TODAY’S DEALS: CB Richard Ellis Negotiates Sale of Six Assets for $36.4M, and Other Transactions
- Nov 13, 2008
By Anuradha Kher, Online News EditorWaterbury, Conn.–The Multi-Housing Team at CB Richard Ellis’ Connecticut office recently negotiated the sale of six assets totaling 723 units for $36,400,000. The assets are located in Greater Waterbury, Conn. CBRE represented the seller, Creative Management & Realty Co. Inc. and procured the buyer in each transaction. The properties each had anywhere between 54 to 168 units and contained HUD financing and/or subsidies.Kislak Completes Sales of Three Properties for over $5MThe Kislak Co. Inc. has completed three investment sales transactions throughout Hudson County, N.J. for over $5 million.The three properties include:548-554 Avenue C in Bayonne, N.J., which was sold for $3.36 million. The property features 42 units and six stores The building was 95 percent occupied at the time of closing.205 66th St. in West New York, N.J., which was sold for $2.7 million. The new owner of this 30-unit building plans to renovate the property and increase rents. At the time of the closing the property was 100 percent occupied.108 60th St. in West New York, N.J., which was sold for $850,000. The 13-unit property had upside potential, which Kislak was able to help identify for the buyer. The buyer plans to make significant capital improvements to this 100 percent occupied property.CPC, HPD Provide $4.2M Loan for Construction of Three-Property ProjectBronx, N.Y.–The Community Preservation Corp. (CPC) Bronx office and the New York City Department of Housing Preservation & Development (HPD) have provided a $4.2 million loan for the construction and permanent financing of three four-story apartment buildings in the Wakefield section of the Bronx. The new buildings will be built on three presently vacant lots, located at 668, 670 and 674 East 226th St. between White Plains Road and Carpenter Ave., in Bronx, N.Y.The project will feature 30 rental units including 16 studios, nine one-bedroom and five two-bedroom units. Rent for studios will be $950 per month and $1,050 and $1,200 for two bedroom units.