LOS ANGELES — Marcus & Millichap has arranged the $2.6 million sale of a building located at 1807 S. New Hampshire Ave. in Los Angeles’s Pico Union neighborhood. The property was built in 2021 and features four four-bedroom apartments. The fourplex is not subject to Los Angeles’ rent control laws. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a building located at 923 Bedford Ave. in the New York City borough of Brooklyn. Built in 1901, the property offers eight units across four stories. Units come in studio, one- and two-bedroom floor plans. Eyny family purchased the community from an individual/personal trust for $3.4 million. Daniel Greenblatt and Shaun Riney of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer.
MEDWAY, MASS. — Toll Brothers has completed Hathon, a 190-unit complex in Medway, southwest of Boston. Cube3 Architects designed the property. Mary Cook Associates provided interior design services. Hathon offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units offer private balconies or patios. Amenities include a pool, game room, fitness center, playground, catering kitchen, coworking lounge and a rooftop deck.
CLARK, N.J. — JLL Capital Markets has arranged $49.5 million in financing for Walnut Hill, a 177-unit complex in Clark, 23 miles southwest of New York City. An affiliate of Garden Communities was the borrower. Evan Pariser, Matthew Pizzolato and Jackie Ferrer led the Debt Advisory team that represented the borrower and negotiated the 10-year, fixed-rate loan from Nationwide. Recently completed in 2023, Walnut Hill comprises 240,000 square feet across a pair of four-story buildings. Of the total unit count, 28 are affordable. Income restrictions for these units were not disclosed. …
NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit complex in downtown Norfolk, for $42 million. The property will be rebranded as Attain Downtown East. The community offers one-, two-, three- and four-bedroom units featuring full-size washers and dryers, granite countertops, private patios, stainless steel appliances and energy efficient design throughout. Amenities include a swim spa, courtyards with gas grills and firepits, a fitness center and conference room. The property also includes 33,000 square feet of ground-floor retail space, with current tenants including Buffalo Wild Wings, 7-Eleven and …
WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. FHFA’s 2023 volume cap is $75 billion for each agency. Additionally, at least 50 percent of each enterprise’s multifamily business is required to be mission-driven affordable housing, which is unchanged from this year. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from …
VANCOUVER, WASH. — Fourth Avenue Capital has purchased The Ridge, an 80-unit community in Vancouver. Built in 1987, The Ridge consists of 10 residential buildings on a 3.1-acre site. Units come in two- and three-bedroom floor plans. Units include private garage parking space and in-unit washers and dryers. The property also features a leasing office, playground and pool. Fourth Avenue Capital plans to renovate the asset with updates to unit interiors and amenity spaces.
FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the $7.6 million sale of two properties in northern Orange County, California. The properties, which total 24 units altogether, were sold to two separate buyers. In the first transaction, CBRE’s Dan Blackwell and Amanda Fielder represented the buyer in the acquisition of a property located at1801 and 1809 East Wilshire Avenue in Fullerton. The asset traded hands for $4.2 million. The asset was originally built in 1958 on a 0.4-acre site and offers 16 one-bedroom apartments. The buyer was based in …
MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …
JACKSONVILLE, FLA. — Lument has provided a $22.6 million Fannie Mae loan to refinance Pinebrook Apartments, a 208-unit property in Jacksonville. Tim Stevens of CREFCO brokered the transaction. The loan features a 10-year year term with seven years of interest only payments and a 30-year amortization schedule. The financing originated in June 2021 as a Lument proprietary bridge loan through Lument’s Real Estate Investment Strategy group. Originally built in 1974, Pinebrook Apartments consists of 16 buildings on an 11.1-acre site. The garden-style community offers amenities such as a pool, fitness center, clubhouse, …