SIOUX CITY, IOWA — Marcus & Millichap has arranged the sale of Luma Heights Apartments, a 91-unit complex in Sioux City, for $3.2 million. The property is situated at 217 19th Street. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to renovate the units and will rebrand the property as Hill Top Flats.
MCDONOUGH, GA. — CBRE has negotiated $45.9 million in acquisition financing for The Preston, a 334-unit community located at 100 Preston Creek Drive in the southeast Atlanta suburb of McDonough. The borrower, ARC Multifamily, purchased the asset for $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of ARC Multifamily. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. The Preston was built in …
CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale and financing of The Plaza Taos, a 164-unit community in the Phoenix suburb of Chandler. The buyer and seller were not disclosed. The Plaza Taos was built in 2023 on nine acres. Apartments come in one-, two- and three-bedroom floor plans. Amenities include a pool and spa, pet park, indoor dog spa and outdoor kitchen with gas grills.
OCEANSIDE, CALIF. — CBRE has arranged the sale of a 25-unit community located at 2326 Greenbrier Drive in Oceanside, approximately 40 miles north of San Diego. The asset traded hands for $8.6 million in a 1031 exchange. Dan Blackwell, Mike O’Neill and Amanda Fielder of CBRE represented the buyer, a repeat client based in San Diego County, in the transaction. The seller was based in South Orange County. The five-building complex totals 19,278 square feet on a 1.2-acre lot. The property was built in 1980 and remodeled in 2019. The …
NEW YORK CITY — Ariel Property Advisors (Ariel) has brokered the sale of a development site located at 60-14 Beach Channel Drive in the Far Rockaway neighborhood of Queens. According to Ariel, the site can support 74,000 square feet of buildable space and is subject to a 421a tax incentive for adding affordable housing. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the deal. The buyer was also not disclosed.
JERSEY CITY, N.J. — JLL Capital Markets has negotiated the sale of a 1.7-acre development site at 107 Morgan Street in the Waterfront neighborhood of Jersey City. Upon completion, 107 Morgan Street will offer approximately 650 apartments, as well as ground floor retail and amenity space. LCOR Inc. acquired the site from Veris Residential for $54 million. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL Capital Markets represented the seller and procured the buyer in the deal.
CHATHAM, N.J. — JLL Capital Markets has arranged a $103 million loan for the refinancing of The Ivy, a six-story community in the New York City suburb of Chatham. JLL worked on behalf of the borrower, BNE Real Estate Group, to secure the 10-year, fixed-rate loan through The Northwestern Mutual Life Insurance Co. Michael Klein, Thomas Didio and Ryan Carroll led the JLL Capital Markets Debt Advisory team. Completed in 2023, The Ivy offers 245 units in one-, two- and three-bedroom layouts. Units average 1,158 square feet. Amenities include a pool, …
SAN CLEMENTE, CALIF. — CBRE has brokered the sale of two properties in San Clemente for a combined sale price of $5.5 million. Dan Blackwell, Mike O’Neill and Amanda Fielder of CBRE represented the San Diego county-based seller and both buyers in the transactions. In the first deal, a private buyer from San Clemente acquired a six-unit property located at 306 Cazador Lane. Constructed in 1951, the 3,535-square-foot building offers one-bedroom units with private back patio areas. Four units were recently remodeled with new kitchens, bathrooms, flooring and decorative paint. …
CLARKSVILLE, TENN. — Matthews Real Estate Investment Services has negotiated the sale of Victory Place Townhomes, a 194-unit property located at 401 Victory Road in Clarksville, about 54 miles northwest of Nashville. BridgeGaps purchased the asset in a 1031 exchange with the seller, Singletary Construction. The community traded hands for $31 million. Austin Tomaiko and Austin Graham of Matthews represented the seller in the deal. Victory Place Townhomes was developed by Singletary Construction in 2021. The property features amenities such as a pool, fitness center, leasing office and dog parks. …
MORRISTOWN, N.J. — The Hampshire Cos. has sold Max on Morris, an 85-unit community located at 175 Morris Street in Morristown. Built by The Hampshire Cos. in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room, outdoor amenity deck with grilling stations, bike storage and EV charging stations. The property also offers four affordable residences and 14 supportive housing units designed for residents with special needs operated by locally-based Cohome. Cushman & Wakefield represented the seller and the private buyer in the …
