TODAY’S DEALS: Phoenix Realty Group Buys Connecticut Apartments
CBRE brokers a $27.5 million Connecticut apartment sale; Virtu Investments picks up an Austin apartment asset; and GFI completes the sale of a walk-up for $2.3 million in Brooklyn, N.Y.
Meriden, Conn.—A 180-unit apartment community in Meriden, Conn., has traded hands for $27.5 million. Phoenix Realty Group acquired Newbury Village from Winthrop Realty Trust. CBRE Group Inc. represented Winthrop in the sale and procured Phoenix Realty Group as the buyer.
“Phoenix Realty Group Inc. has acquired a prime apartment asset in an excellent location with attractive financing and strong amenity package,” says Jeff Dunne of CBRE’s New York Institutional Group. “Winthrop did an excellent job repositioning this asset to augment rents and occupancy.”
Dunne worked alongside Patrick Carino, also of CBRE’s New York Institutional Group, in handling the sale.
Newbury Village offers condo-quality construction and an amenity package that includes a fitness center, billiards/game room, a heated outdoor pool and covered parking for select units.
Virtu Investments sells Austin apartments to Redwood Capital
Austin, Texas—Redwood Capital Group has picked up a 120-unit apartment asset in Austin from Virtu Investments. The community, known as The Arbor at Tallwood, traded for an undisclosed priced. ARA represented Virtu Investments in the sale.
“Given the location of the deal and impressive renovations completed during Virtu’s tenure of ownership, the property received a tremendous amount of interest,” says Matt Pohl, an Austin-based broker at ARA.
“Tallwood is a prime apartment complex that caters to professionals and families eager to live in the upscale, Northwest Hills, neighborhood,” adds Andrew Shih, also a broker at ARA in Austin.
Constructed in 1972, The Arbor at Tallwood is a garden-style apartment community comprised of one-, two- and three-bedroom units. The community is situated on 5.75 acres and features recently upgraded units as well as a swimming pool and a dog park. Occupancy at the time of sale was 96 percent.
GFI completes sale of walk-up for $2.3M in Brooklyn, N.Y.
New York— GFI Realty Services Inc. announced the sale of 629 Grand Street, a vacant four-story walk up apartment building located in the East Williamsburg section of Brooklyn for $2.3 million. The multifamily property features three rental units, a ground floor retail space and approximately 3,890 square feet of available air rights.
Joseph Landau, associate director, Investment Sales, represented both the buyer and the seller in this transaction, both of whom are local investors.
“There is a strong market for condos and commercial space in this area,” said Landau. “The buyer intends to convert the apartments into condominiums and the retail into a commercial condo unit to leverage the demand in this marketplace.”
The building was constructed in 1920 and is within close proximity to the Lorimer Street, Metropolitan Avenue and Grand Avenue subway stations, which service the G and L lines.
