Archstone-Smith has acquired two New York properties: the Marlborough House, a 270-unit, 35-story community in Manhattan, for $165 million; and 180 Montague Street, a 192-unit, 33-story community in Brooklyn Heights, for $101 million. The REIT used tax-deferred exchange proceeds from the disposition of apartment communities to fund the purchases. It’s now the largest public owner of apartments in Manhattan. Including units under development, Archstone has 3,745 units in New York City.
American Property Financing in New York provided a $40 million loan transaction to underwrite the conversion of West Village Houses in New York from a rental property to a cooperative apartment residence. The 42 five-story, low-rise, walk-up apartment buildings have 420 residences. There is also a 240-space indoor parking garage on the premises.
Premier Coastal in San Diego bought Pantano Villas in Tucson, Ariz., Pantano Villas and Ausonio Family Trust in Salinas, Calif. Premier Costal bought the 136-unit apartment community was sold for $7 million and plans to convert it to condos. Hendricks & Partners’ Tucson office negotiated the sale.
The Meyer Co. in Chesterfield, Mo., bought 3830-3838 Park Avenue in St. Louis from Garden Park Ranch in San Antonio. The St. Louis office of Hendricks & Partners negotiated the sale.
Archstone-Smith in Englewood, Colo., bought Paragon Luxury Apart-ments, a 185-unit multifamily residential complex being developed through a joint venture of Regis Homes in San Mateo, Calif., and TMG Partners and MacFarlane Partners in San Francisco. Archstone-Smith will oversee the development of Paragon, slated for completion in spring 2007.
Elad Group in Miami bought the three-property Gables Residential South Florida portfolio. The portfolio consists of Gables Camino Real, a nine-story mid-rise with 235 units in Boca Raton; Gables Mizner on the Green, a 246-unit, gated townhome property in Boca Raton; and Gables San Michele, a 592-unit, gated, two-phase townhome community in Weston, Fla. The Florida office of Apartment Realty Advisors brokered the deal.
Beacon Communities in Boston is using $24.1 million financing from CharterMac Capital in New York for the historic rehab of a 100-year old historic warehouse into a 146-unit multifamily housing complex in Haverhill, Mass. The complex will feature lofts, conventional apartments, and ground floor, duplex, live-work apartments aimed at small business owners.
LeCesse Development in Altamonte Springs, Fla., acquired of GrandeVille on Saxon apartments in Orange City, Fla., from Euro American Advisors of Tampa, Fla., its partner in constructing the 316-unit Class A apartment property. LeCesse received financing from Wachovia for the property, which was completed in April 2005.
The Praedium Group in New York City and Hamilton Zanze & Co. in San Francisco bought Ironwood at the Ranch in Westminster, Colo., and The Trails in Aurora, Colo., for $45.3 million, or $78,423 per unit. Ironwood, built in 1986, is a 226-unit apartment complex on nine acres. The Trails, built in 1985, is a 351-unit apartment complex on 12 acres.
Carlton Club bought Carlton Club Apartments, a 436-unit apartment property in Piscataway, N.J., from a private family. The apartment community, which is 99 percent occupied, contains 27 two-story garden-style apartment buildings. The Kislak Co. in Woodbridge, N.J., negotiated the sale.
StarPoint Properties in Los Angeles bought Sterling Apartments in Hollywood, Calif., from the Kor Group in Los Angeles for just over $15 million. Sterling Apartments, an 80-unit luxury apartment building, has an occupancy rate above 96 percent. StarPoint is planning a $1.8 million renovation on the property.
Vancouver, Wash.-based LifeStyles Senior Housing Managers received a $6 million Fannie Mae permanent mortgage loan for Flagstone Senior Living, a seniors housing community Portland, Ore. The property contains 50 assisted living and 10 Alzheimer’s units. The financing was provided by Red Mortgage Capital.
–Listings compiled by Les Shaver
