JRK Finds Value in Rhode Island

CBRE/New England brokers a 243-unit Rhode Island sale; Beachwold grabs a Connecticut community from TGM Associates; and an apartment property in San Mateo, Calif. sells for $386,154 per unit.

_MG_0026[2]Wakefield, R.I.—An affiliate of JRK Property Holdings has added Harbor Village, a 234-unit asset located in Wakefield, R.I., to its portfolio. CBRE/New England’s Simon Butler and Biria St. John represented the seller, which had started renovating units at the 2003- and 2004-built property. The new owner will continue that process, and will also update existing amenities.

Harbor Village consists of 16 buildings and a clubhouse. Units average 1,113 square feet in size.

Beachwold grabs Connecticut community from TGM Associates

196335Manchester, Conn.—TGM Associates has sold TGM Waterford Commons, a 303-unit community located in Manchester, Conn. The buyer was Beachwold Residential. Institutional Property Advisors served as the broker for the transaction. The property was in TGM’s portfolio since 2008.

TGM’s current multifamily portfolio spans 12 states. Beachwold currently controls 40 properties and more than 10,000 units across Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia.

Apartment property in San Mateo sells for $386K per unit

710 Laurenl AveSan Mateo, Calif.—Marcus & Millichap announced the sale of Park Laurel Apartments, a 26-unit multifamily property located at 710 Laurel Ave. in San Mateo, Calif. The $10.3 million sales price equates to $396,154 per unit.

Ted Kokernak, senior vice president investments in Marcus & Millichap’s Palo Alto office, represented the seller, the Brenner Family Partnership. Twelve offers were submitted and MNM Partners LLC was chosen as the buyer.

The apartment building is located in the Central Park area of downtown San Mateo at 710 Laurel Ave. Residents are within two blocks of downtown and six-tenths of a mile from a Caltrain station. California State 92, U.S. Route 101 and Interstate 280 are nearby, as is San Francisco International Airport. San Mateo is 20 miles south of San Francisco and 30 miles north of San Jose.

Constructed in 1959 on a 0.53-acre lot, Park Laurel Apartments is a three-story wood-frame building with a flat tar and gravel roof and 26 tuck-under parking spaces. The unit mix is six studios, 18 one-bedroom/one-bath apartments and two two-bedroom/one-bath units. Select units have new carpet, linoleum tile, paint, and granite countertops. Approximately half the units have new windows. Community amenities include an outdoor pool and patio area, individual storage lockers and on-site laundry facilities.