Davlyn Investments in San Diego bought Watermark, a 128-unit apartment community in Lake Elsinore, Calif., for $11.4 million, or $88,672 per unit. ALS Lakeside in Greenwood Village, Colo., sold the property, and Marcus & Millichap Ontario represented both buyer and seller in this transaction. Davlyn will change the property’s name to Northlake.
AAA Properties in Weatherford, Texas, bought Azle Creek Apartments, a 43-unit apartment community, for an undisclosed amount from SKM Tarrant in Fort Worth, Texas. Sperry Van Ness brokered the sale of the six-building property, built in 1968. It consists of 43 units that include 17 two-bedroom/one-bathroom units and 25 two-bedroom/two-bathroom units.
CarmelKen in Coconut Grove purchased The Kensington at Royal Palm Beach, a new 166-unit rental development in Royal Palm Beach, for $32.5 million from The Enclave in Miami. CarmelKen plans to turn the property into condos. Kensington, a gated community, features a mix of 166 two- and three-bedroom floor plans, ranging in size from 1,272 square feet to 1,606 square feet.
Archstone-Smith in Denver has acquired The Gershwin, a 40-story, 550-unit high-rise apartment community in Manhattan, for $342 million. The property, Archstone’s ninth in New York, offers studio and one- and two-bedroom apartments. The property has 41,200 square feet of retail space. Its amenities include 24-hour concierge, a state-of-the-art, full-service health club, an indoor swimming pool, a sunbathing terrace, open kitchen floor plans, tile floors, and a 120-space on-site garage.
GMAC Institutional Advisors, headquartered in Philadelphia, and Security Properties in Seattle formed a joint venture to purchase the Serravella Apartments, a 216,904-square-foot multifamily property in Hollywood, Calif. Serravella Apartments is a 298-unit, mid-rise multifamily property comprising three- and four-story residential buildings. The property, situated on nearly two acres, is currently 97 percent occupied.
Northland Investment Group in Massachusetts bought Germantown Falls, a 240-unit apartment community in Memphis from ChrisKen in Chicago. The property, built as a resort in 1988, has a fitness center, racquetball and tennis courts, swimming pool, dry sauna, and Jacuzzi. The interiors include sunrooms, vaulted ceilings, walk-in closets, fireplaces, and washers and dryers in each unit.
Gray Development Group in Phoenix bought the Biltmore Club Apartments in Phoenix from Wilshire Enterprises in Newark, N.J., for $21 million, representing a land cost of $60.14 per square foot. Gray will tear down the 378-unit property, built in 1973, to pave the way for new apartments and condos.
Passco Cos. in Irvine, Calif., acquired the 350-unit Four Winds Apartments complex located in Overland Park, Kan., for approximately $21 million from AIMCO in Denver. Passco wants to spend roughly $1 million to upgrade and improve the property, including a major renovation of the clubhouse and fitness center, a complete repainting of the exterior, and significant unit interior improvements.
–Listings compiled by Les Shaver
