TODAY’S DEALS: Mixed-Use Greenwich Village Asset Trades Hands
City Urban Realty and Madison Realty Capital grab a Greenwich Village asset; Pathfinder Partners and Ryanik complete a sale in Long Beach, Calif.; and HFF secures financing for a multi-housing community.
Courtesy Google Maps Street View.
New York—City Urban Realty and Madison Realty Capital have acquired 14 – 16 Fifth Avenue, a mixed-use building in Greenwich Village that features 18 units and two professional spaces. The sales price was $27.5 million.
The five-story, 20,219-square-foot building sits between 8th and 9th Streets, steps from Washington Square Park. The new owners will add value by renovating existing units and leasing-up vacant units. A redevelopment play is a possibility for the future.
Pathfinder and Ryanik complete Long Beach disposition
Long Beach, Calif.—Pathfinder Partners and Ryanik have sold Bixby Park Apartments to a Westchester, Calif.-based private investor for $6.6 million, representing at a 5.2 percent cap rate. The 40-unit asset is located at 1132 San Antonio Drive and 4481 Orange Ave. in the Bixby Knolls area of Long Beach.
Stepp Commercial brokered the sale, and garnered 12 offers during the process. The asset ultimately sold at list price. The new owners plan to make cosmetic upgrades to the exteriors and interior units. Bixby Park features 10 buildings situated on 1.5 acres.
HFF secures financing for multi-housing community
Chicago—HFF announced that it has secured $15 million in financing for the Trails of Ashford, a 514-unit, garden-style multi-housing property in southwest Houston.
Working exclusively on behalf of the borrower, Bayshore Properties, HFF placed the 10-year, fixed-rate loan with Jefferies LoanCore LLC. Loan proceeds were used to refinance and recapitalize the asset. The HFF debt placement team representing the borrower was led by associate director Jason Bond and real estate analyst Dan Kearns.
The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet. There are nine different floor plans with an average unit size of 751 square feet, and the property features a fitness center, two swimming pools, sand volleyball court, lighted tennis court and limited gate access.
