokered the sale of Affordable Self Storage, a self-storage facility located at 162 Bouton St. in Norwalk. The 77,760 net-rentable-square-foot facility sold for $19 million, or $242 per square foot. Situated on 3.9 acres and built in 1989, the property features 879 units, 477 of which are climate controlled. The units range in size from 25 square feet to 500 square feet, and on-site amenities include drive-up access to ground-level units, individual door alarms, complete fire protection and easy-to-use lifts. Brett Hatcher, Joseph Holloway and J.D. Parker of Marcus & Millichap represented the seller, Paul Hertz and John Hertz, and procured the undisclosed buyer in the transaction.
NEW YORK CITY — Castellan Real Estate Partners has completed the disposition of a multifamily building located at 511 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. The five-story asset sold for $8.5 million, or $320 per square foot. The 26,630-square-foot building features 31 apartment units with an average size of 730 square feet. Robert Shapiro, Clint Olsen and Josh Lipton of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not disclosed.
FAIRFIELD, N.J. — The Stro Companies has acquired an industrial property, located at 161 Dwight Place in Fairfield, from an international owner/user for $3 million. The 35,000-square-foot facility features a 13,000-square-foot unit, a 22,000-square-foot unit, cross loading, abundant parking and 23-foot ceiling heights. The facility was vacant at the time of acquisition.
CLIFFSIDE PARK, N.J. — CBRE has brokered the sale of a mixed-use property located at 672-678 Anderson Ave. in Cliffside. The asset sold for $1.3 million. The 8,400-square-foot building features four street-level retail spaces and four multifamily units on the second story. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
RICHARDSON, TEXAS — ARA Newmark has brokered the sale of Jefferson Center, a new 360-unit, Class A apartment community in the Dallas suburb of Richardson. The property was 94 percent occupied at the time of sale. ARA Newmark’s Richard Furr, Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. represented seller, JPI, in the transaction. California-based buyer Frankel Family Trust plans to rename the community Estates of Richardson. The Frankel Family Trust is adding a lighted tennis court and community building that will contain an indoor basketball court, racquetball court, fitness areas and table tennis. Constructed in 2015 by JPI, Jefferson Center fronts the George Bush Turnpike/Highway 190 and features a swimming pool with water features, two playgrounds, a jogging path, bocce ball court, horseshoe pit, sand volleyball court, dog park and an outdoor theater. Units average 943 square feet and feature one-, two- and three-bedroom options.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of AMLI 7th Street Station, a 189-unit apartment community in Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller, AMLI Residential Properties, and procured the buyer, Fort Worth-based Olympus Property. AMLI 7th St. Station is located at 2601 W. 7th St. AMLI 7th Street apartments feature nine-foot ceilings with crown molding and full-size washer and dryer connections. Select units feature Travertine wood-burning fireplaces with mantels. Community amenities at AMLI 7th Street include a one-acre dog park, pool and heated spa, media center and garden-style courtyards.
MARIETTA, GA. — NXT Capital has provided a $44.8 million acquisition loan for Lincoln Hills Apartments, a 680-unit, Class B apartment complex in Marietta, a northern suburb of Atlanta. The garden-style community is located near Cumberland Mall, Cobb Galleria Centre and SunTrust Park, the Atlanta Braves’ ballpark set to open in April 2017. The unnamed borrower plans to construct a 3,000-square-foot clubhouse at the property and renovate the leasing center and swimming pools. Robert Kadoori and Robert LaChapelle of CBRE’s Atlanta office arranged the loan.
UNION CITY AND FAIRBURN, GA. — The RADCO Cos. has sold two Class B apartment communities totaling 392 units for a combined $23.4 million. An Atlanta-based investment firm purchased both assets from RADCO in a deal brokered by Berkadia. RADCO has owned the 260-unit Ashford Oaks in Union City since December 2011 and the 132-unit Ashford Town & Country in Fairburn since November 2012. They were among the first properties RADCO acquired after implementing its value-added strategy in 2011. RADCO invested in property improvements and enhancements at the properties, including building exterior renovations, windows, roofs, extensive lighting upgrades, security enhancements and life safety measures. Interior unit upgrades and community amenity additions were also made. Occupancy exceeded 95 percent at both properties at the time of sale. Since April 2015, the properties have been managed by RADCO Residential, the property management branch of RADCO.