TODAY’S DEALS: Harbor Group Buys 568 Units in CBRE-brokered Sale
CBRE's New York Institutional Group brokers a two-property Connecticut sale; Grandbridge brokers $24.5 million Miami rental apartment construction financing; and The Bascom Group closes the first acquisition under its new private capital program.
Danbury & Brookfield, Conn.—CBRE’s New York Institutional Group has represented White/Peterman Properties Inc. in the sale of Crown Point I & II and Towne Brooke Commons, two apartment communities in Danbury and Brookfield, Conn., respectively. The team also landed the buyer, an affiliate of Harbor Group International. Crown Point is comprised of 466 units in 17 buildings. Towne Brooke Commons features 102 units in three buildings.
“Harbor Group is acquiring two of the highest quality apartment communities in Danbury and Brookfield as they add to their portfolio in the greater New York Market,” says Jeff Dune of CBRE. “White/Peterman Properties developed both Crown Point I & II and Towne Brooke Commons to exceptional standards which has significantly expanded and deepened the inventory of Class A, institutional quality multifamily assets in northern Fairfield County.”
Dune worked with CBRE’s Gene Pride and Patrick Carino in handling the transaction.
Crown Point was built in 2007 and 2011. Its amenity package features two swimming pools, two clubhouses, two fitness centers and enclosed heated garage parking.
Town Brooke Commons features a swimming pool, fitness center and enclosed heated garages.
Grandbridge closes $24.5M Miami rental apartment construction financing
Miami—The Miami Office of Grandbridge Real Estate Capital recently closed a $24,500,000 first mortgage loan secured by The Mile at Coral Gables at 3622 S.W. 22nd Street (Coral Way).
Senior Vice President Phil Carroll originated the transaction. Funding for the three-year interest-only loan was provided through one of Grandbridge’s banking relationships.
“The Mile at Coral Gables’ proximity to downtown and the airport is a key reason why the location is so attractive for a growing influx of sophisticated residents,” explained Carroll. “This project fits with the area’s increasing demand for housing within walking distance of shopping, restaurants and cultural attractions.”
The to-be-built new construction 13-story mixed-use development will contain 3,000 square feet of street-level retail and 119 luxury apartments. Additional property amenities include a pool, fitness center and a 175-space parking garage.
Bascom closes first acquisition under new private capital program
Los Angeles—The Bascom Group has picked up a 13-unit community in Los Angeles for $2.3 million. If you are thinking this is a small acquisition for Bascom, you are right. The purchase of 309 Amabel Street is the company’s first under its new private capital platform, which focuses on smaller, value-add properties in infill locations in Southern California.
“The Southern California multifamily market is very fragmented with the majority of apartment housing stock under 50 units,” says James D’Argenio, principal for Bascom. “Many of these properties were built in the 1960s through 1980s and are located in highly desirable infill locations. We have another value-added community under contract for the new platform and can hopefully pick up a few more this year.”
The 1988-built property consists of two apartment buildings with two-story, two-bedroom units that average 975 square feet. Bascom plans to improve the asset by upgrading unit interiors with new appliances, countertops, cabinet faces and hardwood flooring.
