HOUSTON — FourPoint Multifamily Investments has brokered the sale of Villas de Palmas, a 659-unit apartment community located in Houston’s Sharpstown District. Sharpstown has seen significant revitalization and positive growth over the last 15 years. Kevin Dufour of FourPoint brokered the sale between seller, Thrive/ Jevan Capital/Comunidad Realty Partners, and buyer, Nimes Capital. Dufour procured both the buyer and seller. At the time of sale, the seller had already completed partial upgrades to the exterior/commons areas of the property and interior upgrades to approximately 20 percent of the units. The buyer plans to complete the remainder of the renovations throughout the property and continue to enhance the asset, which was built in the late 1970s.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of three multifamily buildings located at 257 Quincy St., 570 Jefferson Ave. and 308 Stuyvesant Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. The Mann Group sold the properties to an undisclosed buyer for $14.4 million, or $313,043 per unit. The 17,650-square-foot Quincy Street property features 21 units, the 7,364-square-foot Jefferson Avenue property offers nine units, and the 8,320-square-foot Stuyvesant Avenue building contains 16 units.
NEWNAN, GA. — Capital One has arranged a $7.5 million acquisition loan for Brighton Farms Apartments, a 134-unit multifamily property in Newnan. Chad Thomas Hagwood of Capital One Multifamily Finance’s Birmingham, Ala., office originated the 10-year, fixed-rate loan on behalf of the borrower, a three-entity tenants-in-common ownership headed by Engel Realty Co. The financing features two years of interest-only payments followed by a 30-year amortization schedule. Charles Craig of Capital One Multifamily Finance managed the closing of the financing.
ANDERSON, IND. — RESOURCE Commercial Real Estate has brokered the sale of a 72-unit multifamily community in Anderson, approximately 40 miles northeast of Indianapolis. Broadway Park Apartments consists of one-, two- and three-bedroom apartments that range from 550 to 950 square feet. Consolidated Lots LLC sold the property to DWRES LLC for an undisclosed price. Amenities at Broadway Park Apartments, built in 1964, include a courtyard, laundry facility, on-site parking and a playground. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.
COLUMBUS — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Columbus for $1.2 million. Moreland Drive Apartments, located at 4831-4873 W. Moreland Drive, is comprised entirely of two-bedroom/1.5-bathroom townhomes. Units feature private patios, eat-in kitchens, full basements and washer and dryer connections. Both the buyer and the seller in the transaction were undisclosed limited liability companies. Jordan Marshall, Richard Lattro, Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
AUSTIN, TEXAS — Bell Partners Inc. has acquired a 357-unit apartment community in Austin for an undisclosed price. Cielo South Lamar, built in 2015, will be renamed Bell South Lamar. The community offers a mix of studio, one- and two-bedroom apartments and townhomes within seven buildings. Located on South Lamar Boulevard, Bell South Lamar is currently 91 percent occupied. Unit amenities include 9-foot ceilings, modern lighting, granite countertops, walk-in closets, soaking tubs, walk-in showers and wood-style flooring. All units are also pre-wired for high-speed Internet. Community amenities include a swimming pool, grilling stations, a pet park, outdoor yoga area, vegetable garden, fitness center, resident lounge and a business center. Bell Partners will manage the community. The seller in the transaction was undisclosed.
DALLAS — Pillar has originated a $9.4 million acquisition loan for Villa Bonita Apartments, a 232-unit multifamily community in Dallas. Built in 1969, the property features both affordable and market-rate apartment units. The complex consists of 20 two-story buildings and features amenities such as a playground and laundry facility. The asset was fully occupied at the time of financing. Evan Hom of Pillar’s New York office arranged the fixed-rate, Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, California-based BRC Bellaire Holdings LLC.The sponsor and its affiliates own several properties in the Dallas/Fort Worth area. The seller was a New Jersey-based investor. Al Silva of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
FORT WORTH, TEXAS — Greysteel has arranged the sale of a 20-unit apartment building in Fort Worth for an undisclosed price. The Edmundton Apartments, located at 5601 Birchman Ave., is a two-story building that was constructed in 1968. The property, which is situated on less than a half acre, has recently undergone renovations including faux wood flooring, brushed nickel features, upgraded bathroom vanities and toilets, upgraded appliance packages, a new irrigation system and the replacement of 15 of the 20 HVAC units. Both the buyer and seller in the transaction were undisclosed. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel brokered the transaction.
ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $44.5 million sale of Pine Harbour Apartments, a 366-unit luxury multifamily community located at 10600 Bloomfield Drive in east Orlando. Built in 1990, the gated community features a 24-hour fitness center, indoor racquetball court and a Wi-Fi-enabled clubhouse and business center. Pine Harbour Apartments features one-, two- and three-bedroom units that range in size from 622 square feet to 1,255 square feet. Steve Witten, Still Hunter III and Victor Nolletti of IPA, along with Evan Kristol, Francesco Carriera and Michael Regan of Marcus & Millichap, represented the seller and procured the buyer.
NEW YORK CITY — Capital One has provided a $32 million, fixed-rate Freddie Mac loan for the refinancing of Turtle Bay Towers, a 27-story cooperative apartment complex located in Manhattan’s Turtle Bay neighborhood. The 15-year loan will be used to pay off existing debt on the property and to fund future capital improvements and repairs. Jonathan Smith of Capital One arranged the financing for the undisclosed borrower. Built in 1929 for commercial use and converted to residential use in the mid-1970s, the complex features 338 units in a mix of studio, one-, two- and three-bedroom apartments.