TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
ALMA, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged a $4.1 million HUD-insured loan for the refinancing of Arbor Grove Assisted Living in Alma, which is located in Central Michigan. The assisted living community includes 41 units. Cathy Bronkema of Cohen arranged the fixed-rate loan, which is fully amortized over 35 years. The borrower was a Grand Rapids, Mich.-based senior living owner and operator.
TUCSON, ARIZ. — HSL Properties has purchased two multifamily properties in Tucson from California-based MG Properties for $37.4 million. The company acquired Casas Lindas Apartment Homes, located at 699 W. Magee Road, for $17.6 million. The property features one- and two-bedroom floor plans with in-unit washers and dryers, wood-burning fireplaces and patios or balconies. On-site amenities include a basketball court, pool, fitness center, clubhouse and covered parking. HSL Properties also purchased Springhill Apartment Homes, located at 8030 E. Lakeside Parkway, for $19.8 million. The community features one- and two-bedroom units with full-size washers and dryers, oversized closets, ceiling fans and balconies. Community amenities include a fitness facility, covered parking, pool and barbecue grills.
QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, clubroom, fitness center and spa. Cornerstone arranged a construction-to-permanent loan with a fixed rate for the entire term. The loan includes a period of interest-only payments for construction and stabilization followed by a 30-year amortization schedule. The lender was not disclosed.
CHICAGO — Draper and Kramer Inc. and Intercontinental Real Estate Corp. have acquired Burnham Pointe, a 28-story, 298-unit apartment building in Chicago’s Printers Row neighborhood. The purchase price was not disclosed. Located at 730 S. Clark St., the property features a mix of one- and two-bedroom units as well as 14,391 square feet of ground-level retail space. The property is currently 96 percent occupied. The buyers plan to renovate the indoor aquatic area, fitness center, business center, club lounge and pet run. Draper and Kramer will manage the apartment building. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF brokered the sale. Robert Goldman and Stacy Osmond, lawyers with DLA Piper, advised the buyers on the acquisition. Crescent Heights was the seller.
GREENFIELD, WIS. — NorthMarq Capital has arranged a $38.6 million loan through Freddie Mac for the refinancing of Rivershire and Riverwood Apartments in Greenfield, a southwest suburb of Milwaukee. Together, the apartment properties total 54 buildings and 432 units. Brett Hood of NorthMarq arranged the financing through Freddie Mac’s Green Advantage Program. The 10-year, fixed-rate loan features a 30-year amortization schedule. The undisclosed borrower originally developed the properties between 1989 and 1999. Over the past five years, the properties received $2.7 million in capital improvements that included a new clubhouse featuring an upgraded fitness center, an expanded community room and renovated leasing office.
LA CROSSE, WIS. — KeyBank Real Estate Capital has provided a $14.8 million loan through Fannie Mae for the refinancing of The Residences at Belle Square in La Crosse near the border of Minnesota. Built in 2016, the 93-unit, Class A apartment complex includes 30,000 square feet of retail space. Todd Linehan of KeyBank arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not disclosed.
PORTLAND, ORE. — NKF Capital Markets has arranged a $75.5 million loan to refinance The Douglas, a multifamily property located at 2083 SW River Drive along the Willamette River in Portland. ACORE Capital provided the financing for the borrowers, NBP Capital and Berggruen Holdings. Jordan Roeschlaub, Dustin Stolly, Chris Kramer and Nick Scribani of NKF Capital Markets arranged the financing. The property features 290 apartment units and 17,000 square feet of retail space, occupied by a spa, sports bar, property management services and restaurants. The property also features townhome-style units with private garages, backyard space and large unit sizes.
BEND, ORE. — Security Properties and a university endowment have purchased Seasons at Farmington, a multifamily community located in Bend’s Old Farm District. An undisclosed seller sold the property for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, swimming pool, clubhouse with lounging areas and a fitness center, dog park, and outdoor fire pit. This transaction is Security Properties’ first acquisition in Bend. Security Properties Residential, an affiliate of the buyer, will manage the community.
KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage units.
