NEW YORK CITY — Two unnamed private investors have traded a 97-unit property in Bronx, New York, for $7.5 million. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Built in 1929, the six-story elevator building totals 90,000 square feet and is located at 1154 Ward Ave. in the Soundview neighborhood of the Bronx.
COLUMBUS, OHIO — Abide Capital Group and MCB Real Estate have acquired Harlow on Main, a 120-unit asset in Columbus for $16.5 million. WesBanco provided acquisition financing. Newmark arranged the transaction, representing the undisclosed seller. The project was developed in 2020 by Homestead Cos. The asset was approximately 86 percent leased at the time of the sale. Harlow on Main includes 7,000 square feet of ground-floor retail.
HOUSTON — Fairstead has closed on a $20 million financing package to acquire and renovate Sunflower Terrace, an affordable housing property in Houston. The Houston Housing Finance Corp. (HHFC) also has an ownership stake. R4 Capital was the mortgage lender. Fairstead will lead redevelopment efforts and will serve as the property manager. Sunflower Terrace consists of 160 units under a project-based Section 8 contract. Homes are reserved for low- and very low-income families, with rents capped at 50 percent of area median income (AMI) for half the units and at …
MILWAUKEE — Midloch Investment Partners has acquired The Malt House in Milwaukee in a joint venture with Hempel Real Estate for $19.2 million. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield in Chicago arranged the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential, based in Milwaukee, will manage and lease The Malt House. The seller was not disclosed by Midloch, but media reports indicate Whitestone Capital was the previous owner. Originally constructed in 1882 for the Pabst Brewing Co., The Malt …
CLIFTON PARK, N.Y. — Eastham Capital and Merion Realty Partners have acquired two assets, Foxrun and North Pointe, in Clifton Park, which is 20 miles north of Albany. The sales price was not disclosed. Florida-based Eastham Capital has a majority ownership through its Eastham Capital Fund VI. Pennsylvania-based Merion Realty, a co-investor, will oversee day-to-day property management at both properties. The new owners are planning a value-add approach with such upgrades as new roofs, parking lots, mechanical systems, landscaping, siding, amenity updates, new interiors and general site improvements. Combined, the …
BRADENTON, FLA. — Zilber Residential Group, a Milwaukee-based developer, owner and property manager founded in 1949, has sold Vida Lakewood Ranch in Bradenton to an undisclosed investor for $92 million. Berkadia Senior Managing Director Matt Mitchell and Director Chris Burtner represented Zilber, which developed the asset, in the deal. The two-story, garden-style Vida is located in Lakewood Ranch, a master-planned community that spans 50 square miles in Manatee and Sarasota counties. The property is comprised of one- and two-bedroom units. Amenities include a fitness center, shaded game lawn and grilling …
HILTON HEAD ISLAND, S.C. — Berkadia has arranged the sale of Cottages at Alex Patterson Place, a build-to-rent (BTR) property in Hilton Head. Berkadia represented the seller, a partnership between Putnam Atlantic Properties and Verde Capital, in the deal, which closed on June 25. The buyer was Florida-based Sakim Realty Holdings. The Cottages at Alex Patterson comes “permit-ready” for a second phase that could include the development of six additional cottages, according to Berkadia.
TACOMA, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Sienna and Sienna Park, two adjacent properties with a total of 248 units just outside Tacoma. Interstate Equities Corp. acquired the assets for $43 million. Built in 1986 and 1988, the two Siennas create a value-add investment opportunity for Interstate Equities, according to Ryan Harmon, part of IPA’s team, which also included Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino. IPA represented the seller, Goodman Real Estate, in the transaction. Sienna is an 80-unit asset with eight …
PARKER, COLO. — Bell Partners has acquired Montane Apartments in Parker, about 25 miles southeast of Denver. The property was acquired with a fund earmarked for value-add acquisitions. Bell Partners is planning unit upgrades. Neither the seller nor the sales price was disclosed. According to the Colorado Real Estate Journal, the asset was sold in 2019 for $120 million and was developed a year earlier by Alliance Residential. Montane Apartments has been renamed Bell Parker Ranch. The 400-unit, garden-style community is comprised of one-, two- and three-bedroom floor plans. Amenities …
CHICAGO — Greenstone Partners has arranged the sale of 693 North Peoria St., a nine-unit property located in the River West neighborhood of Chicago. The property sold for approximately $4.3 million. Senior Director Jordan Multack represented the undisclosed seller and sourced a local 1031 exchange buyer. Units have washers, dryers and balconies.
