Thursday , 29 September 2016
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Apartment News Briefs from Realty News Report

HOUSTON – Marcus & Millichap has announced the sale of Walnut Hill, a 165-unit apartment complex in Houston. The property at 1515 Blalock Road had a list price of $7.5 million, said David H. Luther, first vice president/regional manager of the firm’s Houston office.

Jeffrey Fript of Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

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JLL CLOSES $57M SALE OF 279-UNIT HIGH-RISE OUTSIDE D.C.

 FALLS CHURCH, Va. — On behalf of Washington REIT, JLL Capital Markets has closed the $57 million sale of Munson Hill Towers, a 279-unit multifamily property in the Washington, D.C. suburb of Falls Church, Va., to Akelius US, LLC. The property is a high-rise complex located along Leesburg Pike.

Managing Director Christine Espenshade and Senior Vice President Robert Garrish led the JLL team on the transaction.

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ATLANTA FIRM BUYS 246-UNIT COMPLEX IN PORT ARTHUR, TEXAS

PORT ARTHUR, Texas — Preferred Apartment Communities, Inc., has purchased Stone Creek Apartments, a 246-unit multifamily community in Port Arthur, Texas

“The Stone Creek acquisition marks our first transaction under the Main Street Apartment Homes strategy we recently announced,” said John A. Isakson, PAC’s chief capital officer and CEO of the newly formed Main Street Apartment Homes subsidiary.

Stone Creek offers one- and two-bedroom rentals in the garden-style community built in 2009.

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SOUTH FLORIDA INVESTOR PAYS $4.1M FOR APARTMENTS NEAR ORLANDO

SANFORD, Fla. – Marcus & Millichap has announced the sale of Tropicana Apartments, a 120-unit property in Sanford, Fla. Richard D. Matricaria, regional manager of the firm’s Tampa office, said the complex sold for $4.1 million.

Nicholas Meoli and Michael Donaldson, both vice presidents of investments in M&M’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Orlando-based private investor.  The pair also secured and represented the buyer, a private investor from South Florida.

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GREYSTONE HELPS CLOSE SALE OF VIRGINIA BEACH SENIORS COMMUNITY

NEW YORK – The Greystone Real Estate Advisors group assisted in closing the sale of the Pacifica Senior Living property in Virginia Beach, Va., for $38 million. Capital Senior Living purchased the housing development for the elderly from a private seniors housing owner.

Mike Garbers, a managing director of Greystone Real Estate Advisors, led the sale. The advisors partnered with Greystone’s Debt and Structured Finance Team to execute the transaction with Capital Senior Living.

Greystone is a real estate lending, investment and advisory firm based in New York City. The firm provides services in sales and acquisitions of senior housing properties, including independent living, assisted living, memory care and skilled nursing.

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HFF ARRANGES SALE OF BETHESDA, MD., SITE FOR LUXURY HIGH-RISE

BETHESDA, Md. — Holliday Fenoglio Fowler has arranged the sale of a 22,884-square-foot parcel at 4990 Fairmont Ave. in downtown Bethesda, Md., for a 17-story residential tower made up of a four-level, above-grade parking garage and 2,500 square feet of ground floor retail.

The sale was made on behalf of Starr Capital, LLC.  Duball Fairmont, LLC, an affiliate of Duball, LLC, was the acquiring party.

Founded in 2003, Starr Capital LLC, is a real estate investment and development company focused on multifamily, retail and hospitality uses in the greater Washington, D.C., region. Duball, founded in 2004, is also a real estate developer in the Washington, D.C., area with more than 1.8 million square feet currently being developed.

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HFF CLOSES SALE OF WATERFRONT MULTIFAMILY UNITS IN YONKERS

 YONKERS, N.Y.Holliday Fenoglio Fowler, LP, has closed the sale of Hudson Park, a multifamily housing community situated beside the Hudson River in downtown Yonkers, N.Y.

HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises, LLC, and Berkshire Group.  Strategic Capital was the purchaser.

Hudson Park consists of three components: Hudson Park South, with 266 luxury apartments and 15,500 square feet of office and retail; Hudson Park North, with 294 deluxe apartments and a free-standing parking garage, and the Hudson Park River Club, a 23-story, 213-unit apartment building now under construction. Groundbreaking took place in September, with an expected completion date of mid-2017.

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn and associate directors Steve Simonelli and Michael Oliver.

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ROXBOROUGH FUND, CONTINENTAL REALTY COMBINE TO BUY NEVADA APARTMENTS 

HENDERSON, Nev. — Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, LLC, partnered with Continental Realty Advisors, Ltd., a Denver-based multifamily investment and management firm, to complete the acquisition of Turtle Creek Apartments, a 400-unit complex in the Las Vegas suburb of Henderson, Nev.  Terms of the deal remain undisclosed.

The Roxborough Group is a private real estate investment firm founded in 2013 and headquartered in San Francisco.

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