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Colo. community trades for $47M; 2 NC apartment communities sell for $59M


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Colo. community trades for $47M; 2 NC apartment communities sell for $59M

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* A joint venture between Security Properties and funds managed by Oaktree Capital Management LP bought The Lodge on 84th multifamily community in Federal Heights, Colo., for $46.5 million. The class B multifamily property has 300 units.

* Subsidiaries of New York-based Dasmen Residential acquired the 27-acre, 266-unit Crossroads North Hills apartment community in North Raleigh, N.C., from American Residential Investment Management for $25.6 million, the Triangle Business Journal reported. Another New York-based firm, JEM Holdings, purchased the 384-unit, 39-acre Lexington on Green community, also in North Raleigh, for $33 million from a Starwood Capital Group subsidiary, the publication noted.

* Mack-Cali Realty Corp. sold a 240,000-square-foot, 65%-leased, three-story class A office property at 300 Tico Boulevard in Woodcliff Lake, N.J., to BHN Associates Inc. for $28 million.

* Abyssinian Development Corp. closed on the $27.8 million sale of a portion of the 147,000-square-foot Ennis Francis Houses rental complex on 14th St. in central Harlem in New York City to Carthage Real Estate Advisors. Carthage plans to demolish its portion of the project and build a 300,000-square-foot complex with 69 condo units and 263 rental units, the Real Deal reported.

* First REIT of New Jersey agreed to acquire Station Place on Monmouth LLC, which owns the 45-unit Station Place residential apartments in Red Bank, N.J., for $19 million.

* Consolidated-Tomoka Land Co. sold roughly 27.04 acres of land in the Tomoka Town Center in Daytona Beach, Fla., to a North American Development Group affiliate for around $6.2 million.

* Next summer, The Raine Group merchant bank is leaving SL Green Realty Corp.'s Seventh Avenue 810 in New York City, where it currently occupies the 17,320-square-foot 39th floor, and moving into 33,253 square feet at Park Avenue Tower with a 15-year lease, covering the entire 23rd and 24th floors of the 36-story, 620,000-square-foot property, according to the Commercial Observer, citing sources familiar with the matter.

Additional coverage

Developer sells 3 office buildings in Atlanta's Concourse Corporate Center

Cousins Properties wraps up $208M sale of Orlando, Fla., office portfolio

Physicians Realty Trust buys Indianapolis MOB for $60M