Dealmaker: Cushman & Wakefield Arranges $51M in Studio, Multifamily Sales

Cushman & Wakefield, New York, brokered two property sales in New York and Florida totaling $51.2 million.

In Manhattan’s East Village the firm sold 538 East 11th Street, a 14,000-square-foot multi-level studio property, for $16.25 million, or $1,160 per square foot. Cushman Vice President Michael DeCheser, Directors Andrew Berry and Mei Ling Wong and Associate Bryan Hurley led the marketing efforts for seller Alyssa Adams.

538 East Eleventh LLC purchased the property. Built in 1905, the former public bathhouse was converted into a high-end studio in 1995 by Pulitzer Prize winning photographer Eddie Adams. 

The ground floor of Bathhouse Studios has 20-foot ceilings with oak floors, exposed brick and antique frosted windows. The residence above possesses 16-foot ceilings with oak floors throughout and a 2,200-square-foot outdoor deck.

In Ocala, Fla., the Collier Cos., Gainesville, Fla., and ApexOne Investment Partners, Houston, acquired Grand Reserve Apartment Homes from Carter-Haston, Nashville, Tenn. County appraisal records indicate the joint venture paid $35 million for the 263-unit asset.

Developed in 2003, Grand Reserve Apartment Homes has one-, two- and three-bedroom units averaging 1,031 square feet with a $1.03 per square foot average market rent. The property was 93.9 percent occupied at closing.

Commercial Real Estate Direct reported Berkadia, New York, wrote a $23.4 million Freddie Mac loan on the property.

Cushman & Wakefield Senior Director Jay Ballard and Director Ken Delvillar represented Carter-Haston in the sale. 

“The Ocala multifamily market continues to attract significant interest from investors far and wide,” Ballard said. “The region’s fundamentals remain strong, driven by exceptional job growth, growing demand and constrained supply.”