DALLAS — Marcus & Millichap has arranged the sale of Deer Creek, a 104-unit apartment property located in Dallas. Al Silva, Mark McCoy and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Silva and Braly also secured the buyer, an experienced local investor. The new buyer plans to rehab the property to improve unit interiors and curb appeal to raise rents to competitive market levels. The mid-1980’s property is an individually metered community located near I-30. All units have individual HVACs and individual hot water heaters. Deer Creek is located at 3550 Saint Francis Ave.
HOUSTON — A partnership between Stolz Partners and Sudhoff Cos. will develop a mid-rise condominium project known as The Sophie at Bayou Bend in Houston. The nearly two-acre site is located at 6017 Memorial Drive. The project was initially to be developed into townhomes, but instead the two companies will develop a seven-story building with 42 condominiums on six floors. Units will range in size from 2,400 square feet to nearly 5,000 square feet, and will include private terraces. Common area amenities will include controlled-access entry points, two levels of controlled-access garage space, private garages, a fitness center and a dog park. Construction will begin once 50 percent of all units are pre-sold.
MEDFORD, MASS. — Rockport Mortgage Corp. has arranged a $55 million loan for the refinancing of Mystic Place Apartments, a mixed-income apartment community located in Medford. The property owner and borrower is an affiliate of WinnCompanies. Joe Mueller and Linda Pellegrino of Rockport Mortgage originated the loan, which utilized the HUD 223(f) program. Situated on nine acres, the community comprises three high-rise buildings featuring a total of 465 apartments. The refinance transaction was done in collaboration with MassHousing through its MAP/Ginnie Mae Mortgage Backed Security program. With the completion of the refinancing, the affordability restrictions on the 140 affordable housing units were extended through 2050.
NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of a nine-building multifamily portfolio in Brooklyn. Chestnut Holdings acquired the 203-unit portfolio from San Francisco-based Carmel Partners for $40 million. Spread across Brooklyn’s Crown Heights and East New York neighborhoods, the properties are located at 883 Franklin Ave., 1742-1746 Union St., 1746 President St. and 1402-1406 Sterling Place. All of the 203 apartments are rent stabilized. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.
MOUNT VERNON, N.Y. — Redwood Realty Advisors has brokered the sale of two apartment buildings located on South Second Avenue in Mount Vernon. An undisclosed buyer acquired the properties for $7.5 million, with a 6.9 percent cap rate. The assets are a 34-unit apartment building and a mixed-use building with 35 apartment units and seven commercial spaces. Michael Scrima and Thomas Gorman of Redwood Realty Advisors brokered the transaction. The name of the seller was not released.
MESA, ARIZ. — IMT Capital has purchased the 340-unit Sienna at Riverview apartment complex in Mesa for $53.8 million. The community is located at 711 N. Evergreen Road. It was developed in 1999. Marina Heights, Arizona’s largest office development, is currently being developed on the south bank of Tempe Town Lake, less than three miles from Sienna at Riverview. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group, represented both the buyer and seller, LCOR, in this transaction.
EUGENE, ORE. — FollettUSA has purchased Summer Oaks, a 102-home 55+ mobile home park in Eugene, for $10.4 million. The seller was Zacorn LLC. Colliers International Portland represented both parties in the transaction. The company’s team on the deal included Skip Rotticci, vice president, and associates Alexander Cheng and Kenneth Verbeck. The sales price equates to $102,000 per pad and a capitalization rate of 4 percent.
MISSOULA, MONT. — Farran Realty Partners has awarded Grand Campus Living management of 46 North Apartments, a 468-bed student housing community under development near the University of Montana in Missoula. The property will be the first purpose-built student housing community in Missoula. Community amenities will include dedicated study lounges and a study center, music practice rooms, a social lounge, fitness center, tanning lounge, bike storage and maintenance, ski tuning rooms, a cyber lounge, interior courtyards for community gardens and 6,500 square feet of street-level retail. The new development will offer a mix of studio, one-, two- and four-bedroom units with double occupancy available in select floor plans, alongside two levels of parking. The fully furnished apartments will feature modern appliances including full-size washers and dryers.
NASHVILLE, TENN. — Terwilliger Pappas Multifamily Partners plans to build Solis North Gulch, a $64 million, 271-unit apartment community located in Nashville’s North Gulch district. Construction will start within 30 days, with the first apartments and amenities targeted for a late 2017 delivery. The five-story multifamily community will be built atop a two-level parking deck. Terwilliger Pappas is partnering with Clarion Partners on the development, and Citizens Bank of Providence, Rhode Island provided construction financing. Amenities will include a rooftop clubroom and terrace, resort-style swimming pool, club-grade fitness center and a pet park. Units will feature stainless steel appliances and quartz countertops. The project team includes architect and interior design firm Preston Partnership, landscape architect and civil engineer Littlejohn and general contractor Construction Enterprises Inc.