TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 23-unit portfolio in Tucson. Plowden/Martin Properties LLC purchased the assets from Welsey James Krajicek Family Revocable Trust for $2.1 million. The portfolio consists of Pima Apartments at 4238-4246 E. Pima St. and Lee Apartments at 4223-4245 E. Lee St. Allan Mendelsberg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the buyer and seller in the deal.
NEW YORK CITY — Walker & Dunlop has arranged a $128 million bridge loan for the acquisition of a nine-property portfolio located in Manhattan’s East Village neighborhood. The portfolio comprises 171 units across 153,800 square feet, as well as 22 retail spaces. The borrower was RYCO Capital. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Sean Bastian of Walker & Dunlop arranged the floating-rate loan through Derby Copeland Capital.
FITCHBURG, WIS. — Marcus & Millichap (NYSE: MMI) has negotiated the sale of Sun Valley Apartments, a 204-unit community in the Madison, Wisconsin suburb of Fitchburg. Matthew Whiteside of Marcus & Millichap’s Milwaukee office represented the seller, Sierra West LLC and procured the buyer, Monarch Investment and Management Group. Sun Valley Apartments was built in 1975 and renovated in 2011. The complex consists of 12 buildings on a 12-acre site. Amenities include a fitness center, leasing office, playground and green spaces. The property is situated adjacent to the Nevin Springs …
UNION CITY, N.J. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Four Eleven Apartments, a 17-unit community in Union City. The five-story building is located at 411 15th St. and totals approximately 13,400 square feet. The unit mix includes 13 one-bedroom and four two-bedroom units. Spat LLC sold the property to a local private investor for $2.1 million. Devin Perez, Jed Matricaria, Daniel Aviles, Brent Hyldahl and Alan Cafiero of Marcus & Millichap’s New Jersey office marketed the asset on behalf of the seller.
BELLFLOWER, CALIF. — CBRE has arranged the sale of an eight-unit property located in the southeast Los Angeles suburb of Bellflower. Located at 9108 Palm St., the 7,619-square-foot property was constructed in 1960. The new ownership plans to renovate the community. The asset traded hands for $2 million. Dan Blackwell and Sean Farag of CBRE represented the private 1031 exchange buyer in the deal. The seller was based in Los Angeles County.
RIVERVIEW, MICH. — Friedman Real Estate has brokered the sale of Huntington House Apartments, a 129-unit complex located at 17400 Fort Street in the southern Detroit suburb of Riverview. The property traded hands for $10.5 million. Peter Jankowski and Rich Deptula of Friedman Real Estate represented the undisclosed seller in the deal. The buyer was also not disclosed.
FORT WORTH, TEXAS — Greystone has provided an $18.6 million Fannie Mae acquisition loan for The Residences of Diamond Hill in Fort Worth. John Williams of Greystone originated the loan, which features a 10-year term, 35-year amortization schedule and interest-only payments for the first five years. The borrower and seller were not disclosed. The Residences of Diamond Hill was built in 2003. The garden-style community consists of 204 units across 40 buildings. Apartments come in two-, three- and four-bedroom layouts. Amenities include a fitness center, pool, outdoor grilling and picnic …
SAN DIEGO — Newmark has hired Erik Anderson to the role of Senior Managing Director. In this position, Anderson will specialize in multifamily investment sales for private clients and middle-market investors throughout Southern California. He will be based out of Newmark’s San Diego office. Prior to joining Newmark, Anderson held senior positions at Northmarq and CBRE. He has served on the Developing Leaders board for NAIOP San Diego and is a member of the Urban Land Institute and the National Multifamily Housing Council.
DALLAS — A partnership consisting of Waterford Property Co., The Vistria Group and the City of Dallas Housing Finance Corp. has acquired Axis Kessler Park, a 299-unit community in Dallas. The property traded hands for $67 million. The new ownership plans to convert the community into workforce housing. Ninety percent of the units will be restricted to households earning between 60 and 140 percent of the area median income. Apartments will come in one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness center, business center and a dog …
GARDEN GROVE, CALIF. — CBRE has arranged the $2.2 million sale of an eight-unit property located at 10651 Tibbs Cir. in Garden Grove, five miles south of Anaheim, California. Dan Blackwell of CBRE represented the seller, a repeat client headquartered in Los Angeles, in the deal. The buyer was a private investor based in Orange County, California. The building, which was built in 1960, comprises 5,076 square feet across two stories. Units feature individual water heaters. The property also includes parking spaces and an on-site laundry room. The asset was …