TODAY’S DEALS: IPA Sells 298-Unit Community
Institutional Property Advisors arranges the sale of a 298-unit community for $23.2 million; The Largo Group of Companies arranges refinancing for a community in Farmington, N.Y.; and Houlihan-Parnes arranges the sale of five Bronx apartment buildings.
Dover, Del.—Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, has arranged for the sale of Eagle Meadows, a 298-unit community located in Dover, Del. The $23.2 million sales prices equates to $77,785 per unit. The community was sold by Hunt Companies Inc. and purchased by Morgan Eagle Meadows LLC.
“The new ownership has acquired a well-maintained, extremely competitive asset that promises stabilized returns over the long term,” says Victor Nolletti, who represented the buyer and seller of the transaction along with Steve Witten. Both are senior directors at IPA.
“Further boosting its value, Hunt invested more than $4 million in renovations, including new HVAC panels, roofs, electrical panels and interior renovations to more than one-third of the units, making this an excellent value-added play,” Witten says.
Eagle Meadows is comprised of 149 detached duplexes situated on 76 acres. The unit mix includes 178 two-bedroom and 120 four-bedroom units. Community amenities include a fitness center, walking trails, five playgrounds, a basketball court and a fenced dog park.
Largo Companies arranges Refi for Upstate N.Y. community
Farmington, N.Y.—The Largo Group of Companies has arranged a permanent first mortgage for Stone Hedge Village Townhouses, a 162-unit townhouse community located in Farmington, N.Y. The seven-year deal was done at a fixed-rate with a 25-year amortization schedule. The note is refinancing existing debt on the property.
The community was built in two phases in 1975 and 2000. The unit mix consists of two- and three-bedroom units. Amenities include an in-ground pool and a playground. Stone Hedge Village is situated in the Canadaigua area in Ontario County, a fast growing affluent sub-market of the Rochester, N.Y., area.
Houlihan-Parnes arranges sale of Bronx apartment buildings
New York, N.Y.–Houlihan-Parnes Realtors, LLC has arranged for the sale of five apartment buildings in the northwest Bronx. The properties sold for an aggregated price of just under $19 million.
The buildings include two six-story elevator buildings. Included in the sale are 2710 Valentine Avenue, which contains 36 apartments and 2695 Briggs Avenue, which contains 48 apartments. In addition, three five-story walk-up apartment buildings have also been sold. These include 2737 Webb Avenue (on the corner of W.195th Street) which contains 26 apartments, 3202 Kossuth Avenue which includes 32 apartments and 3215 Hull Avenue, which includes 54 apartments. Both the Kossuth Avenue and Hull Avenue properties are located north of Mosholu Parkway.
The properties had been owned by a group of investors including members of Houlihan-Parnes Realtors. The properties were sold in separate transactions to several investors. All of the sales closed during July 2011.
Jim Coleman of Houlihan-Parnes Realtors LLC, oversaw the sale of several of these buildings and was assisted by John Manous and Michael Cuniberti. Andrew Albstein and Doran Golubtchik of Goldberg Weprin Finkel Goldstein LLP were the attorneys forthe sellers in these transactions.
